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BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

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Regular Contributor

BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

My credit score seems to finally be steadily going up again. I think the trick was paying in full each month rather than just paying enough to keep it under 30% utilization. I was under the impression originally they didn't like to see it paid in full.


Anyone know what scores they like to see before giving a CLI? I am aware of the hard pull but I have had the CLI button for 2 months now and haven't clicked yet. I opened the card in June 2016 and never missed a payment so that should help.  I want to get the TU Fico even higher first but this $500 limit is ridiculous.  I just hit $200 on my balance and paid it and it's only a week into the new cycle. It's my only card and I decided to try and get at least one CLI before going elsewhere.




5/16: BOA $500. Unsecured but won't upgrade. Closing in 2019.
3/17: Discover It. $2350.
10/17 Kohls $400
4/18 Ally Financial. Car loan.
5/19 Capital One Platnium $1,000
Message 1 of 13
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Regular Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

And sorry mods, I think I posted this in the wrong forum. I searched first and came up iwth similar threads and I guess that's how I ended up here.

Nobody was mentioning their scores though so maybe I'm not searching right. Some threads seemed to old and things may have changed since 2013.

5/16: BOA $500. Unsecured but won't upgrade. Closing in 2019.
3/17: Discover It. $2350.
10/17 Kohls $400
4/18 Ally Financial. Car loan.
5/19 Capital One Platnium $1,000
Message 2 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

You're asking about the secured card?  Most likely the way to get a CLI on a secured card is to submit an additional deposit.  I think there are some cards out there that might give a small bump to secured cards (like Capital One Credit Steps).  Not sure about BofA.

Message 3 of 13
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Regular Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

I think BOA may be different?  My deposit back in June was only $99 for a $500 limit. I know other cards your limit is your entire deposit.


5/16: BOA $500. Unsecured but won't upgrade. Closing in 2019.
3/17: Discover It. $2350.
10/17 Kohls $400
4/18 Ally Financial. Car loan.
5/19 Capital One Platnium $1,000
Message 4 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

The link appeared for me. I clicked it. HP on TU. A few days later, the card unsecured, and the CL doubled. 2 weeks later I got a check from BofA for my $99 deposit Smiley Happy

Then I PC it to a 3-2-1
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 5 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

1) Just to squash it b4 I forget.. The Cap-1 secured card as of right now is no beuno because that steps $300 auto CLI is exactly where that door stop stays.
Better options available (there is talk of changes but there's been talk for over a year)

2) IMO
Remember that secured CCs are just TOOLS and one shouldn't try so hard to push a square peg into a round hole....
It's an audition for better Credit only
Again IMO trying to push a bunch of spend through a " training wheel" card doesn't change the fact that it is a young $500 audition for bigger better credit in the Future
The goal is to simply SHOW the risk scoring model an on-time payment and a beautiful sub 9% reported debt load every month

I agree not much can be done with a $500 CL and it isn't meant to be, hence I call em 'audition' cards because you're just playing to the crowd until the BIG roles come calling, right now you're still waiting tables and only have a few lines, deliver them well but don't think or act like you have a dressing room or a trailer on set, quite yet😊

* Another, thing IMO you should be doing
You said this was your ONLY card
The scoring model prefers a few more pieces of data the stroke that profile, so if you use a few of those 100's you're pushing through this one card to secure yourself say a $200-300 Discover

You'd add depth to your profile and allow the accounts to grow old together and allow the HP inquiries to age off together as well...As opposed to waiting and constantly adding more HPs to build the profile you're gonna need anyway

Look around and get info on the SSL as well to add an installer account so that you can have all the elements needed to rock your score with a kick butt profile.

It's not hard but knowing the rules of the game upfront saves a lot of GUESS WORK and surprise of the back end

Last thing
Ideally, the model craves 3-5 revolving accounts and 1 installer (A mortgage as well but we aren't gonna create that just because)
Anyway 3 & 1 is your initial goal...

You've got 1 revolver,if I were you I'd use some of that spend you do monthly to 'create' a few more accounts to be SEEN and by late summer or fall you'll be on FIRE!

Best of luck
Message 6 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?


