topic Re: BOA Rocks!!! in Credit Cards

BOA Rocks!!!

Anonymous — Tue, 02 Jul 2013 15:19:58 GMT

Last August I opened the 99/500 credit card with Boa. I have used it much and treated it well. They upgraded me at 9 months to unsecured and I got a cli to 2000.00. I have really been wanting a Visa Signature card but don't really want to apply for anything else. So I called Boa today and asked if my credit limit could be raised to 5000.00 and my card become a Visa Signature. I answered all the normal questions and they approved me after a few minutes on hold. They used the same pull from 2 weeks ago which was awesome!! I will get a new card and card number but they said it will still show the account opened in August and my rewards will transfer over. I am super excited!!!

So how does the signature card show different on my credit report? Will it just not factor in my utility?

Re: BOA Rocks!!!

HiLine — Tue, 02 Jul 2013 15:22:14 GMT

Wow that's fast track! Congratulations!!!

I'm 99% confident your Visa Signature card will report high balance, not credit limit. The high balance will be used in lieu of credit limit in calculating utilization

Re: BOA Rocks!!!

Anonymous — Tue, 02 Jul 2013 15:25:44 GMT

@HiLine wrote:
Wow that's fast track! Congratulations!!!

I'm 99% confident your Visa Signature card will report high balance, not credit limit. The high balance will be used in lieu of credit limit in calculating utilization

Thanks!

I never carry a balance with them..... I bank with them as well so I pif pretty much every week. So if I did run a balance with them, my balance will count against my total utilization from all cards rather than just against the limit I have with them right?

Re: BOA Rocks!!!

HiLine — Tue, 02 Jul 2013 15:31:10 GMT

Right. If the high balance is 2k, then 2k will basically be your credit limit for utilization purposes. Keep in mind that this is daily high balance, so it's not necessary to carry a balance and pay interest. Simply concentrate your spending on the card for a whole billing cycle + grace period, then pay off the balance before the grace period ends.

Re: BOA Rocks!!!

myjourney — Tue, 02 Jul 2013 15:33:08 GMT

@Anonymous wrote:
Last August I opened the 99/500 credit card with Boa. I have used it much and treated it well. They upgraded me at 9 months to unsecured and I got a cli to 2000.00. I have really been wanting a Visa Signature card but don't really want to apply for anything else. So I called Boa today and asked if my credit limit could be raised to 5000.00 and my card become a Visa Signature. I answered all the normal questions and they approved me after a few minutes on hold. They used the same pull from 2 weeks ago which was awesome!! I will get a new card and card number but they said it will still show the account opened in August and my rewards will transfer over. I am super excited!!!

So how does the signature card show different on my credit report? Will it just not factor in my utility?

Congrats

Re: BOA Rocks!!!

Anonymous — Tue, 02 Jul 2013 15:45:12 GMT

So does it show a 5k limit and that it's a visa signature on my report? Or does it show my limit the same as my balance?

Re: BOA Rocks!!!

emptypockets — Tue, 02 Jul 2013 16:27:00 GMT

I was told that only certain BOA Signature cards do not report the credit line, but not all. The 3-2-1 cards supposedly report the credit limit given, not the high balance.

Re: BOA Rocks!!!

Anonymous — Tue, 02 Jul 2013 16:27:10 GMT

@emptypockets wrote:
My BOA Signature card (Better Balance Rewards) shows the Limit on my reports.

The BBR is a MC right? Not a Visa? BoA Visa Sig doesn't report balances, but their MC's do.

Re: BOA Rocks!!!

armbenderc — Tue, 02 Jul 2013 16:31:40 GMT

@emptypockets wrote:
I was told that only certain BOA Signature cards do not report the credit line, but not all. The 3-2-1 cards supposedly report the credit limit given, not the high balance.

My BoA BankAmerican Privileges /w Cash Rewards does not report CL as confirmed by many on here. It shows N/A on CL and N/A on high balance. It does said flexible spending account.

Re: BOA Rocks!!!

Anonymous — Tue, 02 Jul 2013 17:11:24 GMT

@emptypockets wrote:
I was told that only certain BOA Signature cards do not report the credit line, but not all. The 3-2-1 cards supposedly report the credit limit given, not the high balance.

That is what I have, the 3-2-1 cash rewards card. I meant to ask if changing to a signature waived the annual fee that came with the 99/500. I guess I will wait until it comes in and then call and ask.

Re: BOA Rocks!!!

09Lexie — Tue, 02 Jul 2013 17:24:53 GMT

Congrats! This should make you feel much better!

