topic Re: BankAmericard Cash Rewards Platinum Plus Visa (secured) in Credit Cards

BankAmericard Cash Rewards Platinum Plus Visa (secured)

Justin028 — Fri, 14 Jun 2013 17:29:25 GMT

Hello,

I've been using this credit card with no issues for the last 6 months and I'm wondering if I should inquire about a CLI? I was only late 1 time (they reversed the late charge) but I've been paying it faithfully ever since. I admit sometimes I tread close to the CL of $500 but I always pay it down at least half.

Should I inquire about an increase or wait?

Thanks

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Anonymous — Fri, 14 Jun 2013 17:31:47 GMT

@Justin028 wrote:
Hello,

I've been using this credit card with no issues for the last 6 months and I'm wondering if I should inquire about a CLI? I was only late 1 time (they reversed the late charge) but I've been paying it faithfully ever since. I admit sometimes I tread close to the CL of $500 but I always pay it down at least half.

Should I inquire about an increase or wait?

Thanks

It is going to be a hard inquiry. You're going to be okay with that, right?

From what I know, they seem to review your entire CR. So make sure you pay down other revolving balances as well before you ask for a CLI.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

jakemod1 — Fri, 14 Jun 2013 20:08:32 GMT

+1

Also, since you were late (even if they waived the late fee, still happened) they will use that against you. If I were you, I'd garden and continue using your card for at least another 6 months. That will age your late a bit (granted you don't get another late) and hopefully your CR will look better by then.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

shakalaka — Fri, 14 Jun 2013 20:18:30 GMT

@jakemod1 wrote:
+1

Also, since you were late (even if they waived the late fee, still happened) they will use that against you. If I were you, I'd garden and continue using your card for at least another 6 months. That will age your late a bit (granted you don't get another late) and hopefully your CR will look better by then.

I believe you will not receive a CLI. First of all it is a secured card, so for the CLI you normally should increase the deposit (also a HP with BoA) and second of all, you were late 1 out of 6 times. Not 1 out of 60 times or so. No matter if they waived the fee, you were late. Sorry to say, but from the lenders perspective ...

I would also wait another 6 months, be always on time. Normally the card will unsecure automatically after that time, from what I have heard. And sometimes you even get a CLI.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

tehpud — Fri, 14 Jun 2013 21:23:33 GMT

Hey Mate,

I actually just went through this. I had my Platinum Visa card since 2008, secured, $500 limit. They unsecured it 03/13. I asked/requested them to do so as my credit is finally in great shape, but completely forgot about this card. Never use it.

Anywho, earlier this month I called and asked for a CLI. They asked how much and I told them $2500. They gave it to me. I then asked for a product change to their Bank of America Rapid Rewards AMEX card, and they approved it.

You aren't stuck on the platinum card with no rewards forever. Best of luck.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Jasir — Fri, 14 Jun 2013 22:04:38 GMT

@tehpud wrote:
I actually just went through this. I had my Platinum Visa card since 2008, secured, $500 limit. They unsecured it 03/13.

OP, I advise you not waste a HP on a CLI likely to be denied. Previous posters hit on the main reasons: 1) account is too new 2) late within 6 months of opening it 3) secured cards don't usually qualify for CLI. Add to that: 4) is your credit history still spotty?

Unlike tehpud who had his card since 2008 and his credit history significantly improved, I can surmise that your history is still a risk factor. I am in the same boat. I, too, have a Bank of America secured card since April 2013; in just a few months I was able to clean up my reports a lot and re-apped for their unsecured card. BOA assured me they wanted to wait and see how responsibly I handled my secured card--and I've been banking (checking/savings) with them since 2009 without even a single overdraft & never paid late or hit more than 30% usage on any of my credit cards! They considered this and still said no.

I point that out to illustrate how likely you are to be denied based on the info you shared. But don't sweat it; unlike tehpud, current secured card holders shouldn't have to wait more than 1 year average to graduate to unsecured--if they manage the secured card (and other cards, too) very responsibly.

So don't waste a HP. Focus on keeping your utilization below 30% and paying timely and in full (when possible). In 6 months if it doesn't graduate on its own, call and request BOA unsecure it and increase the CL at the same time.

Good luck!

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Justin028 — Fri, 14 Jun 2013 22:39:57 GMT

Thanks guys. I won't inquire a out a CLI until after my 1 yr is up. I do have a Barclays CL $700 and Cap1 (secured) $300. I'll pay those cards off completely in July and ask BOA to release my secured card after my 1 yr is up. I do have checkings and savings with them since 2006 without any issues.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

imovinup — Fri, 14 Jun 2013 23:08:15 GMT

I got the 99/500 secured card also they pulled experian. I had it for 2 months then hit the request credit limit increase thinking it was a SP like other cards I have and noticed a Hp on my transunion. I got a letter in the mail stating account not open long enough. To be honest as long as you take care of the card for a whole year it should unsecure soon with a CLI for being responsible. When I applied my credit had about collections no late and 60% UTL now IM down to 1 collection no lates and 30%UTL . I want to show I can handle big girl limits.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

HiLine — Sat, 15 Jun 2013 03:27:23 GMT

Even one late payment is a rather big deal for a secured card. I'd wait at least till the card graduates before even thinking of a credit limit increase. Bank of America is one of those banks with which you don't have to worry about credit limits. Once you have established a good relationship with them they won't hesitate to give you a jumbo-sized credit limit increase when you request it.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Anonymous — Thu, 21 Nov 2013 15:12:58 GMT

In response to Tehpud: They unsecured it 03/13

Does BOA not auto unsecure you after 1 year/12months?

That means, does (or does it not) your secured platinum plus card unsecure on its own sometime 2009? (and not 2013?)

or am I understanding something else here? :-))))

Also, do they do another TU pull after graduation, because BOA HP's TU for CLI's and HP's EX for new apps.

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

tehpud — Thu, 21 Nov 2013 15:27:42 GMT

My card was not auto unsecured. When I first got my secured card - i was still ignorant of how it actually worked at the time. I didn't wise up. So it didn't get auto unsecured as they weren't confident at the time that I was capable of effectively managing my credit.