topic Re: secured card needed that automaticly turns unsecured without applying again? in Credit Cards

secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 20:46:53 GMT

is this possible in a secured card? i was under the impression that all secured cards operated like that but i guess not because i got screwed when i applied. i got a secured credit card 2 years ago and i have had a perfect payment history and they told me i need to apply for an unsecured. i tried applying and they turned me down. what a scam!! i should be rewarded for my perfect history shouldnt i. does anyone know of a secured card that doesnt work like this and that automaticly turns unsecured after a certain period of time without applying if you have a perfect payment history? Message Edited by johnpalley on 08-06-2008 01:44 PM

Message Edited by johnpalley on 08-06-2008 01:46 PM

Re: secured card needed that automaticly turns unsecured without applying again?

Anonymous — Wed, 06 Aug 2008 20:46:21 GMT

Which secured card do you currently have?

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 20:49:41 GMT

its a local bank called cambridge trust company. but on my credit report it lists the account as elan financial. it says cambridge trust company on the card. i wish i never applied for it.

Message Edited by johnpalley on 08-06-2008 01:49 PM

Re: secured card needed that automaticly turns unsecured without applying again?

Anonymous — Wed, 06 Aug 2008 20:50:00 GMT

Ahh okay, I was hoping it would be one that had been mentioned on here. Hopefully someone will chime in with help soon!

Re: secured card needed that automaticly turns unsecured without applying again?

Red1Blue — Wed, 06 Aug 2008 20:55:55 GMT

From what I read, secured cards from Bank of America, City National, Wells Fargo, US Bank become unsecured after certain period of time.

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 20:57:14 GMT

can you all believe this crap!! the whole time im gettin all exited thinkin after a year it will turn unsecured, then the limit would get raised and a higher cl would have my credit go up alot but since the limit cant get higher my score is going up real slow.

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 21:05:33 GMT

concorduser, i have a charge off with bank of america that i never paid from 3 years ago. that means i shouldnt bother applying for that one right? i would really like to get another boa card because the credit limit is high. would bank of americas credit limit definitely be higher than those other banks you mentioned concorduser for the future? im thinking that the bank that gives me the highest limit in the future will make my credit score the highest. if boa has the highest cl which bank do you think would be secont highest? just so you all know i have charge offs with bank of amer, chase, capital one, american express, and discover that i never paid because there 4 years old now.

Message Edited by johnpalley on 08-06-2008 02:05 PM

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 21:14:59 GMT

i dont think boa works like that. i just found this info on there website." How Secured Card works * Helps you establish a credit history that will benefit you now and in the future. * You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit. * Then make purchases with your card up to the amount you have in your security deposit account. * Pay at least the minimum payment before the due date each month. Paying off your credit card balance in full each month instead of carrying a balance may help. Your security deposit does not cover minimum payments. * Based on your credit and payment history with your secured card, you may qualify for an unsecured card at a later date". im gonna check out the others too.

Message Edited by johnpalley on 08-06-2008 02:14 PM

Re: secured card needed that automaticly turns unsecured without applying again?

Geordi — Wed, 06 Aug 2008 21:21:03 GMT

@johnpalley wrote:
i dont think boa works like that. i just found this info on there website." How Secured Card works * Helps you establish a credit history that will benefit you now and in the future. * You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit. * Then make purchases with your card up to the amount you have in your security deposit account. * Pay at least the minimum payment before the due date each month. Paying off your credit card balance in full each month instead of carrying a balance may help. Your security deposit does not cover minimum payments. * Based on your credit and payment history with your secured card, you may qualify for an unsecured card at a later date". im gonna check out the others too.

Message Edited by johnpalley on 08-06-2008 02:14 PM

I have a BoA credit card that at one time was a secured card. Bank of America's Secured cards WILL unsecure automatically if you haven't been late or gone over your CL for at least 9 months.

When they mention "you may qualify for an unsecured card at a later date" means if you have made your payments ontime and have not exceeded you CL, you will automatically be converted to unsecure.

You will get a letter in the mail stating your account has unsecured and I received my deposit within 2 weeks of getting the letter stating my account had unsecured.

GL

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 21:30:52 GMT

Geordi , you just got me so exited!!!! guys do you all think bank of america would maybe give me another chance with a secured credit card even though i have a charge off from 4 years ago that i never paid? it was around $4000. they sold the dept to a collection agency. let me also say that i am an authorized user on my mothers boa credit card that has a 25,000 dollar credit limit with perfect history. Message Edited by johnpalley on 08-06-2008 02:30 PM

Message Edited by johnpalley on 08-06-2008 02:30 PM

Re: secured card needed that automaticly turns unsecured without applying again?

