topic Re: What to do with BOA secured card! in Credit Cards

What to do with BOA secured card!

Maxi11510 — Sun, 23 Jul 2017 01:31:41 GMT

Good evening Fico family,

i need advise! I have a secured BOA cc with a $1000 limit and I have been considering closing this account. Here is some background of cc I currently have Amex ED, Amex Delta, Amex Platinum Chase FU Chase Sapphire Preferred Barclaycard rewards and Barclaycard Jetblue and Discover which are all unsecured cards. My BOA card will be a year old in November and I was wondering if it was worth it to keep this card open in hopes that it will go on secured with a credit limit increase. I'm leaning towards closing it due to the fact that I have so many other cards that are unsecured. So I need advice from all of you experts on the forum. Any advice and direction would be greatly appreciated!

Re: What to do with BOA secured card!

Anonymous — Sun, 23 Jul 2017 03:21:36 GMT

Your card is unsecured now, isn't it? If you do not have a use for the card and not sentimental like me, close it.

In my case, rebuild started with a $99/$500 (secured) Cash Rewards from BofA and after 1.5 years, CL is now at $6K. That card was my workhorse until last month, and it's been good to me. I didn't know about the CLI Button on the BofA site before I joined the myFICO Forums.

If you still have a use or get benefits from the card, and you do not pay an AF, try the CLI. BofA does a HP though.

Goodluck!

Re: What to do with BOA secured card!

Anonymous — Sun, 23 Jul 2017 03:52:58 GMT

Been over a year for me and is still secured. I don't want to hit the button for the HP.

Re: What to do with BOA secured card!

Anonymous — Sun, 23 Jul 2017 05:12:43 GMT

Have you called BoA to find out if your card is ready to graduate? If no, give them a call.

Re: What to do with BOA secured card!

Maxi11510 — Sun, 23 Jul 2017 09:21:53 GMT

Hi sleeplessinsf,

Unfortunately this card is still secure it's been almost a year and I spoke with a representative and she says it generally takes about 13 months for them to look at it and decide if he should go on secured and return them deposit . I don't use this a lot only for groceries and gas. The representative advised of course to keep the account open for at least the 13 months through 16 months. And I kind of think I have enough cards and don't really need this one. I didn't want to hard pull since I'm back in the garden for at least a year. But then I only have about five months ago and at that point they would make their decision. But I've read where some people have gone on secured and only a matter of months. What to do! What to do

Re: What to do with BOA secured card!

Maxi11510 — Sun, 23 Jul 2017 09:25:01 GMT

Hi creditexpresstrain,

Thanks for the response, I didn't know there was a credit line increase button. And like you I don't want the hard pull it's not worth it if I'm declined.

Re: What to do with BOA secured card!

Maxi11510 — Sun, 23 Jul 2017 09:29:28 GMT

Anusara,

Thanks for responding. Yes I did call to check my status on possibly going unsecured. I received the scripted speech about the Bank looking at the accounts ant where fron the 13th-16th month before making a decision. Side note I also bank with them!

Re: What to do with BOA secured card!

Anonymous — Sun, 23 Jul 2017 12:37:40 GMT

I've had mine now for about a year and still no sign of graduating it. I don't need it as I have large CL with Amex and chase but I'm holding on to it anyway to establish a relationship with boa

Re: What to do with BOA secured card! /UPDATE!!

Maxi11510 — Wed, 26 Jul 2017 12:27:51 GMT

Hello family!

i called BOA again and I got a representative there at the same script! So I went over her head I explain my case that I bank with them, I've never missed a payment and I always pay in full! He advised that they pull from Transunion and of course that's my lowest score! He verifies that the score is not the only thing they look at it look at The overall picture with other accounts and he put me on hold. So now I'm pacing back-and-forth for about three minutes and he comes back and says I was approved oh unsecured with the credit line increase of an additional three $3500 I'm so excited and within 15 minutes my deposit was back into my bank account because I do bank with them and he made my day. Thank you Fico for all of the advice it is so much appreciated wishing you all the best back to the garden!

Re: What to do with BOA secured card!

K-in-Boston — Wed, 26 Jul 2017 12:41:00 GMT

Congrats! Yes BOA CLIs are almost always a hard pull but they are usually soooo worth it.

Re: What to do with BOA secured card!

Maxi11510 — Wed, 26 Jul 2017 13:01:01 GMT

K-in-Boston,

In this case I agree with you😀!

Re: What to do with BOA secured card! /UPDATE!!

