BOA Secured. Why so many different deposits?

[Aduke1122]

Highest CL on bank cards is 1k , highest store is 4k , 16 TU 13Ex 20EQ about 10 of those are from being shopped out at a car dealer bf I had any clue about how those worked and bf I started my rebuild. And 10 new accts since Jan 16

[Anonymous]

Lets discuss some Facts based upon First-hand experiences.

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@Aduke1122 wrote:
I would like to see some proof of this ZERO down SECURED card , it makes no sense , how would it be secured ?

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Lets discuss some Facts based upon First-hand experiences.

Fact 1.) "my" Navy cc got a CLI to $10,000 after Four Months.

Fact 2.) "my" Wells Fargo cc is "un-securing" after Six Months.

Fact 3.) "my" recent Capital One QuickSilver approval for $10,000 is reporting for the second statement and negatively impacting my credit scores.

With the above three facts, why would I publicly embarrass myself and state that I have a zero deposit BOA secured cc with a limit of $500.00?

* because I have already "posted" this Fact on MyFico when another individual stated they had the same thing happened to them!

Fact 4.)  "my" BofA cc is secured at $500.00 with no deposit.

blueberry2628 posted:

Re: BOA "special credit card offer"

‎01-23-2017 04:19 PM

I want to ask everyone opinion about the BOA preselected offers.

Do you think it's worth it for a $39 annual fees to have the card?

I received the card today from last week apps.

I was offered no deposit but annual fees based but credit line is low $500.

Is it worth to keep this card?

I'm thinking of closing it and not activating the card.

I called and asked for the annual fees removed but they refused to do so. I'm not happy.

Any input would be appreciated?

Sebastian503 posted:

Re: BOA "special credit card offer"

‎01-23-2017 06:41 PM

BOA has three types of SECURED cards.

1. Full secured:   $500/500

2. Partial secured:  $99/500

3. No Deposit Secured:  $0 /500

Based upon your comments in your previous post, you got the No Deposit SECURED card.

Which means, you will have the Fee until it is un-Secured, and you are in a position to Negotiate with them.

If the $39 annual fee for this Get of of Jail (bk) FREE card is too steep, take a pass on it, and consider revisiting BOA in several years, in my opinion.

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blueberry2628 wrote:
I want to ask everyone opinion about the BOA preselected offers. Do you think it's worth it for a $39 annual fees to have the card? I received the card today from last week apps. I was offered no deposit but annual fees based but credit line is low $500. Is it worth to keep this card? I'm thinking of closing it and not activating the card. I called and asked for the annual fees removed but they refused to do so. I'm not happy. Any input would be appreciated?

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(Sebastian503 commenting

"somehow I didn't get my first application instant approved but I received a second application offer at the same time for the same card but with no security deposit but there's an annual fee. So decided to accept it and was approved for $500 SL. BOA usually don't approved with BK on file"

http://ficoforums.myfico.com/t5/Credit-Card-Applications/BOA-quot-special-credit-card-offer-quot/td-...

.

[Anonymous]

I want to ask everyone opinion about the BOA preselected offers.

[Anonymous]

Do you think it's worth it for a $39 annual fees to have the card?

[Anonymous]

I received the card today from last week apps.

[Anonymous]

I was offered no deposit but annual fees based but credit line is low $500.

[Anonymous]

Is it worth to keep this card?

[Anonymous]

I'm thinking of closing it and not activating the card.

[Anonymous]

I called and asked for the annual fees removed but they refused to do so. I'm not happy.

[Anonymous]

Any input would be appreciated?

[Anonymous]

BOA has three types of SECURED cards.

1. Full secured:   $500/500

2. Partial secured:  $99/500

3. No Deposit Secured:  $0 /500

Based upon your comments in your previous post, you got the No Deposit SECURED card.

Which means, you will have the Fee until it is un-Secured, and you are in a position to Negotiate with them.

If the $39 annual fee for this Get of of Jail (bk) FREE card is too steep, take a pass on it, and consider revisiting BOA in several years, in my opinion.

---

blueberry2628 wrote:
I want to ask everyone opinion about the BOA preselected offers. Do you think it's worth it for a $39 annual fees to have the card? I received the card today from last week apps. I was offered no deposit but annual fees based but credit line is low $500. Is it worth to keep this card? I'm thinking of closing it and not activating the card. I called and asked for the annual fees removed but they refused to do so. I'm not happy. Any input would be appreciated?

---

(Sebastian503 commenting

"somehow I didn't get my first application instant approved but I received a second application offer at the same time for the same card but with no security deposit but there's an annual fee. So decided to accept it and was approved for $500 SL. BOA usually don't approved with BK on file"

[Anonymous]

Good Luck! BOA really opened the door for me with thier $99/500 card.  Two years later and it is a solid $8,000 Unsecured Credit Line.  

[Aduke1122]

@Sebastian503 but how does that make this card with a ZERO deposit but an AF a SECURED card ? That still would make it an unsecured product , just bc it has an AF doesn't make it Secured ? You have to put something down to secured it right ? Or am I missing something here , also what does your other limits and ccs have to do with it ?

[newhis]

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@Aduke1122 wrote:
@Anonymous but how does that make this card with a ZERO deposit but an AF a SECURED card ? That still would make it an unsecured product , just bc it has an AF doesn't make it Secured ? You have to put something down to secured it right ? Or am I missing something here , also what does your other limits and ccs have to do with it ?

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With BofA secured cards you can add funds to increase the limit. I guess this card, as other secured cards, will only grow if you add money to it or wait until they say is unsecured. You can go as high as $10,000 with BofA. 

I have read that some people get offers to add another $99 for $500 extra limit (started at 99/500). It will be funny to see if they offer $0/$500 extra to this 'secured' card.

My guess is that it is a 'secured' product with no deposit. It acts like a secured card but there is no money securing the product.