topic Re: BOA Secured Card Question in Credit Cards

BOA Secured Card Question

Lyythine — Mon, 09 Mar 2015 22:49:18 GMT

As some of you may know, I have been helping a good friend with rebuilding his credit after a financial crisis meltdown. Most of the baddies have been removed, he was able to get approved for cards from most major CCC and his scores are hovering around 700 accross all 3 CB's.

My question is this:

He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.

Last week, he applied for another BOA card and it was declined, however, they offered him the 500/99 secured option.

I wanted your input on how to proceed. He has 9 or so credit cards ranging from 2.5k - 7.5k credit limits with Barclays/Chase/Fifth Third Bank/USAA. Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow? Or should he wait, build his score and re-apply in 6-12 months?

Thanks in advance for the help! I wasnt sure how to advise in this situation.

Re: BOA Secured Card Question

App_Addict — Mon, 09 Mar 2015 23:21:30 GMT

I would take it, because getting back in with a bank such as BOA, cannot be looked at in anyway as a bad thing. It will grow with him it will unsecure and he can get back in good graces with a heavyweight! Good luck to your friend and they are lucky to have such a great friend!

Re: BOA Secured Card Question

FinStar — Mon, 09 Mar 2015 23:33:11 GMT

Some may disagree if your friend already has other unsecured TLs. However, (IMO) I would have your friend accept the 99/500 offer. BOA is very reputable with their 99/500 secured graduations (some < 12 months) and this would open the opportunity to re-establish the relationship. The 99/500 card has potential growth (CLI-wise) once it unsecures.

Re: BOA Secured Card Question

baller4life — Mon, 09 Mar 2015 23:46:21 GMT

TAKE IT!!!! BOA cards grow ginormous!!

Re: BOA Secured Card Question

ddemari — Mon, 09 Mar 2015 23:48:08 GMT

Boa secured card will definitely grow/ unsecure/ the fee can be removed and eventually turn into a visa sig. The one thing about it though, your initial deposit can be upped but each time it is a hard pull via TU.

Re: BOA Secured Card Question

msbia — Mon, 09 Mar 2015 23:50:01 GMT

OP, I was offered the 99/500 back in September and I accepted it. Since that time I've gotten in with Chase, Barclays, etc. I don't regret it for a second and I cannot wait till it unsecures. $145k in unsecured credit and I probably use my BOA the most lol (every morning at Panera). Advise your friend to take it. Baller4life unsecured last year and CLI I believe to 20k recently. You're a great friend!

Re: BOA Secured Card Question

baller4life — Mon, 09 Mar 2015 23:52:28 GMT

@msbia wrote:
OP, I was offered the 99/500 back in September and I accepted it. Since that time I've gotten in with Chase, Barclays, etc. I don't regret it for a second and I cannot wait till it unsecures. $145k in unsecured credit and I probably use my BOA the most lol (every morning at Panera). Advise your friend to take it. Baller4life unsecured last year and CLI I believe to 20k recently. You're a great friend!

@Anonymous! Started as $300 fully secured Dec 2013. Unsecured @ 6 months. $20k today.

Re: BOA Secured Card Question

msbia — Mon, 09 Mar 2015 23:53:25 GMT

@baller4life wrote:
@msbia wrote:
OP, I was offered the 99/500 back in September and I accepted it. Since that time I've gotten in with Chase, Barclays, etc. I don't regret it for a second and I cannot wait till it unsecures. $145k in unsecured credit and I probably use my BOA the most lol (every morning at Panera). Advise your friend to take it. Baller4life unsecured last year and CLI I believe to 20k recently. You're a great friend!
@Anonymous! Started as $300 fully secured Dec 2013. Unsecured @ 6 months. $20k today.

Amazing! Thanks for confirming.

Re: BOA Secured Card Question

Anonymous — Tue, 10 Mar 2015 00:00:10 GMT

As others have said, this is definitely a secured offering that does NOT hold you back in any way. Some secured cards stay in toy ranges even after graduation but BofA is like the holy grail of secured cards. I would take it in a heartbeat (bofa doesn't like me, but maybe someday they will).

Re: BOA Secured Card Question

ddemari — Tue, 10 Mar 2015 00:06:50 GMT

Mine started as 300 secured and 16 months later is 7k visa sig.

Re: BOA Secured Card Question

baller4life — Tue, 10 Mar 2015 00:13:59 GMT

I'm pushing mines to $40k in Oct when last TU baddie bites the dust. It'll be my new pry bar! I ❤❤❤ BOA!! Anybody that can get one absolutely should!

