topic Re: BoA Graduation in Credit Cards

BoA Graduation

Dp23 — Tue, 08 Mar 2022 19:34:11 GMT

After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?

Re: BoA Graduation

SoCalGardener — Tue, 08 Mar 2022 19:55:08 GMT

@Dp23 wrote:
After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?

Congratulations on your BofA graduation!

I'm confused, though, by its apparent reduction of credit limit. I have no experience with BofA secured cards, but, in general, just from reading these boards, I'd come to the conclusion that when secured cards graduate, a CLI usually accompanies it, or at least its limit stays the same. I've never heard of it coming with a CL *decrease*!

Someone else will surely chime in with better information, like when to ask for a CLI and whether this card can be product changed to a better card.

Re: BoA Graduation

Dp23 — Tue, 08 Mar 2022 20:06:06 GMT

@SoCalGardener wrote:
@Dp23 wrote:
After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?
Congratulations on your BofA graduation!

I'm confused, though, by its apparent reduction of credit limit. I have no experience with BofA secured cards, but, in general, just from reading these boards, I'd come to the conclusion that when secured cards graduate, a CLI usually accompanies it, or at least its limit stays the same. I've never heard of it coming with a CL *decrease*!

Someone else will surely chime in with better information, like when to ask for a CLI and whether this card can be product changed to a better card.

Yeah that's what I thought as well maybe it's because I had a balance when it finally graduated.

Thank you @gdale6 I wasn't sure where the post was supposed to be.

Re: BoA Graduation

FinStar — Tue, 08 Mar 2022 20:17:40 GMT

@Dp23 wrote:
After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?

Since it has graduated, you can try reaching out to see whether it can be PC'd. This may take some time and effort since not all agents are well-versed with these requests. It's possible that you may have to call multiple times to reach an agent that can fulfill the request. There's the Customized Cash Rewards or Unlimited Cash Rewards, for example. Just take a look on their website and decide which would be a better fit rewards-wise.

As far as your CL decreasing, just allow some time for your profile to improve again. Often times, a CLD happens as a form of Adverse Action if a lender needs to mitigate risk in the event some red flags are present. Give it about ~6 months and you can try for a CLI. Requests are SP btw.

The best news is the card is no longer secured.

Re: BoA Graduation

Dp23 — Tue, 08 Mar 2022 20:27:32 GMT

@FinStar wrote:
@Dp23 wrote:
After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?
Since it has graduated, you can try reaching out to see whether it can be PC'd. This may take some time and effort since not all agents are well-versed with these requests. It's possible that you may have to call multiple times to reach an agent that can fulfill the request. There's the Customized Cash Rewards or Unlimited Cash Rewards, for example. Just take a look on their website and decide which would be a better fit rewards-wise.

As far as your CL decreasing, just allow some time for your profile to improve again. Often times, a CLD happens as a form of Adverse Action if a lender needs to mitigate risk in the event some red flags are present. Give it about ~6 months and you can try for a CLI. Requests are SP btw.

The best news is the card is no longer secured.

That is the best news lol. Thank you & will update if there is one.

Re: BoA Graduation

FinStar — Tue, 08 Mar 2022 20:48:30 GMT

@Dp23 wrote:
@FinStar wrote:
@Dp23 wrote:
After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?
Since it has graduated, you can try reaching out to see whether it can be PC'd. This may take some time and effort since not all agents are well-versed with these requests. It's possible that you may have to call multiple times to reach an agent that can fulfill the request. There's the Customized Cash Rewards or Unlimited Cash Rewards, for example. Just take a look on their website and decide which would be a better fit rewards-wise.

As far as your CL decreasing, just allow some time for your profile to improve again. Often times, a CLD happens as a form of Adverse Action if a lender needs to mitigate risk in the event some red flags are present. Give it about ~6 months and you can try for a CLI. Requests are SP btw.

The best news is the card is no longer secured.
That is the best news lol. Thank you & will update if there is one.

