Can I increase my secured deposit with BofA?

[tryingagain62]

I was just approved for a fully secured card with them and I'm curious if I can add more money to increase the limit.

[guiness56]

Does it have a max amount for the limit?

[tryingagain62]

I don't know. I applied online and I asked for a $400 limit that was transferred from my bank account.

[JamesKnox]

Yes of course you can increase the limit. You can always increase up to the max so since you are only at 400. You can increase a lot more. ;-) 

[burghpa]

From what I heard,  BOA will do another HP when you put more money to increase CL on your Secured Card.

[bigblue7722]

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@Burgher wrote:

From what I heard,  BOA will do another HP when you put more money to increase CLC on your Secured Card.

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Yes they will it makes no sense to me. The only thing I can think of is that possibly after you get approved they are worried that you would get a collection account and somehow the money for the deposit could get taken away. Does anyone know what creditors see in a sp vs hp?

[ssdc1980]

For sure a HP when increasing your deposit. I've read a few post about folks gradually increasing their deposits over the course of a year and getting hit with a new HP each time. So I guess if you do decide to go ahead with increasing the deposit than i would save up enough money to do one big one rather than numerous small ones.

[myjourney]

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@ssdc1980 wrote:
For sure a HP when increasing your deposit. I've read a few post about folks gradually increasing their deposits over the course of a year and getting hit with a new HP each time. So I guess if you do decide to go ahead with increasing the deposit than i would save up enough money to do one big one rather than numerous small ones.

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+1 correct and the best option to avoid multiple HP's that you will need later for other TL's 

[gatortrades]

Will they deny a CLI? I opened it with $300 a few months ago, but want a high limit when it unsecures, so I just requested a CLI to the max of $4900. I have about $18,000 in my 3 boa checking and savings accounts.

When I just requested it online, I got the 5-7 day message. Denial?

[gatortrades]

Update. 

Got a letter from boa saying I was able to increase the secured balance by depositing more collateral. I called in and the rep said we can do up to $10,000, not the $4,900 that is stated on the website. I made the limit an even $5,000 and got cash rewards added too. Not a bad day!