Re: BOA Rocks!!!

Anonymous — Tue, 02 Jul 2013 17:30:30 GMT

@09Lexie wrote:
Congrats! This should make you feel much better!

Thanks!! Yes it does! I never called back for the 3rd recon with Chase. I could not believe that Boa did all this. I learned on these forums that it never hurts to call and ask. I thought about asking Chase to use the same pull from the CSP app and see if my Freedom could be upgraded to Signature but I doubt they will even entertain the thought. For whatever reason, Chase is just stingy with me. Boa, Amex & Citi amaze me with our relationships but Chase just don't have any love for me (yet! )

Re: BOA Rocks!!!

TimeToRecover — Tue, 02 Jul 2013 17:33:16 GMT

I just got this card. the limit will NOT show. it is actually why I am considereing getting my sig changed to a non sig version. I am waiting to see how it affects my score over the next few months.

Re: BOA Rocks!!!

Anonymous — Wed, 03 Jul 2013 03:49:37 GMT

Just curious, why would you not want the limit to show? Is it because it will hit utility?

Re: BOA Rocks!!!

ForumPheen — Wed, 03 Jul 2013 04:43:59 GMT

Congratulations! And if you hadn't posted this, I wouldv'e thought Bank of America a strange one indeed. In my case, when I applied for the unsecured I got denied, and then when I applied for the secured, I got pulled twice, for a total of 3 hard pulls showing on my credit report. I was told that in order for them to update their records on a fraud alert I had placed nearly 7 years ago they would need to do another hard pull. 4 hard pulls for one bank? Are they kidding me? No thank you. Quite disappointing, since out of all my checking accounts, I pass the most amount of funds through them. I don't know whether to swallow it or scorn it; I am in the process of rebuilding my credit and I don't have a credit card. If I happen to secure a card with one of my other banks I will be moving the brunt of my activity through that bank. Bank of America just was my first choice.

Reading your post gives me some hope that it could be worthwhile if I follow it through, but 4 inquires? Really Bank of America? I understand 2 at most, not 4!

Re: BOA Rocks!!!

HiLine — Wed, 03 Jul 2013 04:51:33 GMT

I'm sure they do not need to pull another hard inquiry. I would give them a call, maybe try this number: 1-866-421-8153

If that fails, talk to your personal banker and let him contact the credit department.

Most people on this board have positive experience with Bank of America. It's all about talking to the right person.

For others who are considering building/rebuilding credit with BofA, if you apply for a non-secured card and get denied, wait for 1-2 weeks to see if they offer you a partially secured card. Applying for the secured card more than 1 day after the non-secured card will guarantee a second inquiry. A recon call may result in a third inquiry if you are not careful.

Re: BOA Rocks!!!

ForumPheen — Wed, 03 Jul 2013 05:02:00 GMT

Thank you HiLine. Looking at my scenario, I went into my local branch and applied with a rep. just under 2 weeks from my unsecured denial. From what you said, it almost sounds like a no win situation-you get hit with a hard pull on the first try, and then you get hit again if you wait a day to try the second option, yet you should really wait 2 weeks to see what they offer, and if no offer, you do the hard pull for a secured...

Le sigh. All I want is to start the road to responsibility without having to go through...Capital One (shudder). I shall try that number first, then return to my branch and have a mgr. try for me. I'd hate to give up so easily on this, but I must be smart about this as well, you know?

Re: BOA Rocks!!!

HiLine — Wed, 03 Jul 2013 05:07:08 GMT

Sorry to hear about your frustrating situation. I know I could've given up in that scenario had I not frequented this board. Give it a try; you have nothing to lose at this point. In the grand scheme of things, these first inquiries don't matter (I assume 2 inquiries were on Experian and 1 on TransUnion). The first card is all that matters, and from then on your credit journey will be smooth sailing.

Re: BOA Rocks!!!

ForumPheen — Wed, 03 Jul 2013 05:13:20 GMT

They sure were! 2 on Experian and one on Transunion . Does it matter what time I call that number? Dying to call right now, but it's a little after 1am EST and don't want to botch things up if there's a science to this...

Re: BOA Rocks!!!

Open123 — Wed, 03 Jul 2013 05:15:38 GMT

@HiLine wrote:
The first card is all that matters, and from then on your credit journey will be smooth sailing.

Right, no one wants to be the "first" one.

Banks have this "pioneers" get slaughtered mentality, and would much rather follow after the way has been paved. They all fall in line, once you get a TL or two, some positive history, and show you can handle credit.