topic Re: BankAmericard... thoughts, experiences??? please share... in Credit Cards

BankAmericard... thoughts, experiences??? please share...

dk2003 — Tue, 24 Mar 2015 03:46:08 GMT

So I decided to accept the 99/500 offer since I've received the HP. I should get something out of it! Well... I spoke with two different people and I understand that the minimum time frame is 5 months to request it to be unsecured although typically its a year. Does it show up in the bureaus as "secured". They actually called it "partially secured" when I spoke with them. The seem to be similar to Chase with the whole, "we'd like to see more established history" thing.

What experiences have you guys had? Am I making the right decision? Are they difficult? I used to bank with them about 8 years ago and I absolutely hated it but I have a different expectation of the credit card...

ADDITIONAL INFO

I applied and was denied then offered the above. I've got other cards with 10K as my highest limit.

Re: BankAmericard... thoughts, experiences??? please share...

lg8302ch — Tue, 24 Mar 2015 03:41:25 GMT

I have no experience with the secured card but I would say it is one of the best or the best way in with a prime lender.

Re: BankAmericard... thoughts, experiences??? please share...

NRB525 — Tue, 24 Mar 2015 03:59:59 GMT

My understanding is the secured CC do show up just as a regular revolving card.

I know where you are coming from. I apped and was denied for a PenFed regular CC a few months ago, so used that HP to get their Secured CC setup for $500 savings deposit. I'm working that one for a year, after 12 months it is either graduating or I'll app for a regular CC from them, I'm not clear on which.

The advantage to a secured CC, with any of the major banks or CU, is you give them a direct view to your payment history. Since I'm paying down large balances, that was the reason for the denial, and in essence, I am rebuilding or building a new relationship. By the time this year is out my balances will be much lower, and I could have probably just waited, but with a free secured card, this is a little more interesting

I have two BofA cards, and they both had large balances pre-credit crisis. Both cards (and every other card except CapOne that I had large balances on) was subject to CLD for a while, but about a year ago I started getting 0% BT offers from both my BofA cards, took advantage of them, and recently got a $3k CLI from my BofA AMEX card, so I'm quite happy about that. Like any bank, all they want is for you to use the card and pay them back. Risk management is just part of the business.

Depending on what happens with my AMEX, it is an alumni association card, but the alumni relationship is ending so they promise a new sort of card will come this summer, after that I will try to convert the BankAmericard Master Card ( no rewards I can figure out) to the Travel Rewards 1.5% no FTF no AF card they have.

Re: BankAmericard... thoughts, experiences??? please share...

creditconcept — Tue, 24 Mar 2015 04:21:49 GMT

If you have established, unsecured, individual cards with 10K limit then obviously the BoA system made an error. Call and ask for a review of the application

Re: BankAmericard... thoughts, experiences??? please share...

Anonymous — Tue, 24 Mar 2015 04:54:31 GMT

As opposed to the Capital One secured card, which shows up on your reports as a regular credit card, the BOA secured does show up as a secured card on your reports.

Is it worth it? Yes. It graduates to an unsecured card and give you the opportunity to establish a relationship with one of the major banks in the country.

Heck, the other 2 major banks dont even offer one. From what I've read, Wells Fargo also offers a secured card that will eventually graduate, but from reading the forums here, I noticed more people went the BOA way instead of Wells Fargo for getting a secured card that will eventually graduate.

Re: BankAmericard... thoughts, experiences??? please share...

NRB525 — Tue, 24 Mar 2015 06:52:26 GMT

How is the BofA card called out in the CR to say it is Secured?

And if so, why not the others?

Re: BankAmericard... thoughts, experiences??? please share...

ojefferyo — Tue, 24 Mar 2015 17:00:59 GMT

@dk2003 wrote:
So I decided to accept the 99/500 offer since I've received the HP. I should get something out of it! Well... I spoke with two different people and I understand that the minimum time frame is 5 months to request it to be unsecured although typically its a year. Does it show up in the bureaus as "secured". They actually called it "partially secured" when I spoke with them. The seem to be similar to Chase with the whole, "we'd like to see more established history" thing.

