topic Re: Help with BofA issue in Credit Cards

Help with BofA issue

Anonymous — Thu, 08 Dec 2016 15:05:52 GMT

I have a BofA card that just unsecured and I've been told by BofA that I can not remove the annual fee and if I wanted a non annual fee card I would have to apply for a new one. The annual fee comes around in Jan.

The whole reason I got in with BofA was for the BBR card so its not the end of the world to apply for a BBR in Jan, but I want to know If I can transfer the Credit line from my current card ($1800) to my hopefully new BBR.

If I can't transfer it I'm going to call one more time and say if you cant remove the annual fee close it. then in jan-Feb I'll apply for the BBR.

I have 700TU FICO 8 and I also have a checking account with BofA that has direct deposit which is why the BBR would be nice for the 30 dollars per quarter. Never had any bad history with BofA either.

Re: Help with BofA issue

baller4life — Thu, 08 Dec 2016 16:25:11 GMT

Yes you can get your annual fee removed. Many of us here have. Call a senior analyst at 866-618-4585. You can also combine limits with the BBR you plan to app.

Re: Help with BofA issue

Peteyglad — Fri, 09 Dec 2016 00:08:23 GMT

I don't have any personal experience with the annual fee, but I have moved limits around with BOA. I transferred my limit from Fidelity to BBR last year and closed out the Fidelity.

Re: Help with BofA issue

bk510 — Fri, 09 Dec 2016 06:03:50 GMT

@baller4life wrote:
Yes you can get your annual fee removed. Many of us here have. Call a senior analyst at 866-618-4585. You can also combine limits with the BBR you plan to app.

I understand its the luck of the draw as far as talking to a right analyst......But so far the only thing I'm gettin' out of these folks is " your fee is tied with the account ", so basically app for unsecured card. Mine is due next July......So we'll see. Might just close it. It'll be almost 3yrs by then.

Re: Help with BofA issue

wmweeza — Fri, 09 Dec 2016 06:13:56 GMT

I started out with a secured card from BofA too (but I had cash rewards, not BBR). Somwhere after one year they automatically sent me a letter saying they were removing my annual fee permanently. Now I am not a big spender, I probably put $50-100 on that card each month so my spending habits didn't trigger the letter. YMMV but give it a month or 2 and then call

Re: Help with BofA issue

bk510 — Fri, 09 Dec 2016 07:11:18 GMT

@wmweeza wrote:
I started out with a secured card from BofA too (but I had cash rewards, not BBR). Somwhere after one year they automatically sent me a letter saying they were removing my annual fee permanently. Now I am not a big spender, I probably put $50-100 on that card each month so my spending habits didn't trigger the letter. YMMV but give it a month or 2 and then call

I did get a letter as well, except without the mention of removing AF. Exactly after 12 months, it became unsecure but still paying AF.

Had the account since mid-2014. Current limit 1.8K.

Re: Help with BofA issue

NRB525 — Fri, 09 Dec 2016 13:37:29 GMT

@Anonymous wrote:
I have a BofA card that just unsecured and I've been told by BofA that I can not remove the annual fee and if I wanted a non annual fee card I would have to apply for a new one. The annual fee comes around in Jan.

The whole reason I got in with BofA was for the BBR card so its not the end of the world to apply for a BBR in Jan, but I want to know If I can transfer the Credit line from my current card ($1800) to my hopefully new BBR.

If I can't transfer it I'm going to call one more time and say if you cant remove the annual fee close it. then in jan-Feb I'll apply for the BBR.

I have 700TU FICO 8 and I also have a checking account with BofA that has direct deposit which is why the BBR would be nice for the 30 dollars per quarter. Never had any bad history with BofA either.

OP, how much is the annual fee?

In rebuilding, sometimes you have to pay for credit access.

I would not close out the card right away, but rather go ahead and pay the annual fee, keep the account active, then app the BBR when you are ready in early 2017 to transition your BofA relationship to that card.

Then later in 2017, if they still won't waive the fee (it is possible their view might change after you get another card) close the card before the AF comes around again.

