topic Re: BofA Secured Card Graduation in Credit Cards

BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 18:56:15 GMT

Does anyone know what the time frame is for BofA to review a secured account for graduation to a unsecured card?

Re: BofA Secured Card Graduation

CS800 — Sat, 19 Nov 2011 18:57:49 GMT

@Anonymous wrote:
Does anyone know what the time frame is for BofA to review a secured account for graduation to a unsecured card?

If I had to take a guess, I would say after your 12th statement. BOA likes to see a full year of history on the secured cards before a review and they decide to unsecure.

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 19:00:26 GMT

I have heard that you have one shot at graduating a BofA secured card. If they review it and don't graduate it, you are stuck with it as a secured card. Is there any truth to this or is it just internet folklore?

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 19:02:11 GMT

@CS800 wrote:
@Anonymous wrote:
Does anyone know what the time frame is for BofA to review a secured account for graduation to a unsecured card?
If I had to take a guess, I would say after your 12th statement. BOA likes to see a full year of history on the secured cards before a review and they decide to unsecure.

IIRC, I've read it can take 9-12 months. I'm sure someone will chime in with a definitive answer for you. It could also be a YMMV situation???

Re: BofA Secured Card Graduation

CS800 — Sat, 19 Nov 2011 19:05:08 GMT

@Anonymous wrote:
@CS800 wrote:
@Anonymous wrote:
Does anyone know what the time frame is for BofA to review a secured account for graduation to a unsecured card?
If I had to take a guess, I would say after your 12th statement. BOA likes to see a full year of history on the secured cards before a review and they decide to unsecure.

IIRC, I've read it can take 9-12 months. I'm sure someone will chime in with a definitive answer for you. It could also be a YMMV situation???

See we all get confusing info from BOA

I recently got a call from BOA (yes they called me to offer me a secured card). I asked how long would it take to unsecure, the 'credit analyst' adamantly said a full year. But as Mustang said I think it's more like YMMV if for example your FICO score shot up by 200

Re: BofA Secured Card Graduation

mAndrew1980 — Sat, 19 Nov 2011 19:21:26 GMT

**cues the graduation theme music**

da na na-na-na naaaaaa naaaaa.....

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 19:22:16 GMT

I would hope they would graduate if my score shot up 200 points. They should be on the floor kissing my feet that that point.

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 19:32:20 GMT

@Anonymous wrote:
I would hope they would graduate if my score shot up 200 points. They should be on the floor kissing my feet that that point.

I have two Crap1 Cards I apped and was approved for early last year, my FICO was around 610 at that time, and my scores have gone up just under 200 points and they will NOT give me anything, not one red cent, BoA is a different type of lender, so my example is just that, an example.

I Wish you the Very Best of Luck!!

Re: BofA Secured Card Graduation

CS800 — Sat, 19 Nov 2011 19:38:13 GMT

@Anonymous wrote:
@Anonymous wrote:
I would hope they would graduate if my score shot up 200 points. They should be on the floor kissing my feet that that point.

I have two Crap1 Cards I apped and was approved for early last year, my FICO was around 610 at that time, and my scores have gone up just under 200 points and they will NOT give me anything, not one red cent, BoA is a different type of lender, so my example is just that, an example.

I Wish you the Very Best of Luck!!

Mustang are you going to cancel the Cap Ones? I have two and I will cancel one In January since it has a $500 and an AF of $60.

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 19:57:24 GMT

@CS800 wrote:
@Anonymous wrote:
@Anonymous wrote:
I would hope they would graduate if my score shot up 200 points. They should be on the floor kissing my feet that that point.

I have two Crap1 Cards I apped and was approved for early last year, my FICO was around 610 at that time, and my scores have gone up just under 200 points and they will NOT give me anything, not one red cent, BoA is a different type of lender, so my example is just that, an example.

I Wish you the Very Best of Luck!!
Mustang are you going to cancel the Cap Ones? I have two and I will cancel one In January since it has a $500 and an AF of $60.

Yes I will just before the 39AF hits next year, I went ahead and paid the AF on both of them this year (against my better judgement) I figured I'd give Cap1 one more year to show me some luv, and if they do not show me some before the AF hits next year I will be closing both cards.

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 19:59:27 GMT

Thanks, I have a Cap One Secured card and recenty read that they do not graduate them at all. Apparently they have not program to do it a this moment in time. I can only hope that they change this policy in the next year so I can get out of paying a AF.

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 20:04:23 GMT

A year, or a FICO jump to a level where you'd be approved. I'd try calling backdoor after 6mo if you're in better FICO shape!

Re: BofA Secured Card Graduation

Anonymous — Sat, 19 Nov 2011 21:28:02 GMT

I recently got a 300 secured card through bofa. A back door analyst told me 9 months and the secured dept told me a year. I plan on increasing the limit to 2000 that way when and if they do insecure it they will at least match the amount that I put into it. I would hope if you don't make it at the 12th statement that they do another review and your not stuck with it.

Re: BofA Secured Card Graduation

Anonymous — Tue, 22 Nov 2011 04:47:56 GMT

I just thought I would give an update.

I got the denial/counter offer letter in the mail today. It was for the 99/500 partially secured 1,2,3 cash rewards card. I was unaware that they did this offer with the rewards. I am pretty pumped up about getting the card now because it is a partially secured rewards card. APR is high, 20.24%, but that was expected and it has an AF of $39. Letter says that it will be reviewed for graduation after 12 months.

I called to make the deposit, but the CSR said that for this offer you have to mail in the deposit or go into a branch. So I went into a branch to get this rolling. Their was an issue with the offer in the system, hope they did not take it away, but the banker I was talking to on at the branch called someone and we faxed over the paperwork as apposed to making an interbranch transaction.

I am going to keep an eye on the situation, but it appears to be going well for me right now. The banker said that once they give an account number I would be able to see the account online.

They pulled Experian and I had a FICO of 662.

Thanks for all the advice.

Re: BofA Secured Card Graduation

mAndrew1980 — Tue, 22 Nov 2011 05:00:54 GMT

Nice work! $99 down for a BoA card with a $500 CL? Sound's good to me. BoA is a major institution with a nice collection of cards.It will be nice to get your foot in the door.

Re: BofA Secured Card Graduation

Anonymous — Tue, 22 Nov 2011 05:07:47 GMT

It feels nice to be in with them. The only reason I want one of their cards is because I bank with them. I just felt I should have a CC to go along with checking and savings. Not sure how long I am going to be with BofA anymore though. I am looking at my local credit unions pretty seriously. I might just open an addition account with the local credit union and go with both for a while. See what the differences are.

Re: BofA Secured Card Graduation

Anonymous — Tue, 22 Nov 2011 11:28:25 GMT

That's what I did I opened up a secured with bofa and the same with navy federal. We shall see what happens