topic Re: BofA Secured Usage? in Credit Cards

BofA Secured Usage?

Vivid — Sat, 23 Aug 2014 20:07:41 GMT

So as some of you may know, I apped for the BofA secured card and I guess Im approved. They've withdrawn the money, but haven't bothered to atleast send any kind of e-mail communication. Anyways...My question is about usage for optimal results. Those being possible early graduation and most important to me, CL BOOST! @ Unsecure.

Should I:

A. Run up the balance atleast once to near CL and allow it to post to High Balance. Then just keep the monthly balance at like $100 or less after that? Always paying in full each month of course.

B. No. Always keep the monthly balance low...they will freak about seeing that amount of usage.

C. Doesn't matter. Just pay in full each month.

Re: BofA Secured Usage?

One7 — Sat, 23 Aug 2014 20:10:38 GMT

Definitely not an expert on this but with mine I always paid in full and they automatically unsecured mine after 9 months.

Re: BofA Secured Usage?

baller4life — Sat, 23 Aug 2014 20:19:03 GMT

My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.

Re: BofA Secured Usage?

JLK93 — Sat, 23 Aug 2014 20:29:29 GMT

I spent about $100 to $200 per month on the card. One month I spent $500.

I requested and was granted early graduation at 6 months. The secured card CSR refused to give me a CLI. He said that I didn't need more credit since I didn't put much usage on the card.

I then called a backdoor number and talked to a credit analyst. He gave me a huge cli. The credit analyst didn't mention anything about low usage.

Re: BofA Secured Usage?

Vivid — Sun, 24 Aug 2014 04:00:21 GMT

Hmm. Anyone else?? Aprox credit score at time of unsecure? Sounds like there could be something to pif before statement. Did you request it or did they unsecure it?

Re: BofA Secured Usage?

newhis — Sun, 24 Aug 2014 04:02:30 GMT

@Vivid wrote:
@Anonymous as some of you may know, I apped for the BofA secured card and I guess Im approved. They've withdrawn the money, but haven't bothered to atleast send any kind of e-mail communication. Anyways...My question is about usage for optimal results. Those being possible early graduation and most important to me, CL BOOST! @ Unsecure.

Should I:

A. Run up the balance atleast once to near CL and allow it to post to High Balance. Then just keep the monthly balance at like $100 or less after that? Always paying in full each month of course.

B. No. Always keep the monthly balance low...they will freak about seeing that amount of usage.

C. Doesn't matter. Just pay in full each month.

I see they report the high balance even if you PIF before statement cut. They also report how much you paid for that month. I never let my cards close above 9% but BoA secured report everything, the balance (9% or less), the high balance I once had (95%), how much I pay each month (some months even more than my limit).

Re: BofA Secured Usage?

Anonymous — Sun, 24 Aug 2014 05:23:49 GMT

@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.

From my experience and what I have read online, that is THE strategy.

Re: BofA Secured Usage?

xXIDaShizIXx — Sun, 24 Aug 2014 18:58:21 GMT

@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.

This is what I have done. Already have my sixth statement, but I'm not calling in, I'm waiting on them to unsecure me lol.

Re: BofA Secured Usage?

Anonymous — Sun, 24 Aug 2014 19:19:12 GMT

I've finally started using my BoA secured card regularly a few months ago. I'll be at the end of 12 months at the end of August. I've been charging as much as I want on my 1k limit, but I pay my all my bills weekly so I clear my balances on the cards too. We will see.

Re: BofA Secured Usage?

xXIDaShizIXx — Sun, 24 Aug 2014 19:46:45 GMT

@Anonymous wrote:
I've finally started using my BoA secured card regularly a few months ago. I'll be at the end of 12 months at the end of August. I've been charging as much as I want on my 1k limit, but I pay my all my bills weekly so I clear my balances on the cards too. We will see.

And I wonder if it is the 12th month exactly or on the 13th month (after they have seen 12 months of history)?

Re: BofA Secured Usage?

Anonymous — Mon, 25 Aug 2014 00:06:51 GMT

yes. after the end of the 12 month they review. I'll be upgrading my scorewatch to the 3Bs report so I can see them looking at my TU.

Re: BofA Secured Usage?

zsepthenne — Mon, 25 Aug 2014 01:18:10 GMT

I held small balances of 15% and under on my card at times. Racked it up pretty high at one point then PIF. What I did always do was pay a few days after statement cut if I didn't pay beforehand. Unsecured at 9 months. I called a few days ago and requested the APR be lowered, went from 20.99 to 16.99. The rep told me I had an "invitation" to apply for a CLI. Didn't want to take the HP since my other cards are more desirable and I'd rather work on them.

Re: BofA Secured Usage?

bigblue7722 — Mon, 25 Aug 2014 01:21:37 GMT

@xXIDaShizIXx wrote:
@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.
This is what I have done. Already have my sixth statement, but I'm not calling in, I'm waiting on them to unsecure me lol.

Good Luck. I have been a BOA banking customer for 8 years had my dd with them and had about 5k at all times in my checking account with them. I got the secured card had it for 13 months they wouldnt do anything without HP me. No boa card is worth TWO HP. Sallie mae is a million times better and there are so many better travel cards out there. I wish there was a chase bank close to me I got 5 of there cards with 4 HP. I ended up with almost 70k UR points with just the freedom and CSP sign up bonus and AU bonus. Chase marriott i got 70k points plus a free night. Chase Hyatt I got two free nights plus a free night every year. BOA offers nothing like that.

