topic Re: BOFA Secured Graduation Question in Credit Cards

BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 18:40:37 GMT

When BOFA decides to graduate you from Secured to Unsecured do they give you another hard pull or a Soft?

Re: BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 19:49:08 GMT

They harded me...but only with one CRA; I forget which one. Of course, the long-term benefits to graduation vastly outweigh the harm in one hard pull, so don't worry about it.

Re: BOFA Secured Graduation Question

wmarat — Sun, 03 Aug 2008 20:29:13 GMT

My secured BOA card graduated on 10th statement cycle, no hard, CL was $500 more than initial CL, deposit came by mail 3 weeks later.

Re: BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 20:41:45 GMT

Ok thx people i have a 50/50 answers lol

Re: BOFA Secured Graduation Question

Uncle_Money — Sun, 03 Aug 2008 21:01:02 GMT

Unless they changed their rules on this, it will be a soft pull. They haven't done a hard inquiry since my app for the secured card. I graduated to their unsecured Platinum Visa card over 2 years ago. During this time they also granted me several CLIs. This is one of the things I love about BOA. Unlike many other creditors, they do soft pulls for possible rate reductions and CLIs. Keep your balance with them low, though! It has been my experience that they don't like high balances and they will jack your rate for it.

Message Edited by Uncle_Money on 08-03-2008 02:01 PM

Re: BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 21:02:47 GMT

Thx for the info i still have not received my card from them i'm sure i will get it in a week or so.

Re: BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 21:36:10 GMT

Also my limit with the card is only $300 should i max it out every month an then PIF or keep a small balance on the card.

Re: BOFA Secured Graduation Question

Creditaddict — Sun, 03 Aug 2008 22:06:14 GMT

BofA does not mind you carrying balances in my experience, and offers you many BT offers to use more of your credit. just pay 3x min and they will be happy.

Re: BOFA Secured Graduation Question

Uncle_Money — Sun, 03 Aug 2008 22:20:00 GMT

Since your CL is only $300, a good plan is to show many small charges and PIF each month. Otherwise, paying 3x the minimum as creditaddict suggested is a good idea. I never pay just the minimum payment anymore. I used to do this and they jacked my rate. That's just my own personal experience with them. It doesn't necessarily mean it will happen to you too. I spoke to one of their credit analysts and he informed me that they like to see 3-5 times the minimum payment. Since I have been doing this, they increased my CL twice already.

Re: BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 22:24:23 GMT

Uncle_Money wrote:
Since your CL is only $300, a good plan is to show many small charges and PIF each month. Otherwise, paying 3x the minimum as creditaddict suggested is a good idea. I never pay just the minimum payment anymore. I used to do this and they jacked my rate. That's just my own personal experience with them. It doesn't necessarily mean it will happen to you too. I spoke to one of their credit analysts and he informed me that they like to see 3-5 times the minimum payment. Since I have been doing this, they increased my CL twice already.

Well i was thinking about paying my car insurance bill an cable bill which equals to $210 a month then pay it off a week later.

Re: BOFA Secured Graduation Question

Uncle_Money — Sun, 03 Aug 2008 22:24:48 GMT

One more thing. When I say they don't like high balances, I mean for a long period of time. This is what was told to me by their credit analyst. As long as you don't keep the high balances for an extended period of time, you'll be fine. Good luck!

Re: BOFA Secured Graduation Question

Anonymous — Sun, 03 Aug 2008 23:29:52 GMT

Uncle_Money wrote:
One more thing. When I say they don't like high balances, I mean for a long period of time. This is what was told to me by their credit analyst. As long as you don't keep the high balances for an extended period of time, you'll be fine. Good luck!

Ok thx got it.