topic Re: BoFA Secured Graduation (After 10+ years) in Credit Card Approvals

BoFA Secured Graduation (After 10+ years)

toddc — Mon, 26 Apr 2021 18:45:44 GMT

At 10 years and 2 Months I never thought this day would come. I've probably asked for graduation 10+ times and received "the you will receive a letter with our decision" response each time I asked for manual graduation. Well today I called in and got it done. (Mod cut-not here please)

Some datapoints: I noticed my fico on their app updated to 665 and fair as of 4/20, I also made sure my card was paid down to $0 balance ( i only had a few dollars on it anyways as my statement just closed and I never carry a balance with them). I paid all of my accounts except one (AZEO method) and have 1% overall credit utilization. I also opened a savings account with them a little over a month ago and put $1500 in it, haven't touched it. I have a checking account by they are not my primary, I do minimal direct deposit each month $250/to avoid the fee on the checking. I actually paid off my only credit card that I'm utilizing so in a couple days when that updates I'll probably be at 0 utilization, which may or may not have made a difference. Anyways I got the "congratulations, you have been approved for graduation" and almost soiled myself.

This is my oldest card, never any lates with them and they always refused to graduate me for some or another reason. I've been reading on here that they are very much a relationship bank, so I'm guessing the savings account made a difference. I also asked for $5,000 increase but got the 7-10 day response which I'm guessing is a denial. I noticed that my $500 deposit was back in my checking account immediatly while on the call, and my credit limit actually increased from $500, $1000 - so they did give me a little something automatically. I also have an annual fee of $39 on this, any idea if it is possible to get that removed and have no annual fee? I'm still in shock here and need a little time for this one to sink in.

Re: BoFA Secured Graduation

M_Smart007 — Mon, 26 Apr 2021 16:41:36 GMT

Congratulations on your Graduation & CLI !

Re: BoFA Secured Graduation

M_Smart007 — Mon, 26 Apr 2021 16:43:00 GMT

@toddc wrote:
I also have an annual fee of $39 on this, any idea if it is possible to get that removed and have no annual fee? I'm still in shock here and need a little time for this one to sink in.

Call BoA and speak to a CSR, see if you can PC to a No AF card?

Re: BoFA Secured Graduation

toddc — Mon, 26 Apr 2021 16:49:55 GMT

I called using the non-backdoor number, from the app, so i didnt have to give them all my information, and got a really flaky rep that said that it's not something I can request, they can at some point make a decision to PC me to a no annual fee card or next year when my annual fee comes up I can ask to have it removed permanently (im assuming they mean PC). I wonder if I would have had more leverage with the rep I spoke to that graduated me, or the backdoor/customer satisfaction reps.

Re: BoFA Secured Graduation

RSX — Mon, 26 Apr 2021 16:57:46 GMT

good deal!

however, as your oldest card, i think the $39/year is worth it - that is as close to a NO AF card as you can get

Re: BoFA Secured Graduation (After 10+ years)

CreditAggie — Mon, 26 Apr 2021 17:31:53 GMT

Congratulations on your BofA graduation and CLI!

Re: BoFA Secured Graduation (After 10+ years)

CreditMagic7 — Mon, 26 Apr 2021 17:52:18 GMT

Congrats on the BofA graduation and CLI!

Re: BoFA Secured Graduation (After 10+ years)

AllZero — Mon, 26 Apr 2021 18:00:42 GMT

Wow! Thats geat news. Congratulations on your graduation 🎓 and CLI!

Re: BoFA Secured Graduation (After 10+ years)

Anonymous — Mon, 26 Apr 2021 21:04:52 GMT

@toddc wrote:
At 10 years and 2 Months I never thought this day would come. I've probably asked for graduation 10+ times and received "the you will receive a letter with our decision" response each time I asked for manual graduation. Well today I called in and got it done.

Some datapoints: I noticed my fico on their app updated to 665 and fair as of 4/20, I also made sure my card was paid down to $0 balance ( i only had a few dollars on it anyways as my statement just closed and I never carry a balance with them). I paid all of my accounts except one (AZEO method) and have 1% overall credit utilization. I also opened a savings account with them a little over a month ago and put $1500 in it, haven't touched it. I have a checking account by they are not my primary, I do minimal direct deposit each month $250/to avoid the fee on the checking. I actually paid off my only credit card that I'm utilizing so in a couple days when that updates I'll probably be at 0 utilization, which may or may not have made a difference. Anyways I got the "congratulations, you have been approved for graduation" and almost plotzed myself. [tidied that up for you...]

This is my oldest card, never any lates with them and they always refused to graduate me for some or another reason. I've been reading on here that they are very much a relationship bank, so I'm guessing the savings account made a difference. I also asked for $5,000 increase but got the 7-10 day response which I'm guessing is a denial. I noticed that my $500 deposit was back in my checking account immediatly while on the call, and my credit limit actually increased from $500, $1000 - so they did give me a little something automatically. I also have an annual fee of $39 on this, any idea if it is possible to get that removed and have no annual fee? I'm still in shock here and need a little time for this one to sink in.

