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Secured BofA Card

New Contributor

Secured BofA Card

I am looking to build my scores, and eventually "score" a quality card. All i was offered was a BofA fully secured, starting at 300. Or whatever i put up. Is this a reputible deal, or would you pass, and just wait. i would certainly put up more than 300, if i was gonna try this approach, Yes, No, Maybe? What yall think.
Alcohol--Tobacco--- & Firearms
Should be a convenience store, NOT a government agency!!!
Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: Secured BofA Card

Many of the members here have gotten a secured BoA card.
 
After so many months they graduate you to a unsecured card and refund your deposit, if you pay on time and be good. I think it is 9 months, but maybe 12.
 
I also read that whatever you put on for your CL is the CL you'll get when they graduate you.
 
 
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Message 2 of 6
Valued Contributor

Re: Secured BofA Card

Maybe you should apply for a regular card...just to get the 99/550 card...I have the fully secured card...but I wish I would have just applied for a regular card...got denied..and offered the 99/500 card...with that card..you only put up $99 dollars...and you get a $500 CL...but you have to waste an inquiry...
Message 3 of 6
Moderator Emeritus

Re: Secured BofA Card



slyhouse08 wrote:
Maybe you should apply for a regular card...just to get the 99/550 card...I have the fully secured card...but I wish I would have just applied for a regular card...got denied..and offered the 99/500 card...with that card..you only put up $99 dollars...and you get a $500 CL...but you have to waste an inquiry...

Not everyone gets offered the 99/500 card. I applied for a regular CC and was only offered the fully secured.
 

 
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Message 4 of 6
Valued Contributor

Re: Secured BofA Card

I didn't know that...but I did recently found out..after wasting an inquiry...that you can't have 2 secured cards with them....so if you have the fully secured card...you can't get the 99/500...i knew nothing about the 99/500 card..when I got my $500 fully secured...
Message 5 of 6
Valued Contributor

Re: Secured BofA Card

i say apply for the card with BOA because they are a prime company and will definitely grow with you if you pay on time each month! Like said before you usually get graduated to unsecured in 9-12 months. Good Luck!

I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542-EX-536
Current Scores as of June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 6 of 6