thinking of getting a BOA secured card

[wanttobeinthe700club]

was thinking of getting a BOA secured card for $300 dollars because they told me that i would have my account checked in 9 months of having it to see if they would make it a unsecured card. to me that sounds really good since my bank wells fargo is offering me a $300 secured card but have to wait a year before i could have a unsecured card. any good or bad news with these people would be much appreciated thanks everyone

[Anonymous]

I just applied for a BOA secured card of $300 din hopes of rebuilding credit. I have checking and savings with BOA with no overdrafts or any negative marks.  My EQ score is 604 as of today. They denied me!

[wanttobeinthe700club]

oh my. that doesn't sound good for me then lol. i bank with wells fargo. i have a EQ score of 518 so im pretty much SOL lol. my bank offered me the oppurtinuty to get a unsecured card through them because ive been with them for 2 years they said. hmmm, well i will wait to get other comments and hear about other stories. if nothing good i will just go with my bank. thanks for the comment though

[moondog7324]

If your bank offered you an unsecured card, and you are in the repair/building mode of credit, I would jump on it (as long as there are no fees).

The best way to use this new cards is to treat it like its 25% of the credit limit. For example- If you get a 300 card- charge NO MORE than 75 dollars - try to pay in full everymonth- If you pay no interest- it doesn't matter the % rate.

This protects you by not allowing to get too in debt-  BOA is a great secured card program.

Get into the habit of not relying on debt for everyday purchases- unless you can pay it in full. 

[Anonymous]

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nursemama wrote: 
 My EQ score is 604 as of today. They denied me!

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Did BOFA give any reasons for the denial?

[Anonymous]

No, BOA did not give a reason for the denial initially. I 'm sure they will send me a letter of some sort. It sure p'd me off because I have been a good customer and haven't had any overdrafts in a few years. I figured they were getting more stringent with all their products and just not loaning.... or maybe I'm just trying to make myself feel better LOL

[Guyx79]

I just apply for a BOA secured card too.  I will update you on my status.  My score are EQ 617, TU 635 and EX 730 ( dont ask me why EX is so high i got tat one from.. Freecreditreport.com).  Only differ is i drop a 2000 dollar amount, instead of 300.  Let see if they are friendlier on higher amount.

[mizzcharles]

I'm pretty sure it all depends on the kinds of baddies you have. My eq score 470 today applied and got the secured Boa card with $300. HOPE to get graduated upon my ninth month of good payment and low usage.