topic Re: Bank of America Secured CC ? in Credit Cards

Bank of America Secured CC ?

CreditDrama85 — Thu, 27 Dec 2007 03:04:56 GMT

Does B of A require a 600 fico like WF to be upgraded to an unsecured card or is it based solely on paying that account on time? and how long of good payment history before being upgraded? i already bank at B of A so would they do a hard inquiry if i got the secured card since the money would come right from my account?

Re: Bank of America Secured CC ?

llecs — Thu, 27 Dec 2007 03:39:57 GMT

I don't know what score is needed, but I opened a checking acct on 8/2 and received a hard pull on EX. On 8/11, I applied for their secured card (not 99/500) with scores around 550 or so and was denied; I also had $500 in the bank ready for a transfer. Doing this resulted in a second hard pull on EX. Fast forward to mid November. I appd for two of their cards. The first was a Visa via a 3rd party and was denied. I also appd for their Platinum Plus and was denied with scores around 640. I received an instant counter offer for the 99/500 on the Plus and a mailed offer of 99/500 on the other card. I appd both of those: one got approved and was denied for the other due to accepting the first offer. Both of those cost me 2 inquiries. So...to put my foot in the door it took 6 inquiries with BofA on EX.

Expect an inquiry on EX for the secured app. I know the 99/500 graduates after 9-12 months with a good history. I remember reading here very recently someone who talked about their regular secured card graduating after a short period of time (1 yr?).

Re: Bank of America Secured CC ?

CreditDrama85 — Thu, 27 Dec 2007 03:47:57 GMT

im afraid to apply after reading you were denied a secured card! when i opened my WF secured card about 5 months ago my fico was a 505 (very hight util, and a few charge offs) SO- im thinking i should hold off on the B of A secured card for now, lol.

Re: Bank of America Secured CC ?

haulingthescoreup — Thu, 27 Dec 2007 04:00:52 GMT

@CreditDrama85 wrote:

im afraid to apply after reading you were denied a secured card! when i opened my WF secured card about 5 months ago my fico was a 505 (very hight util, and a few charge offs) SO- im thinking i should hold off on the B of A secured card for now, lol.

Hi, Drama --where are your scores now? IMO, the best course for anyone with scores in the early rebuilding stage is to grit their teeth and pay, pay, pay, and get their revolving util down --only one or two cards reporting 9% max and any others PIF'd, plus do any necessary clean-up, until you hit 620. Then go for the BofA partial secured as described above (app for the plat, and if declined, accept the counter for the partial.) Let some time pass, and your scores rise, and then go after the next card. For most of us, it took some time to screw things up, and it will take some time to un-screw them.

CC's can be useful in rebuilding, but if you do it too early, you're just going to be roadkill on the credit highway. Hold off until you are a more attractive customer, and then you can accept some good offers!

Re: Bank of America Secured CC ?

llecs — Thu, 27 Dec 2007 04:06:53 GMT

I guess it would depend on your scores and items on your CR. My 550 or so in August included a charge-off just under 1 yr old. It may have included up to 5 collections, all over 5 years. It also included a repo. Oh, and 0 CCs, or maybe one which was closed. Things turned around in Nov. and scores were in mid 600s, the repo was gone, I had 5 active CCs, and 3 collections wiped away.

I was shocked to be turned down for a fully secured card. I'm sure your scores are better than they were 5 months ago.

Re: Bank of America Secured CC ?

