topic Re: What's everyone's take on BofA 99/500?. in Credit Cards

What's everyone's take on BofA 99/500?.

Creditplz — Sat, 11 Jun 2016 01:24:32 GMT

Just got a "pre-selected" offer from BofA in the mail for 99/500 secured card with a $39 annual fee. Fico8 Scores are; EX 739, TU 733 and EQ 725. I haven't tried apping for a regular BofA card but I got this in the mail and made forget about my chase AA 😂

Re: What's everyone's take on BofA 99/500?.

creditguy — Sat, 11 Jun 2016 01:28:10 GMT

If you can't get an unsecured BofA card it's an excellent way to build a reputation with them, especially when you consider your only putting up 20% of the limit as a deposit. It's been a positive experience for many people, it seems worth it.

Re: What's everyone's take on BofA 99/500?.

baller4life — Sat, 11 Jun 2016 01:33:14 GMT

Good card that can unsecure within 6 months into a fat limit.

Re: What's everyone's take on BofA 99/500?.

datrucking210 — Sat, 11 Jun 2016 05:50:17 GMT

I took that offer and I'm almost at the 6 month mark. So far so good. Just wanted to get back in with BofA.

Re: What's everyone's take on BofA 99/500?.

CatOfSpades — Sat, 11 Jun 2016 06:11:32 GMT

Honestly, unless you just really want to do business with them, I would pass. But I'm arrogant. And impatient. There isn't a single company I like enough that I would accept a secured offer with with my scores and history. (750+ across the board, going back 10 years, though I did recently step out of a year long credit card "hiatus" during which I had no open accounts outside of my mortgage. It was therapeutic. ^_^)

So, that's where I'm coming from. Plus, in full disclosure, I banked with BofA 5 years. I don't hate them, but I'm not a fan. So, I'm arrogant, impatient, AND bias.

But it's not a "pre-selected" offer. It's an offer that was triggered by a recent application. Happened to a friend of mine a couple of weeks ago after getting turned down by them for the cash rewards card. I thought it was insulting. Her track record is better than mine, and I've had two unsecured credit cards with them that I got without a problem, probably because I banked with them.

Not a fan.

Re: What's everyone's take on BofA 99/500?.

Anonymous — Sat, 11 Jun 2016 13:49:18 GMT

I was turned down for a cash rewards card and was offered this. I didn't take it, even with my bad scores. Applied six months later for a BBR instead and was approved with a 678 ex. That rewards structure is like easy money every quarter for very little spend. I digress........

Moral of the story, what works for one, doesn't work for all. If you want in and it works for you, take it, it can unsecure. If you don't want to put up any money, wait a couple months and try another product.

Re: What's everyone's take on BofA 99/500?.

RonM21 — Sat, 11 Jun 2016 16:36:33 GMT

Very good point ksb1. It depends more on your personal situation.

Re: What's everyone's take on BofA 99/500?.

Anonymous — Sat, 11 Jun 2016 16:45:18 GMT

Bank of America let me in when my Chapter 13 still showed. They unsecured it in six months and refunded my deposit. My CL went to 2k, which was amazing at the time.

Re: What's everyone's take on BofA 99/500?.

northface28 — Sat, 11 Jun 2016 17:28:04 GMT

It's a good idea if you want to get in with them. I got it and it's now a $5k Visa Signature.

Re: What's everyone's take on BofA 99/500?.

padme — Sat, 11 Jun 2016 18:53:58 GMT

Just got this last month, sure its a small limit, just use it as a gas card till it matures i guess.

Re: What's everyone's take on BofA 99/500?.

Chaselover — Sat, 11 Jun 2016 19:54:44 GMT

Secured cards from BoA are excellent.

I started one with BOA CL 1000. Right around the 12 month mark, they graduated and CLIed to 1500 and was a major reason for getting approved for their other credit cards. I also get the 0% for 12 months BT offer once in a while on their card.

So, I will vouch for secured cards from BOA and Citibank.

Re: What's everyone's take on BofA 99/500?.

CountryLivin — Sat, 11 Jun 2016 21:23:43 GMT

It's an excel;lant way to get in with BoA and I see people that get theirs unsecured in as little as 6 months. I have this card, and I have nothing but good things to say!

Re: What's everyone's take on BofA 99/500?.

myjourney — Sun, 12 Jun 2016 01:23:17 GMT

IMHO

You should go sit on your hands for the next 6 months and don't apply for anything....nada.....zip

Just my thoughts tho

Re: What's everyone's take on BofA 99/500?.

UncleB — Sun, 12 Jun 2016 08:24:50 GMT

@myjourney wrote:
IMHO
You should go sit on your hands for the next 6 months and don't apply for anything....nada.....zip
Just my thoughts tho

I'll be supportive no matter what you decide, but from one friend to another I would strongly recommended letting things cool off a bit before you apply for any additional accounts.

I know it's hard - last summer I only had a couple of baddies left and my reports passed 700 for the first time in almost two decades - so when I say I know it's hard to wait I really mean it. I did app for a few cards once I made 700, but then I was denied - by BoA (ironically) and that was my hint that I had reached my limit at the time.

I realized that while some approvals were within reach, to get the cards I really wanted I would need to work on some things. So, I decided to wait - to let my reports 'cool off' and let the remaining baddies age off - and last month I got my scores, inquiries, and AAoA where I could successfully add the accounts that had been out of reach for so long (as in, since the '90s - yeah, I'm old). I was especially happy to be approved for BoA's BBR - it's always sweet getting approved from the same issuer that said 'no' in the past.

Since you've experienced recent AA that was driven at least partially by new accounts, I would take that as a 'hint' - like I did last summer - that it's time to slow down. It is annoying - trust me, I know - but given a little time you'll be able to get anything you want and with better terms/SL than you'll likely get now.

Good luck no matter what you decide. As I mentioned above I'll be supportive no matter what, but I suspect the BoA secured card isn't going anywhere, and after hanging out with us for a little while in the garden you might be able to skip directly to a non-secured card anyway - wouldn't that be cool?

Re: What's everyone's take on BofA 99/500?.

Creditplz — Sun, 12 Jun 2016 08:46:25 GMT

Yeah you're both right I'll just sit around and watch the Euros this summer instead haha. I guess I got card hungry

Re: What's everyone's take on BofA 99/500?.

UncleB — Sun, 12 Jun 2016 08:59:06 GMT

@Creditplz wrote:
Yeah you're both right I'll just sit around and watch the Euros this summer instead haha. I guess I got card hungry

That's the spirit!

If it makes it easier, keep in mind that the point of gardening isn't to stay there forever (at least for most people), the idea is to hang out to let things settle while you're establishing and working toward your next goal, whatever that may be.

For some people it's a mortgage or auto loan, or for others like myself it's (probably) another card, and that's OK, too.

Re: What's everyone's take on BofA 99/500?.

Anonymous — Sun, 12 Jun 2016 14:34:11 GMT

@Creditplz wrote:
Just got a "pre-selected" offer from BofA in the mail for 99/500 secured card with a $39 annual fee. Fico8 Scores are; EX 739, TU 733 and EQ 725. I haven't tried apping for a regular BofA card but I got this in the mail and made forget about my chase AA 😂

They keep sending me 99/500 offer also. I should call BOA credit analyst and ask them give me one good reason to accept that offer.

Re: What's everyone's take on BofA 99/500?.

Creditplz — Sun, 12 Jun 2016 16:12:01 GMT

Honestly I think my goal as of now would probably be a Citi Prestige... I'll garden till some inq fall off in 6-8 months