Re: BOA Secured Card Question

sultan33g — Tue, 10 Mar 2015 00:41:03 GMT

Baller was the card unsecured n 6 months auto or did you call in to see?

What was your new limit after it being unsecured?

Thanks

Re: BOA Secured Card Question

ScarletFever — Tue, 10 Mar 2015 00:45:23 GMT

@Lyythine wrote:
As some of you may know, I have been helping a good friend with rebuilding his credit after a financial crisis meltdown. Most of the baddies have been removed, he was able to get approved for cards from most major CCC and his scores are hovering around 700 accross all 3 CB's.

My question is this:

He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.

Last week, he applied for another BOA card and it was declined, however, they offered him the 500/99 secured option.

I wanted your input on how to proceed. He has 9 or so credit cards ranging from 2.5k - 7.5k credit limits with Barclays/Chase/Fifth Third Bank/USAA. Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow? Or should he wait, build his score and re-apply in 6-12 months?

Thanks in advance for the help! I wasnt sure how to advise in this situation.

Depends on whether your friend has come to the conclusion they want to re-establish a relationship with BOA. If they do, go for it. Within a year and with their scores, graduating to unsecured should be very doable. If they don't care about BOA or their products, no need to app for a secured card. BOA was paid already. Sounds like your friend wants back in, though. Any recon attempts yet?

Re: BOA Secured Card Question

baller4life — Tue, 10 Mar 2015 00:48:46 GMT

@sultan33g wrote:
Baller was the card unsecured n 6 months auto or did you call in to see?

What was your new limit after it being unsecured?

Thanks

I called in and requested it. Unsecured at $500. I hung up and called back to talk to regular analyst and had it pushed to $1500. Called a month later once my Navy Fed $10k limit posted and asked them to match it. They did. Then 7 months later went to $20k.

Re: BOA Secured Card Question

Lyythine — Tue, 10 Mar 2015 01:14:50 GMT

@ScarletFever wrote:
@Lyythine wrote:
As some of you may know, I have been helping a good friend with rebuilding his credit after a financial crisis meltdown. Most of the baddies have been removed, he was able to get approved for cards from most major CCC and his scores are hovering around 700 accross all 3 CB's.

My question is this:

He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.

Last week, he applied for another BOA card and it was declined, however, they offered him the 500/99 secured option.

I wanted your input on how to proceed. He has 9 or so credit cards ranging from 2.5k - 7.5k credit limits with Barclays/Chase/Fifth Third Bank/USAA. Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow? Or should he wait, build his score and re-apply in 6-12 months?

Thanks in advance for the help! I wasnt sure how to advise in this situation.
Depends on whether your friend has come to the conclusion they want to re-establish a relationship with BOA. If they do, go for it. Within a year and with their scores, graduating to unsecured should be very doable. If they don't care about BOA or their products, no need to app for a secured card. BOA was paid already. Sounds like your friend wants back in, though. Any recon attempts yet?

I honestly dont know whether or not he cares about getting back with BOA. He was really just asking for my advice as to whether it would hold him back since he has already received good limits from other major issuers and to be honest, I had no idea. He got the 500/99 offer from a recon on their 321 (123?) visa sig.

Thanks so much for the great input everyone! I will let him know the concensus and suggest he take the offer!

Re: BOA Secured Card Question

bigblue7722 — Tue, 10 Mar 2015 01:47:13 GMT

boa is so secured card happy it is not even funny. I would bet my paycheck if i applied for a card today with them they would offer me a 99/500 deal. I only have over 70k in unsecured lines out not including the accounts i am an AU on Which would push me over 100k. Sorry my boa hate gets the best of me.

I would tell your friend to take the offer if he wants to get back in with boa the line with grow. (or just have him apply for sallie mae and he will get better rewards lol).

Re: BOA Secured Card Question

hsspres — Wed, 11 Mar 2015 06:37:37 GMT

@Lyythine wrote:
He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.
... Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow?

I had a CO from BoA from about 15 years ago. Although it's no longer on my CRs, BoA still has it in their system based on my conversations with them. I opened a secured card in 2013 and it took almost 16 months before the card graduated and I did not receive an auto CLI even with plenty of spend/PIFs during that time. I am reluctant to take a HP for pushing the luv button since the last of my baddies will be falling off soon and I have other cards targeted. Not sure if the card will grow for your friend, but in my case doesn't seem so but as always YMMV.