Geordi — Wed, 06 Aug 2008 21:51:21 GMT

@johnpalley wrote:
Geordi , you just got me so exited!!!! guys do you all think bank of america would maybe give me another chance with a secured credit card even though i have a charge off from 4 years ago that i never paid? it was around $4000. they sold the dept to a collection agency. let me also say that i am an authorized user on my mothers boa credit card that has a 25,000 dollar credit limit with perfect history. Message Edited by johnpalley on 08-06-2008 02:30 PM

Message Edited by johnpalley on 08-06-2008 02:30 PM

Personally, I think the fact that you are an AU on your mother's account is a good sign. However, as with EVERYTHING dealing with credit issues: YMMV

GL

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 22:07:10 GMT

Geordi, i just called bank of america and they told me that it doesnt work how you said. they said down the line i have to re apply. so there goes that. i also talked to first national bank and they said the only way to get a secured card is to go to a branch and that is impossible for me because im in boston. i think wells fargo works the same way also.

Message Edited by johnpalley on 08-06-2008 03:07 PM

Re: secured card needed that automaticly turns unsecured without applying again?

Anonymous — Wed, 06 Aug 2008 22:19:42 GMT

johnpalley wrote:
Geordi, i just called bank of america and they told me that it doesnt work how you said. they said down the line i have to re apply. so there goes that. i also talked to first national bank and they said the only way to get a secured card is to go to a branch and that is impossible for me because im in boston. i think wells fargo works the same way also.

Message Edited by johnpalley on 08-06-2008 03:07 PM

I think BOFA told u a lie lol there have been many threads here where people's secured cards turned into unsecured card in 9 to 12 months. Allot of times it's who you talk to at these banks cause some folks don't no what they be talking about. An if you still have a collection with them most likely they will not give you another chance.

Message Edited by mjbfan79 on 08-06-2008 03:17 PM

Message Edited by mjbfan79 on 08-06-2008 03:19 PM

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 22:19:22 GMT

concorduser, i researched all of the banks you mentioned and none of those banks automaticly turn unsecured without reapplying. i hope someone knows a bank somewhere.

Re: secured card needed that automaticly turns unsecured without applying again?

Tons_of_Debt — Wed, 06 Aug 2008 22:22:22 GMT

I'm pretty sure the BofA will turn after 9-12 months, if not automatically, certainly it will be approved if you apply. I've never heard of anyone in this board NOT receiving the unsecured card after 9-12 months with BofA.

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Wed, 06 Aug 2008 22:24:04 GMT

mjbfan79 , maybe your right. i want a boa credit card in the future anyway. maybe i should get a secured card and then just see what happens. has any one of you all ever got a boa card after a charge off in the past that was unpaid like me.

Re: secured card needed that automaticly turns unsecured without applying again?

Anonymous — Wed, 06 Aug 2008 22:27:45 GMT

johnpalley wrote:
mjbfan79 , maybe your right. i want a boa credit card in the future anyway. maybe i should get a secured card and then just see what happens. has any one of you all ever got a boa card after a charge off in the past that was unpaid like me.
Just apply for is an let us no the results.

Re: secured card needed that automaticly turns unsecured without applying again?

Geordi — Wed, 06 Aug 2008 22:51:18 GMT

@johnpalley wrote:
Geordi, i just called bank of america and they told me that it doesnt work how you said. they said down the line i have to re apply. so there goes that. i also talked to first national bank and they said the only way to get a secured card is to go to a branch and that is impossible for me because im in boston. i think wells fargo works the same way also.

Message Edited by johnpalley on 08-06-2008 03:07 PM

JohnPalley,

Since I am not going to argue with what you heard on the phone, if you REALLY want to know how Bank of America's Secured Card Program works then:

1) Call Bank of America
2) Have the CSR transfer you to the SECURED CARD DIVISION
3) Ask your questions to the division that will be responsible for your secured account

When my card was secured, the normal CSRs would always tell me stuff that did not apply to the secured card division.

Just do yourself a favor and speak directly with the department that would be handling secured cards.

GL

Re: secured card needed that automaticly turns unsecured without applying again?

Creditaddict — Wed, 06 Aug 2008 23:47:19 GMT

pretty sure if you had a charge off with bank of america, you made yourself NOT elligable for any future products with them secured or not.

The bofa card will unsecure in 9-12 months but it will cost you a hard inq. but i have not heard of someone being declined for it.

Usbank I had long time ago and after 12 months they told me no to unsecure, so I didn't try it this time around when looking for secured.

Re: secured card needed that automaticly turns unsecured without applying again?

johnpalley — Thu, 07 Aug 2008 00:11:07 GMT

im applying for the bank of america card as we speak but since i have to mail a check in i wont be able to get an answer now. so i will let you all know what happens.