topic Re: Question about BOA (secured) Graduation in Credit Cards

Question about BOA (secured) Graduation

Wavester64 — Thu, 13 Aug 2020 19:47:53 GMT

So if you check my signature, I have the (secured) BOA Cash Rewards Card.

As suggested on here I am wating for the 5th month of having the card opened before attempting graduation.

For those who have graduated secured cards, be it BOA or another lender, is it custom that once the card graduates they provide you automatically with a CLI - or does that have to be done separately and at another time?

I am hoping that is done @ graduation - but I wouldn't be surprised if I am wrong on that.

First graduation attempt starts September 18th

Re: Question about BOA (secured) Graduation

Anonymous — Thu, 13 Aug 2020 20:00:17 GMT

For BoA if you call and ask for the early graduation, and it is approved, then I believe you (or the CSR) will have to ask for the CLI

If denied for CLI you can try recon, but you should probably be able to get something

Re: Question about BOA (secured) Graduation

M_Smart007 — Thu, 13 Aug 2020 20:15:24 GMT

@Anonymous wrote:
For BoA if you call and ask for the early graduation, and it is approved, then I believe you (or the CSR) will have to ask for the CLI

If denied for CLI you can try recon, but you should probably be able to get something

This is very similar to what @AllZero's Macro's say

Re: Question about BOA (secured) Graduation

AllZero — Thu, 13 Aug 2020 20:22:23 GMT

@M_Smart007 wrote:
@Anonymous wrote:
For BoA if you call and ask for the early graduation, and it is approved, then I believe you (or the CSR) will have to ask for the CLI

If denied for CLI you can try recon, but you should probably be able to get something

This is very similar to what @AllZero's Macro's say

+3 😃

Re: Question about BOA (secured) Graduation

Wavester64 — Fri, 18 Sep 2020 14:05:49 GMT

@Wavester64 wrote:
So if you check my signature, I have the (secured) BOA Cash Rewards Card.

As suggested on here I am wating for the 5th month of having the card opened before attempting graduation.

For those who have graduated secured cards, be it BOA or another lender, is it custom that once the card graduates they provide you automatically with a CLI - or does that have to be done separately and at another time?

I am hoping that is done @ graduation - but I wouldn't be surprised if I am wrong on that.

First graduation attempt starts September 18th

Today was the first attempt. CSR asked if I also wanted a CLI, I said yes, I asked what she suggested (in my mind I wanted to say $3K-$5K) she recommended that I try small, so I said OK $2K. After she submitted the application, she said I would be contacted via mail - which to me reads DENIED. Ugh . Here's to next month's attempt.

Re: Question about BOA (secured) Graduation

DaveInAZ — Fri, 18 Sep 2020 16:37:45 GMT

@Wavester64 wrote:
So if you check my signature, I have the (secured) BOA Cash Rewards Card.

As suggested on here I am wating for the 5th month of having the card opened before attempting graduation.

For those who have graduated secured cards, be it BOA or another lender, is it custom that once the card graduates they provide you automatically with a CLI - or does that have to be done separately and at another time?

I am hoping that is done @ graduation - but I wouldn't be surprised if I am wrong on that.

First graduation attempt starts September 18th

5 months may be a bit early. I got a BoA secured card with the minimum $300 deposit back in 2015 as I had included a BoA card in my 2010 BK7. I got it unsecured around 8 months. Then a few months later I got it upgraded to a Cash Rewards card, today it has a $5k CL BoA doesn't seem to give auto CLIs and I haven't asked for a CLI in a couple years, I don't use that much.

Re: Question about BOA (secured) Graduation

kudosalert — Thu, 24 Sep 2020 05:50:45 GMT

i would give it more time. i called in at 8 months. they unsecured my BOA card and brought my CL from 1k to 3.2k

dont think 1 month will make a difference in your situation. w/ BOA some people have had success in hitting that CLI button and asking for 99k. i did that once maybe after 1.5years of having my card. got 9.2k total CL. they came back with a counter offer after denying my request for 99k

Re: Question about BOA (secured) Graduation

Wavester64 — Thu, 24 Sep 2020 15:09:49 GMT

@Wavester64 wrote:
@Wavester64 wrote:
So if you check my signature, I have the (secured) BOA Cash Rewards Card.

As suggested on here I am wating for the 5th month of having the card opened before attempting graduation.

For those who have graduated secured cards, be it BOA or another lender, is it custom that once the card graduates they provide you automatically with a CLI - or does that have to be done separately and at another time?

I am hoping that is done @ graduation - but I wouldn't be surprised if I am wrong on that.

