topic Re: question regarding secured b oa card in Credit Cards

question regarding secured b oa card

Anonymous — Tue, 26 Oct 2010 21:17:59 GMT

I have a secured b o a card and it will be a year on 10/30/10 i want to know if i call to unsecured the card will i still get the same date when i opened it or i will get a new date. also should i wait to unsecure it cause in november 15 i want to apply for a house which i know i will be approve cause i was already preapproved will it effect me if i usecured before applying for the mortgage loan. my b of a secured card has 2,500 and i would like the money to start buying new things for the house. thanks

Re: question regarding secured b oa card

Creditaddict — Tue, 26 Oct 2010 21:22:13 GMT

BofA will do a hard pull, so you might want to wait until after you close on the house

Re: question regarding secured b oa card

Anonymous — Tue, 26 Oct 2010 21:36:36 GMT

Call BOA and talk to them. They will just do a soft pull to check your status. Just confirm with them that you do not want a hard pull. When I went BOA secured to unsecured it was just a soft pull. Also did not change my date. Also only reported to CRA's as updated info with no change to anything else. Oh and btw they also increased my limit at that time with-out me asking, didn't know until I seen on reports and checked account to confirm.

Re: question regarding secured b oa card

Anonymous — Tue, 26 Oct 2010 22:30:13 GMT

New policy. Hard pull now. I hear it will go to the original date of being opened, so its more like a pc.

Re: question regarding secured b oa card

Anonymous — Tue, 26 Oct 2010 23:58:27 GMT

thanks guys well i called in and talked to rachel and she said that it will be a hard pull and that it will remain with same date so i told her that i did wanted it unsecured so she already submitted application and i should recieve a letter in the mail in 10 to 15 days with an answer to see if its approved i hope its only one inquiry and not 3. i guess one does not hurt since i only have like 3 on experian 1 equafaxs 4 transunion. so will my score decrease with one inquiry please let me know thanks. also i get back with an answer as soon as i recieve notice or should i just called in a week.

Re: question regarding secured b oa card

haulingthescoreup — Wed, 27 Oct 2010 00:14:51 GMT

@Anonymous wrote:
thanks guys well i called in and talked to rachel and she said that it will be a hard pull and that it will remain with same date so i told her that i did wanted it unsecured so she already submitted application and i should recieve a letter in the mail in 10 to 15 days with an answer to see if its approved i hope its only one inquiry and not 3. i guess one does not hurt since i only have like 3 on experian 1 equafaxs 4 transunion. so will my score decrease with one inquiry please let me know thanks. also i get back with an answer as soon as i recieve notice or should i just called in a week.

Well, the way that inquiries seem to work is that (in many cases) you don't lose any points for the first inq on one report, but you might lose a couple for the second, you don't lose any for the third inq but maybe a couple more for the fourth, and so on. By the sixth or so, it gives up --you've worn out the formula.

So you might see a score change (assuming you could see your FICO score at all!) on EX, probably (?) a drop of a couple points if EQ is pulled, and I think not on TU, but who knows. At any rate, it shouldn't be bad.

And as long as it keeps the original opening date, you won't get the new account ding. In my experience, that's worse than an inq ding!

Re: question regarding secured b oa card

Anonymous — Wed, 27 Oct 2010 23:52:25 GMT

I just did this two weeks ago. I have been secured ($400) since 7/08. I sent them an secured message online and they replied back to contact an 800# as I was eligible because it had been over 1 year. I called and they told me it would be a hard pull. It pulled Equifax.

In the end I was STILL declined due to "a number of recent collections that haven't been settled". I only have 1 collection from a year ago and a BK in 2005. I'm about to give up on this card but don't want to lose the history.

