topic Re: Will BofA unsecure my CC? in Credit Cards

Will BofA unsecure my CC?

Anonymous — Thu, 28 Jun 2012 21:24:09 GMT

I've had a Bank of America Secured Platinum Plus CC since March 1st/7th 2009 according to the date opened in my credit reports. I've had it secured for 3 years and almost 4 months. I've never called or anything to ask if they'd unsecure either.

During that time I had both a checkings and savings account with BofA. When I moved out of state, they had no branches close to me, so I withdrew almost all the money from my checkings account and moved it to my new bank. This caused BofA to close my checking account. So the way I was paying my bills was through USAA's bill pay service, but that caused me to accidentally send in 3-4 payments late (by 1-2 days) in the past year (even though I initiated payment 2-3 days early) because the transfer took longer from a non-BofA bank. When my BofA checkings account was active, I would pay the bill 1-2 days early, and it would post on or before the due date. I've recently moved back to where BofA has branches, and am considering opening a checking account with them.

My credit limit is $1900, with the maximum balance being $1944. I kept a high balance for approximately a 1.5 years, between $1700-1900. Just recently have I knocked my balance down to $800, and will be paying the remainder of the balance fairly soon (before the current cycle ends).

I was wondering if you guys feel that BofA would unsecure my card (after I pay the balance in full). Since they'll look at my credit report, they'll notice that my other credit card (from USAA) is maxed out. It's at 6993/7000. I hoping to use the deposit from the secured card towards the balance of my USAA card. I'm really trying to bring my utilization down.

Thanks!

Re: Will BofA unsecure my CC?

Repo-ed — Thu, 28 Jun 2012 21:26:34 GMT

Call them and ask, but I'm guessing you are around 90% UTIL, at which point, they'll likely keep you on as secured.

Re: Will BofA unsecure my CC?

Anonymous — Thu, 28 Jun 2012 23:23:04 GMT

a secured card is a trial run. They probably are not liking what they see with card having been basically maxed out for so long. Not great that even if/when you get it down your overall utizilation is looking at being well above 50 percent still(assuming USAA is your only other card).

Why did you not look into unsecuring 2-2.5 years ago when it was around 1 year old?

Re: Will BofA unsecure my CC?

OhioCPA — Thu, 28 Jun 2012 23:35:08 GMT

As I recall, BoA likes to see a history of PIF before they unsecure a card.

Re: Will BofA unsecure my CC?

Anonymous — Thu, 28 Jun 2012 23:40:29 GMT

Sounds like the general consensus is that I should PIF the BofA balance and not even ask to get the card unsecured, and just PIF every month afterwards for a solid year+...In addition to getting that USAA card wayyy down.

Thanks for the input!

Re: Will BofA unsecure my CC?

Anonymous — Fri, 29 Jun 2012 00:52:35 GMT

They did for this guy: click here.

I bet if you get your utilization squared away, they will for you too!

I wish you the best.

Re: Will BofA unsecure my CC?

Revelate — Fri, 29 Jun 2012 04:12:32 GMT

@OhioCPA wrote:
As I recall, BoA likes to see a history of PIF before they unsecure a card.

That wasn't my experience on an old secured card at least.

OP: curiosity question, didn't your secured card already expire? BOFA used to do 2 year expiration dates and sometime post 2005ish they switched to 3 year, but 3 year and several months, should've been done. Did they issue you a new card to renew it? If so, just guessing here, but maybe it'll happen at the 4 year mark?

Re: Will BofA unsecure my CC?

Anonymous — Fri, 29 Jun 2012 04:16:49 GMT

Revelate: yes the card expired and I was issued a new one. Interesting...

Re: Will BofA unsecure my CC?

Revelate — Fri, 29 Jun 2012 04:20:28 GMT

@Anonymous wrote:
Revelate: yes the card expired and I was issued a new one. Interesting...

Have you seen whether it was a new tradeline on your credit reports or not since it was reissued? I don't know how BOFA handled it but I'm pretty curious on this one as I thought nobody ever renewed secured cards.

Re: Will BofA unsecure my CC?

Anonymous — Fri, 29 Jun 2012 04:26:38 GMT

It most definitely is reporting as usual, same trade line/account from all three credit bureaus. Just an extended expiration date.

Re: Will BofA unsecure my CC?

Revelate — Fri, 29 Jun 2012 04:30:12 GMT

@Anonymous wrote:
It most definitely is reporting as usual, same trade line/account from all three credit bureaus. Just an extended expiration date.

Heh, then the 4 year idea was pretty much wild conjecture. Get it paid down, call in would be my suggestion. Worst that happens is they tell you no.

Thank you for the information, debunked an idea I'd held for something like 7 years after a Fox and Hound conversation over quality beer back in College Station.