Re: Help with BofA issue

Anonymous — Fri, 09 Dec 2016 13:53:43 GMT

@baller4life wrote:
Yes you can get your annual fee removed. Many of us here have. Call a senior analyst at 866-618-4585. You can also combine limits with the BBR you plan to app.

+1 This. My first card after the Chapter 13 was a secured one. In less than a year Bank of America unsecured it and removed the fee. I later closed it when I opened another account and combined the credit lines. I agree with baller to call and speak to a senior analyst. Good luck to you.

Re: Help with BofA issue

happypill — Fri, 09 Dec 2016 19:33:29 GMT

It may be worth calling in to try to get a different analyst (or even try a different number to get to a different department).

My BBR card started as secured. I actually had to recon to get it approved, even though it was 100% secured. I was able to get it unsecured after about 10 months and they did in fact remove the AF at that time. About 4-5 months later I called to see if it could be converted to a BBR and was successful.

One interesting factor is that I was never able to the 3-2-1 rewards added to my card before it was converted to BBR. I think many people here at myFICO were able to get the 3-2-1 rewards added, even while their card was still secured, but I was told that it isn't available to me. When my card was unsecured I asked again and was again told no. Ultimately, I got the BBR which was my target so everything worked out fine.

So, bottom line is that it is possible to get the AF removed and it is possible to get a card that started as secured converted to a BBR. It's also possible to get 3-2-1 rewards added, but that wasn't available to me. The question we can't answer is if it's tied to a particular card, or if it's based on your profile the time that you ask, or if it's just finding an analyst willing to push a few extra buttons.

Re: Help with BofA issue

bk510 — Sat, 10 Dec 2016 01:23:30 GMT

@happypill wrote:
It may be worth calling in to try to get a different analyst (or even try a different number to get to a different department).

My BBR card started as secured. I actually had to recon to get it approved, even though it was 100% secured. I was able to get it unsecured after about 10 months and they did in fact remove the AF at that time. About 4-5 months later I called to see if it could be converted to a BBR and was successful.

One interesting factor is that I was never able to the 3-2-1 rewards added to my card before it was converted to BBR. I think many people here at myFICO were able to get the 3-2-1 rewards added, even while their card was still secured, but I was told that it isn't available to me. When my card was unsecured I asked again and was again told no. Ultimately, I got the BBR which was my target so everything worked out fine.

So, bottom line is that it is possible to get the AF removed and it is possible to get a card that started as secured converted to a BBR. It's also possible to get 3-2-1 rewards added, but that wasn't available to me. The question we can't answer is if it's tied to a particular card, or if it's based on your profile the time that you ask, or if it's just finding an analyst willing to push a few extra buttons.

My gut tells me this is what I believe in.......Well I got til next July to get it done, if not its adios.

Re: Help with BofA issue

Anonymous — Sat, 10 Dec 2016 01:33:58 GMT

I have the Bank of America Cash Rewards Secured Card w/ only $300 deposit since May 28, 2016. I called customer service to inquire how long before it becomes unsecured and was told 1 yr. A few days later I received a letter that they are getting rid of the $39 annual fee on my card although it's still secured status. I thought that was odd, but I am glad they did.

Re: Help with BofA issue

Anonymous — Wed, 14 Dec 2016 18:34:10 GMT

@baller4life wrote:
Yes you can get your annual fee removed. Many of us here have. Call a senior analyst at 866-618-4585. You can also combine limits with the BBR you plan to app.

I called this number, the second call got to a nice lady who said she would remove it, I told her I was not confident that it was gone and she put me on hold while she double checked everything and then said that she could guarantee that it has been removed.

I looked online today and under the fees section it no longer has the annual fee listed and it says $0 fees for this card.

PS there was literally no wait, all I had to do was give last four of my SS and she was ready to help me vs the 35 min wait calling the number on the back of the card, So I'm keeping this number hopefully it doesn't get a abused.

Re: Help with BofA issue

baller4life — Wed, 14 Dec 2016 18:40:47 GMT

Glad it all worked out for you. And yes hang on to that number. It will come in handy! 😉