Bank of America Rewards Secured Application...maybe?

[Anonymous]

It's been awhile since I have posted, in any case I'm wondering if someone would offer an opinion. My New Years Resolution was to get my credit together. So in February I started with a secured US Bank for $300 and Capital One Platinum secured for $99/$200. Fast Forward to now, the US Bank is still the same, the Capital One Platinum CLI to $500, Capital One unsecured $500 approval and BOA BankAmericard Secured $500. 

When I initially applied to BOA it was for the Rewards Card but was denied and offered the secured BankAmericard. I've been calling to have the Rewards added but I keep getting the same response, "Apply for the Rewards Card and when you are denied it may offer you the secured Rewards card." Since I'm still within 30 days of the BankAmericard approval and submitted another application for the Rewards card again, and low and behold I was denied and the rewards secured card offer popped up. Now I'm wondering if it is even worth having two BOA credit card products.  The plan was to put away the Captial One secured and US Bank secured card since they have served their purpose and use the unsecured Capital One and Bank America cards for the next few months. So would funding this card for, less say $700, worth having? Thoughts please?

[joltdude]

if you can afford to tie up the deposit, id say why not... could also up the initial deposit and close the original.. but id let it ride and see what happens...

Do you have any baddies you could possibly work on ?  Maybe a PFD or so?  

-J

[Anonymous]

Thanks. Yes, I have a maximum of $700 that I would be willing to tie up, only because that would make my total available credit $2500. I'm still rebuilding so I completely understand having to do so. I'm nearly 2 years post bankruptcy next month and I've now consolidated all of my student loans which is much better than keeping up with 5 different payment due dates and lenders. 

[Anonymous]

If you can afford to pay the deposit I would go for it. I started out with a BoA Platinum Visa secured card in 2013.  It became unsecured a year later. I sat on this card for two years with a CL of $400. Thanks to the knowledge acquired on MF, I requested a CLI and my CL went from  $400 to $5k. I also PC'd it to the Cash Rewards card and I absolutely love this card. 

A few months ago I went ahead and opened a BoA checking account to earn the $100 bonus and to qualify for the 10% bonus when I redeem my cash rewards into my BoA account.