Bank of America Secured Card data collection

[andersk08]

Looking to collect some info regarding B of A secured card. Mainly
1- how long did you wait until it graduated
2- how long after graduating to unsecured to get a CLI
THANKS

[Anonymous]

My secure BoA Mastercard was opened on 2/28/17 with a $2K deposit.

I contacted BoA CC Department Friday 1/12/18.

I was told that they do an account review at 1 year.  The review all business with BoA.  If not approved for graduation at 1 year, they will review monthly until unsecured.

I am probably looking at another 9 months because I was 1 day late twice and over limit by $9 and $12.  What a stupid mistake.

I'd be glad to post more end of February!

Hope other will chime in with their experience here.

Peace Out!

[andersk08]

Genius thanks for taking the time to reply with your experience. I’m about a Month into my secured card with them. I’ve tried multiple times for their secured and was denied every time. Once my capital one secured hit the 1 year mark I tried again with Bank of America and was finally approved. I look forward to the opportunity they gave me with the card, even though it’s secured. I deposited $500 and I believe if I want to add funds to that I would have to take another HP which doesn’t sound worth it to me.

[Anonymous]

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@andersk08 wrote:
Genius thanks for taking the time to reply with your experience. I’m about a Month into my secured card with them. I’ve tried multiple times for their secured and was denied every time. Once my capital one secured hit the 1 year mark I tried again with Bank of America and was finally approved. I look forward to the opportunity they gave me with the card, even though it’s secured. I deposited $500 and I believe if I want to add funds to that I would have to take another HP which doesn’t sound worth it to me.

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Yes.  It's my understanding that if you want to 'add to' it'll cost you an HP.

Don't make the same mistake that I made.  Pay it in full every month, always on time, and NEVER go over your limit!

Best of luck with your new card!!

I'm afraid that because of the size of my deposit, that it may not graduate as early as it would have if I had only made a $500 deposit.

Oh well.  Hindsight is always 20/20!

[Anonymous]

Do you get your deposit back once the card becomes unsecured? The deposit is only used if you default right?

[outofcredit]

I got my BOA fully secured Cash Rewards card April 30. 2017. Deposit of $300.  The "request credit limit increase" button showed up after my 3rd statement. I ignored it. I have never let a balance report on this card. Always PIF. Called in last month after my 7th statement cut and asked if my card could be unsecured. Credit analyst had me unlock my TU report, reviewed it and told me basically, " you have opened a lot of accounts since opening this one."  True. I opened 8 new unsecured accounts after the BOA. Sooo, of course she said no, we need to see how you handle your accounts for a while longer. In hindsight I probably should have went into the garden and waited until the BOA unsecured before adding more accounts. I am in the garden right now hoping to age all these new accounts and hopefully when BOA does their 12 month review they will unsecure my card. Hope this info helps.

[outofcredit]

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@Anonymous wrote:
Do you get your deposit back once the card becomes unsecured? The deposit is only used if you default right?

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Yes, when the card unsecures you get your deposit back. If you have a checking or savings account with them I believe it can be instantly refunded to your account. If not, a check is sent out.

[Anonymous]

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@outofcredit wrote:

I got my BOA fully secured Cash Rewards card April 30. 2017. Deposit of $300.  The "request credit limit increase" button showed up after my 3rd statement. I ignored it. I have never let a balance report on this card. Always PIF. Called in last month after my 7th statement cut and asked if my card could be unsecured. Credit analyst had me unlock my TU report, reviewed it and told me basically, " you have opened a lot of accounts since opening this one."  True. I opened 8 new unsecured accounts after the BOA. Sooo, of course she said no, we need to see how you handle your accounts for a while longer. In hindsight I probably should have went into the garden and waited until the BOA unsecured before adding more accounts. I am in the garden right now hoping to age all these new accounts and hopefully when BOA does their 12 month review they will unsecure my card. Hope this info helps.

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outofcredit...

When does your 12th statement cut?

[Newbie2018]

I'm only at the 10 month mark. They review it after a year. And go based on if you had any missed or late payments. I've had one late and went over my limit that month because of Hurricane Harvey. I believe they are considerate of circumstances though. Good luck in your journey.

[outofcredit]

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@Anonymous wrote:

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@outofcredit wrote:

I got my BOA fully secured Cash Rewards card April 30. 2017. Deposit of $300.  The "request credit limit increase" button showed up after my 3rd statement. I ignored it. I have never let a balance report on this card. Always PIF. Called in last month after my 7th statement cut and asked if my card could be unsecured. Credit analyst had me unlock my TU report, reviewed it and told me basically, " you have opened a lot of accounts since opening this one."  True. I opened 8 new unsecured accounts after the BOA. Sooo, of course she said no, we need to see how you handle your accounts for a while longer. In hindsight I probably should have went into the garden and waited until the BOA unsecured before adding more accounts. I am in the garden right now hoping to age all these new accounts and hopefully when BOA does their 12 month review they will unsecure my card. Hope this info helps.

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outofcredit...

When does your 12th statement cut?

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May 7, 2017. Will update then.