What experiences have you guys had? Am I making the right decision? Are they difficult? I used to bank with them about 8 years ago and I absolutely hated it but I have a different expectation of the credit card...

ADDITIONAL INFO
I applied and was denied then offered the above. I've got other cards with 10K as my highest limit.

Do you carry high balances with other cards? BOA likes to see usage and big payments.

Re: BankAmericard... thoughts, experiences??? please share...

newhis — Tue, 24 Mar 2015 17:04:11 GMT

Yes, the BoA secured will report as secured, actually it will show 'Secured Card' in your reports.

That will not affect the oportunity to get new cards. After only 7 months with a secured card and Discover Amerx approved me for a PRG with 50k MR bonus.

Are you getting the cash rewards version? That gives 3% gas, 2% groceries, 1% everything else. If you deposit the cash back to BoA account they will give you 10%, so 3.3, 2.2 and 1.1

As you have other cards with 10k limits, I'll say wait until your 6th statement, ask for graduate (HP on TU) and call and ask for a CLI with the same pull. You have up to 30 days to use the same pull to ask for more limit. Some people report big increases on their BoA cards, so they ask for 25k when asked for the new limit, they will counter so no worry about a denial for asking too much.

Re: BankAmericard... thoughts, experiences??? please share...

jim44 — Tue, 24 Mar 2015 17:23:04 GMT

IMHO Excellent card to have. Asked for and received a graduation today... a little over 9 months. Showing a secured card on your reports does not hamper being approved for other unsecured cards or auto loans. My card is Cash Rewards but my deposit was my limit. When reviewing for graduation, I mentioned my deposit/CL was low which amounted to high utilization each month. The CA gave me a 1k limit which is still low but recommended another review in a few months after more payment history.

I like their Amerideals... even though they have time limits, my SO works for Whole Paycheck and took advantage of the 3% CB. We also frequent Chili's which ran a 10% CB for a few months.

Re: BankAmericard... thoughts, experiences??? please share...

ojefferyo — Tue, 24 Mar 2015 17:34:19 GMT

@jim44 wrote:
IMHO Excellent card to have. Asked for and received a graduation today... a little over 9 months. Showing a secured card on your reports does not hamper being approved for other unsecured cards or auto loans. My card is Cash Rewards but my deposit was my limit. When reviewing for graduation, I mentioned my deposit/CL was low which amounted to high utilization each month. The CA gave me a 1k limit which is still low but recommended another review in a few months after more payment history.
I like their Amerideals... even though they have time limits, my SO works for Whole Paycheck and took advantage of the 3% CB. We also frequent Chili's which ran a 10% CB for a few months.

The deals are pretty nice, usually 10% off but the only downside is that you can only use it once.

Re: BankAmericard... thoughts, experiences??? please share...

dk2003 — Tue, 24 Mar 2015 18:33:16 GMT

@ojefferyo wrote:
@dk2003 wrote:
So I decided to accept the 99/500 offer since I've received the HP. I should get something out of it! Well... I spoke with two different people and I understand that the minimum time frame is 5 months to request it to be unsecured although typically its a year. Does it show up in the bureaus as "secured". They actually called it "partially secured" when I spoke with them. The seem to be similar to Chase with the whole, "we'd like to see more established history" thing.

What experiences have you guys had? Am I making the right decision? Are they difficult? I used to bank with them about 8 years ago and I absolutely hated it but I have a different expectation of the credit card...

ADDITIONAL INFO
I applied and was denied then offered the above. I've got other cards with 10K as my highest limit.
Do you carry high balances with other cards? BOA likes to see usage and big payments.

I have had high balances in the past, however, all of my cards received an increase and all of the balances are quite low, usually right a 30% or just below it.

Re: BankAmericard... thoughts, experiences??? please share...

dk2003 — Tue, 24 Mar 2015 18:40:08 GMT

@creditconcept wrote:
If you have established, unsecured, individual cards with 10K limit then obviously the BoA system made an error. Call and ask for a review of the application

I tried calling... it was still a no go she said the "would like to see more established credit", I've had one card over a year and another right at a year so :/

Re: BankAmericard... thoughts, experiences??? please share...

ojefferyo — Tue, 24 Mar 2015 18:53:22 GMT

@dk2003 wrote:
@ojefferyo wrote:
@dk2003 wrote:
So I decided to accept the 99/500 offer since I've received the HP. I should get something out of it! Well... I spoke with two different people and I understand that the minimum time frame is 5 months to request it to be unsecured although typically its a year. Does it show up in the bureaus as "secured". They actually called it "partially secured" when I spoke with them. The seem to be similar to Chase with the whole, "we'd like to see more established history" thing.

