topic Re: Interesting convo with BofA in General Credit Topics

Interesting convo with BofA

Anonymous — Tue, 11 Sep 2007 19:15:52 GMT

I was reading some posts about how cool BofA was and since so many of my baddies are really old and falling off within 12 months I decided to try and open a new TL to start building new pos history. I went to BofA website and chatted online with an agent. My question to you all is; should I bother applying?

TU=465 EQ=449 EX=517

Here's the transcript.

Tiffani: Hello, I would be happy to assist you in selecting the credit card that best fits your needs.
you: hi, i'm trying to rebuild severely damaged credit and I heard that you had a secured option that was available to people like me. Can you tell me more about it?
Tiffani: Yes I would be happy to help
Tiffani: Please click here for information regarding our Secured card.
Tiffani: With the Secured Card, you make a minimum deposit of $300. The Secured Card then works like a regular credit card with a $300 limit.
you: ok, thats awesome. I just found out last year that I'm on chexsystems and I'm still trying to figure out why. Will this prevent me from opening an account with you?
Tiffani: It could. So I would check that out first before applying
you: check it out with chexsystems or check it out with a BofA branch?
Tiffani: Go to chexsystems first
you: ok. one more thing. have you heard of 99/500 card? someone mentioned this as a product that you offer.
Tiffani: Yes, I have. It is offered when a regular application is declined, and it is invitation only
you: any idea what your FICO scores need to be to qualify?
Tiffani: No I do not have that information, but You can apply for the unsecured visa and see what happens, that way your credit is only accessed once
Tiffani: And you get the best card we can offer
Tiffani: That way you do not have to go through chexsystems unless you have to
you: ok cool. thanks so much for your help. this chat thing is really cool. have a wonderful day!
Tiffani: You too Did you wan that application ?
Tiffani: Please click here to apply for the Visa Platinum Plus card.
you: i will consider applying. my scores are pretty low so not sure if i will or not. Thanks again for all your help.
Tiffani: I understand your concerns; the good news is, if you get declined, the bank will re-evaluate your application to see if you are eligible for anything else based on what you submitted today. This means that there is no additional credit check and allows you to exhaust all your options!
you: hmmm, it's nice that they minimize the inquiries like that. will take it under serious consideration. appreciate the info.
Tiffani: You are welcome
Tiffani: It was a pleasure assisting you today. To exit this chat session, please click the Close button. Thanks for choosing Bank of America, have a great day!

Re: Interesting convo with BofA

Anonymous — Tue, 11 Sep 2007 19:18:54 GMT

unlike WAMU or WELLS FARGO,

BOFA does not check the chexsystems!

you can open an account with a passport and a state ID, SS. Then apply for one of their secured cards. You'll have better chances.

Good luck.,

Re: Interesting convo with BofA

cgmiller63 — Tue, 11 Sep 2007 20:08:55 GMT

montana wrote:
unlike WAMU or WELLS FARGO,

BOFA does not check the chexsystems!
you can open an account with a passport and a state ID, SS. Then apply for one of their secured cards. You'll have better chances.
Good luck.,

You can even apply with a matricula consular card and no ss#...

Re: Interesting convo with BofA

trudawg660 — Wed, 12 Sep 2007 17:37:11 GMT

what is the 99/500 card you was refering to?

Re: Interesting convo with BofA

Anonymous — Wed, 12 Sep 2007 18:11:19 GMT

yep. i was trying to find out what it was all about. Would rather build new credit with a bank than with a nasty sub-prime card. Their fees are preposterous!

Re: Interesting convo with BofA

Tuscani — Thu, 13 Sep 2007 17:09:11 GMT

orhippychic wrote:

yep. i was trying to find out what it was all about. Would rather build new credit with a bank than with a nasty sub-prime card. Their fees are preposterous!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=10685

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:17:55 GMT

am i glad all my cards are prime and i never had to git secured card.

lol.

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:19:31 GMT

well, my scores are mid 400's to low 500's. should i even bother? is it worth the inquiry to try?

