BofA $99/$500 secured credit card.

[Anonymous]

A few weeks ago, I received a letter in the mail from Bank of America offering me the $99/$500 secured card. I have had a BofA checking and savings account for years now, but never had a credit card with them. I'm in the process of rebuilding my credit and have made strides, but wasn't too excited about a secured card considering that I already have unsecured cards. That being the case, I shredded the offer letter and moved on. However, after recently reading about the card here on the forums, I feel like I should have went ahead and accepted the offer and worked towards getting a better card with them in the future. So, how should I handle getting the card now that I've shredded the original letter that had the offer code/number and the website link? Should I call them and see if they'll send another or possibly handle it over the phone? Or, should I l apply online for an unsecured card and just expect for the $99/$500 offer to pop up if I'm not approved?

[cmm89]

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@Anonymous wrote:

A few weeks ago, I received a letter in the mail from Bank of America offering me the $99/$500 secured card. I have had a BofA checking and savings account for years now, but never had a credit card with them. I'm in the process of rebuilding my credit and have made strides, but wasn't too excited about a secured card considering that I already have unsecured cards. That being the case, I shredded the offer letter and moved on. However, after recently reading about the card here on the forums, I feel like I should have went ahead and accepted the offer and worked towards getting a better card with them in the future. So, how should I handle getting the card now that I've shredded the original letter that had the offer code/number and the website link? Should I call them and see if they'll send another or possibly handle it over the phone? Or, should I l apply online for an unsecured card and just expect for the $99/$500 offer to pop up if I'm not approved?

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Perhaps try the pre-qual link online, and then app through there. If they come back with an instant approval, great -- if not, accept the $99/$500 dealio.

I run all of my direct deposit through BoA (& have an IRA at ML), they treat me exceptionally well. I won't be leaving them anytime soon.

[Anonymous]

Ok thanks cmm89, I was thinking I should just give it a shot online but wanted some second opinions.

[Anonymous]

I hate to be the bearer of bad news, but you MAY be out of luck on that one. I received the offer in April and tried to accept it online, but kept getting error after error. I called their toll-free number, and they said they can't do anything about the pre-qualfied offers, and to go to a branch. I went to my local branch and they said they have no way to look those up either. The ONLY way to accept it was to mail in the offer.

She had me check the online pre-qualifier page, but it gave me nothing. Then she suggested I apply for a non-secured card, reasoning they might offer me the 99/500 and I could accept it. I did this at her computer. Denied for unsecured, and not given any counter offer.

I ended up having to send my request in via mail. If I didn't have the mailer anymore, I would not have been able to accept it at all.

If their pre-qualifier page doesn't give you anything, you may be out of luck. I hope that isn't the case, though. Good luck. 

[Anonymous]

Wow JustTara, that sucks. I've been hesitant for the reason that you mentioned of taking a hard pull and not getting the counter offer, or any offer for that matter. I was also wondering what would happen if I called, so you gave me some clarity on that. Now, I'm debating if it would be better for me to just keep checking the mailbox for another one to show up or even an unsecured offer. I've noticed that as my crefit scores get higher, the more options open up, so maybe BofA will give me a better offer in the coming months.

[Anonymous]

Hi @montbrew

I have that card and although it's a small limit right now, with good habits, it's my understanding that it will grow nicely.

I didn't receive a mailer and my EX was 627 when I appd. I happen to just open a checking account with them and went into the branch to change my pin (end of July). I had only started my rebuild back in December, but more aggressively at the beginning of June. I thought I would ask who they pull and what they thought an average score would be to be qualified for one of their unsecured cards. She talked me into apping right there and although I wasn't approved for an unsecured, but they did counter right there instantly for the $99/$500. I figured $99 to secure a $500 SL was a small price to pay for a major bank to extend credit to me with my scores and recent history. And, it's a savings! I funded the security deposit right away and have had my card since the first week in August. I have read that many have had their cards unsecured in 5 - 6 months, security deposited back into their checking and CLI.

