I recently applied for a basic B of A card and was denied. They are offering me the secured card. Should I do the secured just to get in?
I have 7 good TL of credit cards a mix of store and visa/mastercard. Oldest card is 2007 unless my new Zync back dates (another story). UTL 7%
each deposit will probably result in a hard pull according to some reps I've talked to.
Wow, I find that absurd. Soft pull, maybe. But a HP for increasing your deposit? I have really negative feelings about that. Not sure what kind of logic BofA has behind that.
One more thing... While you can always increase your deposit and raise your CL, each deposit will probably result in a hard pull according to some reps I've talked to. If you plan on increasing at a later time, something to think about.
The hard pull is definitely something to think about.
I think many people increase their CL thinking it will give them an even bigger CL upon graduation. Several people have posted that's not really the case. It has been reported that even with a $500 CL on the secured card upon graduation they found CLs of several thousand $s.