B of A Secured

[Anonymous]

Does anyone have one?  Does it report as a secured card or just a card?  I think this is a step I have to take.  I have the cash to set one up with a decent limit, and I think it may be my first step.

[llecs]

Reports as secured, but that's OK. Good card to have.

[Anonymous]

Agree with llecs, and I'll go one step further and say I think this is the best secured card on the market.

I wish I had known about this card when I needed it.

[Anonymous]

Great first step to take!

[Anonymous]

I have one, and it reports as a secured card. The great thing is to keep it squeaky clean, never go over the limit, and in a year's time(some say less) they will move you into an unsecured card, AND return your security deposit back to you...unless of course you want to keep it with BoA as a savings account. That in itself I see as a benefit.

[Anonymous]

Then when you pull the money out, they charge you a fee for not having enough money in the savings account and then they charge you for the negative balance.  Thats what happend to me anyway, took a few phone calls and a couple months but it all got worked out in the end.  I can laugh about it now.

[Anonymous]

Well, I am a not a B of A account holder and I don't want to be one so the check is written and about to be in the mail...  What are the benifits of of a higher limit on the thing?  Are there an advantages to increasing it every now and again or starting off bigger?  I don't really need the credit to use, just to show up on the report.

[Anonymous]

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MOBster wrote:

Well, I am a not a B of A account holder and I don't want to be one so the check is written and about to be in the mail...  What are the benifits of of a higher limit on the thing?  Are there an advantages to increasing it every now and again or starting off bigger?  I don't really need the credit to use, just to show up on the report.

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The higher limits you have reporting, the higher limits you will be likely to get from future creditors.

[Anonymous]

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MOBster wrote:

Well, I am a not a B of A account holder and I don't want to be one so the check is written and about to be in the mail...  What are the benifits of of a higher limit on the thing?  Are there an advantages to increasing it every now and again or starting off bigger?  I don't really need the credit to use, just to show up on the report.

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I have one as well. Just make sure when you call customer service, you tell them upfront it's the secured card you are calling about.

I tried to send more funds in and they made a mess out of my account. One rep had me send a personal check to the wrong address. Then they couldn't find it, told me to stop payment on it. I did. It cleared that very day, making my account be charged a return check fee. Now I know to add funds with a cashier's check to the secured card dept. address. They did reverse the payment for the returned check since one of the rep's told me to cancel it. (Thank goodness I wrote his name down)

Other than that mix up, I cannot complain.

[Anonymous]

Good card to have, reports as secured card, got deposit back in close to a year.