topic Re: BofA secured to unsecured questions in Credit Cards

BofA secured to unsecured questions

Anonymous — Mon, 05 Feb 2018 13:30:03 GMT

Obtained the secured card 1/17. Chose it because it can graduate to unsecured. In 1/17 my scores were horrid (sub 600 but I had no active accounts) - spent 2017 growing my card portfolio - up to 10 cards (5 major & 5 retail). Baddies will all be gone from reports in May. Will have clean reports with 100% on time. About 6-7 inquiries on each and low AAoA (probably 8 mo).

FICO for EX currently 706 with 2 baddies left, TU is clean & EQ has 2 baddies. I get FICOs for the different bureaus free thru cards or banks so I am not paying to pull w/o a very good reason.

Has anyone had this card graduate? Did they leave the limit or reduce it?

BTW, I have paid the balance in full every month, and many times took it to zero.
I have a $1500 deposit that I would like back.

Re: BofA secured to unsecured questions

DaveInAZ — Mon, 05 Feb 2018 13:44:33 GMT

Hmmm, BoA secured cards usually graduate on their own in 1 year, I got mine unsecured around 8 months by calling.

Try calling this number: 800-824-5895 (secured & partially secured accts.).

I just had the minimum $300 deposit and CL remained the same at unsecuring, today the CL is $1800 from auto CLIs.

Re: BofA secured to unsecured questions

Anonymous — Mon, 05 Feb 2018 13:50:11 GMT

Thanks Dave.

Do they do another pull & which bureau?

Re: BofA secured to unsecured questions

Anonymous — Mon, 05 Feb 2018 13:56:28 GMT

Yes, transunion hard pull if you want CLI

Re: BofA secured to unsecured questions

Anonymous — Mon, 05 Feb 2018 14:02:48 GMT

I'd be very happy if they left it at $1500 for now & returned my deposit. My TU has no baddies and 100% payment (2 baddies on the other 2 dropping Mar-May)

Re: BofA secured to unsecured questions

DaveInAZ — Mon, 05 Feb 2018 14:14:43 GMT

wrote:
I'd be very happy if they left it at $1500 for now & returned my deposit. My TU has no baddies and 100% payment (2 baddies on the other 2 dropping Mar-May)

Yeah, no hard pull for unsecuring, just if you request CLI. I wasted a couple HPs requesting a CLI, and for me it was a mix of TU & EX. Now I just let them auto CLI - which isn't very often, but I pretty much just use for 3% gas rewards and as my car get 37 mpg I don't spend a ton on gas, so an occasional auto CLI is fine for me.

Re: BofA secured to unsecured questions

Anonymous — Mon, 05 Feb 2018 14:45:52 GMT

Thank you Dave!

After calling (and having to get a little pushy) - they did a 'review' and unsecured the card. Money to be returned to my checking account. They still want to charge the AF. Will contact CS in a day or so to discuss that.

Re: BofA secured to unsecured questions

DaveInAZ — Mon, 05 Feb 2018 15:48:03 GMT

wrote:
Thank you Dave!

After calling (and having to get a little pushy) - they did a 'review' and unsecured the card. Money to be returned to my checking account. They still want to charge the AF. Will contact CS in a day or so to discuss that.

Oh yeah, I forgot about that AF. As I recall that took a 2nd call to get it removed.

Congrats in getting the card unsecured!

Re: BofA secured to unsecured questions

Newbie2018 — Mon, 05 Feb 2018 23:48:16 GMT

TransUnion is what they pull. I called and requested since I'm at month 11. Got denied. I've tried 3 times actually. Your report sounds much better than mine though so you will have a chance lol. Good luck.

Re: BofA secured to unsecured questions

Anonymous — Mon, 05 Feb 2018 23:51:53 GMT

I got the change to unsecured. TU is clean - squeaky clean. I either pay the balance due in full or the card balance in full every month. I have yet to pay any interest on a card since beginning to rebuild

Re: BofA secured to unsecured questions

Newbie2018 — Tue, 06 Feb 2018 00:09:34 GMT

That's awesome. Congrats to you

Re: BofA secured to unsecured questions

jbsilva21 — Tue, 06 Feb 2018 02:05:09 GMT

Just my experience, I had the secured card for a little over a year. Started with $300 and took it to $2K. When it unsecured I had it another year while still rebuilding. One day I was at Target and the card got declined. I called to find out and they had closed the account. I asked why and they couldn’t or wouldn’t tell me. All they said was it is closed and can never be reopened. Puzzled I checked everything on my reports. I had a 620ish score across ththe board. I had some utilization on some other cards but nothing too wild. Never got a letter or a call. I waited a month and called again, same song and dance. Rep told me I could reapply. I said, ma’am I worked hard for this card, I maintain a solid banking relationship for nearly 17 years, even had used their “military banking” back in the day, have paid off car loans, personal loans, and my card was pif for th most part. Why on earth would I trust BoA again to be embarrassed like I was? I am not mad, it’s your money but no explanation? No notification? I travel a lot and put a lot of spend on that card. Thank goodness I had another card. I said thanks but no thanks. Only reason I still use the banking side is because of Merrill Lynch investments which I may be moving to USAA anyway.

Re: BofA secured to unsecured questions

Snipper117 — Tue, 06 Feb 2018 04:12:56 GMT

Opened my boa secured card $500 in May 2017 with my scores around 620....auto cli in November 2017 bumped me up to $900, by this time my scores were low 700s. Just last week received $500 security returned and 2 days after that got the congratulatory email for going from secured to unsecured.

I did call the day I received the check to inquire about CLI. The representative told me it would basically be a HP and that they pull transunion.

Best of luck !

Re: BofA secured to unsecured questions

Newbie2018 — Tue, 06 Feb 2018 04:09:20 GMT

I take it you meant May 2017 lol. Congrats on your graduation. Hope to be where you are one day.

Re: BofA secured to unsecured questions

Newbie2018 — Tue, 27 Feb 2018 13:14:23 GMT

How long does it take to get the security deposit back? It'll come the same way the money was deposited right?

Re: BofA secured to unsecured questions

Anonymous — Tue, 27 Feb 2018 13:40:43 GMT

They had asked if my banking info was the same (it is) and has said electronic transfer in 2-3 days but I ended up getting a check within a week. Not sure why...