topic Re: Should I ask BOA to Unsecure my Cash Rewards Visa? in Credit Cards

Should I ask BOA to Unsecure my Cash Rewards Visa?

ddemari — Wed, 14 May 2014 17:27:31 GMT

Hi everyone, I am debating asking BOA for a manual review of my account for an early graduation on my secured cash rewards visa. I nearing the 8th statement and I a feeling antsy. I have 700 dollars tied up with them and use the card monthly and I pay in full the balence every week so my statement never shows a balence.

I currently have a Transunion score of 675, Equifax Score of 674, and Experian score of 660. My fico is 650. I have a few old baddies and a bankruptcy that will fall of my report in November of this year (bank of america was not included in bankruptcy 10 years ago nor did I ever fail to pay them).

I also have a lot of inquires on my Transunion credit report because I was stupid and apping a few months ago.

Wait or try it out? I mean I really do not need another hard pull on my account but... you never know haha.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

IWOL — Wed, 14 May 2014 17:32:20 GMT

Not sure about waiting or requesting it now but if you do decide to request make sure you call and speak to the secured card department and ask for an analyst/underwriter.

Also, if you do request it to be unsecured ask the underwriter for a CLI, if they do unsecure as they will use the same pull.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

ddemari — Wed, 14 May 2014 17:37:38 GMT

Thanks for the advice!

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

mattayy — Wed, 14 May 2014 17:49:24 GMT

I asked to unsecure mine at 7 months via chat. My limit was $1,000 and they unsecured it and kept me at my same limit. I have lower scores than you so I'm sure you would be okay!

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

ddemari — Wed, 14 May 2014 18:19:22 GMT

nIce, thanks! I definitely want a credit limit increase. My overall utilization on credit cards is at .08 percent and I have about 14k in available credit with other cards combined. Although Transunion has not updated my credit report to show the lower utilization... I just do not want to waste a hard pull lol.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

EMax — Wed, 14 May 2014 18:23:29 GMT

@mattayy wrote:
I asked to unsecure mine at 7 months via chat. My limit was $1,000 and they unsecured it and kept me at my same limit. I have lower scores than you so I'm sure you would be okay!

mattayy, did they do a hard pull of your TU report when they unsecured your card? I'm approaching about 6 months now and am hoping to have it unsecure in the next couple of months as well.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

Revelate — Wed, 14 May 2014 18:24:39 GMT

I'd wait personally unless I needed the $700 right now, but this is one of the issues I'm incredibly conservative on in my advice.

You realistically need to hang out anyway given your app spree, so in this instance age will probably help especially when it comes to getting the CLI. 4 months can be non-trivial, I wouldn't waste that opportunity currently.

Can't really build a credit report well without patience, consider this an early opportunity to practice .

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

cgussio — Wed, 14 May 2014 18:24:13 GMT

It it was me, I would wait a couple more months. However, I am pretty conservative with my rebuilding.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

ddemari — Wed, 14 May 2014 18:27:51 GMT

I am totally going to wait it out. I do not need the 700 right now for anything. Yes, I totally need patience and im going to give it with this card. Thanks!

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

mattayy — Wed, 14 May 2014 18:33:16 GMT

Yeah it was a HP

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newhis — Wed, 14 May 2014 18:48:46 GMT

I have a secured cash rewards also with $1000 limit (full secured). My card and credit history is only a couple of months old. I don't have a FICO score yet (Discover IT card), so I'm not asking for other cards until I do.

I can deposit more money into the card, I know is a HP so I want to go to 3000 or more. Is it better to do it this month, then when I get a FICO score and app for other cards they can see a higher limit or it doesn't matter because the card is reported as secured?

I read a lot of threads that people say BofA unsecured the card but kept the same CL. I don't want to have the card at $1000 if that will make my new cards to start with low limits also.

Or should just wait for the 9-12 month and ask to be unsecured and ask for CLI?

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newdaddy113 — Wed, 14 May 2014 19:09:56 GMT

My card was automatically unsecured after 9 months. I had a $500 secured and my limit was automatically increased to $2000 and my $500 refunded to me.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newhis — Wed, 14 May 2014 19:14:28 GMT

@newdaddy113 wrote:
My card was automatically unsecured after 9 months. I had a $500 secured and my limit was automatically increased to $2000 and my $500 refunded to me.

Are you saying that you didn't ask for it to be unsecured so you didn't get a HP?

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newdaddy113 — Wed, 14 May 2014 19:16:36 GMT

i did not ask for it and i did not get an HP

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newhis — Wed, 14 May 2014 19:46:53 GMT

@newdaddy113 wrote:
i did not ask for it and i did not get an HP

Thank you, I guess just wait is a good option.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newdaddy113 — Wed, 14 May 2014 21:11:40 GMT

Yes just wait and continue using the card and paying it in full every month. you don't have to deposit additional funds to the card. Patience is key

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

bk510 — Thu, 15 May 2014 10:28:35 GMT

@ddemari wrote:
Hi everyone, I am debating asking BOA for a manual review of my account for an early graduation on my secured cash rewards visa. I nearing the 8th statement and I a feeling antsy. I have 700 dollars tied up with them and use the card monthly and I pay in full the balence every week so my statement never shows a balence.

I currently have a Transunion score of 675, Equifax Score of 674, and Experian score of 660. My fico is 650. I have a few old baddies and a bankruptcy that will fall of my report in November of this year (bank of america was not included in bankruptcy 10 years ago nor did I ever fail to pay them).

I also have a lot of inquires on my Transunion credit report because I was stupid and apping a few months ago.

Wait or try it out? I mean I really do not need another hard pull on my account but... you never know haha.

Go for it.....like u said u neva no.

I have seen people getting early grad as litle as 9 month.

I'm was denied for cash reward card 123 or wateva, but offered a fully secured card with reward 123 for a limited time offer.

I have until 6/26 to accept it. i'll probably go for it since i need a prime lender on my file.

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

bk510 — Thu, 15 May 2014 10:32:12 GMT

@newhis wrote:
I have a secured cash rewards also with $1000 limit (full secured). My card and credit history is only a couple of months old. I don't have a FICO score yet (Discover IT card), so I'm not asking for other cards until I do.

I can deposit more money into the card, I know is a HP so I want to go to 3000 or more. Is it better to do it this month, then when I get a FICO score and app for other cards they can see a higher limit or it doesn't matter because the card is reported as secured?

I read a lot of threads that people say BofA unsecured the card but kept the same CL. I don't want to have the card at $1000 if that will make my new cards to start with low limits also.

Or should just wait for the 9-12 month and ask to be unsecured and ask for CLI?

That's a quite an opposite of what I've been seeing.....

Re: Should I ask BOA to Unsecure my Cash Rewards Visa?

newhis — Thu, 15 May 2014 18:21:10 GMT

@bk510 wrote:
@newhis wrote:

I read a lot of threads that people say BofA unsecured the card but kept the same CL. I don't want to have the card at $1000 if that will make my new cards to start with low limits also.

Or should just wait for the 9-12 month and ask to be unsecured and ask for CLI?
That's a quite an opposite of what I've been seeing.....

Sorry about that, I see a lot of people getting unsecure card with the same limit or at most 3X. A few people got over 5X. It will be great to end with $5K after graduation, but I think that is hard.

I just called the 888 number with a secured card specialist and she said that it will be a HP for the CLI and the most I can put to the card is 10K, weird as the webpage say 4.9K