Reply
Member
peripheral
Posts: 13
Registered: ‎09-26-2012
0

rebuilding with BOA secured & Cap1

Hi,

 

On August 31, I applied for a Capital One Plat Card and was approved for a $300 limit.

 

Earlier this week, I took $500 down to my local BOA branch and applied for the Bank of America Secured Card.  So far I haven't heard back yet..but I'm optimistic.

 

What do you think my chances are?

 

I currently have a 620 score.

 

I have 5 baddies on my Credit Report.

 

4 are charged-off credit cards (2 from Cap1, 2 from HSBC)...these were paid off in 2008-2009.

1 is from Sprint in 2010 for $60.  This was the final bill from Sprint that I was disputing some charges..it went to collections and I paid it off eventually.

 

I also have a Bankruptcy Ch7 that discharged in Dec 2003, and is due to fall off my CRs in Sept 2013.

 

So that's where I'm starting from.

 

I have 5 Hard Inquiries.

 

I'm hoping that BOA will be able to approve me.

 

If they do...would it be wise to add $2000 in 4-5 months (bringing the credit line to $2500) and that in another 8-10 months add another $2400 (credit line max of $4900)?

 

Cash isn't really a problem now...for the first time in my adult life.  So I don't anticipate any lates.  I've been buying stuff $50-$100 my Cap1 and paying in full as soon as the debits post up.  I also added my $20/month gym membership which I'll let print on a bill.  That should show a utilization of 7%/monthly.


Starting Score: 620
Current Score: 680
Goal Score: 750


Take the FICO Fitness Challenge

Capital One Platinum $500
Bank of America Cash Rewards $500
US Bank Platinum $500
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: rebuilding with BOA secured & Cap1


peripheral wrote:

Hi,

 

On August 31, I applied for a Capital One Plat Card and was approved for a $300 limit.

 

Earlier this week, I took $500 down to my local BOA branch and applied for the Bank of America Secured Card.  So far I haven't heard back yet..but I'm optimistic.

 

What do you think my chances are?

 

I currently have a 620 score.

 

I have 5 baddies on my Credit Report.

 

4 are charged-off credit cards (2 from Cap1, 2 from HSBC)...these were paid off in 2008-2009.

1 is from Sprint in 2010 for $60.  This was the final bill from Sprint that I was disputing some charges..it went to collections and I paid it off eventually.

 

I also have a Bankruptcy Ch7 that discharged in Dec 2003, and is due to fall off my CRs in Sept 2013.

 

So that's where I'm starting from.

 

I have 5 Hard Inquiries.

 

I'm hoping that BOA will be able to approve me.

 

If they do...would it be wise to add $2000 in 4-5 months (bringing the credit line to $2500) and that in another 8-10 months add another $2400 (credit line max of $4900)?

 

Cash isn't really a problem now...for the first time in my adult life.  So I don't anticipate any lates.  I've been buying stuff $50-$100 my Cap1 and paying in full as soon as the debits post up.  I also added my $20/month gym membership which I'll let print on a bill.  That should show a utilization of 7%/monthly.


It would be very good to increase the deposit.   A high limit card is very useful for future applications.    If BofA, try another secured card and build the deposit.    You could use Cap1, they have a decent secured card.

 

Member
peripheral
Posts: 13
Registered: ‎09-26-2012
0

Re: rebuilding with BOA secured & Cap1

Update:

 

Just found out this afternoon that I was approved for the BoA secured card backed by my $500 deposit.

 

Here's the particulars of my situation at the time:

 

myfico score:  620

USAA plus credit score:  604 ex, 626 eq, 628 tu

credit karma score:  614

 

I have 5 charge-off/collections from several years back that were paid and due to fall off 9/2013-11/2013

I also have a chapter 7 bankruptcy scheduled to drop off the report in 9/2013.

 

Quite happy that I was approved considering my awful history and the bankruptcy.

 

So now I'm gonna "garden" for the next 5-6 months and then deposit more money into my BoA secured card for an increase $500 to $2500.

 

Feels good to finally start on the path to getting my act together.


Starting Score: 620
Current Score: 680
Goal Score: 750


Take the FICO Fitness Challenge

Capital One Platinum $500
Bank of America Cash Rewards $500
US Bank Platinum $500

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}