topic Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? ) in Credit Cards

Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

Anonymous — Sat, 07 Jun 2014 02:32:32 GMT

Okay, so about 1 1/2 years ago I applied for the Bank Americard Secured and was approved. I put in 300.00 and have always been on time with my payment and 90% of the time I actually pay in full. I use the account religiously but only at about 20% of available credit each month. So after well over a year they still denied me to unsecure the card. The reason was 5 year old collection accounts which were obviously on my credit well before I took out this card. I currently have 5 bank cards and 4 dept store cards ( ALL OF WHICH HAVE NEVER ONCE BEEN LATE ).

Has anyone else had this issue with BofA? If so, when did they finally unsecure the card?

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

B335is — Sat, 07 Jun 2014 02:35:54 GMT

Who did you speak to about unsecuring? I would call the backdoor number under helpful threads if you haven't spoken to an underwriter/analyst directly already. I don't have first-hand experience with their secured card, but when the computer denied me for a non-secured card, the credit analyst was able to overturn the decision.

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

Anonymous — Sat, 07 Jun 2014 02:43:54 GMT

I spoke to the underwriting department ( recon denied )

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

Anonymous — Sat, 07 Jun 2014 15:09:34 GMT

Anyone got advice or a time limit when they got theirs unsecured?

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

baller4life — Sat, 07 Jun 2014 15:17:06 GMT

Mine was just unsecured at 6 months. How does your TU look? If you have anything lingering unpaid that would be the issue. The underwriting criteria is different for unsecured. Which is why they approved your secured. I think as long as you don't have anything within the last two years they will approve a secured card. Still I would call again and talk to a different analyst. The first one I spoke with that unsecured it only gave me $500. I called back later and talked to a supervisor and got $1500 limit.

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

CreditDrama85 — Sat, 07 Jun 2014 15:14:35 GMT

is the collection account unpaid ? maybe your score is a little less than ideal for them and you should wait it out? you could open another card while you are waiting on BOA that you think has a reasonable chance of graduating maybe US Bank or FNBO. good luck

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

xXIDaShizIXx — Sat, 07 Jun 2014 19:20:29 GMT

If you can just pay it off. At least this way they would have absolutely nothing left to complain about.

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

gdale6 — Sat, 07 Jun 2014 19:24:32 GMT

@xXIDaShizIXx wrote:
If you can just pay it off. At least this way they would have absolutely nothing left to complain about.

If the OP were to pay it off without getting a PFD it will drop their credit score as long as it has not been updating monthly already.

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

HiLine — Sat, 07 Jun 2014 19:43:53 GMT

I would try to get the collection account removed from your credit profile.

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

Bman70 — Sat, 07 Jun 2014 21:43:30 GMT

@Anonymous wrote:
Okay, so about 1 1/2 years ago I applied for the Bank Americard Secured and was approved. I put in 300.00 and have always been on time with my payment and 90% of the time I actually pay in full. I use the account religiously but only at about 20% of available credit each month. So after well over a year they still denied me to unsecure the card. The reason was 5 year old collection accounts which were obviously on my credit well before I took out this card. I currently have 5 bank cards and 4 dept store cards ( ALL OF WHICH HAVE NEVER ONCE BEEN LATE ).

Has anyone else had this issue with BofA? If so, when did they finally unsecure the card?

It's OK to be eager to get better credit. But with baddies, just remember it's a lot stricter and their "default" is "no." That will change. When I had baddies, I always took what I could get. After the baddies dropped off things started to get exciting, but it was a matter of years not months. So really, your future is bright, but a little patience might make the ride easier.

Re: Bank of America WILL NOT unsecure/graduate my card ( What do I do? )

bk510 — Sat, 07 Jun 2014 23:29:35 GMT

@Bman70 wrote:
@Anonymous wrote:
Okay, so about 1 1/2 years ago I applied for the Bank Americard Secured and was approved. I put in 300.00 and have always been on time with my payment and 90% of the time I actually pay in full. I use the account religiously but only at about 20% of available credit each month. So after well over a year they still denied me to unsecure the card. The reason was 5 year old collection accounts which were obviously on my credit well before I took out this card. I currently have 5 bank cards and 4 dept store cards ( ALL OF WHICH HAVE NEVER ONCE BEEN LATE ).

Has anyone else had this issue with BofA? If so, when did they finally unsecure the card?
It's OK to be eager to get better credit. But with baddies, just remember it's a lot stricter and their "default" is "no." That will change. When I had baddies, I always took what I could get. After the baddies dropped off things started to get exciting, but it was a matter of years not months. So really, your future is bright, but a little patience might make the ride easier.