Definitely keep us posted, even if it takes several attempts. Your DPs will help the community, especially since your card originated as a secured product 👍

Re: BoA Graduation

Trini88 — Tue, 08 Mar 2022 21:12:21 GMT

You can request an increase every 3 months. As for product change, BOA is only willing to product change me to their premium rewards card. Was informed my Americard can't product change to Cash Rewards which I wanted. Hopefully it will be different for you.

Re: BoA Graduation

Dp23 — Tue, 08 Mar 2022 21:32:09 GMT

@Trini88 wrote:
You can request an increase every 3 months. As for product change, BOA is only willing to product change me to their premium rewards card. Was informed my Americard can't product change to Cash Rewards which I wanted. Hopefully it will be different for you.

I definitely want that cash rewards but I will take the premium rewards card as well. Any benefits is better than none.

Re: BoA Graduation

CH-7-Mission-Accomplished — Tue, 08 Mar 2022 21:46:31 GMT

@Dp23 wrote:
After 3.5 years BoA finally graduated my secured card after my FICO score rose to a 713. Gosh I never seen this day coming as I've tried at least 20x's with no avail. Now I do have a few questions if possible. My limit went from $1500 to 1000 which I'm ok with. Can I product change this Americard to anything else to get some type of benefits? If not it's gonna be sock drawered. Also how soon can I request CLI?

I opened a $1K secured BofA card about three years post filing. They opened it and about six moths later they unsecured it at my request. I asked them for a CLI to $5K, which was the amount I had IIB'd them in my BK 7. Surprisingly, they granted the full $5K requested limit. Then I dedcided I did not want their no rewards classic card. I applied for the Alaska Air Visa which had either a 40K ot 60K bonus. They declined it. So I went round and round with the loan officer, who went to his supervisor, and I offered to close their total 5K card if they would give me the AK card and include the full 40K-60K bonus amount. It took a day and a supervisor's okay and they agreed. They literally closed the card and opened the Alaska Air card and gave me the $5K limit with the full bonus. That card has recently grown to $15K limit, though for many year they would not grant a CLI due to their prior loss. You just have to stay on BofA and they will crumble eventually. They are not at all like Chase or AMEX.

Re: BoA Graduation

Dp23 — Wed, 09 Mar 2022 00:37:43 GMT

Apparently I'm not out of the woods yet after all. The card was approved to graduate but I was just told it required a secondary review in quality whatever that means. I should have a concrete decision by end of business day tomorrow.

Re: BoA Graduation

Trini88 — Wed, 09 Mar 2022 01:16:24 GMT

@Dp23 wrote:
Apparently I'm not out of the woods yet after all. The card was approved to graduate but I was just told it required a secondary review in quality whatever that means. I should have a concrete decision by end of business day tomorrow.

Woooooow

This is the first I've ever heard of this.

Im on the phone right now with BOA myself fighting for my Cash Rewards 🤣. Man got me on hold for 15 mins 😆

20mins later. Still a no 😭

Hope everything goes your way when a decision is made.

Re: BoA Graduation

Dp23 — Wed, 09 Mar 2022 14:53:48 GMT

@Trini88 wrote:
@Dp23 wrote:
Apparently I'm not out of the woods yet after all. The card was approved to graduate but I was just told it required a secondary review in quality whatever that means. I should have a concrete decision by end of business day tomorrow.
Woooooow
This is the first I've ever heard of this.
Im on the phone right now with BOA myself fighting for my Cash Rewards 🤣. Man got me on hold for 15 mins 😆
20mins later. Still a no 😭

Hope everything goes your way when a decision is made.

Card is officially unsecured so no more worries there. Now I just need to get the collateral back & product change the card. They said call back in 5-10 days. I hope all works out eventually for you as well.

Re: BoA Graduation

SouthernCredit — Wed, 09 Mar 2022 02:39:32 GMT

So, my first card with BofA was the basic (unsecured) BankAmericard with no frills and a $500 limit (fringe approval). I had that card for a year and a half with several CLIs before I called in to have it PCd to a Cash Rewards, which later became CCR. I had no issue changing to the rewards card, though I did lose out on the SUB. Mine took one phone call, so not sure if the (formerly) secured part is an issue, but I wouldn't think it would be.