topic Re: BoA secured card in Credit Cards

BoA secured card

fittiger — Sun, 24 Mar 2013 20:56:18 GMT

I was wondering what the best bank was to get a secured card for building my partner's credit. He has 3 collection accounts we are working to PFD. But in the mean time I would like to get him a secured credit card and later in the future maybe a small installment loan?

Suggestions? I was looking at BoA secured (BankAmericard Secured) to start with. Are they difficult to open a secured account with?

Re: BoA secured card

Open123 — Sun, 24 Mar 2013 21:03:35 GMT

Difficult with collections, especially if they're large amounts on which a judgment can be filed.

If they're small, then BofA, Wells, and US Bank all have secured cards, but I think they'd reject with outstanding unpaid COs. Cap One secured might be the best option in this scenario.

Re: BoA secured card

HiLine — Sun, 24 Mar 2013 21:04:23 GMT

Any bank that would grant your partner a secured card is a good bank. A BofA's card will secure after one year, and offers cashback rewards, but gets reported as a secured card. A Capital One card probably will not secure, does not offer rewards, but gets reported as a regular card.

Re: BoA secured card

Anonymous — Sun, 24 Mar 2013 22:17:09 GMT

BofA denied me for a secured because I had a repo and 3 unpaid/paid collections on file back then.

I knew nothing about credit back then and thought it was easy to get because it was secured with my own money. I know better now thanks to this forum!

Re: BoA secured card

Anonymous — Mon, 25 Mar 2013 06:56:20 GMT

I was recently approved for a boa secured with my 500 deposit I then called the see if I can add the 123 rewards and they said they would send me a new card in the mail with the reward card and new account number. I guess it all depend. I have 2 collections unpaid at the time but I bank with them so they maybe looked into my account.