@Gemini101 wrote:
1) Just to squash it b4 I forget.. The Cap-1 secured card as of right now is no beuno because that steps $300 auto CLI is exactly where that door stop stays.
Better options available (there is talk of changes but there's been talk for over a year)

2) IMO
Remember that secured CCs are just TOOLS and one shouldn't try so hard to push a square peg into a round hole....
It's an audition for better Credit only
Again IMO trying to push a bunch of spend through a " training wheel" card doesn't change the fact that it is a young $500 audition for bigger better credit in the Future
The goal is to simply SHOW the risk scoring model an on-time payment and a beautiful sub 9% reported debt load every month

I agree not much can be done with a $500 CL and it isn't meant to be, hence I call em 'audition' cards because you're just playing to the crowd until the BIG roles come calling, right now you're still waiting tables and only have a few lines, deliver them well but don't think or act like you have a dressing room or a trailer on set, quite yet😊

* Another, thing IMO you should be doing
You said this was your ONLY card
The scoring model prefers a few more pieces of data the stroke that profile, so if you use a few of those 100's you're pushing through this one card to secure yourself say a $200-300 Discover

You'd add depth to your profile and allow the accounts to grow old together and allow the HP inquiries to age off together as well...As opposed to waiting and constantly adding more HPs to build the profile you're gonna need anyway

Look around and get info on the SSL as well to add an installer account so that you can have all the elements needed to rock your score with a kick butt profile.

It's not hard but knowing the rules of the game upfront saves a lot of GUESS WORK and surprise of the back end

Last thing
Ideally, the model craves 3-5 revolving accounts and 1 installer (A mortgage as well but we aren't gonna create that just because)
Anyway 3 & 1 is your initial goal...

You've got 1 revolver,if I were you I'd use some of that spend you do monthly to 'create' a few more accounts to be SEEN and by late summer or fall you'll be on FIRE!

Best of luck

Gemini,

 I wholeheartedly disagree with you as far as THIS secured card goes. It's not a training wheel card. It's more of a "Let's give this guy a shot, and if he passes the test then he's all set for the big time"  I'd push that square peg into the round hole as far as I could with BofA on this card!!

 

1) BofA secured cards can and will unsecure after as little as 5 months. What other secured card does this?

 

2) CL will at least double when it unsecures. Keep your reports clean, and this could EASILY be a $5-7k card within a year of issue date - I don't think there is any other card that has the possibilities this one does. Plus, they WILL PC it with no issue at all. 

 

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 7 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

No offense but did you READ...
What I wrote?

'Give a guy a shot and SEE ...What he does' is the VERY definition of what a TRAINING WHEEL is duh?

That's why I called it an AUDITION, again the EXACT thing you just described " give a shot and SEE"
Are you serious, the words were in English (just jk)?

No matter what ONE card will or won't do (notice, I never attacked the card per se...So I have no idea why you come at me as if I did)

What I said was to build a freaking Credit PROFILE
Of which the Risk scoring model via FICO one needs more than 1 TL
And that's just a FACT, period!

Nowhere did I say ANY card "could or wouldn't" grow within a YEAR of issue date as you put it

As a matter of fact if you READ the English words imy above post I told the OP they could have a full profile on Fire by Fall of the CURRENT year!

So I'm perplexed as to where you ' wholeheartedly disagree' when you basically said the exact same thing with regards to
A) A starter card being ... Let's see what's done with the shot opportunity, that will only grow if handled properly

B) With to the square peg and round hole had you again READ what the OP was complaining about was constantly not having enough ROOM to use the card due to the TRAINING WHEEL size of the CL

I don't know what about that gets you heated but the bottom line is...There is a difference between a $500 square CL and one that is $5000 for a REASON!

The $5000 CL no longer has the same freaking Training Wheels because they have been taken off because the SHOT you spoke of went well
But NOT before... Again how is that NOT.. EXACTLY what I said?

Same freaking thing, calm down for Pete's sake
Do you work for BoA or something

I simply advised the OP the add to their overall Credit profile, show me where the advice that multiple TLs, a mix of revolving and install accounts and strategic HPs is the WRONG advice and I'll buy you dinner... Won't happen!
Message 8 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

Again, after re-reading the OPs original post , to make I wasn't smoking

The person HAS had the card for MORE than half a year, already....

Again was complaining of being at 40% of their CL ' just a week' into their cycle

And was WISHING and wanting more CREDIT

Also, indicate that this one account was thier ONLY credit account

Meaning, no additional accounts since securing just one since LAST summer

Based upon ALL that data

I attempted to HELP and advise the OP with regard to building a Profile, friend.

Didn't mean to upset you or your sensitivities towards possibly your employers over at BoA😊

I think you may have jumped the gun a bit there, but no biggie 😎
Message 9 of 13
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Valued Contributor

Re: BOA $500 Secured Card, Bankamericard. What scores needed for CLI?

On my phone auto words, sorry for typos 😂
Message 10 of 13
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