Re: BofA Secured Usage?

slicemans — Mon, 25 Aug 2014 01:44:59 GMT

@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.

Is it HP when you unsecured?

Re: BofA Secured Usage?

xXIDaShizIXx — Mon, 25 Aug 2014 01:55:16 GMT

@bigblue7722 wrote:
@xXIDaShizIXx wrote:
@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.
This is what I have done. Already have my sixth statement, but I'm not calling in, I'm waiting on them to unsecure me lol.
Good Luck. I have been a BOA banking customer for 8 years had my dd with them and had about 5k at all times in my checking account with them. I got the secured card had it for 13 months they wouldnt do anything without HP me. No boa card is worth TWO HP. Sallie mae is a million times better and there are so many better travel cards out there. I wish there was a chase bank close to me I got 5 of there cards with 4 HP. I ended up with almost 70k UR points with just the freedom and CSP sign up bonus and AU bonus. Chase marriott i got 70k points plus a free night. Chase Hyatt I got two free nights plus a free night every year. BOA offers nothing like that.

Believe me I would love to be out of secured card hell. I have student loans to pay down first. That seems to be what is holding me back at this point. Its the only thing I kept getting denied for, the balances being too high. Sad thing is if thats the problem, then I won't be able to get an unsecured card for a long long time.

Re: BofA Secured Usage?

JLK93 — Mon, 25 Aug 2014 01:56:05 GMT

@slicemans wrote:
@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.
Is it HP when you unsecured?

It is an HP on TU if you request early graduation. It is a SP on TU if you wait for auto graduation.

Re: BofA Secured Usage?

xXIDaShizIXx — Mon, 25 Aug 2014 01:57:00 GMT

@oilcan12 wrote:
@slicemans wrote:
@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.
Is it HP when you unsecured?
It is an HP on TU if you request early graduation. It is a SP on TU if you wait for auto graduation.

If it ever happens, apparently

Re: BofA Secured Usage?

HiLine — Mon, 25 Aug 2014 02:03:39 GMT

@Vivid wrote:
@Anonymous as some of you may know, I apped for the BofA secured card and I guess Im approved. They've withdrawn the money, but haven't bothered to atleast send any kind of e-mail communication. Anyways...My question is about usage for optimal results. Those being possible early graduation and most important to me, CL BOOST! @ Unsecure.

Should I:

A. Run up the balance atleast once to near CL and allow it to post to High Balance. Then just keep the monthly balance at like $100 or less after that? Always paying in full each month of course.

B. No. Always keep the monthly balance low...they will freak about seeing that amount of usage.

C. Doesn't matter. Just pay in full each month.

I went with option B. Not sure if this mattered to BofA, but when I applied for credit cards from other banks, they noticed.

BofA unsecured me about 2-3 weeks before the 1-year mark, almost 2 years ago.

Re: BofA Secured Usage?

bigblue7722 — Mon, 25 Aug 2014 02:03:52 GMT

@xXIDaShizIXx wrote:
@bigblue7722 wrote:
@xXIDaShizIXx wrote:
@baller4life wrote:
My strategy was charge close to limit then pif before statement. Rinse and repeat. Unsecured at 6 months.
This is what I have done. Already have my sixth statement, but I'm not calling in, I'm waiting on them to unsecure me lol.
Good Luck. I have been a BOA banking customer for 8 years had my dd with them and had about 5k at all times in my checking account with them. I got the secured card had it for 13 months they wouldnt do anything without HP me. No boa card is worth TWO HP. Sallie mae is a million times better and there are so many better travel cards out there. I wish there was a chase bank close to me I got 5 of there cards with 4 HP. I ended up with almost 70k UR points with just the freedom and CSP sign up bonus and AU bonus. Chase marriott i got 70k points plus a free night. Chase Hyatt I got two free nights plus a free night every year. BOA offers nothing like that.
Believe me I would love to be out of secured card hell. I have student loans to pay down first. That seems to be what is holding me back at this point. Its the only thing I kept getting denied for, the balances being too high. Sad thing is if thats the problem, then I won't be able to get an unsecured card for a long long time.

How much student loan debt are you in? Ive seen plenty of people who make 40-50k a year and have a 200k mortgage get approved for credit cards. Maybe look to consolidate them? Student loan debt is a lot different than revolving credit card debt. Theres tons of people coming out of medical school, law school, business school with atleast 6 years of student loans with them.

Re: BofA Secured Usage?

bigblue7722 — Mon, 25 Aug 2014 02:06:32 GMT

@HiLine wrote:
@Vivid wrote:
@Anonymous as some of you may know, I apped for the BofA secured card and I guess Im approved. They've withdrawn the money, but haven't bothered to atleast send any kind of e-mail communication. Anyways...My question is about usage for optimal results. Those being possible early graduation and most important to me, CL BOOST! @ Unsecure.

Should I:

A. Run up the balance atleast once to near CL and allow it to post to High Balance. Then just keep the monthly balance at like $100 or less after that? Always paying in full each month of course.

B. No. Always keep the monthly balance low...they will freak about seeing that amount of usage.

C. Doesn't matter. Just pay in full each month.
I went with option B. Not sure if this mattered to BofA, but when I applied for credit cards from other banks, they noticed.

BofA unsecured me about 2-3 weeks before the 1-year mark, almost 2 years ago.

Your lucky. I really think things changed at BOA. I thought i was shoe in to get my card unsecured automatically . They made it seem like they dont do it anymore when I called and asked about it.