Congratulations 🍾🥂 on your long time coming graduation!!!! 🧑🏼‍🎓👨🏾‍🎓👩🏻‍🎓👨‍🎓 oh my holy cuss words 10 Years!!! Wow 😳. You are very patient. Great to finally get that graduation. "Almost plotzed myself" 😆 I get it. [self modded and tidied the language for you. 🙏🏻]

Good for you for getting this! Congrats!!! 🥳🥳🥳

Re: BoFA Secured Graduation (After 10+ years)

Credit4Growth — Mon, 26 Apr 2021 18:28:35 GMT

Toddc, Congratulations on your graduation and doubling your credit limit! 😃

Re: BoFA Secured Graduation

Credit4Growth — Mon, 26 Apr 2021 18:27:04 GMT

@M_Smart007 wrote:
@toddc wrote:
I also have an annual fee of $39 on this, any idea if it is possible to get that removed and have no annual fee? I'm still in shock here and need a little time for this one to sink in.
Call BoA and speak to a CSR, see if you can PC to a No AF card?

^^^+1000.... a.s.a.p.

Good luck 👍

Re: BoFA Secured Graduation

Credit4Growth — Mon, 26 Apr 2021 18:38:25 GMT

@toddc wrote:
I called using the non-backdoor number, from the app, so i didnt have to give them all my information, and got a really flaky rep that said that it's not something I can request, they can at some point make a decision to PC me to a no annual fee card or next year when my annual fee comes up I can ask to have it removed permanently (im assuming they mean PC). I wonder if I would have had more leverage with the rep I spoke to that graduated me, or the backdoor/customer satisfaction reps.

'Third time is a charm'...

With that saying, I would try again with another rep two more times during this week. The worst they could say is no or wait x amount of time... the above is just mr 0.02

Just like posted above... it is your oldest card, so if a PC can not be had, the $39 is worth it.

Re: BoFA Secured Graduation (After 10+ years)

toddc — Mon, 26 Apr 2021 18:45:25 GMT

Thank you. I mean it's nothing compared to the 7500 navy just gave me but I got my security deposit back. I'll take it. I use this card a lot for restaraunts because it's 3% I was debating on closing it because it seems like it was never going to graduate but is my oldest card by far. I also still have some derogs that I need to take care of but it seems like opening the savings tipped the scales in my favor just enough.

Re: BoFA Secured Graduation (After 10+ years)

gdale6 — Mon, 26 Apr 2021 18:46:53 GMT

Grats on the grad and subsequent CLI

Yup its a denial for having your credit limit recently adjusted. Try again in 6 months.

Re: BoFA Secured Graduation

sjt — Mon, 26 Apr 2021 19:03:10 GMT

Congrats! If you have not been able to get a product change, then try again in a month.

Re: BoFA Secured Graduation

toddc — Mon, 26 Apr 2021 19:18:13 GMT

@Credit4Growth wrote:
@toddc wrote:
I called using the non-backdoor number, from the app, so i didnt have to give them all my information, and got a really flaky rep that said that it's not something I can request, they can at some point make a decision to PC me to a no annual fee card or next year when my annual fee comes up I can ask to have it removed permanently (im assuming they mean PC). I wonder if I would have had more leverage with the rep I spoke to that graduated me, or the backdoor/customer satisfaction reps.
'Third time is a charm'...
With that saying, I would try again with another rep two more times during this week. The worst they could say is no or wait x amount of time... the above is just mr 0.02
Just like posted above... it is your oldest card, so if a PC can not be had, the $39 is worth it.

i called again and used another backdoor number, spoke to a credit analyst and who told me that there's no way to PC to remove the annual fee on this card, they said that i could possibly pc to another account (it is possible) and i may get a whole different account number, but the annual fee would follow me.

i would technically have to apply for a whole new card and then close this one to get rid of the annual fee, thats a little discouraging and disappointing, its almost like they know its my oldest account 10+ years and ive been paying the annual fee, and will keep paying it. i mean $39 isn't bad, i have amexs that are more than double, just wanted to reduce my annual fee cards overall. thanks for the advice and encouragement though :-)

Re: BoFA Secured Graduation

toddc — Mon, 26 Apr 2021 19:20:14 GMT

@sjt wrote:
Congrats! If you have not been able to get a product change, then try again in a month.

I will keep bugging them, i mean, they eventually got sick of me and graduated me and hoped i'd leave them alone, so who knows anything is possible i guess lol

Re: BoFA Secured Graduation (After 10+ years)

Anonymous — Mon, 26 Apr 2021 21:06:38 GMT

I am still sitting here laughing, I'm so impressed with your TEN YEARS patience! You have the patience of Job! 10 years is a child! You're great. Awesome graduation! 🥳🥳🥳

Re: BoFA Secured Graduation

Credit4Growth — Mon, 26 Apr 2021 21:12:58 GMT

Yes, they are making it sound like it could possibly be a new account/new application.

Happy you make an extra attempt! 👍
I get that you wanted to reduce your overall annual fees, that is why I provide my 2 cents.
I would have attempted to do the same.

I do not remember but did they lower your your interest rate or have any promo rates? 😁

I know, I am asking another of you but at the least these are some things to think about.
Cheers!

Re: BoFA Secured Graduation

kittycreditmeow — Mon, 26 Apr 2021 22:16:38 GMT

Congratulations on the BofA Grad and CLI! 🙂