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secured cards

New Contributor

Re: secured cards

+2
Message 11 of 15
Valued Contributor

Re: secured cards


eagle2013 wrote:

I found this online regarding BofA secured requirements:

 

Thank you for your e-mail. Secured credit cards are accounts with the
credit limit secured by a Bank of America savings account balance. The
Secured Card accommodates customers that ordinarily would not qualify
for an unsecured Credit Card. You are not required to have a
pre-existing relationship with Bank of America to apply for a secured
credit card account.

To be eligible for a secured account, you must meet the following
requirements:

Minimum age 18

Must be an U.S. citizen or permanent resident with a valid social
security number or Tax payer I.D. number with a US mailing address (for
nonresident alien, refer to Non-Resident Alien policy)

No Unpaid Bank of America charge-off

No Bankruptcy

No Repossession (voluntary or involuntary) < 36 months

No Foreclosure (includes deed in lieu) < 36 months

No known unpaid charge-off accounts > $1000 with any financial
institution including retail cards and student loans < 36 months

The Secured Credit Card account will be reviewed for graduation at 12
months. Accounts passing the graduation criteria will be upgraded to an
unsecured account. At that that time, notification is sent to advise you
that the collateral funds (secured savings) have been released.

If the account fails the graduation criteria, the account will be
reviewed against specific policy criteria for graduation twice a year.

If you have any further questions please feel free to contact us from
the web via http://www.bankofamerica.com/contact.

Leesa Kirkland, Credit Card Online

 

 


I read that you can have a BK, but it has to be more then 3 years past discharge. I read that someone got appoved for a card with less then 2 years post BK.

Message 12 of 15
Frequent Contributor

Re: secured cards

Does it matter if you are an account holder?

Starting Score: Jan 2014 EQ: 595 TU: 575 EX: 550
Current Score: Feb 2015 EQ: 615 TU: 650 EX: 643
Goal Score: Hoping to join the 700 Club this year!


Take the myFICO Fitness Challenge
Message 13 of 15
Valued Contributor

Re: secured cards


MortgageMinded wrote:
Does it matter if you are an account holder?

Not sure. Why would you want a secured if you already have another account?

Message 14 of 15
Highlighted
Frequent Contributor

Re: secured cards

Actually, I was told to acquire 3 TL's from my mortgage officer and keep my uti to 2-5% and my score will climb quickly. So far he was right. I have 2 and was interested in obtaining the BoA account since it's in high regard and has rewards and graduation potential.

Starting Score: Jan 2014 EQ: 595 TU: 575 EX: 550
Current Score: Feb 2015 EQ: 615 TU: 650 EX: 643
Goal Score: Hoping to join the 700 Club this year!


Take the myFICO Fitness Challenge
Message 15 of 15