Need Advise !!!!!!

[Anonymous]

today i logged onto my online banking for Boa and i get this message:

congratulations, you are preselected! BankAmericard® credit card with a $500 credit line Important account information shared with the three major credit bureaus Credit limit of $500 with no security deposit After 12 months you may be eligible to have your credit limit increased This card is designed to help customers build or rebuild credit, account opening incentives and Introductory APR's are not available. Interest Rates & Fees Summary†Card DetailsSecurity & Benefits Introductory APR layer N/A Standard APR layer 20.49% variable See Terms and Conditions for cash advance and penalty APRs Annual Fee layer $39 Balance Transfer Fee layer 3% of each transaction (minimum $10)† See Terms and conditions for fees that apply to other transaction types

i have tried to get in with boa whom i burned in bk however they have declined me. My question is should i take this offer as a foot back in the door with boa it will be by far my lowest cl and my only af card. what do you guys think is it a good idea to take this card to rekindle that relationship or not ?

[CountryLivin]

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@Anonymous wrote:

today i logged onto my online banking for Boa and i get this message:

congratulations, you are preselected! BankAmericard® credit card with a $500 credit line Important account information shared with the three major credit bureaus Credit limit of $500 with no security deposit After 12 months you may be eligible to have your credit limit increased This card is designed to help customers build or rebuild credit, account opening incentives and Introductory APR's are not available. Interest Rates & Fees Summary†Card DetailsSecurity & Benefits Introductory APR layer N/A Standard APR layer 20.49% variable See Terms and Conditions for cash advance and penalty APRs Annual Fee layer $39 Balance Transfer Fee layer 3% of each transaction (minimum $10)† See Terms and conditions for fees that apply to other transaction types

i have tried to get in with boa whom i burned in bk however they have declined me. My question is should i take this offer as a foot back in the door with boa it will be by far my lowest cl and my only af card. what do you guys think is it a good idea to take this card to rekindle that relationship or not ?

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It depends on how bad you want in with BOA. I accepted the 99/500 offer from them just to get in with them. I probably could have waited and gotten a regular card in a few months, once my scores improved some, but I didn't want to wait, so I applied for a non secured card and was denied. After the denial message, I got the pop up offer for the secured card and I accepted it....plus I figured I already got theHP from applying for a regular card.

[Anonymous]

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have you been able to grow that card from boa you got? what is your current credit line ? and did they give you healthy clis?

thanks for your response

[Anonymous]

It depends on how bad you want to get in with BoA.  I agree that this would a great foot in the door.  I had a BoA secured card since 2013 with a $400 CL.  It was upgraded from secured to unsecured after 18 months and they mailed back my $400 deposit.  I just called earlier this week for a CLI and now the card is at a $5k CL.  And just today my card was upgraded to a Cash Rewards card.  

So I would go for it. Good luck!!

[Anonymous]

does anyone else have any other experiences or advise when it comes to this card

[KSK1912]

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@Anonymous wrote:

does anyone else have any other experiences or advise when it comes to this card

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I don't know anything about the card itself, but look at your siggy, you have nice cards with nice limits. You scores are getting close to 700's. That being said, about the offer,

Plan A:

if you take it now, it may be a year or alittle more before it unsecures and probably gets any cli. Once it unsecures, will it be pc'ed to a card that you will be happy with? Will it have the limit you will be satisfied with?I personally think it may be better for you to skip the offer, just keep doing what you're doing, and in six months, when your scores hit 700+, with a low utilization, and low HP's, you should be able to get the card you want from them with a nice cli.

Plan B: Take the offer, put 2/3 small charges on the card every month, maybe a subscription like netflix or something, and SD the card, and just forget about it for a year and see where it goes.

[WLRK11]

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@Anonymous wrote:

today i logged onto my online banking for Boa and i get this message:

congratulations, you are preselected! BankAmericard® credit card with a $500 credit line Important account information shared with the three major credit bureaus Credit limit of $500 with no security deposit After 12 months you may be eligible to have your credit limit increased This card is designed to help customers build or rebuild credit, account opening incentives and Introductory APR's are not available. Interest Rates & Fees Summary†Card DetailsSecurity & Benefits Introductory APR layer N/A Standard APR layer 20.49% variable See Terms and Conditions for cash advance and penalty APRs Annual Fee layer $39 Balance Transfer Fee layer 3% of each transaction (minimum $10)† See Terms and conditions for fees that apply to other transaction types

i have tried to get in with boa whom i burned in bk however they have declined me. My question is should i take this offer as a foot back in the door with boa it will be by far my lowest cl and my only af card. what do you guys think is it a good idea to take this card to rekindle that relationship or not ?

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It looks like you've built a solid relationship with Capital One and my guess is that BOA will take that into consideration. If you're looking to reestablish a relationship with BOA, I'd say go for it! The annual fee is a bummer, as is the limit, but in a year's time you should be able to PC to an unsecured card (possibly with rewards and no annual fee) and obtain a CLI. BOA as been very generous to many myFICO'ers with CLIs and I always had a pleasant experience with their analysts. 

Check out this recent thead about someone who burnt BOA in BK and now has a 10k CL: http://ficoforums.myfico.com/t5/Credit-Card-Applications/BofA-recon-attempt-exasperating-Please-help/m-p/4546383#M116155

Check out this one, too: http://ficoforums.myfico.com/t5/Credit-Card-Applications/A-bit-frustrated-with-BoA-need-advice/m-p/4546672#M116178

I hope that helps; good luck!