topic Re: BoA Secured Rewards in Credit Cards

BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 20:16:43 GMT

I just got off the phone with BoA using the backdoor number I found on this forum, and wanted to let everyone know about my experience. I called because I currently have a secured card with a $300 limit that I got a little over a year ago to begin the rebuilding process. Since then I've gotten 2 other cards (Discover It and Chase Freedom) and no longer had any use for the BoA card, so I wanted to see if I could have it unsecured and PC'd to 123 Rewards. After a brief conversation with the credit anlyst I was told that there was no way to request graduation without a HP, BUT she could add the 123 cash back rewards to my secured account. This may be something that is commonly known, but I didn't know, so I thought I would share with you guys.

Re: BoA Secured Rewards

Creditaddict — Wed, 09 Apr 2014 20:20:25 GMT

@junojunowhat wrote:
I just got off the phone with BoA using the backdoor number I found on this forum, and wanted to let everyone know about my experience. I called because I currently have a secured card with a $300 limit that I got a little over a year ago to begin the rebuilding process. Since then I've gotten 2 other cards (Discover It and Chase Freedom) and no longer had any use for the BoA card, so I wanted to see if I could have it unsecured and PC'd to 123 Rewards. After a brief conversation with the credit anlyst I was told that there was no way to request graduation without a HP, BUT she could add the 123 cash back rewards to my secured account. This may be something that is commonly known, but I didn't know, so I thought I would share with you guys.

why wouldn't you want to let them do a HP and unsecure it if you have received Discover and Chase I would think you are 100% for unsecure... and most have luck then calling back after conversion and with same pull getting VERY large CLI.

Re: BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 20:30:06 GMT

I may do that....however, it's set to be reviewed for grauation with a SP in July, and I don't really mind waiting. My overall util is around 7% so having a huge CL isn't really an issure for me. I just figure limiting HPs is worth waiting until July.

Re: BoA Secured Rewards

Creditaddict — Wed, 09 Apr 2014 20:31:23 GMT

@junojunowhat wrote:
I may do that....however, it's set to be reviewed for grauation with a SP in July, and I don't really mind waiting. My overall util is around 7% so having a huge CL isn't really an issure for me. I just figure limiting HPs is worth waiting until July.

thought you have had it for over a year?

BofA graduates cards in as little as 9 months!

Re: BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 20:37:50 GMT

I got it in July of 2012, however in July of 2013 when it was reviewed to graduate the BoA card and Discover card were bother maxed out, so it didn't graduate due to high utilization. I didn't really know what I was doing then. Anyway...it's reviewed again once a year, so come July I feel confident that it will graduate without wasting a HP.

Re: BoA Secured Rewards

Creditaddict — Wed, 09 Apr 2014 20:39:26 GMT

@junojunowhat wrote:
I got it in July of 2012, however in July of 2013 when it was reviewed to graduate the BoA card and Discover card were bother maxed out, so it didn't graduate due to high utilization. I didn't really know what I was doing then. Anyway...it's reviewed again once a year, so come July I feel confident that it will graduate without wasting a HP.

the other plus to do the hp for unsecuring is that if they unsecure it most of the time they issue a CLI of $500... and if you want it raised in july after that happens, it will still be a hp.

Re: BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 20:41:00 GMT

I didn't realize that....think I'll call them back and try to have it unsecured now. Thanks for the advice.

Re: BoA Secured Rewards

Creditaddict — Wed, 09 Apr 2014 20:43:00 GMT

@junojunowhat wrote:
I didn't realize that....think I'll call them back and try to have it unsecured now. Thanks for the advice.

don't be surprised if you have to do the unsecure and then wait a day and then talk to the unsecured credit analysts for a bigger better CLI... some have mixed results and do it in stages over a few days.

unsecure

rewards change

cli

some have done all 3 at once... just depends who you get on the phone I guess. but i would be asking to cli higher then chase and discover because you have way more experience with this bofa!!

Re: BoA Secured Rewards

Revelate — Wed, 09 Apr 2014 20:44:25 GMT

@Creditaddict wrote:
@junojunowhat wrote:
I got it in July of 2012, however in July of 2013 when it was reviewed to graduate the BoA card and Discover card were bother maxed out, so it didn't graduate due to high utilization. I didn't really know what I was doing then. Anyway...it's reviewed again once a year, so come July I feel confident that it will graduate without wasting a HP.
the other plus to do the hp for unsecuring is that if they unsecure it most of the time they issue a CLI of $500... and if you want it raised in july after that happens, it will still be a hp.

Not in my experience.

If you request it early it can / will be a HP as explained; if you are denied for unsecuring and you are reconning it that may trigger a HP (happened with me for a stupid reason, I deviated in my behavior to try to max out the card to set the high water mark, bad Rev, bad!) but otherwise it simply unsecures and the limit may change at that point anyway.

I wouldn't push it early as did happen in some cases (YahComb comes to mind) but I'd always tack on the rewards: it's why it's the best secured card on the planet, but pushing one's markers on early graduation may wind up in uncessary pain. Ostensibly 3 more months can be waited to get the security deposit back in most cases,

Re: BoA Secured Rewards

Creditaddict — Wed, 09 Apr 2014 20:45:48 GMT

@Revelate wrote:
@Creditaddict wrote:
@junojunowhat wrote:
I got it in July of 2012, however in July of 2013 when it was reviewed to graduate the BoA card and Discover card were bother maxed out, so it didn't graduate due to high utilization. I didn't really know what I was doing then. Anyway...it's reviewed again once a year, so come July I feel confident that it will graduate without wasting a HP.
the other plus to do the hp for unsecuring is that if they unsecure it most of the time they issue a CLI of $500... and if you want it raised in july after that happens, it will still be a hp.
Not in my experience.

