topic Re: BoA Secured Credit card in Rebuilding Your Credit

BoA Secured Credit card

Anonymous — Sat, 11 Jun 2011 21:58:48 GMT

I have a secured credit card through BoA, if i add more money into it, is it considered a hard or a soft pull. Anyone out there has done this and what was the result. Please help.

THanks

Re: BoA Secured Credit card

MissMia75 — Sat, 11 Jun 2011 22:08:30 GMT

this is a good question I was wondering the same thing.

Re: BoA Secured Credit card

Anonymous — Sat, 11 Jun 2011 22:12:23 GMT

Im really no expert in credit. but, why would there be a pull at all? I deposit money into a Cap 1 secured and have never been informed of them doing any sort of pull. No new hard pulls on USAA monitoring either. If they're hard pulling you for depositing money it may be time to look for another secured card. imo

Re: BoA Secured Credit card

Anonymous — Sat, 11 Jun 2011 22:13:10 GMT

Because I've heard it both ways, that it can be a hard pull bc you're changing the agreement from when you first put in the same amount. You are a Cap One so it may, be different rules for you.

Re: BoA Secured Credit card

Anonymous — Sat, 11 Jun 2011 22:25:14 GMT

What kind of benifit does BOA offer for their secured cards that other companies do not offer that would outweigh a hard pull everytime you wanted to make a deposit? if you come to find they do hard pulls,

Re: BoA Secured Credit card

FinanceGuy007 — Sat, 11 Jun 2011 23:09:27 GMT

I'm neither with Cap One or BoA, but at Public Savings bank there is no HARD or SOFT pull. Just send them the money. IDK BoA may be different. You must have clean or some kind of credit because BoA is picky on even issuing a secured card IMO.

Re: BoA Secured Credit card

MissMia75 — Sun, 12 Jun 2011 01:28:47 GMT

@FinanceGuy007 wrote:
I'm neither with Cap One or BoA, but at Public Savings bank there is no HARD or SOFT pull. Just send them the money. IDK BoA may be different. You must have clean or some kind of credit because BoA is picky on even issuing a secured card IMO.

Have you had any issues with them posting payments?

Re: BoA Secured Credit card

Anonymous — Sun, 12 Jun 2011 01:50:06 GMT

@Anonymous wrote:
I have a secured credit card through BoA, if i add more money into it, is it considered a hard or a soft pull. Anyone out there has done this and what was the result. Please help.

THanks

I believe there was a poster on another BoA thread who stated they did do a hard pull when he wanted to increase the limit on his secured card by making an additional deposit.

What has BoA told you? If you find out, please let us know.

Re: BoA Secured Credit card

Anonymous — Sun, 12 Jun 2011 13:35:09 GMT

I'm going to call them tomorrow and find out but it seems that all points to a HP when increasing your CL on their secured credit card. As soon as i find anything i'll post it on here.

Thanks

Re: BoA Secured Credit card

-Cain- — Mon, 13 Jun 2011 00:05:42 GMT

A branch rep told me it would be a hard pull as you'd be entering a new agreement and the contents of your CR may have changed. I'd like to hear what a phone rep tells you as sometimes branch reps and phone reps are not always on the same page.

Re: BoA Secured Credit card

Anonymous — Mon, 13 Jun 2011 14:55:10 GMT

I was told on the phone that it will be a hard pull since they're going to be looking at everything before depositing more funds.

Should I do it or no? I have 7 credit inquiries (2 will fall off within a couple of months). I was going to put 2000 to put my total to 5000 on my secured BoA card

Re: BoA Secured Credit card

Anonymous — Mon, 13 Jun 2011 23:44:46 GMT

@Anonymous wrote:
I was told on the phone that it will be a hard pull since they're going to be looking at everything before depositing more funds.

Should I do it or no? I have 7 credit inquiries (2 will fall off within a couple of months). I was going to put 2000 to put my total to 5000 on my secured BoA card

Given that the CD securing your BoA secured card earns no interest, I guess it boils down to why you need to raise your limit from $3k to $5k.

Re: BoA Secured Credit card

-Cain- — Tue, 14 Jun 2011 04:23:39 GMT

Called in today to ask when BofA reports to CRA's, rep told me it is every 30 days, couldn't really give me a date. Sounded kind of odd,but...

While I had her on the line, I asked if a CLI/deposit would result in a hard pull and she said it shouldn't as there is no limit actually being increased, rather an extra deposit. Now I'm a little confused. If I were to deposit money and a hard pull result of it, would I be able to reference that call to get the pull reversed? Or would I be out of luck since policy trumps what reps say?

Re: BoA Secured Credit card

Anonymous — Tue, 14 Jun 2011 05:11:46 GMT

@-Cain- wrote:
Called in today to ask when BofA reports to CRA's, rep told me it is every 30 days, couldn't really give me a date. Sounded kind of odd,but...

While I had her on the line, I asked if a CLI/deposit would result in a hard pull and she said it shouldn't as there is no limit actually being increased, rather an extra deposit. Now I'm a little confused. If I were to deposit money and a hard pull result of it, would I be able to reference that call to get the pull reversed? Or would I be out of luck since policy trumps what reps say?

Knowing BoA, I'd say you'd more than likely come out with the stinky end of the stick. Besides, I think the representative is wrong. You do have a limit being increased.