topic Re: Bank Of America secured. in Rebuilding Your Credit

Re: Adding a third card.

lamplight2012 — Mon, 11 Jan 2016 17:46:23 GMT

Hello, all.

I'm just asking to see what others credit reports looked like when they applied for the BoA Secured CC. It's my understanding that they pull Experian during the credit check. Currently I have a 605 credit score(CCT) on Experian.

I have 8 medical collections & 2 collections with Enhanced Recovery(Sprint & Tmobile) - Working on these!

Right now I do have a charge-off with First Premier. I sent them a dispute via email, and they're removing it from the CRA; Should be off by the 21st of this month.

Do you think I can get approved for the secured?

Thanks!

Re: Bank Of America secured.

baller4life — Sat, 10 Oct 2015 21:56:47 GMT

Honestly, BOA is probably the hardest secured card to get. So it's hard to say. They have denied based on number of derogs. Believe I had 4 left when I got it.

Re: Bank Of America secured.

lamplight2012 — Sat, 10 Oct 2015 22:02:31 GMT

@baller4life wrote:
Honestly, BOA is probably the hardest secured card to get. So it's hard to say. They have denied based on number of derogs. Believe I had 4 left when I got it.

Thanks for the response!

I should be down to 0(At worst 1 or 2) by the end of November. If all else fails I'll open an OpenSky CC. Gotta start somewhere

Re: Bank Of America secured.

baller4life — Sat, 10 Oct 2015 22:07:12 GMT

SDFCU has a great low interest secured card. They approve everybody. As long as your Chexsystems is clear you are golden. Also, Cap One secured. Have you checked their prequal site?

Re: Bank Of America secured.

txbusted — Sat, 10 Oct 2015 22:08:30 GMT

I bank with BOA and for me it was a pre-approval but they pulled all 3. I have had mine almost 9 months and I hope it graduates soon.

Re: Bank Of America secured.

lamplight2012 — Sat, 10 Oct 2015 22:11:48 GMT

@baller4life wrote:
SDFCU has a great low interest secured card. They approve everybody. As long as your Chexsystems is clear you are golden. Also, Cap One secured. Have you checked their prequal site?

I have not checked them. How do i check if my ChexSystems is clear?

Do you think it's okay to try before the First Premier charge off is removed?

Re: Bank Of America secured.

Anonymous — Sat, 10 Oct 2015 22:14:24 GMT

+1 on SDFCU as an option and I don't think they do a HP to open it.

Re: Bank Of America secured.

baller4life — Sat, 10 Oct 2015 22:20:12 GMT

No hp for SDFCU. Do you owe any bank any money for closed accounts? If not you can join SDFCU and app secured card. Lowest apr secured card on the market. Yes you can join before First Premier is removed. They approve everyone.

Re: Bank Of America secured.

lamplight2012 — Sat, 10 Oct 2015 22:27:19 GMT

@Anonymous wrote:
+1 on SDFCU as an option and I don't think they do a HP to open it.

Thanks,TA8008! I appreciate the info.

Re: Bank Of America secured.

lamplight2012 — Sat, 10 Oct 2015 22:30:29 GMT

@baller4life wrote:
No hp for SDFCU. Do you owe any bank any money for closed accounts? If not you can join SDFCU and app secured card. Lowest apr secured card on the market. Yes you can join before First Premier is removed. They approve everyone.

Don't believe so. I've had my Chase Account since 2009. But, I just requested a free report from ChexSystems just to make sure(5 days)

Thank you for the help! I'll defintely give them a try!

Re: Bank Of America secured.

lamplight2012 — Sat, 10 Oct 2015 22:47:31 GMT

Question, baller4life.

How do you add funds to the SDFCU CC. Say I want to start with $400, but later on down the road I want to increase to $1,000; How does that work? or I'm stuck with what I started with?

Re: Bank Of America secured.

baller4life — Sat, 10 Oct 2015 23:13:18 GMT

Yes you can add money to the card. Apparently you can add to it right online. 6.99% apr. Unheard of for secured card.

