topic Re: Bank of America Secured Card - Approved?? in Credit Cards

Bank of America Secured Card - Approved??

Anonymous — Fri, 15 Jul 2011 13:12:31 GMT

Hello All,

I applied online for a Bank of America Secured card the day before yesterday and I immediately received this message:

Thank you very much, we received your application. If approved you should receive your credit-building Secured Card 7 to 10 days after we successfully verify your information and process your security deposit. The longer you use your credit card and make your payments on time, the more likely you are to build a solid credit record.Thank you for choosing a Bank of America credit card.

I also got an email that says we've reached a credit decision - and it redirects me to the message above again. They haven't debited by account for the deposit yet so I don't know if I've been approved or not.

Anyone have experience with this? Am I approved or denied??? Would love to hear your thoughts!

Thanks!

Re: Bank of America Secured Card - Approved??

-Cain- — Fri, 15 Jul 2011 13:43:44 GMT

I got the same message as you did. I was approved, but it did take a few days to hear a decision. I dont know if everyone gets that message, but Good luck!

Re: Bank of America Secured Card - Approved??

Anonymous — Fri, 15 Jul 2011 13:45:59 GMT

Thanks for your message Cain!! I hope I have the same outcome as you! I have been working hard to get my scores up and this will be a huge milestone for me if I can get this one.....

Fingers crossed!!!

Re: Bank of America Secured Card - Approved??

texasman07 — Fri, 15 Jul 2011 13:51:04 GMT

I got that message but my account was immediately debited the next day and 2 days later, it showed up on my Experian Report as a Secured account

Re: Bank of America Secured Card - Approved??

Anonymous — Fri, 15 Jul 2011 14:08:17 GMT

I think I received a similar message, but I called the next day becase I had to know

I was approved

Re: Bank of America Secured Card - Approved??

Anonymous — Fri, 15 Jul 2011 14:58:20 GMT

I just called and I wasn't so lucky - it was an automated message saying I wasn't approved....is there anything I can do? Should I try to talk with a person live to ask if they can reconsider???

Such a bummer!! I guess I have to keep working away at my reports and fico scores.....

Re: Bank of America Secured Card - Approved??

Anonymous — Sat, 13 Aug 2011 00:51:15 GMT

What were your credit scores when you applied and got approved? Did you have any charge offs or lates on your report?

Re: Bank of America Secured Card - Approved??

Creditaddict — Sat, 13 Aug 2011 01:01:06 GMT

yes you should call the secured underwriting department located in back door numbers thread above.

Re: Bank of America Secured Card - Approved??

Anonymous — Sat, 13 Aug 2011 01:16:13 GMT

I was approved but it took about a week to get a decision. I'm sorry you weren't approved. Maybe you can try Capital One Secured.

Re: Bank of America Secured Card - Approved??

chan85 — Sat, 13 Aug 2011 14:12:51 GMT

Does Cap1 report as a secured card? I see in the post above that BoA does, but I feel like creditors judge that it is secured so I don't know if I would want that part reported.

Re: Bank of America Secured Card - Approved??

Datx — Sat, 13 Aug 2011 15:21:02 GMT

@chan85 wrote:
Does Cap1 report as a secured card? I see in the post above that BoA does, but I feel like creditors judge that it is secured so I don't know if I would want that part reported.

No, the Cap One secured card does not report as secured. When I started credit repair last year, I was also worried about what secured card reports as secured or not on my CR. But I dont see it being much of a problem now. I applied and got approved for a BOA secured card just a few months ago even though I have enough unsecured cards with higher limits. Just wanting to get back in the good graces of BOA again and rebuild a positive relationship with them.

Re: Bank of America Secured Card - Approved??

Anomalous — Sat, 13 Aug 2011 19:38:33 GMT

I too received the same online message and then a letter a week later stating I was declined due to my Experian CR/Score at the time.

Re: Bank of America Secured Card - Approved??

kpresod — Sun, 08 Jan 2012 18:10:01 GMT

Hello All,

I applied last night and got the same message, called the department few mins ago and was told that I was approved for it!

Re: Bank of America Secured Card - Approved??

-Cain- — Sun, 08 Jan 2012 20:20:19 GMT

Congrats kpresod & Welcome to the forums!

Keep I mind that if you are thinking about raising your CLs, it may result in a hard pull each time, so add wisely if you must. Your card should unsecure between 9-12 months, take care of it and watch it grow.

Re: Bank of America Secured Card - Approved??

LS2982 — Sun, 08 Jan 2012 20:23:27 GMT

@Anonymous wrote:
Hello All,

I applied online for a Bank of America Secured card the day before yesterday and I immediately received this message:

Thank you very much, we received your application. If approved you should receive your credit-building Secured Card 7 to 10 days after we successfully verify your information and process your security deposit. The longer you use your credit card and make your payments on time, the more likely you are to build a solid credit record.Thank you for choosing a Bank of America credit card.

I also got an email that says we've reached a credit decision - and it redirects me to the message above again. They haven't debited by account for the deposit yet so I don't know if I've been approved or not.

Anyone have experience with this? Am I approved or denied??? Would love to hear your thoughts!

Thanks!

Sounds like an approval, nowhere in that statement says denial.

Re: Bank of America Secured Card - Approved??

-Cain- — Sun, 08 Jan 2012 20:49:44 GMT

It is the same message I got, however the OP was denied.

Re: Bank of America Secured Card - Approved??

Anonymous — Sun, 08 Jan 2012 21:50:53 GMT

I got the same message like you and was denied the next day. I called for recon and they approved me and it took FOREVER to get my card. 3 weeks to be exact from the day I applied.

Re: Bank of America Secured Card - Approved??

kpresod — Sun, 08 Jan 2012 21:54:17 GMT

NICE!! I've got Cap1 1000cl and now Bofa 300cl....and an authorize user for an Amex Blue Sky of 3000cl so hopefully my score raises quickly in few months

Re: Bank of America Secured Card - Approved??

Revelate — Sun, 08 Jan 2012 22:39:21 GMT

@-Cain- wrote:
Congrats kpresod & Welcome to the forums!

Keep I mind that if you are thinking about raising your CLs, it may result in a hard pull each time, so add wisely if you must. Your card should unsecure between 9-12 months, take care of it and watch it grow.

Usually a secured card gets a CLI by just depositing more cash: BofA does a HP for this? Ugh if so.

Re: Bank of America Secured Card - Approved??

-Cain- — Sun, 08 Jan 2012 22:54:13 GMT

Yeah, I asked about it once, they said they had to since the original terms would be changing. I think it is pretty harsh, but if the card grows long-term, I'll take that trade-off.