CreditDrama85 — Thu, 27 Dec 2007 04:19:57 GMT

im not sure where my scores are- i had several cards with no cl reported that had high balances (6-8K) and were 120 days late...they are now current. im trying to wait 30 to 60 days for them to be reported as current before checking ficos again. i also am waiting on response to a few pfd on collections that i sent out....its really exhausting, lol...

i think part of the reason my score stays low is because my overall credit history is 5 years. i could be wrong though.

i live for the day that these baddies are gone and i can apply for another discover! it was one of the saddest days of my life when discover closed my account, lol

Message Edited by CreditDrama85 on 12-26-2007 08:12 PM

Message Edited by CreditDrama85 on 12-26-2007 08:19 PM

Re: Bank of America Secured CC ?

haulingthescoreup — Thu, 27 Dec 2007 04:20:29 GMT

@CreditDrama85 wrote:

im not sure where my scores are- i had several cards with no cl reported that had high balances (6-8K) and were 120 days late...they are now current. im trying to wait 30 to 60 days for them to be reported as current before checking ficos again. i also am waiting on response to a few pfd on collections that i sent out....its really exhausting, lol...

Believe me, I understand!

Sounds like for now, the smart thing to do is to keep doing research, and let your scores recover before jumping back into the race. No point in blowing inqs on worthless cards.

Re: Bank of America Secured CC ?

Anonymous — Thu, 27 Dec 2007 14:24:28 GMT

I applied almost 2 years ago and was denied for the secured card......waited about a year and reapplied after having a year of checking and savings history and was approved. After 6 months of using up the limit and paying it all off every month, they raised my limit to $1000 and reimbursed me my deposit for the card. My credit score jumped from 575 to 710 over this 2 year period. Partially due to a new mortgage and perfect payment history on my truck loan as well. I now have added a costco american express which I have also been paying off in full every month. Point being, I was denied the first time, showed perfect history with my checking account and a high dollar amount in my savings and after waiting a year I was approved for the BOA secured. I used it wisely and paid in full every month and after 6 months I received a letter saying they were raising my limit and sending me back my deposit. Good Luck....spend wisely!

Re: Bank of America Secured CC ?

Anonymous — Thu, 27 Dec 2007 14:57:15 GMT

Ouch
6 inq's for 1 secured card.
I would be very tempted to ask for some of these to be re-coded/removed.

@llecs wrote:

I don't know what score is needed, but I opened a checking acct on 8/2 and received a hard pull on EX. On 8/11, I applied for their secured card (not 99/500) with scores around 550 or so and was denied; I also had $500 in the bank ready for a transfer. Doing this resulted in a second hard pull on EX. Fast forward to mid November. I appd for two of their cards. The first was a Visa via a 3rd party and was denied. I also appd for their Platinum Plus and was denied with scores around 640. I received an instant counter offer for the 99/500 on the Plus and a mailed offer of 99/500 on the other card. I appd both of those: one got approved and was denied for the other due to accepting the first offer. Both of those cost me 2 inquiries. So...to put my foot in the door it took 6 inquiries with BofA on EX.

Expect an inquiry on EX for the secured app. I know the 99/500 graduates after 9-12 months with a good history. I remember reading here very recently someone who talked about their regular secured card graduating after a short period of time (1 yr?).

Re: Bank of America Secured CC ?

llecs — Thu, 27 Dec 2007 19:28:12 GMT

I'll let it be. Only one, maybe two inquiries could be debated, in my mind. The checking (1), org. secured app (1), and later the two Visa apps (2) are legit. The first accepted 99/500 offer I guess could have been tied into the inquiry onto one of the Visas. The 6th inquiry may not be as legit as the BofA rep told me it would be OK to have more than one 99/500 card.

Heck, come next Nov. none of this would matter anyway. With 7 new accts since Aug. I have got to stop. If I get turned down in the future due to excessive inquiries it might just be a good thing.

Timothy wrote:
Ouch
6 inq's for 1 secured card.
I would be very tempted to ask for some of these to be re-coded/removed.

Re: Bank of America Secured CC ?

Mizsass — Thu, 27 Dec 2007 23:49:07 GMT

I posted recently because my BoA secured card was upgraded to unsecured after 12 months.

I have actually banked at BoA for 9 years. I applied under pre-approved offers and was offered to apply for their secured card. I did so, they actually hit EQ with one hard inquiry. My card was approved, my FICO at the time was in the low range of mid 500's. Its now in the low 600's at the time of my unsecured upgrade.

My card was the fully secured card, not the 99/500.