Experian score jump. BOA Secured - Adding a 3rd card

[lamplight2012]

Hello everyone,

Yesterday my credit score for Experian jumped from 618 to 655. I have the two Cap One cards in my signature, but was wondering if I had a good shot of being approved for Bank Of America's secured card?

My only baddie on Experian is a $252 medical collection. If you have any other recommnedations that'd be awesome too!

Thanks!

[joltdude]

Have you ever burned BoA?

If yes.. Full Stop.... Dont try for it

Do you have a fresh BK?

If yes... Full Stop . Nope dont try for it

Could try for the BoA... But.. it will likely not unsecure untill the silly $252 goes away... I think a PIF may work, or a PFD would be better (if you got the card and want to graduate)

The other option but its not the partial secured of the BoA is a secured Discover... 

Id tend to go for the secured app for disco.. and not risk the full app... But YMMV.... (There is a app for applying directly for the secured discover)

But it doesnt have that nice 99$/500 offer BOA does on some of their secured approvals,,

[Anonymous]

I'd say that you do?  If the only thing that is bad on your credit report is a collection account, try to do a PFD and get rid of it?  That would push your score into the 700s.  

But, on your question, whether you burnt BoA or not years ago, go ahead and app. 

[jim44]

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@lamplight2012 wrote:

Hello everyone,

Yesterday my credit score for Experian jumped from 618 to 655. I have the two Cap One cards in my signature, but was wondering if I had a good shot of being approved for Bank Of America's secured card?

My only baddie on Experian is a $252 medical collection. If you have any other recommnedations that'd be awesome too!

Thanks!

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IHO, and from my experience, I would try for the secured card.  Of course YMMV so it's up to you whether you think it is worth it for you or not.  I burned BOA with 2 cards in my CH7 but was current with payments prior to filing. 5 years later I appied for the secured card as I really didn't feel like I would be approved for an unsecured card. 10 months later, I called and the card was unsecured. 

[joltdude]

Getting the card and it unsecuring are two different operations... You will probably get the card... But the unsecuring..... Not so much... yes its not that much but isnt that the end goal?

[Creditaddict]

Id consider the new discover secured before BofA probably.

[lamplight2012]

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@joltdude wrote:

Have you ever burned BoA? No

If yes.. Full Stop.... Dont try for it

Do you have a fresh BK? No

If yes... Full Stop . Nope dont try for it

Could try for the BoA... But.. it will likely not unsecure untill the silly $252 goes away... I think a PIF may work, or a PFD would be better (if you got the card and want to graduate) I anticipate the $252 medical collection will be removed within the next 30 days. I'm doing the WhyChat Process

The other option but its not the partial secured of the BoA is a secured Discover...   What CR do they pull?

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[Creditaddict]

BofA will pull EX

Discover will pull EQ

[lamplight2012]

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@Creditaddict wrote:

BofA will pull EX

Discover will pull EQ

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Thanks, Creditaddict.

I'm still undecided on which one to go with. My next three bureau pull is on 2/16, so I'm going to wait until I know what my updated scores are via CCT.

The partially secured 99/500 sounds like a better deal, but it seems like Discover(Secured) has lower requirements for approval & no annual fee.

[joltdude]

The  NexGen Fico score would probably not have cared about that medical debt.. Unfortunately its not currently in use for card applications as far as we know.

With what your saying, it would probably unsecure in roughly a year esp if that medical debt vanishes...

Some folks have had luck negotiating away the AF once the card unsecures... 

If i could swing it, and the scores support it, id apply for both but coming up with two deposits... Id consider both to be prime cards... even with the secured moniker...

Thanks CA for the banks generally used to pull CRs for those cards...

-J