If you request it early it can / will be a HP as explained; if you are denied for unsecuring and you are reconning it that may trigger a HP (happened with me for a stupid reason, I deviated in my behavior to try to max out the card to set the high water mark, bad Rev, bad!) but otherwise it simply unsecures and the limit may change at that point anyway.

I wouldn't push it early as did happen in some cases (YahComb comes to mind) but I'd always tack on the rewards: it's why it's the best secured card on the planet, but pushing one's markers on early graduation may wind up in uncessary pain. Ostensibly 3 more months can be waited to get the security deposit back in most cases,

it's not early graduation... OP is coming up on 2 years!

Re: BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 20:46:03 GMT

Yeah, up until recently I would spend about 1500-2000/month on this card, so I had to make payments weekly, if not twice weekly. Surely they'll take that into consideration.

Re: BoA Secured Rewards

Revelate — Wed, 09 Apr 2014 20:56:54 GMT

@Creditaddict wrote:
@Revelate wrote:
@Creditaddict wrote:
@junojunowhat wrote:
I got it in July of 2012, however in July of 2013 when it was reviewed to graduate the BoA card and Discover card were bother maxed out, so it didn't graduate due to high utilization. I didn't really know what I was doing then. Anyway...it's reviewed again once a year, so come July I feel confident that it will graduate without wasting a HP.
the other plus to do the hp for unsecuring is that if they unsecure it most of the time they issue a CLI of $500... and if you want it raised in july after that happens, it will still be a hp.
Not in my experience.

If you request it early it can / will be a HP as explained; if you are denied for unsecuring and you are reconning it that may trigger a HP (happened with me for a stupid reason, I deviated in my behavior to try to max out the card to set the high water mark, bad Rev, bad!) but otherwise it simply unsecures and the limit may change at that point anyway.

I wouldn't push it early as did happen in some cases (YahComb comes to mind) but I'd always tack on the rewards: it's why it's the best secured card on the planet, but pushing one's markers on early graduation may wind up in uncessary pain. Ostensibly 3 more months can be waited to get the security deposit back in most cases,
it's not early graduation... OP is coming up on 2 years!

Good catch, I misread that one. I still wouldn't go poke the bear, based on his spending profile he'll likely get a bump and doesn't need the security deposit anyway. No real downside to waiting, and might be some by pushing the marker forward.

I'm becoming more risk adverse in my old age and senility apparently .

Re: BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 20:59:45 GMT

Well, BoA made the decision for me. Just spoke with them again, and apparently I can't request it to be unsecured until the new card comes and is activated, because my acct number has changed. I think I'll just wait till July and cross the bridge when I come to it. I'm a patient man. Thanks for the advice, guys.

Re: BoA Secured Rewards

newhis — Wed, 09 Apr 2014 21:19:41 GMT

@junojunowhat wrote:
I just got off the phone with BoA using the backdoor number I found on this forum, and wanted to let everyone know about my experience. I called because I currently have a secured card with a $300 limit that I got a little over a year ago to begin the rebuilding process. Since then I've gotten 2 other cards (Discover It and Chase Freedom) and no longer had any use for the BoA card, so I wanted to see if I could have it unsecured and PC'd to 123 Rewards. After a brief conversation with the credit anlyst I was told that there was no way to request graduation without a HP, BUT she could add the 123 cash back rewards to my secured account. This may be something that is commonly known, but I didn't know, so I thought I would share with you guys.

I was able to change the card to 123 cash back doing a chat online after login into my account. That was the next week I opened the account. Great service so far with BofA.

Re: BoA Secured Rewards

newUser0 — Wed, 09 Apr 2014 21:24:23 GMT

@Revelate wrote:
@Creditaddict wrote:
@junojunowhat wrote:
I got it in July of 2012, however in July of 2013 when it was reviewed to graduate the BoA card and Discover card were bother maxed out, so it didn't graduate due to high utilization. I didn't really know what I was doing then. Anyway...it's reviewed again once a year, so come July I feel confident that it will graduate without wasting a HP.
the other plus to do the hp for unsecuring is that if they unsecure it most of the time they issue a CLI of $500... and if you want it raised in july after that happens, it will still be a hp.
Not in my experience.

If you request it early it can / will be a HP as explained; if you are denied for unsecuring and you are reconning it that may trigger a HP (happened with me for a stupid reason, I deviated in my behavior to try to max out the card to set the high water mark, bad Rev, bad!) but otherwise it simply unsecures and the limit may change at that point anyway.

I wouldn't push it early as did happen in some cases (YahComb comes to mind) but I'd always tack on the rewards: it's why it's the best secured card on the planet, but pushing one's markers on early graduation may wind up in uncessary pain. Ostensibly 3 more months can be waited to get the security deposit back in most cases,

No CLI on graduation.

Re: BoA Secured Rewards

PrettyGyrl — Wed, 09 Apr 2014 21:35:17 GMT

In my case, my BofA secured was unsecured after 9 months, they gave me a cli from $300-$500. I just requested a cli was denied recon'ed using EO email was contacted and recieved my cli of 3k in less than one hour.

Re: BoA Secured Rewards

newUser0 — Wed, 09 Apr 2014 21:59:51 GMT

Congrats PrettyGal on your CLI, was this HP?

Re: BoA Secured Rewards

junojunowhat — Wed, 09 Apr 2014 23:45:18 GMT

@PrettyGyrl wrote:
In my case, my BofA secured was unsecured after 9 months, they gave me a cli from $300-$500. I just requested a cli was denied recon'ed using EO email was contacted and recieved my cli of 3k in less than one hour.

Congratulations!