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think my secured card has become unsecured. not sure though..

New Member

think my secured card has become unsecured. not sure though..

So last year March 2013 I along with my wife applied for a credit card at bank of America.she was approved for $1000, and I in the other hand was declined. So I then applied for a secured card and deposited $500 on it. That's how I got started, now fast forward to today and i saw that $500 dollars  was deposited into my savings account, stating secured card collateral refund. So does that mean my card is unsecured now? But my card limit didn't go up. Still at $500 dollars, so I'm confused.

14 REPLIES
Super Contributor

Re: think my secured card has become unsecured. not sure though..

Yup your card should be unsecured. They just didn't give you a CLI. You can try requesting one, but it will be a JP.
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Valued Contributor

Re: think my secured card has become unsecured. not sure though..


finsfan07 wrote:

So last year March 2013 I along with my wife applied for a credit card at bank of America.she was approved for $1000, and I in the other hand was declined. So I then applied for a secured card and deposited $500 on it. That's how I got started, now fast forward to today and i saw that $500 dollars  was deposited into my savings account, stating secured card collateral refund. So does that mean my card is unsecured now? But my card limit didn't go up. Still at $500 dollars, so I'm confused.


Some secured cards "graduate" after 9-12 months and BoA is one of them.  Congrats!  You might of also received an interest rate reduction. 

 

You can search the forums or maybe other members will chime in you may be able to ask BoA for a Credit Line Increase (CLI) now as well that would also be unsecured.  I would make sure it's a Soft Pull not a Hard Pull.

 

Congrats on your graduation! Smiley Happy

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Valued Contributor

Re: think my secured card has become unsecured. not sure though..


sailor_mercury wrote:

finsfan07 wrote:

So last year March 2013 I along with my wife applied for a credit card at bank of America.she was approved for $1000, and I in the other hand was declined. So I then applied for a secured card and deposited $500 on it. That's how I got started, now fast forward to today and i saw that $500 dollars  was deposited into my savings account, stating secured card collateral refund. So does that mean my card is unsecured now? But my card limit didn't go up. Still at $500 dollars, so I'm confused.


Some secured cards "graduate" after 9-12 months and BoA is one of them.  Congrats!  You might of also received an interest rate reduction. 

 

You can search the forums or maybe other members will chime in you may be able to ask BoA for a Credit Line Increase (CLI) now as well that would also be unsecured.  I would make sure it's a Soft Pull not a Hard Pull.

 

Congrats on your graduation! Smiley Happy


Congrats on the graduation!

 

And yea, you can ask for an CLI after 3months. Just keep in mind that it will be an HP. Not sure what CB they'll pull for you but they tend to pull TU most of the times here (FL)

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Senior Contributor

Re: think my secured card has become unsecured. not sure though..

congrats


Mega Contributor

Re: think my secured card has become unsecured. not sure though..

Congrats! Welcome to the forum and thanks for sharing.

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Valued Contributor

Re: think my secured card has become unsecured. not sure though..

Congrats Great job on getting it unsecured!!! I got mine in april of 2013 I am hoping I dont have to wait the full year like you. What other cards do you have? IF you dont have any or if they are under 500 thats why the probably didnt up your limit.

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Re: think my secured card has become unsecured. not sure though..

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Super Contributor

Re: think my secured card has become unsecured. not sure though..

Yep you got graduated! Congrats!!

New Member

Re: think my secured card has become unsecured. not sure though..

Big blue A couple months later like in May I got another secured card through capital one. Paid 49 and got $200. That's all I got, but this month capital one raise my credit limit to $300. But yeah those are all my cards, just these  two.

And sailor mercury should I contact bank of America to ask if any changes has occurred with my interest rate?