DaveInAZ — Wed, 26 Jul 2017 13:34:55 GMT

Since you did so well on that call, call them back and ask them to upgrade your card to Cash Rewards - 3% on gas, 2% groceries. I got my formerly secured card upgraded to Cash Rewards with no HP, but if they want a HP for you tell them to use the one they just pulled.

Re: What to do with BOA secured card! /UPDATE!!

Maxi11510 — Wed, 26 Jul 2017 14:28:36 GMT

Hi DaveinAZ,

That is the card I have. Offered to me as a secured card in October. And now it's on secured just as happy as I can be with the credit line increase ..

@DaveInAZ wrote:
Since you did so well on that call, call them back and ask them to upgrade your card to Cash Rewards - 3% on gas, 2% groceries. I got my formerly secured card upgraded to Cash Rewards with no HP, but if they want a HP for you tell them to use the one they just pulled.

Re: What to do with BOA secured card! /UPDATE!!

Anonymous — Wed, 26 Jul 2017 14:42:33 GMT

Congratulations! I am so happy for you! The wait and HP will be well-worth it.

Re: What to do with BOA secured card! /UPDATE!!

Maxi11510 — Wed, 26 Jul 2017 15:05:53 GMT

DaveinAZ,,

Yes I love that card too! Specially with the grocery shopping and the gas for the car the cashback is definitely worth it. Although I have my eye on the Amax BCE but I'll be patient and I can wait now my last secured card is no longer secured and it came with that credit line increase. I have enough cards now and I'm happy I've come along way in the last three years and I'm thankful

Re: What to do with BOA secured card! /UPDATE!!

DaveInAZ — Wed, 26 Jul 2017 20:02:37 GMT

@Maxi11510 wrote:
DaveinAZ,,

Yes I love that card too! Specially with the grocery shopping and the gas for the car the cashback is definitely worth it. Although I have my eye on the Amax BCE but I'll be patient and I can wait now my last secured card is no longer secured and it came with that credit line increase. I have enough cards now and I'm happy I've come along way in the last three years and I'm thankful

That's great, I didn' realize BoA offered Cash Rewards as a secured card. My secured card was just a plain old Visa, not even 1% rewards. With low limit & no rewards I'd only throw $50-60/mo on it. This spring they gave me an auto CLI to $1800, so that's when I called in to see if I could get rewards added, I told the rep I'd use it alot more if it had rewards, and she offered the upgrade to Cash Rewards w/ no HP.

The BCE makes a great companion card, I use BoA just at gas station & gas station convenience store snacks, and BCE at grocery stores, But BCE doesn't code Walmart as grocery (I don't think BoA does either), so I use a 2% card there.

Re: What to do with BOA secured card!

K-in-Boston — Wed, 26 Jul 2017 20:55:45 GMT

@Maxi11510 wrote:
K-in-Boston,

In this case I agree with you😀!

I just totally read this as you disagreeing with all 900+ of my other posts!

+1 DaveInAZ, I also had no clue they offered a secured rewards card. That's a great option to have for builders/rebuilders!

Re: What to do with BOA secured card!

Maxi11510 — Wed, 26 Jul 2017 21:17:07 GMT

Yes when I applied for this card I of course was originally denied as unsecured. About 7 days later I received a letter offering me the Rewards card as a secured card, and I've enjoyed it (less the security deposit). I called the number on the letter and they deducted the $1000 out of my account and I received my card within 10 days. Whenever I go grocery shopping that's the card I use, and for gas also depending on whether Discover is having the 5% cash back.

Re: What to do with BOA secured card!

drboxing — Thu, 27 Jul 2017 00:32:06 GMT

Id close the BOA secured since youve obtained unsecured cards

Re: What to do with BOA secured card! /UPDATE!!

Anonymous — Fri, 28 Jul 2017 20:05:18 GMT

@DaveInAZ wrote:
Since you did so well on that call, call them back and ask them to upgrade your card to Cash Rewards - 3% on gas, 2% groceries. I got my formerly secured card upgraded to Cash Rewards with no HP, but if they want a HP for you tell them to use the one they just pulled.

How exactly did you do it Dave? I actually just posted a thread asking this. Did you have to go unsecured first? Did you get a CLI first? Or did you just call and request the upgrade?

I'm trying to avoid a hard pull and was hoping to just get a CLI or an Upgrade to the Cash Awards automatically but I guess that isn't going to happen. I am going on 14 months with this thing and not even an auto CLI. I have the button but I did not want to risk the hard pull.