topic Re: 2 Applications for Secured Cards in Credit Card Applications

2 Applications for Secured Cards

Anonymous — Fri, 15 May 2015 15:28:09 GMT

Good morning,

Starting fresh in terms of Credit and I have some questions that I could not find answers to on this board (or I did, but they were over a year old):

OpenSky Visa Secured Card: I've found mixed responses as to how long it takes to post a payment on the OpenSky Visa Secured Card - any recent experience with payment posting would be very helpful. Also, how long it would take to upgrade to a Unsecured Card

BOA Cash Rewards Secured Card: After opening the OpenSky Visa Secured Card, my bank BOA, sent me a "Personalized Offer" for the BOA Cash Rewards Secured Card - I was very excited - I submitted the application 2 days ago and was told "We can't give you an answer at this time". This morning I noticed a debit hold on my card, but it doesn't say who it was from - has this happened to anyone? If so, does this mean I was approved or are they just going through the motions 2 days late?

Last question, my score is at "0" - any idea what it would be by Dec. 2015 while using the 2 Secured Cards mentioned above?

Any feedback or assistance will be greatly appreciated (my apologies if these questions are redundant).

Re: 2 Applications for Secured Cards

DaveInAZ — Fri, 15 May 2015 19:52:31 GMT

@Anonymous wrote:
Good morning,

Starting fresh in terms of Credit and I have some questions that I could not find answers to on this board (or I did, but they were over a year old):

OpenSky Visa Secured Card: I've found mixed responses as to how long it takes to post a payment on the OpenSky Visa Secured Card - any recent experience with payment posting would be very helpful. Also, how long it would take to upgrade to a Unsecured Card

BOA Cash Rewards Secured Card: After opening the OpenSky Visa Secured Card, my bank BOA, sent me a "Personalized Offer" for the BOA Cash Rewards Secured Card - I was very excited - I submitted the application 2 days ago and was told "We can't give you an answer at this time". This morning I noticed a debit hold on my card, but it doesn't say who it was from - has this happened to anyone? If so, does this mean I was approved or are they just going through the motions 2 days late?

Last question, my score is at "0" - any idea what it would be by Dec. 2015 while using the 2 Secured Cards mentioned above?

Any feedback or assistance will be greatly appreciated (my apologies if these questions are redundant).

I also applied for the BoA sexured card 2 days ago and got that message. I called the backdoor # and the rep said I was approved, but you always get the 'under review' message until they have cleared your security deposit. You have 2 ways to get the deposit to them - 1) print thr application & mail a check, or 2) give them your bank account routing & account # and they take the deposit electronically. I did the 2nd option and the $$$ was taken from my checking account the next day, but I'm still pending, knowing BoA they probably hold for a few days to make sure it's cleared and can't be charged back.

Not sure what you mean by "a debit hold on your card" - do you mean the Open Sky card? Did you charge something on it? Charges first appear as a temp authorization and usually they next day it posts the actual charge and say who it's from.

And credit scores are never "0", they usually range from 350 ("0") to 850. Can't say what your score will be in Dec 2015 with usage & on time payments on the 2 cards, but it will be better.

Re: 2 Applications for Secured Cards

Anonymous — Fri, 15 May 2015 20:27:37 GMT

Debit Hold: figured it out - I found the backdoor number list on here and called BOA - turns out I was approved!!!!!

Credit Score being 0: still confused on this, so it's not "0", it's "350"? I ran my report through PrivacyGuard for free and the report from all 3 bureaus was "0" ("350" sounds a lot better).

Re: 2 Applications for Secured Cards

DaveInAZ — Fri, 15 May 2015 21:13:35 GMT

@Anonymous wrote:
Debit Hold: figured it out - I found the backdoor number list on here and called BOA - turns out I was approved!!!!!

Credit Score being 0: still confused on this, so it's not "0", it's "350"? I ran my report through PrivacyGuard for free and the report from all 3 bureaus was "0" ("350" sounds a lot better).

Congratulations on your approval! It will show "pending" a few more days until your deposit clears and then it will show Approved online & your card will be on the way.

Sign up for a free Credit Karma account, it will show credit scores from 2 of the 3 credit bureaus. They're not scores lenders will use, they use FICO, but can indicate the trend of your score increasing with card usage & payments. Also good for alerts like someone pulling your credit report, BoA should be there, I don't think Open Sky pulls your credit report.

Re: 2 Applications for Secured Cards

Themanwhocan — Fri, 15 May 2015 21:15:18 GMT

@Anonymous wrote:
Debit Hold: figured it out - I found the backdoor number list on here and called BOA - turns out I was approved!!!!!

Credit Score being 0: still confused on this, so it's not "0", it's "350"? I ran my report through PrivacyGuard for free and the report from all 3 bureaus was "0" ("350" sounds a lot better).

You need at least 6 months of credit before a regular FICO score can be generated.

Re: 2 Applications for Secured Cards

Anonymous — Fri, 15 May 2015 21:40:07 GMT

Thanks!

Signed up for Credit Karma and this is what the report says "No Score Available"

Re: 2 Applications for Secured Cards

Anonymous — Fri, 15 May 2015 21:41:19 GMT

@Themanwhocan wrote:
@Anonymous wrote:
Debit Hold: figured it out - I found the backdoor number list on here and called BOA - turns out I was approved!!!!!

Credit Score being 0: still confused on this, so it's not "0", it's "350"? I ran my report through PrivacyGuard for free and the report from all 3 bureaus was "0" ("350" sounds a lot better).
You need at least 6 months of credit before a regular FICO score can be generated.

Thank you.