topic Re: B of A secured card should I do it? in Credit Cards

B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 00:16:14 GMT

I recently applied for a basic B of A card and was denied. They are offering me the secured card. Should I do the secured just to get in?

I have 7 good TL of credit cards a mix of store and visa/mastercard. Oldest card is 2007 unless my new Zync back dates (another story). UTL 7%

Re: B of A secured card should I do it?

-Cain- — Sat, 02 Jul 2011 00:30:04 GMT

Do you need it? Also, did they tell you if the card will auto-graduate after a period of time? Will they use the same pull from your previous denial?

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 00:37:00 GMT

No I do not need it. Yes it will graduate after 12 months. Forgot to ask if they will pull my credit again if so no for sure.

Re: B of A secured card should I do it?

-Cain- — Sat, 02 Jul 2011 01:13:06 GMT

The auto graduate is a plus then since you want to get your foot in the door. I'd probably do it.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 01:13:57 GMT

It is a good way to get in with BofA.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 01:25:21 GMT

Thank you both! I was thinking the same thing. I hope it works out.

Re: B of A secured card should I do it?

-Cain- — Sat, 02 Jul 2011 01:28:15 GMT

One more thing... While you can always increase your deposit and raise your CL, each deposit will probably result in a hard pull according to some reps I've talked to. If you plan on increasing at a later time, something to think about.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 01:44:45 GMT

Great info I would have never thought of that. Thanks so much

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 02:38:25 GMT

@-Cain- wrote:
each deposit will probably result in a hard pull according to some reps I've talked to.

Wow, I find that absurd. Soft pull, maybe. But a HP for increasing your deposit? I have really negative feelings about that. Not sure what kind of logic BofA has behind that.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 04:00:24 GMT

@-Cain- wrote:
One more thing... While you can always increase your deposit and raise your CL, each deposit will probably result in a hard pull according to some reps I've talked to. If you plan on increasing at a later time, something to think about.

The hard pull is definitely something to think about.

I think many people increase their CL thinking it will give them an even bigger CL upon graduation. Several people have posted that's not really the case. It has been reported that even with a $500 CL on the secured card upon graduation they found CLs of several thousand $s.

Re: B of A secured card should I do it?

llecs — Sat, 02 Jul 2011 03:26:40 GMT

@Anonymous wrote:
Forgot to ask if they will pull my credit again if so no for sure.

IME (x3), they will pull again for the secured approval.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 04:00:58 GMT

@llecs wrote:
@Anonymous wrote:
Forgot to ask if they will pull my credit again if so no for sure.
IME (x3), they will pull again for the secured approval.

+1 Yes, definitely a different hard pull for a BoA secured card.

Re: B of A secured card should I do it?

clocktick — Sat, 02 Jul 2011 04:36:20 GMT

I had a BOA secured cc with a large amount but it never graduated and I had it over a year. They denied me for a regular cc so I decided to close my secured and apply elsewhere. I think it was 13-14 months old. As others have stated, it's a HP to attempt to secure to a regular cc.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 05:04:27 GMT

@clocktick wrote:
I had a BOA secured cc with a large amount but it never graduated and I had it over a year. They denied me for a regular cc so I decided to close my secured and apply elsewhere. I think it was 13-14 months old. As others have stated, it's a HP to attempt to secure to a regular cc.

Did they give you a reason?

Re: B of A secured card should I do it?

-Cain- — Sat, 02 Jul 2011 05:07:59 GMT

The reason I was given for why they hard on a CLI request was to check on how the CR looked since the original app and make sure it hasn't turned south from where it was.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 05:37:31 GMT

@-Cain- wrote:
The reason I was given for why they hard on a CLI request was to check on how the CR looked since the original app and make sure it hasn't turned south from where it was.

I thought that's why they do continual soft pulls every month or so.

Oh well. I guess that's what it's coming to these days.

Re: B of A secured card should I do it?

-Cain- — Sat, 02 Jul 2011 05:46:17 GMT

I haven't experienced it yet, but have asked on a few occasions while I've called for other matters. Only once did a rep tell mr it shouldn't be a hard, the other 5-6 reps all said it'd be hard for that reason. I was thinking of increasing soon, so I'll update the board if I do, but after reading a higher CL doesn't mean much at graduation, I may hold off.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 08:04:34 GMT

Would you mind sharing your score/inquiries? Also, did you have a banking relationship with them?

I will be applying for a regular BoA card within the next two months, and would like to estimate my chances

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 08:40:19 GMT

@-Cain- wrote:
I haven't experienced it yet, but have asked on a few occasions while I've called for other matters. Only once did a rep tell mr it shouldn't be a hard, the other 5-6 reps all said it'd be hard for that reason. I was thinking of increasing soon, so I'll update the board if I do, but after reading a higher CL doesn't mean much at graduation, I may hold off.

I suppose I could see why they'd pull a hard for graduation.

There have been other posters who have written about having low limits on their secured cards and getting decent limits upon graduation. Unfortunately I do not know exactly which thread this was in.

Re: B of A secured card should I do it?

Anonymous — Sat, 02 Jul 2011 11:55:58 GMT

Yes, I bank with them and have been for at least 5 years. Myfico TU 659 6/30/11 Myfico EQ 638 6/30/11 EX 648 denied delta amex card 6/27/11 Old delinquent accounts was the reason. I have 5 charge offs that are all paid but 3-6 years old.