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App'd for BofA americard and was countered with secured?

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Seatown1two
Regular Contributor

App'd for BofA americard and was countered with secured?

I have app'd for bofa secured april of 2010 and was denied for a bk on file.  Since that bk has fallen off I decided to app for the unsecured americard.  Well I was denied for that, however they countered with the secured card with a $39 AF.  They said if I put a $99 deposit I would get a $500 CL.  So I put in my info to have the $99 taken out of my checking and it brought me to the last page that stated "If I was approved I would receive my card within 7-10 days."  I'm confused... Does it sound like I'm approved or not?

Amex Blue Cash - 22.9k | CSR - 21.9k | Cap One Quicksilver MC - 18.5k | BofA Travel Rewards - 15k | Lowes - 15k | Citi DC - 13.2k | Discover IT Miles - 20.1k | Amazon Prime Visa - 6k | BofA BBR - 5.4k
Message 1 of 15
14 REPLIES 14
flyingmd
Frequent Contributor

Re: App'd for BofA americard and was countered with secured?

I believe they always take the security deposit beofre final approval so I wouldnt read into it. Since they offered you the card in response to their denial it is highly likely that you wil be approved (assuming no major changes in the cr). You can call the backdoor number for secured cards and they should be able to tell you. Enjoy your new card. I had the bank americard secured visa at one time. It has subsequently been PC to the accelerated rewards AMEX with a 22K credit line. There is hope!

Message 2 of 15
Red1Blue
Super Contributor

Re: App'd for BofA americard and was countered with secured?

It is a very good offer. I would say take it. After 12 months they will unsecure your account and refund deposit and give credit limit increases. I have the same card started with $500 CL and now it is at $8000 CL.

Message 3 of 15
Seatown1two
Regular Contributor

Re: App'd for BofA americard and was countered with secured?

Checking acct was debited $99 this morning... Guess this means I'm approved?!?!?!?
Amex Blue Cash - 22.9k | CSR - 21.9k | Cap One Quicksilver MC - 18.5k | BofA Travel Rewards - 15k | Lowes - 15k | Citi DC - 13.2k | Discover IT Miles - 20.1k | Amazon Prime Visa - 6k | BofA BBR - 5.4k
Message 4 of 15
Red1Blue
Super Contributor

Re: App'd for BofA americard and was countered with secured?


@Seatown1two wrote:
Checking acct was debited $99 this morning... Guess this means I'm approved?!?!?!?

Probably yes. They might pull your cr 2-3 times before the card issued. At least they did for me. Dont get up tight about it. It is a very good card to start with. If you maintain good use / payment history with them for 12 months they will unsecure your card and give you generous credit limit increases.

Message 5 of 15
Anonymous
Not applicable

Re: App'd for BofA americard and was countered with secured?

i was at a branch fixing a problem i had with the app two days ago and he said when they debit your account, the card should be in the mail.

Message 6 of 15
Anonymous
Not applicable

Re: App'd for BofA americard and was countered with secured?

They approved me and then I got a denial letter in the mail on my card. I called and they confirmed that I was approved. Just called. Their CSR are actually pretty good.

Message 7 of 15
Seatown1two
Regular Contributor

Re: App'd for BofA americard and was countered with secured?

Just called, I had to know for sure whether or not I was approved.  Turns out I was, with a $500 CL.  Couple questions for those that have this card.  Does it report to the CRA's as a secured card and if so does it make a difference?  Second, after 1 year of on time payments is it guaranteed to gradutate to an unsecured card with a CLI?

Amex Blue Cash - 22.9k | CSR - 21.9k | Cap One Quicksilver MC - 18.5k | BofA Travel Rewards - 15k | Lowes - 15k | Citi DC - 13.2k | Discover IT Miles - 20.1k | Amazon Prime Visa - 6k | BofA BBR - 5.4k
Message 8 of 15
Anonymous
Not applicable

Re: App'd for BofA americard and was countered with secured?

 My CR shows a Bank of Americard Cash Rewards Visa (doesnt mention the secured part) and the banker told me as long as you keep your payment history good and util low (3-9%) its next to guaranteed.

Message 9 of 15
Red1Blue
Super Contributor

Re: App'd for BofA americard and was countered with secured?


@Seatown1two wrote:

Just called, I had to know for sure whether or not I was approved.  Turns out I was, with a $500 CL.  Couple questions for those that have this card.  Does it report to the CRA's as a secured card and if so does it make a difference?  Second, after 1 year of on time payments is it guaranteed to gradutate to an unsecured card with a CLI?


It is pretty much guaranteed if you maintain good credit with them and other creditors. They do pull another report before they graduate your card. If you have maintained good credit, it is pretty much guaranteed.

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