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Pacman2012
Posts: 298
Registered: ‎08-16-2011
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Apply for BoA?

So I'm still in the process of waiting for my Cap1 repsonse. They said I'd receive a letter with their decision sometime next week with their answer. My boss (who has screwed me over twice so far so....) is friends with the branch manager at the local BoA and in his attempts to help me he called her and she told me to come over at lunch today to "get" there secured card.. I'd have no problem with that but... I dont want another inquiry on my report, I'm not sure I'll be approved for that BoA card, and I dont want to go into that same waiting process that I'm in with Cap1.. I'd prefer a BoA secured over Cap1 but then again my scores are 552TU and 575EQ and that's before these last 3 inquiries... Dont know if I should even go to the bank or not.. Any advice??


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Contributor
Pacman2012
Posts: 298
Registered: ‎08-16-2011
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Re: Apply for BoA?

BTW my boss has a masters in finance and a score in the high 800s so i obviously respect him as a source since I dont have a college degree or a high credit score, im just not sure if he's giving me the best advice.


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Fleurdelis28
Posts: 69
Registered: ‎07-08-2011
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Re: Apply for BoA?

If they are willing to do it without pulling your credit (and they can because my CU did) then I say go for it. Its secured so I always wonder what's the big deal? I'm giving you the money UP FRONT. Anyway, good luck Pacman! Keep us posted. I think I will send in my deposit for my secured CC through Cap One tomorrow.


Starting Score: 538
Current Score: 555
Goal Score: 675


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Contributor
Pacman2012
Posts: 298
Registered: ‎08-16-2011
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Re: Apply for BoA?

From what I hear about BoA though they do and they're tougher on you than other credit companies.. Would the banker I'm scheduled to meet with have the power to make that decision? Also maybe if I bring my credit reports with me so they dont have to pull it? I also dont want to have to wait another 3-4 weeks for all the processing stuff.. Oh and thanks for the response ksimon1591


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
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Re: Apply for BoA?

I'm pretty sure you are going to get a hard pull with BOA. Even if you brought your credit reports for them to look at, they are stil going to pull your CR and make sure everything matches. They are known to pull EX. They do have higher standards than other lenders, even with their secured card. I believe I was around the very low 600s and they declined me. After getting a very recent collection off my reports and I was closer to the mid 600s was when they approved me for their secured card. Even then, it took a while to get a message saying I was approved and when my card came through the mail. It takes time to process, so try and be patient. Good luck!

TU: 603 – EQ: 569 – EX: N/A – May 2010

Contributor
Pacman2012
Posts: 298
Registered: ‎08-16-2011
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Re: Apply for BoA?

Thanks MyCreditStinks! Hmm and with low 600s getting denied I'm pretty sure with mid-high 500s I'd get denied and I'm not sure I want to do that... at the same time I have no collections and just one negative on my credit from 2 years ago and $300.. Not sure if I'll even go and if I do I dont think I'm gonig to apply unless something was worked out between my boss and the manager b/c I dont want to add another inquiry


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


Take the FICO Fitness Challenge
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Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: Apply for BoA?

BofA's secured card is still through FIA card services, so I don't know if the branch manager would be able to skip a hard pull. Good luck and let us know how it goes.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Contributor
Pacman2012
Posts: 298
Registered: ‎08-16-2011
0

Re: Apply for BoA?

Does anyone know around what score is required for BoA's secured? I looked fananceglobe.com which has a list of what ppls success rates were with there cards and there scores but BoA's secured card isnt on the site..


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
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Re: Apply for BoA?


-Cain- wrote:
BofA's secured card is still through FIA card services, so I don't know if the branch manager would be able to skip a hard pull. Good luck and let us know how it goes.

Serious question: I thought FIA card services is owned by Bank of America.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
0

Re: Apply for BoA?


Pacman2012 wrote:

Does anyone know around what score is required for BoA's secured? I looked fananceglobe.com which has a list of what ppls success rates were with there cards and there scores but BoA's secured card isnt on the site..


Honestly, I don't believe there is a minimum score required. It just depends on what your CRs looks like, and in this case, what your EX CR looks like. Do you have a copy of that report? If so, bring it by the local branch, sit down with a banker or LO and talk to them about it. They would probably be able to give you a better answer.

TU: 603 – EQ: 569 – EX: N/A – May 2010


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