First graduation attempt starts September 18th
Today was the first attempt. CSR asked if I also wanted a CLI, I said yes, I asked what she suggested (in my mind I wanted to say $3K-$5K) she recommended that I try small, so I said OK $2K. After she submitted the application, she said I would be contacted via mail - which to me reads DENIED. Ugh . Here's to next month's attempt.

So I got the decision in the mail today and it stated the reason for denial was "Your Credit Card account has been open for less than 5-months" besides the fancy verbiage about the economy yadda yadda TBH, it was opened exactly 5 months at the time, but whatever. Going to take the advice of @DaveInAZ and @kudosalert and wait to at least 8-months before trying again.

Re: Question about BOA (secured) Graduation

Anonymous — Tue, 20 Oct 2020 04:12:24 GMT

So If I can piggt back on this question - I've had my BofA Secured Card for I believe 4-5 years now (It's been so long, I don't remember the exact year). I put down the initial $300 depost and then about 1 year later, received an auto $300 CLI. I've since then used and paid the card off multiple times, and requested graduations multiple times - all denied. I got the secured card in my credit building phase, but have since acquired multiple unsecured cards including one with a $10,000 limit.

That said, I'm considering closing my BofA secured card before my next annual fee payment in April of 21. The limit is sticking at $600 ..and just seems pointless now- especially with an annual fee. I tried the CLI link that has appeared for years no - only to receive the 7-10 day limit. I'm considering requesting graduation 1 more time before I just opt to close it - as I don't truly need it and I don't want to keep paying annual fees for nothing.

Anyone know if the graduation requests cause a HP or a SP? Is it worth it to even bother trying since I have such high limits on other cards?

Re: Question about BOA (secured) Graduation

AllZero — Tue, 20 Oct 2020 04:16:29 GMT

@Wavester64 wrote:
So I got the decision in the mail today and it stated the reason for denial was "Your Credit Card account has been open for less than 5-months" besides the fancy verbiage about the economy yadda yadda TBH, it was opened exactly 5 months at the time, but whatever. Going to take the advice of @DaveInAZ and @kudosalert and wait to at least 8-months before trying again.

Route is up to you. Monthly graduation request after last graduation denial may not hurt, may help? Waiting 8 months is an option too.

Re: Question about BOA (secured) Graduation

AllZero — Tue, 20 Oct 2020 04:20:14 GMT

@Anonymous wrote:
So If I can piggt back on this question - I've had my BofA Secured Card for I believe 4-5 years now (It's been so long, I don't remember the exact year). I put down the initial $300 depost and then about 1 year later, received an auto $300 CLI. I've since then used and paid the card off multiple times, and requested graduations multiple times - all denied. I got the secured card in my credit building phase, but have since acquired multiple unsecured cards including one with a $10,000 limit.

That said, I'm considering closing my BofA secured card before my next annual fee payment in April of 21. The limit is sticking at $600 ..and just seems pointless now- especially with an annual fee. I tried the CLI link that has appeared for years no - only to receive the 7-10 day limit. I'm considering requesting graduation 1 more time before I just opt to close it - as I don't truly need it and I don't want to keep paying annual fees for nothing.
Anyone know if the graduation requests cause a HP or a SP? Is it worth it to even bother trying since I have such high limits on other cards?

@Anonymous Graduation should not be a HP.

How is your overall credit profile?

You did not mention your EX or TU score?

Any derogatory or delinquency that may impact the graduation process?

What were the reason(s) for denial from the letter(s) received?

Re: Question about BOA (secured) Graduation

Anonymous — Tue, 20 Oct 2020 04:27:56 GMT

It's been a short while since I pulled my scores, but Experian is at around 630 and TU over 640. I just received significant CLIs on all of my other cards which will significantly cut my util and I've been making large payments on other cards, to lower utilzation which is the only challenge to my credit at this time. The BofA card has a negative 1.10 balance. No collections - no charge offs or any other baddies.

I haven't requested graduation in over a year, but the denial reasons were banking relationship (I pulled all but 15% of my direct deposit out of BofA and moved it to my CU) and utilzation - which has gone from nearly 95% to less than 40 at this point.

Re: Question about BOA (secured) Graduation

AllZero — Tue, 20 Oct 2020 04:37:44 GMT

@Anonymous wrote:
It's been a short while since I pulled my scores, but Experian is at around 630 and TU over 640. I just received significant CLIs on all of my other cards which will significantly cut my util and I've been making large payments on other cards, to lower utilzation which is the only challenge to my credit at this time. The BofA card has a negative 1.10 balance. No collections - no charge offs or any other baddies.

