topic Bank of America Secured Card - Worth Getting? in Credit Cards

Bank of America Secured Card - Worth Getting?

jbh — Tue, 29 Jul 2008 02:21:50 GMT

Last q. of the day, I promise

I just wanted to re-confirm that the BoA secured card, as of late 2008, still is a reliable way to build a credit limit/reputation if I make payments for 9 months to a year. Is this correct? I've done a search and noticed the 9 month mark as the turning point from secured to unsecured. Is this a general pattern/rule or just a coincidence for some of the members? Just curious.

Even though I don't need it, I am a customer of BoA and I want to build a good relationship (credit) with them so I can receive a business loan next summer.

Thanks for your time, as usual.

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Tue, 29 Jul 2008 02:22:53 GMT

Yes.

Nine to twelve months seems to be the norm for graduation.

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Tue, 29 Jul 2008 02:29:25 GMT

Agree with Peas. 9-12 months of positive account history (read PIF) seems to be the time when BOA likes to graduate.

The BOA secured is the best in the business, IMO.

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Tue, 29 Jul 2008 02:37:57 GMT

They out and out refused me (my rep from my branch called them, because we wanted to use the card as o/d protection with a higher balance) from unsecuring the card @ 6 months. Apparently this is some hard and fast rule, but I had no problem @ 9 months (02/08) and they also doubled my CL.

Message Edited by siangirl34 on 07-28-2008 07:37 PM

Re: Bank of America Secured Card - Worth Getting?

jbh — Tue, 29 Jul 2008 03:15:33 GMT

Thanks, guys. I guess it's worth considering, then. Maybe I'll just do this and hope in 2 or so years the CL will grow over time (I figure after 9 months it'll be 1K tops or so)

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Tue, 29 Jul 2008 03:15:44 GMT

I second, third, and fourth the opinions in the above posts!

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Tue, 29 Jul 2008 03:38:31 GMT

That card sounds SO good that I almost want to put down the money and get one, despite the fact that I only just un-secured my previous (US Bank) secured Visa in May, and should in theory not actually need a secured card anymore. Yeah, sure, I don't NEED one, but BofA hates me and won't pre-app me for anything... I don't even WANT a BofA card, particularly (well, their wonderful ways with CLs would be nice...) but knowing that that 99/500 card is a prize that, if you can get it, will set you on the path for a very good BofA relationship indeed... makes it sound desirable in the extreme!

In short - YES, if you can get that card, do it - it will, if treated right, set you up for BofA for life! Do everything right, and it definitely WON'T be one of those 'we remember you when your credit was so-so, so we're going to treat you accordingly forever' relationships you read about from so many other issuers. If you can get one, go for it!

Message Edited by fevmlo on 07-28-2008 11:38 PM

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Thu, 31 Jul 2008 17:33:52 GMT

What's a good amount to start with on this card or does it really matter? I'm thinking of starting with$500 or $1000, will there be any difference between the 2 amounts since it's a secured card? What I'm asking is will the higher dollar amount look better on my credit report or something? Sorry for the silly questions.

Re: Bank of America Secured Card - Worth Getting?

Red1Blue — Thu, 31 Jul 2008 17:35:02 GMT

Yes..

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Thu, 31 Jul 2008 17:44:02 GMT

YES! Low annual fee & graduation b/t 9-12 months. Just remember to never be late and never go over, or they'll start you all over again.

Re: Bank of America Secured Card - Worth Getting?

llecs — Thu, 31 Jul 2008 18:04:17 GMT

Sending an echoed "YES". I'm at 9 month for mine.

Re: Bank of America Secured Card - Worth Getting?

Anonymous — Thu, 31 Jul 2008 18:16:03 GMT

llecs wrote:
Sending an echoed "YES". I'm at 9 month for mine.

So have they offered u the unsecured card.

Re: Bank of America Secured Card - Worth Getting?

Uncle_Money — Thu, 31 Jul 2008 18:21:03 GMT

Hi jbh,

I opened a secured BOA over two years ago with a $300 deposit. They will unsecure it after a solid 12 month payment history. I tried to get it at the nine month mark and they wouldn't do it. They said just keep going a little more.

After the twelve month mark, my $300 secured limit turned into $1,500. Next was $3,000, $5,000 and then $7,200. All from a $300 secured cc! BOA is very generous with CL increases so long as you do the right thing with the card. This includes payments of at least 5x the minimum. I spoke with one of their credit analysts and was told this.

Bottom line: DO IT!

Re: Bank of America Secured Card - Worth Getting?

llecs — Thu, 31 Jul 2008 18:29:31 GMT

mjbfan79 wrote:

llecs wrote:
Sending an echoed "YES". I'm at 9 month for mine.

So have they offered u the unsecured card.

No, not yet. I'm making my 9th payment this week. Opened in early November.

I'm not going to rush it. I'll give them to November before I'll consider calling.

Re: Bank of America Secured Card - Worth Getting?

Schoolbuskid — Thu, 31 Jul 2008 18:41:28 GMT

What is their req'd score for unsecured cards?

Re: Bank of America Secured Card - Worth Getting?

Uncle_Money — Thu, 31 Jul 2008 18:52:08 GMT

Hi School,

Sorry to say but those scores are still too low to get approved for a BOA unsecured card. I would think a minimum of low 700's would give you a good chance.

Re: Bank of America Secured Card - Worth Getting?

llecs — Thu, 31 Jul 2008 19:04:28 GMT

Uncle_Money wrote:
Hi School,

Sorry to say but those scores are still too low to get approved for a BOA unsecured card. I would think a minimum of low 700's would give you a good chance.

Before even accepting my 99/500 counter offer from BofA (644 FICO EX), I had been pre-approved from BofA and had an EX score of 664. I have bank accounts with them and had clicked the offers link and had a preapproval with them for one of their cards. I passed on that and app'd for a different card and was declined with the 664 but accepted the counter-offer. After I accepted the 99/500, the pre-approval offer went away and has never returned.

DW tried the pre-approval link at BofA's home page and was approved for their Amex version in March with an EX FICO score of somewhere between 611-620. I was shocked!

Re: Bank of America Secured Card - Worth Getting?

Creditaddict — Thu, 31 Jul 2008 20:40:48 GMT

I was going to say, I don't think BofA requires 700's!

Re: Bank of America Secured Card - Worth Getting?

bridgetkaryn — Thu, 31 Jul 2008 20:51:58 GMT

My scores were in the low 600's and I got an unsecured BofA platnium plus Visa... Has a $39/yr fee and a $500 cl. Not great, but I was denied for another card and they offered me this instead... I have PIF each month and sometime in the middle of the payment cycle because the CL wasn't enough...

Hopefully 2009 will be my year credit wise with BofA!

Re: Bank of America Secured Card - Worth Getting?

fused — Thu, 31 Jul 2008 20:53:00 GMT

cheddar wrote:

I second, third, and fourth the opinions in the above posts!

Me five!