Will getting a SECURED BoA increase my scores???

[Anonymous]

I had a secured card with Us bank and it did wonders for my scores.

[Anonymous]

Big welcome shyboy! I wish more young people were as aware about their credit as you are! You are to be commended.

[shyboy]

hey, you guys just don't understand how much i learn from this site. I LOVE THIS SITE. hey does anyone knows how you add more money to the BoA secure credit card. Do you have to send it my mail or can you just walk in the bank? Message Edited by shyboy on 03-02-2008 08:28 PM

Message Edited by shyboy on 03-02-2008 08:29 PM

[NICKI183]

Yes, shyboy that is a good question.  I was recently approved by BoA for a secure card.  I would be good to know can the additonal funds be mailed in with the payment or do you have go directly to the bank......

I plan on going in for mine next week....

[Anonymous]

From BoA's website regarding the secured card:

"How Secured Card works
* Helps you establish a credit history that will benefit you now and in the future.
* You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit.
* Then make purchases with your card up to the amount you have in your security deposit account."

Since you are setting up a security account, I would assume you could go to any branch office and make a deposit into it.

[shyboy]

i'm happy that i asked that question cause if i decide to get that card, i don't want to be mailing my deposit ever month, would prefer going to the bank which is like down the street from where i live. another question does this card report the limit and does it helps boost my utilization on my report

Message Edited by shyboy on 03-02-2008 08:37 PM

[Anonymous]

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shyboy wrote:
i'm happy that i asked that question cause if i decide to get that card, i don't want to be mailing my deposit ever month, would prefer going to the bank which is like down the street from where i live. another question does this card report thelimit and does it helps boost my fico scores

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Yes it reports the CL.  Whether it helps boost your FICO scores depends on how you use it.

Treat it well and I predict it will do wonders for you.

[Anonymous]

I suggest that you verify that you can do that before applying. Give them a call. They'll be glad to help you.

[shyboy]

thanks cheddar and all who responded

Message Edited by shyboy on 03-02-2008 08:38 PM

[braznyc]

I have the BOA secured card, and it just hit my CR Friday I'll pull my scores later this week. I'm in no rush, the FAKOs went-up I'm excited.

As to adding money there is an address they give you when you get the card, you must mail the money to that address I believe it's their main branch. I saw no mention of being able to go to the branch and do this, but then again I don't bank with BOA. I bank with WAMU and have their secured card as well, and I can add money to that fairly easy by going to the branch.