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:23:07 GMT

i would wait untill you are in mid to upper 500's and apply for 99/500 bofa card. wow this is a good deal people!

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:35:01 GMT

you're probably right. In the meantime i'm going to start a new TL with a secured card through my credit union. $500 to start but that's only the deposit, no fees. i desperately need some positive TL's that are more than 5 years old. plus i'll be priming my relationship with my CU so perhaps when i refi i can go through them. they are amazingly friendly.

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:41:13 GMT

What is a 99/500 card?

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:45:21 GMT

it's a secured card offered by BofA. Check out Tuscani's post on page 1

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:46:46 GMT

if you're gonna do that then better to star with a PRIME bank then credit union. Call BOFA and ask about your options based on your scores. i think they can offer you a straight $500 deposit and CL card. maybe even pay $99 deposit and git $500 credit card. Try it with BOFA rather then with credit union.

99/500 are Bank of America secured credit card: put a deposit of $99 and get $500 credit line. For people with poor credit. Better to have at least mid 500's FICO for this card.

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:48:13 GMT

hmmm, perhaps i will do both. I have no open TL's right now so it might be good to have 2.

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 17:57:58 GMT

ok... how do i put this.

do you want to always shop for clothes at walmart or macy's?

if you picked macy's, then apply only for prime bank and prime cards. So far you can get a BOFA ( which is prime bank ) your secured card is of course subrime, BUT!!!! you will have this on your report and next time you apply ( in 12 month ) you can get WAMU, CHASE, CITI even AMEX.

If you choose to still have one with your credit union then:

in 12 month you will have :

cap1

orchard

juniper

household

first premier

You don't have to have both. You need only one right now. And better BOFA then CU. Do you agree?

Message Edited by montana on 09-13-2007 10:57 AM

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 18:21:24 GMT

i guess i never really thought about the difference between the quality of bank references as opposed to credit unions. i think i could get my scores up to the mid 500's in a couple months with some of the letters i'm sending out. patience, patience i guess. i'm just so jacked up about improving my scores and can't wait to see the results of my letters, so i may be getting ahead of myself...

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 18:26:06 GMT

Credit Unions are not considered prime?

Re: Interesting convo with BofA

Anonymous — Thu, 13 Sep 2007 18:36:33 GMT

Credit Unions are not prime. Anyone who say's otherwise doesn't know any better. Sure it may offer you lower APR but.......the only prime so far is an FDIC institution such as:

American Express Bank ( any of their cards are prime except partner cards: Delta, hilton, Starwood.) Blue, Clear , any charge cards are all prime.

BOFA - anything is prime except secured credit, but doesn't say so on your credit report so IT IS ALSO PRIME!!!

WAMU, same thing

WELLS FARGO same thing

CITI same thing

CHASE same thing

stay away from :

orchard

cap1

juniper

household

first premier

the rest of low CL and high APR and annual fee.

Re: Interesting convo with BofA

Anonymous — Fri, 14 Sep 2007 04:55:04 GMT

What about installment loans form Credit Unions. I was just about to open one from a local Credit Union. They were definitely much cheaper. I don't need the loan, it was such a good rate it sounded like maybe it was worth it just to have another installment on CR. Will this be bad for score? I'd freak if it said consumer finance or something.

Re: Interesting convo with BofA

Anonymous — Fri, 14 Sep 2007 05:12:19 GMT

looks like you're in love with that cu. lol. anyway....when you have an installment loan it's ok. it counts differently in FICO, but you have to make sure it is not "consumer finance " loan because those...CAN and WILL hurt your FICO in short and medium term, perhaps untill you pay it off. If you want to throw a personal loan i n to the credit mix, then as for a LOC line of credit. it reports as revolving and can enhance your overall picture, but may hurt as new inq and new account...bringing overall age of TL down, hence the FICO will take a dive of some 10-20 %. No consumer finance loans! These are form prime bank's little subprime operations:

Citibank- CitiFianncial

Wells fargo bank: Welss fargo Financial

better to stay away from those, because you fall in to a bottom of subprime....unles desperate for money.

good luck.