topic Re: BofA Graduation Question in Credit Cards

BofA Graduation Question

DBSH — Tue, 26 Mar 2013 04:39:21 GMT

Next month should be the 13th month of me with BofA Secured and I am curious to see if it graduates as everyone else's has done.

The question is my score hasnt moved that much and Im still somewhere in the low to mid 600s. (I've had more inquiries and at this time my util is above 10% which I'll fix as I just didn't make a 99% payment like I usually do).

Do I have to call and beg like I did to get approved for this card in the first place (two recon attempts until success) or is it basically a gimme? I noticed a button to request an increase that wasnt available before? Furthermore, whats the likelyhood of a CLI with graduation? (if it happens). I would be really excited to finally get rid of my Secured CrapOne card as that just isnt going to grow anymore unless I add money.

Thanks in advance

Re: BofA Graduation Question

dodgerslv — Tue, 26 Mar 2013 04:39:03 GMT

@DBSH wrote:
Next month should be the 13th month of me with BofA Secured and I am curious to see if it graduates as everyone else's has done.

The question is my score hasnt moved that much and Im still somewhere in the low to mid 600s. (I've had more inquiries and at this time my util is above 10% which I'll fix as I just didn't make a 99% payment like I usually do).

Do I have to call and beg like I did to get approved for this card in the first place (two recon attempts until success) or is it basically a gimme? Furthermore, whats the likelyhood of a CLI with graduation? (if it happens). I would be really excited to finally get rid of my Secured CrapOne card as that just isnt going to grow anymore unless I add money.

Thanks in advance

Well so far what i have been told is that you can actually call if youre account is eligible to become unsecured. You say you will reach the 13th month so you can call and find out if it has indeed graduated already. I was told you could graduate on the anniversary date when you actually got approved for the card. They will review your account history and they will SP your report before graduating your card. If you havent had any new deragotary dings on your file, you should be alright. Not sure if they are inquiry sensitive. Good luck though and i hope it does graduate. Mine is due to become eligible the first week of May.

Re: BofA Graduation Question

Open123 — Tue, 26 Mar 2013 04:43:01 GMT

Just call and ask if they'll consider unsecuring your card. You'd probably be better off using one of the backdoor numbers which will dial directly into the credit analyst.

Re: BofA Graduation Question

DBSH — Tue, 21 May 2013 05:36:25 GMT

Wanted to update everyone. I called the back door number and spoke to a very nice lady. They graduated the card and approved my CLI and changed to the 123 Cash Rewards. I called on a Friday and was polite and nice so that may have helped. The CLI reflected almost that second and the refund came a week later even though I carried a small balance at the time. This was all a couple weeks after 12 months that I had the card.

On a side note. I have never had any experience with BofA, but this was great. If denied for secured card ( I was at first ) Looking back, I can now say that is certainly worth calling the back door number and asking for a recon once, twice & even thrice becuase it is certainly a great product. I am sure as my credit improves, I will have better, but at this time, it is all I got

Re: BofA Graduation Question

09Lexie — Tue, 21 May 2013 05:13:33 GMT

Congrats! Thanks for the update

Re: BofA Graduation Question

myjourney — Tue, 21 May 2013 06:42:13 GMT

Congrats on your graduation. Calling almost always has a greater chance of success

Re: BofA Graduation Question

knoregs — Tue, 21 May 2013 13:33:34 GMT

Thanks for the update. My 1 year anniversary is late June so I hope I have similar success.

~kn

Re: BofA Graduation Question

asphaltcowboy — Tue, 21 May 2013 13:40:37 GMT

Congrats on the graduation!!

Re: BofA Graduation Question

dude11 — Tue, 21 May 2013 17:07:42 GMT

Keep in mind the card most likely will still have the annual fee. If you want to get that permanently removed you will need to call one of the backdoor numbers. Its not a guarantee though.

Re: BofA Graduation Question

dodgerslv — Tue, 21 May 2013 19:46:31 GMT

@DBSH wrote:
Wanted to update everyone. I called the back door number and spoke to a very nice lady. They graduated the card and approved my CLI and changed to the 123 Cash Rewards. I called on a Friday and was polite and nice so that may have helped. The CLI reflected almost that second and the refund came a week later even though I carried a small balance at the time. This was all a couple weeks after 12 months that I had the card.

On a side note. I have never had any experience with BofA, but this was great. If denied for secured card ( I was at first ) Looking back, I can now say that is certainly worth calling the back door number and asking for a recon once, twice & even thrice becuase it is certainly a great product. I am sure as my credit improves, I will have better, but at this time, it is all I got

Yay! congrats on the graduation and cli! I love BofA! had early graduation and now i have 2 cards from them with nice limits! Nice limit to start with!

Re: BofA Graduation Question

DBSH — Wed, 22 May 2013 04:42:52 GMT

The annual fee is not a deal breaker to me, but I will certainly keep that in mind and try in the future.

As far as a second card is concerned, how long would you think is appropriate to wait until trying for another card?

Could I close out my Cap 1 Secured and open up another BofA unsecured with a small credit limit since the Cap1 is basically a dead end or could I close out the Cap 1? Use the cash to open another BofA Secured and ask for early graduation in maybe 6 months?

Re: BofA Graduation Question

HiLine — Thu, 23 May 2013 06:20:58 GMT

At this point you can safely close the CapOne to retrieve your deposit, then apply for whatever card you desire that your income can justify.

... is what I would've told you had I not realized that your credit score looks abnormally low for someone with perfect credit history. Do you have any baddies? If not, simply reduce utilization and follow my suggestion above.

Re: BofA Graduation Question

DBSH — Fri, 24 May 2013 15:54:17 GMT

Yes, I have a several from 5 years back. I am going to write some GW letters to some of the companies that I have had less than excellent payment history with and since then paid off and write PFD to the ones that are currently outstanding.