Re: Bank Of America secured.

lamplight2012 — Sat, 10 Oct 2015 23:18:33 GMT

@baller4life wrote:
Yes you can add money to the card. Apparently you can add to it right online. 6.99% apr. Unheard of for secured card.

That's awesome. Seriously, I appreciate the guidance!

Re: Bank Of America secured.

OmarGB9 — Sun, 11 Oct 2015 02:09:49 GMT

Grats

Re: Bank Of America secured.

thunderxls — Sat, 17 Oct 2015 01:54:30 GMT

I recently applied for the BOA Secured and was declined. Reason for the denial were for 3 open collections. After talking with the analyst, once I clean these up I should be in good shape. Hope this helps.

Re: Bank Of America secured.

lamplight2012 — Tue, 20 Oct 2015 18:22:57 GMT

@thunderxls wrote:
I recently applied for the BOA Secured and was declined. Reason for the denial were for 3 open collections. After talking with the analyst, once I clean these up I should be in good shape. Hope this helps.

Thanks for the update, thunderxls.

I just got my ChexSystem report & I have an entry on there from January 7th 2012 from US Bank; I could've swore I closed this account out with a $0 balance. I've been looking through my documents to see if I saved a receipt/paperwork. The amount is for $83. So, that limits me in my search, SDFCU is a no-go. I may start with OpenSky or Primor. Anyone have any recommendations?

Thanks!

Re: Bank Of America secured.

Hokies2379 — Tue, 20 Oct 2015 18:29:50 GMT

@lamplight2012 wrote:
Hello, all.

I'm just asking to see what others credit reports looked like when they applied for the BoA Secured CC. It's my understanding that they pull Experian during the credit check. Currently I have a 605 credit score(CCT) on Experian.

I have 8 medical collections & 2 collections with Enhanced Recovery(Sprint & Tmobile) - Working on these!

Right now I do have a charge-off with First Premier. I sent them a dispute via email, and they're removing it from the CRA; Should be off by the 21st of this month.

Do you think I can get approved for the secured?

Thanks!

To answer your question-

When I got approved for my BOA secured, I had

15 collections

1 charge off

1 public record (judgement)

Experian was 510 the day of approval.

10 months later it was unsecured with

3 collections

0 charge off

0 public record

TU was 641 the day of gradution

Hope this info helps.

Re: Bank Of America secured.

lamplight2012 — Wed, 21 Oct 2015 19:07:28 GMT

Thanks, Hokies2379.

That does help alot!

In the meantime, I'm going to apply for an OpenSky or Primor secured credit card to avoid a HP, and then I'll work towards getting a Capital One or Bank of America Secured...

Re: Bank Of America secured.

Anonymous — Fri, 23 Oct 2015 04:23:42 GMT

@lamplight2012 wrote:
Hello, all.

I'm just asking to see what others credit reports looked like when they applied for the BoA Secured CC. It's my understanding that they pull Experian during the credit check. Currently I have a 605 credit score(CCT) on Experian.

I have 8 medical collections & 2 collections with Enhanced Recovery(Sprint & Tmobile) - Working on these!

Right now I do have a charge-off with First Premier. I sent them a dispute via email, and they're removing it from the CRA; Should be off by the 21st of this month.

Do you think I can get approved for the secured?

Thanks!

I had 4 derogs on my CRs when I apped for regular B of A CC and scores were in the 650 range in May 2015. It was denied and they countered with a partially secured 99/500 rewards card.

I had one HP on EX from it.

On two CRBs, it shows as secured CC in comments and other one is just a CC, cant remember which one.

If you have an opportunity to get it, I recommend it.

hth

Re: SDFCU ChexSystem

lamplight2012 — Tue, 03 Nov 2015 14:50:08 GMT

All,

I emailed SDFCU to find out some more information regarding ChexSystem. Here's what they said to me:

We are very happy you are considering joining SDFCU.

ChexSystem is one of the various tools used to determine qualification for membership with SDFCU. If your previous account has been satisfied and paid then ChexSystems will not disqualify you for membership.