BOA Secured. Why so many different deposits?

[Anonymous]

Op, DH applied for the BofA Cash Rewards card in January, and was instantly denied (due to his bk).  But, they counteroffered their secured $99/$500, which he happily accepted.  DH has never had any accounts with BofA, so that theory doesn't hold up.  

His history - Bk d/c 7/14. He has had a very active, positive and productive rebuild, with scores that continue to fluctuate due to many new accounts and inquiries. Scores range from 679 (TU), to 698 (EQ). Quite a few inquiries will be dropping off across all bureaus in the next few months.  Total CL's $118K, and his util is at 3%. Income is $94K, and he's worked for the same company for 15 years. He fit their profile they like to see for their lower deposit secured card it appears.

[Aduke1122]

This is good Info to know

[Aduke1122]

So if one wanted to try for the 99/500 what would be the best way to go about it? Apply for secured and see if they counter or app for unsecured and see if they counter ?

[Anonymous]

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@Aduke1122 wrote:
So if one wanted to try for the 99/500 what would be the best way to go about it? Apply for secured and see if they counter or app for unsecured and see if they counter ?

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Aduke, I would go all out and app for the unsecured Cash Rewards if that is the card you're interested in. If denied, hopefully you'll get a counteroffer ($99/$500 ideally), and you would accept on the spot.  It would come as Cash Rewards, but just secured.  You will be asked immediately how you would like to fund the account.  Make sure you do it online while apping, and not later.  I've seen other posts where it took a while getting everything worked out through the mail.  

What's your credit profile? Similar to my DH? Better shape?

[Aduke1122]

I am only a little over a year into my rebuild, 660s pretty much across the boards , 15k in CLs , one very very old cell phone bill remaining on my EX which will fall off July but I will try next Mth for EE.. UTI is about 20% working on getting it back down to under 10 , lots of new accts and inquiries in the last year and half or so , no BK or any other negs besides that one left 

[Anonymous]

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@Aduke1122 wrote:

I am only a little over a year into my rebuild, 660s pretty much across the boards , 15k in CLs , one very very old cell phone bill remaining on my EX which will fall off July but I will try next Mth for EE.. UTI is about 20% working on getting it back down to under 10 , lots of new accts and inquiries in the last year and half or so , no BK or any other negs besides that one left 

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Aduke, if you are okay adding a hp, and really wouldn't mind if only offered a secured card, I'd definitely app for the unsecured Cash Rewards.  Your file doesn't look too bad with only one baddie soon to fall off, and util at 20%. The lots of new accounts and inquiries might play into a possible denial, but maybe not. I'm thinking you have a good shot, and if your goal is to get in with BofA, then time to find out.  Good luck if you decide to pull the trigger! Let us all know the results - good or bad. 

[Aduke1122]

Im gonna think on it for a day or two and will let you know what I decide! Thanks for the advice !

[Anonymous]

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@Aduke1122 wrote:
Im gonna think on it for a day or two and will let you know what I decide! Thanks for the advice !

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You're welcome! 

[Aduke1122]

And the part about the lots of new accts and inquries is what worries me , I'm new to the credit card world my oldest revolving line only being a bit over a year old . And my oldest account being almost 5 years who h is student loan. My AAOA has suffered with all the new accts last year . It's only at.1.4 years

[Anonymous]

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@Aduke1122 wrote:
And the part about the lots of new accts and inquries is what worries me , I'm new to the credit card world my oldest revolving line only being a bit over a year old . And my oldest account being almost 5 years who h is student loan. My AAOA has suffered with all the new accts last year . It's only at.1.4 years

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I certainly understand your concerns in regards to your AAOA and having a thin file. But, sometimes, thin files are desireable.  Everyone has to start somewhere, and some companies take newbies with arms wide open. How many new accounts do you have, and what's your approximate inquiry count for each bureau? What's your highest CL?