What experiences have you guys had? Am I making the right decision? Are they difficult? I used to bank with them about 8 years ago and I absolutely hated it but I have a different expectation of the credit card...

ADDITIONAL INFO
I applied and was denied then offered the above. I've got other cards with 10K as my highest limit.
Do you carry high balances with other cards? BOA likes to see usage and big payments.

I have had high balances in the past, however, all of my cards received an increase and all of the balances are quite low, usually right a 30% or just below it.

Well that still depends on how much available credit you have vs your balances and on how many cards.

Re: BankAmericard... thoughts, experiences??? please share...

dk2003 — Tue, 24 Mar 2015 18:57:41 GMT

@newhis wrote:
Yes, the BoA secured will report as secured, actually it will show 'Secured Card' in your reports.

That will not affect the oportunity to get new cards. After only 7 months with a secured card and Discover Amerx approved me for a PRG with 50k MR bonus.

Are you getting the cash rewards version? That gives 3% gas, 2% groceries, 1% everything else. If you deposit the cash back to BoA account they will give you 10%, so 3.3, 2.2 and 1.1

As you have other cards with 10k limits, I'll say wait until your 6th statement, ask for graduate (HP on TU) and call and ask for a CLI with the same pull. You have up to 30 days to use the same pull to ask for more limit. Some people report big increases on their BoA cards, so they ask for 25k when asked for the new limit, they will counter so no worry about a denial for asking too much.

I think it is the cash rewards card (at least thats what I saw). Let us discuss that 6th statement, graduation and CLI. Is it that simple? Since I have a 10k card it is my hope that this one will be as well!

Re: BankAmericard... thoughts, experiences??? please share...

dk2003 — Tue, 24 Mar 2015 19:03:21 GMT

@jim44 wrote:
IMHO Excellent card to have. Asked for and received a graduation today... a little over 9 months. Showing a secured card on your reports does not hamper being approved for other unsecured cards or auto loans. My card is Cash Rewards but my deposit was my limit. When reviewing for graduation, I mentioned my deposit/CL was low which amounted to high utilization each month. The CA gave me a 1k limit which is still low but recommended another review in a few months after more payment history.
I like their Amerideals... even though they have time limits, my SO works for Whole Paycheck and took advantage of the 3% CB. We also frequent Chili's which ran a 10% CB for a few months.

Congrats on the graduation So... I have to know... do you have other cards as well? Or is this your only one!! How much was your deposit? Did you carry a balance?

Re: BankAmericard... thoughts, experiences??? please share...

BT90138016 — Tue, 24 Mar 2015 19:13:27 GMT

I had been previously denied the BoA Secured card in the past and then some how I got an email from them at the end of the year saying I'd been pre approved for a card with them. Went to the website and app'd for a regular card, was denied but offered a secured card. Had an extra $300 in the bank(which don't happen often) and said why not. So far I love the card and with the extra points for gas and groceries, I only use it for groceries and purchases at gas stations. Also I believe I have 0% APR for a few months so I'm trying to pa things down as quick as possible before intrest kicks in. Hopefully it'll graduate sooner than later and I can move on to establish history with another prime bank.....The saga continues though on my quest to $0 balances reporting on ALL cards.

Re: BankAmericard... thoughts, experiences??? please share...

newhis — Tue, 24 Mar 2015 22:46:41 GMT

@dk2003 wrote:

I think it is the cash rewards card (at least thats what I saw). Let us discuss that 6th statement, graduation and CLI. Is it that simple? Since I have a 10k card it is my hope that this one will be as well!

There are many reports that people that got early graduation (6th statement) and asked for a CLI to match other cards using same HP. If they didn't approve you for a regular card and you have a 10k card, maybe they didn't like something on your reports, but I hope for the best for you.