topic Re: Should I get this card??? in Credit Cards

Should I get this card???

msheresy — Wed, 04 Jun 2008 23:18:31 GMT

I currently have a Cap1 MC - CL 300 HsHd Bank MC - CL 500 I was approved today for a Gold Delta Sky Miles Amex. I dont know what the limit will be but I also received the pre-approval / invitation for a BOA 99/500 partial secured card. I plan to accept/activate the Amex. Should I also go ahead and get the 99/500?

Re: Should I get this card???

smallfry — Wed, 04 Jun 2008 23:20:40 GMT

@msheresy wrote:
I currently have a Cap1 MC - CL 300 HsHd Bank MC - CL 500 I was approved today for a Gold Delta Sky Miles Amex. I dont know what the limit will be but I also received the pre-approval / invitation for a BOA 99/500 partial secured card. I plan to accept/activate the Amex. Should I also go ahead and get the 99/500?

NO!!!

Re: Should I get this card???

heirophant — Wed, 04 Jun 2008 23:27:49 GMT

I say yes. You can transition from that to unsecured. Its a good deal...and you can eventually dump the Household card bcause it probably has a high AF.

Congrats on the AMEX.

Message Edited by heirophant on 06-04-2008 04:27 PM

Re: Should I get this card???

haulingthescoreup — Wed, 04 Jun 2008 23:35:40 GMT

I say yes. That way you'll have two cards from prime lenders, and two from semi-prime (Cap1 and HSBC.)

If you have spare cash, make higher deposits with BofA. It seems to trigger higher CL's when the secured card goes unsecured. Congrats on both!

Re: Should I get this card???

SonorityGenius — Wed, 04 Jun 2008 23:37:38 GMT

Absolutely go for it while you can!!

BofA secured card is a great starting place to get "in" with them, they are the most generous in terms of forgiving OTL, increasing CLs, and extending more cards to consumers - even in this climate!

And your $99 refunded to you when it upgrades anyway so no loss!!

Re: Should I get this card???

Anonymous — Wed, 04 Jun 2008 23:38:16 GMT

i would. gets your foot in the door and it will grow with you. by the time your likely able to app the card you would have 6-12 months of history.

Re: Should I get this card???

smallfry — Thu, 05 Jun 2008 00:00:12 GMT

So everyone is of a mind OP can get a card from AMEX but needs to go the secured route with BOA? I will defer to y'all.

Re: Should I get this card???

msheresy — Thu, 05 Jun 2008 00:11:56 GMT

This may be a dumb question but the APR is rather high. Would it go down when the card became unsecured?

Re: Should I get this card???

SonorityGenius — Thu, 05 Jun 2008 00:16:15 GMT

Do not worry about the APR, you need to PIF every month and upgrade the card!! Do not carry over balances on this card or the Amex.

To the above poster Re: Amex, delta is THE easiest card to get in with Amex and as mentioned by hauling, BofA adds a prime CL to the CRA of the OP which is another plus.

The $99 are refunded upon upgrade to regular, so good positive history + BofA + refund = no loss for OP

Re: Should I get this card???

islandchild82 — Thu, 05 Jun 2008 05:50:42 GMT

I would do it, too, if you are looking to add an additional card. It's a small investment (that will be returned to you!) for a higher credit limit, and if you treat it well, BofA will definitely grow with you.

Re: Should I get this card???

Anonymous — Thu, 05 Jun 2008 06:13:24 GMT

I can testify that, unlike certain other secured card issuers, BofA DOES repeat DOES graduate to unsecured. If you can get the 99/500, and your FICO is below 675 or so, take it. You'll be glad you did.

Re: Should I get this card???

haulingthescoreup — Thu, 05 Jun 2008 11:31:56 GMT

@smallfry wrote:
So everyone is of a mind OP can get a card from AMEX but needs to go the secured route with BOA? I will defer to y'all.

I said yes, because OP just got a Delta SkyMiles, and sad to say, you know what can sometimes happen with those. I would definitely want a back-up card for that puppy!

