secured card needed that automaticly turns unsecured without applying again?

[Anonymous]

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johnpalley wrote:
im applying for the bank of america card as we speak but since i have to mail a check in i wont be able to get an answer now. so i will let you all know what happens.

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Good luck!

I have to ask, though.  What's wrong with reapplying after a year or so?  The BofA will cost you a hard inquiry when it graduates after a year, just like any other card would if you were to apply for it after having a secured card for a year or so.

Good choice, though.  BofA has the best secured card in the business, but it is also one of the more difficult secured cards to get.  I'm just not sure how much they'll like the fact that you CO'd them only a few years ago.

Please let us know how it goes!

[creditreformer]

I had 2 chargeoffs (unpaid) w/BA and got their secured cc, so they do not blacklist for forever/all eternity like amex.  However, my chargeoffs had been off my reports for roughly 2-3 yrs before I applied w/BA.  Wells fargo lets you app for a secured cc online- as does us bank.  Citibank is another option but it remains secured for 18 mos.  

[johnpalley]

creditreformer , if i cant get bofa im gonna get a citybank. so your sure you dont have to re apply after the 18 months? Message Edited by johnpalley on 08-06-2008 05:59 PM

Message Edited by johnpalley on 08-06-2008 06:02 PM

[johnpalley]

does someone know how much money to send bofa if i want a $300 credit limit? it doesnt say anywhere. do i just send the $300 and thats it? no fees up front?

[Creditaddict]

you send how much you want your cl to be

[Anonymous]

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johnpalley wrote:
does someone know how much money to send bofa if i want a $300 credit limit? it doesnt say anywhere. do i just send the $300 and thats it? no fees up front?

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Just send $300.

[johnpalley]

thanks

[johnpalley]

cheddar, i just realized that you asked me a question yesterday. the reason why i dont want to have to re apply after a year like a normal credit card is because i have 6 accounts that are charge offs from 4 years ago that equal $20-25,000. its gonna be real hard to get my credit score high enough to get unsecured card because of that. the past 3 years i have a perfect payment history and my credit scores are still low because i have so many charge offs. my scores are 643, 630, and 550. ive also had an unsecured credit card for 2 years with perfect payment history and even with that they wont exept me for an unsecured. so i figured the only way i can graduate to an unsecured with a high credit limit is to get a card from a company that automatictly switches to an unsecured after a certain period of time because the other companies look at all my charge offs and say hell no. im also trying to by a house right now but my middle score needs to be a 700. so now you see that im in a real messed up situation.

Message Edited by johnpalley on 08-07-2008 11:54 AM

[johnpalley]

bump, cheddar i was curious what your response was going to be?

[Anonymous]

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johnpalley wrote:
bump, cheddar i was curious what your response was going to be?

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I understand your desire to get an unsecured card.  Getting an unsecured card when you're rebuilding your credit is a great feeling.  I would suggest, though, that with those COs on your reports, you should repair first, and then rebuild.

You already have a secured card, as you said.  A secured card will help you re-establish a positive payment history just as well as an unsecured card will.  For now, I would say, keep the secured card you have, and see if you can get the BofA Secured card, too, because that's an excellent card to have.  If you can't get the BofA card, see about National City Secured or Citi Secured.  I would stop adding new acocunts at that point, though.  Two secured cards are plenty right now.

Beyond that, you might want to see what you can do about your COs.  Are they reporting correctly?  Have you spent any time on the Rebuilding Your Credit forum learning about how to deal with old COs?

If you can get your reports cleaned up a bit, while at the same time establishing positive history on your secured account(s), you'll probably find that your scores will improve faster than you think they will.  Just be sure to never, ever be late or over the limit on the secured cards you have.

Good luck, and let us know how it goes!