Re: question regarding secured b oa card

danisgods — Thu, 28 Oct 2010 00:04:49 GMT

@Anonymous wrote:
I have a secured b o a card and it will be a year on 10/30/10 i want to know if i call to unsecured the card will i still get the same date when i opened it or i will get a new date. also should i wait to unsecure it cause in november 15 i want to apply for a house which i know i will be approve cause i was already preapproved will it effect me if i usecured before applying for the mortgage loan. my b of a secured card has 2,500 and i would like the money to start buying new things for the house. thanks

I've just gotten my card unsecured (Graduated) thats what they call it, they do a internal check( soft pull), the date will be the same , do not worry about it!

they are very nice about it, i've had the card for almost two years though, they gave a CLI and all, i received my check in the mail in like a week and a half.

good luck.

Re: question regarding secured b oa card

Anonymous — Thu, 28 Oct 2010 12:36:34 GMT

so should i call to see if they will unsecured it or do i have to wait till they send me the letter. i dont see a problem with my reports since i dont have any negatives my scores in equifax is 703 as well with transunion 703 with my fico. and so then if i get unsecured will i get my deposit with in a week or so. whats the longest they take for getting the deposit back.? any one please advice how many weeks it takes? as for right now my credit report has not been pulled they always soft me with experian but no inquiries yet by the way im from texas so will see if its hard or soft..

Re: question regarding secured b oa card

Creditaddict — Thu, 28 Oct 2010 23:06:48 GMT

@Anonymous wrote:
so should i call to see if they will unsecured it or do i have to wait till they send me the letter. i dont see a problem with my reports since i dont have any negatives my scores in equifax is 703 as well with transunion 703 with my fico. and so then if i get unsecured will i get my deposit with in a week or so. whats the longest they take for getting the deposit back.? any one please advice how many weeks it takes? as for right now my credit report has not been pulled they always soft me with experian but no inquiries yet by the way im from texas so will see if its hard or soft..

look in the backdoor thread above and you can call directly to underwriters that handle secured card and request it over the phone, I don't really remember exactly how long it took me to get my secure deposit back but think it was quick.

Re: question regarding secured b oa card

Anonymous — Fri, 29 Oct 2010 12:44:27 GMT

i just want to thank you guys i called in and i spoke to a analyst and to my surprise she did unsecured my b oof a card with 2,500 wow b of a does unsecured !!!!! and she said she returned my deposit back of couse it was 2,500 as well so it should take no more than 2 or 3 weeks. so thank you cuz without the help of you guys i would of not been here in the 700 club its been a year now these october since i started with my fico trying to rebuild due to identity theft started with a 590 exactly at one year now i am at 703 very happy and will keep up till i get to 760 thank u all and good luck to all of you will still remain here in my fico god bless you guys have a safe halloween.

Re: question regarding secured b oa card

Anonymous — Sun, 31 Oct 2010 02:26:06 GMT

well guys as of today i have not recieve any alert from equifaxs or transunion so more than likely they pulled my experian also i did recieved an alert from equifaxs my score jumped 2 points from 703 to 705 i feel happy.

Re: question regarding secured b oa card

Anonymous — Sun, 31 Oct 2010 18:18:05 GMT

Congrats on the 2 point increase.

In my experience EQ and TU take several days before you get an update. While you may have had an increase in your EQ report it is more then unlikely because of a change in your secured to unsecured change in account especially with-out a CL change.

This change in your score is probably because of a more positive impact in your reports. Age of accounts are becoming older, % UTIL is getting lower, and INQ's that may be not impacting score as examples.

Keep up the good work!

Good Luck

Re: question regarding secured b oa card

Anonymous — Sun, 07 Nov 2010 00:16:41 GMT

ok guys im so happy today saturday i got my deposit back from my b of a secured card in the amount of 2,500. it only took one week. also it was a soft pull they did not did a hard pull on me i already checked my 3 reports again and they soft me on experian.

Re: question regarding secured b oa card

haulingthescoreup — Sun, 07 Nov 2010 00:25:58 GMT

@Anonymous wrote:
ok guys im so happy today saturday i got my deposit back from my b of a secured card in the amount of 2,500. it only took one week. also it was a soft pull they did not did a hard pull on me i already checked my 3 reports again and they soft me on experian.

Sweet! and thanks for the info on the soft-vs-hard.