Maybe if BofA has secured and partially secured cards, the SkyMiles is AmEx's insecure card.

msheresy, if you haven't read it elsewhere, do NOT carry balances on your SkyMiles, despite what they tell you, and keep balances on your other cards under control. AmEx sometimes gets very weird about its Delta cardholders, seeming to immediately regret extending them credit. Be sure to read the 40-zillion AmEx threads if you haven't already.

And if you are blessed with extra money lying around, you can deposit more money on the BofA card and get a higher CL. At least you can on the fully-secured card, and I think you can on the partial one as well.

Re: Should I get this card???

Anonymous — Fri, 06 Jun 2008 02:28:59 GMT

msheresy wrote:
I currently have a Cap1 MC - CL 300 HsHd Bank MC - CL 500 I was approved today for a Gold Delta Sky Miles Amex. I dont know what the limit will be but I also received the pre-approval / invitation for a BOA 99/500 partial secured card. I plan to accept/activate the Amex. Should I also go ahead and get the 99/500?

Congrads on your approval for the AMEX. I would definitely take the 99/500 card. All posters have stated the card definitely grows with you - and not everyone receives the offer. Did you apply online for your AMEX, on the phone or via mail? Do you currently have any baddies on your report and what are they?

Re: Should I get this card???

Anonymous — Fri, 06 Jun 2008 03:10:16 GMT

haulingthescoreup wrote:

AmEx sometimes gets very weird about its Delta cardholders, seeming to immediately regret extending them credit.

I think this is a chicken/egg question. I'm not sure Amex focuses on its Delta cardholders in particular, or treats that card as the redheaded stepchild of the Amex family. I think we see more FRs on Delta Skymiles cardholders simply because it's the easiest Amex to get, and those who use that card to get their foot in the door with Amex are those who are more prone to FR-provoking behavior in the first place.

I agree that OP should definitely accept the 99/500. Congrats, OP!

(With apologies to redheaded stepchildren.)

Re: Should I get this card???

haulingthescoreup — Fri, 06 Jun 2008 11:11:38 GMT

@Anonymous wrote:
@haulingthescoreup wrote:

AmEx sometimes gets very weird about its Delta cardholders, seeming to immediately regret extending them credit.
I think this is a chicken/egg question. I'm not sure Amex focuses on its Delta cardholders in particular, or treats that card as the redheaded stepchild of the Amex family. I think we see more FRs on Delta Skymiles cardholders simply because it's the easiest Amex to get, and those who use that card to get their foot in the door with Amex are those who are more prone to FR-provoking behavior in the first place.

I agree that OP should definitely accept the 99/500. Congrats, OP!

(With apologies to redheaded stepchildren.)

I agree, and that's what I meant. Those with all types of AmEx cards should realize that AmEx will be softing their credit reports every fifteen days for eternity, it appears, and they're very interested in how you're handling your other cards as well as theirs. They seem awfully quick to pull the trigger on Delta members, though.

And my newly red(dish) hair resembles that remark!

Re: Should I get this card???

msheresy — Fri, 06 Jun 2008 12:30:01 GMT

PurpleHaze wrote:

msheresy wrote:
I currently have a Cap1 MC - CL 300 HsHd Bank MC - CL 500 I was approved today for a Gold Delta Sky Miles Amex. I dont know what the limit will be but I also received the pre-approval / invitation for a BOA 99/500 partial secured card. I plan to accept/activate the Amex. Should I also go ahead and get the 99/500?
Congrads on your approval for the AMEX. I would definitely take the 99/500 card. All posters have stated the card definitely grows with you - and not everyone receives the offer. Did you apply online for your AMEX, on the phone or via mail? Do you currently have any baddies on your report and what are they?

I applied online and then I had to call to verify my address. The only baddie I have is a closed cap 1 account from 04 that was PIF and a power utility collection from a bad roomate situation. I believe thats it.