topic Re: Approved for BoA; need advice! in Credit Cards

Approved for BoA; need advice!

SearsAntoine777 — Thu, 01 Dec 2022 13:26:38 GMT

So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

Re: Approved for BoA; need advice!

GZG — Thu, 01 Dec 2022 16:27:34 GMT

@SearsAntoine777 wrote:
So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

discover or discover secured perhaps?

Try the prequal and see what they offer you. I would personally try to make it to three cards and then garden for a year.

For what it's worth, Wallethub page said Valero reports to all three, perhaps call them and ask them what/who/when they plan to report to all 3.

Re: Approved for BoA; need advice!

coldfusion — Thu, 01 Dec 2022 17:30:11 GMT

@SearsAntoine777 wrote:
So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

From memory:

If you continue to maintain a clean credit history the card typically will graduate in 12 months but sometimes they will graduate it sooner. No CLI while the card is secured but while there is no guarantee it isn't unheard of to get one when the card graduates.

BoA does keep tabs on the activity of new cardholders so while you're probably OK if you made a single attempt to pick up another card your going on something resembling an app spree probably wouldn't be prudent.

Re: Approved for BoA; need advice!

Jeffster1 — Thu, 01 Dec 2022 19:44:22 GMT

I don't know about the $99/500 BofA Secured Visa. I had the secured version of the Customized Cash Rewards Visa with a CL of $5000 and then $10000. It graduated in 8 months. I did have a long history with BofA and Platinum Honors status BUT they do ARs to see how you are doing elsewhere, credit-wise.

Congrats on the BofA in your early building or credit. I personally love BofA. I was ecstatic to get my BofA CCR so early in my rebuild. I really do believe it opened doors for other cards.

Re: Approved for BoA; need advice!

coldfusion — Thu, 01 Dec 2022 20:57:18 GMT

@Jeffster1 wrote:
I don't know about the $99/500 BofA Secured Visa. I had the secured version of the Customized Cash Rewards Visa with a CL of $5000 and then $10000. It graduated in 8 months. I did have a long history with BofA and Platinum Honors status BUT they do ARs to see how you are doing elsewhere, credit-wise.

Short story for those who haven't heard of this card before is this is a transitional card that BoA will sometimes counteroffer to an applicant who they aren't quite prepared to approve an unsecured card but don't want to completely deny, you can't apply for it directly. If you accept the counteroffer and pay a $99 security deposit you get a card (I think it's still a CCR) with $500 CL and your $99 back when the card graduates.

Re: Approved for BoA; need advice!

SouthJamaica — Thu, 01 Dec 2022 21:00:56 GMT

@SearsAntoine777 wrote:
So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

Congratulations on getting the BoA card. My suggestion would be to wait 3 or more months.