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B of A secured card should I do it?

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Regular Contributor

B of A secured card should I do it?

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%

Message 1 of 27
26 REPLIES 26
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Valued Contributor

Re: B of A secured card should I do it?

Do you need it? Also, did they tell you if the card will auto-graduate after a period of time? Will they use the same pull from your previous denial?
Message 2 of 27
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Regular Contributor

Re: B of A secured card should I do it?

No I do not need it. Yes it will graduate after 12 months. Forgot to ask if they will pull my credit again if so no for sure.
Message 3 of 27
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Valued Contributor

Re: B of A secured card should I do it?

The auto graduate is a plus then since you want to get your foot in the door. I'd probably do it.
Message 4 of 27
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Senior Contributor

Re: B of A secured card should I do it?

It is a good way to get in with BofA.

Message 5 of 27
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Regular Contributor

Re: B of A secured card should I do it?

Thank you both! I was thinking the same thing. I hope it works out.
Message 6 of 27
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Valued Contributor

Re: B of A secured card should I do it?

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.
Message 7 of 27
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Regular Contributor

Re: B of A secured card should I do it?

Great info I would have never thought of that. Thanks so much
Message 8 of 27
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Established Contributor

Re: B of A secured card should I do it?


@-Cain- wrote:
 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.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 9 of 27
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Senior Contributor

Re: B of A secured card should I do it?


@-Cain- wrote:
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.

IAALBNYL
Message 10 of 27
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