Approved for BoA; need advice!

SearsAntoine777 · ‎12-01-2022

So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

GZG · ‎12-01-2022

@SearsAntoine777 wrote:
So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

discover or discover secured perhaps?

Try the prequal and see what they offer you. I would personally try to make it to three cards and then garden for a year.

For what it's worth, Wallethub page said Valero reports to all three, perhaps call them and ask them what/who/when they plan to report to all 3.

Starting FICO 8:

Current FICO 8:

coldfusion · ‎12-01-2022

@SearsAntoine777 wrote:
So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

From memory:

If you continue to maintain a clean credit history the card typically will graduate in 12 months but sometimes they will graduate it sooner. No CLI while the card is secured but while there is no guarantee it isn't unheard of to get one when the card graduates.

BoA does keep tabs on the activity of new cardholders so while you're probably OK if you made a single attempt to pick up another card your going on something resembling an app spree probably wouldn't be prudent.

(10/2025)
FICO 8 (EX) 838 (TU) 846 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion

Jeffster1 · ‎12-01-2022

I don't know about the $99/500 BofA Secured Visa. I had the secured version of the Customized Cash Rewards Visa with a CL of $5000 and then $10000. It graduated in 8 months. I did have a long history with BofA and Platinum Honors status BUT they do ARs to see how you are doing elsewhere, credit-wise.

Congrats on the BofA in your early building or credit. I personally love BofA. I was ecstatic to get my BofA CCR so early in my rebuild. I really do believe it opened doors for other cards.

0% utilization
FICO 8 EX 839 EQ 825 TU 834
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 30K I American Express Delta Skymiles 13.9K I American Express Schwab Investor Card 5K I Bank of America Customized Cash Rewards Visa 30K | Kinecta MyPerks Rewards MC 35K | Wells Fargo Autograph Visa 30K I BMO Harris Cash Back MC 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 52K I NFCU Amex 28K I Citi Best Buy Visa 15K I Macy’s Amex 25K I Bloomingdale’s Amex 10K I Citi Thank You MC 10K I Bread Financial American Express 18K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 13.3K I Citi Dillard’s Visa 5K I JCPenney MC 10K I Synchrony Premier MC 10K I UCLA Wescom CU Rewards Visa 7K I PayPal Cash Back MC 20K I MyWalgreens Mastercard 10K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I Gemini Bitcoin MC 15K I TMobile Capital One Visa 20K I BILT 2.O MC 10K

coldfusion · ‎12-01-2022

@Jeffster1 wrote:
I don't know about the $99/500 BofA Secured Visa. I had the secured version of the Customized Cash Rewards Visa with a CL of $5000 and then $10000. It graduated in 8 months. I did have a long history with BofA and Platinum Honors status BUT they do ARs to see how you are doing elsewhere, credit-wise.

Short story for those who haven't heard of this card before is this is a transitional card that BoA will sometimes counteroffer to an applicant who they aren't quite prepared to approve an unsecured card but don't want to completely deny, you can't apply for it directly. If you accept the counteroffer and pay a $99 security deposit you get a card (I think it's still a CCR) with $500 CL and your $99 back when the card graduates.

(10/2025)
FICO 8 (EX) 838 (TU) 846 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion

SouthJamaica · ‎12-01-2022

@SearsAntoine777 wrote:
So I'm very new to my credit journey. So far I have a 2 month old Valero Fuel Card and as of last week a $500 BoA secured with $99. It was offered to me after denying me for a regular BoA.

Should I now stop and age? Or keep applying?

Since it's a partially secured BoA, does that mean it will likely unsecure quicker? Can it receive CLI's as it is; or must it unsecure first?

As a side note; I THINK Valero only reports to Equifax. Which kind of stinks.

Trying to plan my journey! Lol

Congratulations on getting the BoA card. My suggestion would be to wait 3 or more months.