I haven't requested graduation in over a year, but the denial reasons were banking relationship (I pulled all but 15% of my direct deposit out of BofA and moved it to my CU) and utilzation - which has gone from nearly 95% to less than 40 at this point.

I don't exactly know what goes into BoA graduation process. I would guess that having scores above 700 and utilization below 30% (or the lower the better) may help your endeavor? Perhaps, optimize your credit report and make sure it's updated before asking for graduation? Seek AZEO All Zero Except One Card reporting a balance, if possible.

Re: Question about BOA (secured) Graduation

Anonymous — Tue, 20 Oct 2020 04:44:04 GMT

Thank you!

Re: Question about BOA (secured) Graduation

AllZero — Tue, 20 Oct 2020 04:51:13 GMT

@Anonymous wrote:
Thank you!

You are welcome. If you can graduate, it's a great account to hold onto. If it's the Americard, then can product change to Cash Rewards or Travel Rewards. Good luck, hope to read of your future success.

Re: Question about BOA (secured) Graduation

Anonymous — Tue, 20 Oct 2020 05:02:03 GMT

I hope there is some success too. I'll wait until after the 1st of the year to request graduation. I'll have paid significantly more utilization down by then...so maybe they'll consider it.

Re: Question about BOA (secured) Graduation

kudosalert — Thu, 22 Oct 2020 02:50:45 GMT

I think they are holding your overall utilization against you. With no negatives on your report, your fico score is being held down by utilization. BTW, when I first tried to change my Americard to another product (Travel Rewards) after graduation, 2 different reps told me it was not possible. It was only when I asked to close the card that another rep told me it is possbile

I ended up getting approved for their Travel Rewards. Was told when I called in to close my Americard that I should have just PC. Still a bit bitter about burning an application when I didnt need to.

Re: Question about BOA (secured) Graduation

Anonymous — Thu, 22 Oct 2020 03:32:06 GMT

@kudosalert wrote:
I think they are holding your overall utilization against you. With no negatives on your report, your fico score is being held down by utilization. BTW, when I first tried to change my Americard to another product (Travel Rewards) after graduation, 2 different reps told me it was not possible. It was only when I asked to close the card that another rep told me it is possbile

I ended up getting approved for their Travel Rewards. Was told when I called in to close my Americard that I should have just PC. Still a bit bitter about burning an application when I didnt need to.

Thanks. I'll definitely keep that in mind. If the card had no AF, I'd put it in a drawer and keep going, but I just don't want to keep paying a high AF. I do agree about the utilization. I'm working on it and making large payments to get everything down as much as possible

Re: Question about BOA (secured) Graduation

Wavester64 — Thu, 22 Oct 2020 15:47:16 GMT

@Wavester64 wrote:
@Wavester64 wrote:
@Wavester64 wrote:
So if you check my signature, I have the (secured) BOA Cash Rewards Card.

As suggested on here I am wating for the 5th month of having the card opened before attempting graduation.

For those who have graduated secured cards, be it BOA or another lender, is it custom that once the card graduates they provide you automatically with a CLI - or does that have to be done separately and at another time?

I am hoping that is done @ graduation - but I wouldn't be surprised if I am wrong on that.

First graduation attempt starts September 18th
Today was the first attempt. CSR asked if I also wanted a CLI, I said yes, I asked what she suggested (in my mind I wanted to say $3K-$5K) she recommended that I try small, so I said OK $2K. After she submitted the application, she said I would be contacted via mail - which to me reads DENIED. Ugh . Here's to next month's attempt.
So I got the decision in the mail today and it stated the reason for denial was "Your Credit Card account has been open for less than 5-months" besides the fancy verbiage about the economy yadda yadda TBH, it was opened exactly 5 months at the time, but whatever. Going to take the advice of @DaveInAZ and @kudosalert and wait to at least 8-months before trying again.

::UPDATE:: OK, so Oct 10, I noticed that there was "Luv botton" on my account - checked around to make sure it would not be a HP (I believe I mentioned this on another thread) and confirmed it wasn't, so I gave it a go, and I forget the verbiage, I think it was 7-10 day variety, which to me meant DECLINED. I got no notice or email or snail mail about this at all, and I just happened to be checking my account for something else on 10-17 and I noticed my SL went from $500 to $1500! (I get $10K preapproved CC offers and I get excited about a $1K increase ) Now today, 5-days after that, I get a check in the mail from BOA for the $99 deposit, and yet still no acknowledgement that the card has been graduated. Even my account still shows the same name of the Secured card on there. Very odd, but these are good things

Re: Question about BOA (secured) Graduation

AllZero — Thu, 22 Oct 2020 15:51:50 GMT

Congratulations on your CLI and 🎓 graduation!