I even got the rewards! 3% gas, 2% groceries, 1% all other categories. I use it a few times a week and PIF as each round of charges post.

In MA they pull EX

[Anonymous]

Oh and meant to add that your scores are higher now than mine was when I appd. Maybe you will be surprised and get approved for an unsecured.

[Anonymous]

Yeah, @mandm5698, after reading how fast the card graduated for others prompted me to even post in the forum to get some advice. At first, when the offer came in the mail, I almost felt kind of insulted thinking that I would've made my way to "universal unsecured status." Guess not! Seriously though, I have a newfound respect for their $99/$500 card now and see it as a way in the door as opposed to the final stop.

[Anonymous]

As an update, I decided to apply online and was denied an unsecured card, but offered a normal secured card instead. I called BofA, but wasn't really given much other than to just apply online (which was the reason I called them in the first place) or go to a local branch. Feeling kind of down about it, I went to AMEX's preapproval link and noticed that it had showed that I was preapproved for both the gold and green charge cards. I've been using AMEX's preapproval link as my litmus test to see when they would say I was good enough for them, so being that BofA had just turned me down and I had already taken the hard inquiry, I sort of felt I had nothing to lose giving AMEX a try. The question was do I go for green or gold? Obviously, I wanted the gold, but kept thinking that that may be asking for too much and I figured that my odds may have been better in being approved for the green one. So, I applied for the green one using my phone and it did the rotating checking credit report deal and I was thinking that they would do me just like BofA and deny, but the next screen asked if I wanted a second card and I clicked "no." Then it did some more of the rotating checking your credit report deal and bam......you're approved! I'm sitting there like, wow! BofA won't even throw me a bone and AMEX sweeps in on some superhero credit move. Maybe I'm reading to much into it, but AMEX has always brushed me off on the preapproval site and I always held them on a high level when it comes to credit card issuers, so even getting their bottom level card has me feeling like my credit score/report has finally hit a milestone of sorts. At any rate, to anyone that needs a little hope, I was just able to grab a piece of happiness after being let down, so continue your pursuit of credit worthiness and it will pay off in stages. Some big, some small.

[Anonymous]

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@Anonymous wrote:
As an update, I decided to apply online and was denied an unsecured card, but offered a normal secured card instead. I called BofA, but wasn't really given much other than to just apply online (which was the reason I called them in the first place) or go to a local branch. Feeling kind of down about it, I went to AMEX's preapproval link and noticed that it had showed that I was preapproved for both the gold and green charge cards. I've been using AMEX's preapproval link as my litmus test to see when they would say I was good enough for them, so being that BofA had just turned me down and I had already taken the hard inquiry, I sort of felt I had nothing to lose giving AMEX a try. The question was do I go for green or gold? Obviously, I wanted the gold, but kept thinking that that may be asking for too much and I figured that my odds may have been better in being approved for the green one. So, I applied for the green one using my phone and it did the rotating checking credit report deal and I was thinking that they would do me just like BofA and deny, but the next screen asked if I wanted a second card and I clicked "no." Then it did some more of the rotating checking your credit report deal and bam......you're approved! I'm sitting there like, wow! BofA won't even throw me a bone and AMEX sweeps in on some superhero credit move. Maybe I'm reading to much into it, but AMEX has always brushed me off on the preapproval site and I always held them on a high level when it comes to credit card issuers, so even getting their bottom level card has me feeling like my credit score/report has finally hit a milestone of sorts. At any rate, to anyone that needs a little hope, I was just able to grab a piece of happiness after being let down, so continue your pursuit of credit worthiness and it will pay off in stages. Some big, some small.

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Congrats on the Amex.!!!!  As you don't get a second hard pull if apply for another Amex card I would suggest applying for a Amex credit card as well.  Try to put your browser in Incognito mode so a big bonus will show and then apply.  You have nothing to lose.  FYI I was only showing the Amex Green Card with no bonus on pre-approval but got PRG and BCE both with the best bonuses.