BOA CHAT

[Anonymous]

Thank you for choosing Bank of America. An operator will be with you shortly.

You are now chatting with Alice.

Alice: Welcome to Bank of America!  My name is Alice and you have reached the personal credit card application department.  How may I assist you today?

you: CAN ANYONE QUALIFY FOR THE SECURED VISA CARD? HOW LONG DO YOU HAVE TO HAVE IT B4 IT CAN BE UNSECURED?

Alice: After having the Secured Card for nine months, we can review your account for an unsecured card.  If your card is changed to an unsecured card, then you will receive your deposit back.

Alice: You do need either a SSN or a Tax ID number to apply.

you: DOES IT EARN INTEREST? CAN ANYONE GET THOSE WHO HAS A SSN? I GUESS MY QUESTION IS IF YOU HAVE A BANKRUPTCY AND ARE REBUILDING CREDIT WOULD YOU BE QUALIFIED?

Alice: You also need to be at least 18

Alice: Is the bankruptcy at least 12 months old?

you: YES IT WAS FROM 9/2004

Alice: Great! You would be able to apply then!

Alice: The secured card helps you reestablish a credit history by allowing you to deposit anywhere from $300 up to $10,000 into a Bank of America secured account.  Your credit line is then equal to the amount you deposit.  

Alice: Please click here for information regarding our Secured Visa card.

you: AND I'M ASSURED AN APPROVAL DO I EARN INTEREST ON MY $$

you: AND ONCE I'M APPROVED FOR SECURED ALL OF MY DEPOSIT IS RETURNED NOT JUST A PERCENTAGE OF IT?

Alice: Your deposit is placed in a collateral account that does not earn interest to secure your credit line.

Alice: No application is a 100% guarantee however it is the easiest to be approved for!

you: CAN $29 BE WAIVED

Alice: The annual fees are posted on the first statement and once approved you would need to discuss any waiving of fees with our customer service since it is not an option on the application.

you: OH OK

you: DO YOU EVER APPROVE FOR STANDARD CARD WITH A BK ON FILE OR IS THAT A TOTAL NO?

Alice: It's actually a computer system that processes the application and the decision is based on your credit history as well as the application information you provide, which opens up more opportunity for approval...

Alice: We have been told the bankruptcy needs to be at least 12 months old.

you: OK WELL IF YOU DO THE SOFT APPROVAL ONLINE AND IT TELLS YOU SECURED DOES THAT MEAN I PROBABLY WOULDN'T BE APPROVED FOR A STANDARD CARD?

you: IS THERE AN AVERAGE FICO SCORE YOU NEED FOR STANDARD CARD?

Alice: I was just going to say the other card we recommend for rebuilding credit is our Visa Platinum Plus...

Alice: Please click here for information regarding our Visa Platinum Plus card.

you: WHAT'S THE DIFFERENCE?

Alice: What I like best about this card is that it has an easier approval process, no minimum usage requirements and we use the same inquiry to see if a different card can be pre-approved for you including our secured and partial secured card if this card is not the best option!

you: DO YOU ALSO HAVE TO PUT UP SECURITY DEPOSIT

Alice: The Secured is still definitely the easiest to be approved for since you are putting down a deposit however if declined for the Visa Platinum Plus, our systems will automatically determine what other credit card products you may be eligible for.  

Alice: Our Visa Platinum Plus card requires no deposit, no application or processing fees  with no annual fee!

you: CAN YOU HAVE A BK WITH A Visa Platinum Plus

Last text message receivedAlice: If I had to choose between the two with a bankruptcy I would say the Secured is your best option however keep in mind if you do decide to try for the Visa Platinum, it only shows as one inquiry and not as approved or declined.

you: OK THKS

[orl2185]

Wow great convo, Great quetions bamagirl. I guarantee lots of other members wondered about your concerns as well, ty for answering them. Got str8t to the point with the open ended questions. Not sure if I believe about the Visa Plat with BK. DW friend works for BOFA here in NYC, she told my DW BK no way with BOA. Not sure about that though.

[Anonymous]

Good post bamagirl. Thanks for sharing.

I've had the BoA 99/500 card since Oct.1, 2007. When I go on line, it has been described as the Visa Platinum Plus. But...

In checking in this past week they have changed the nomenclature to read: Bank of America, Platinum Plus - Emerging Credit. That wasn't there last month; the Emerging Credit tag.

I wonder if that is indicative of anything? Anyone know?

[haulingthescoreup]

Wow, a blow-by-blow description of how you wind up with the "99/500" (partially secured) card!

So after all that, did you app?

[Anonymous]

Sylvia, do you happen to remember your score and whatever derogs you may or may not of had when you qualified for the 99/500? I'd like to get in with BoA, but don't want to waste an inq.

[Anonymous]

Yes I do Fretless, as I pull my scores each time before I apply for a cc.

Unfortunately, it's a mixed bag of FAKO & FICO scores. They were at the time of applying:

TU: 676 (FAKO)
EXP: 665(FAKO)
EQ: 633(FICO)

When I applied(on 10/01/07) I was young, dumb and didn't know any better. I've grown up since then. LOL

derogs at time of applying: 23 lates(all 30 days, going back 7 years on 5 cc's); no collections; several items in public records(fatal baddies, imo).

Message Edited by Sylviatob on 02-15-2008 09:40 PM

[Anonymous]

hahah hauling the funny thing is i didnt app..i just wanted to get the lowdown so when i'm ready to do an app i won't waste an inquiry..i'm still considering doing the secured thing, since they said the acct wld b reviewed in 9 months..

sylviatob--how long did you say you had your card??? what did they tell you about going from secured to unsecured??

hope everyone enjoy i'm glad i finally have something decent to contribute instead of questions all the time...hhaahahaha

[Anonymous]

bamagirl, I've had the card now since around 10/15/07...maybe a little before. It shows they opened the acct. on 10/01/07, and has been reporting since 10/01. They started reporting even before I had the card in my hands.

Yes, when I was making an initial inquiry about their 99/500 card(officially called Visa Platinum Plus-Partial Secured card), the online rep told me it's not in their regular offerings, but only available as a counter offer if you applied for the Visa Platinum Plus, and are declined. I applied for that card, instant decline online, but on the decline page was the counter offer for the 99/500.

The CSR also told me that after one year of good pay history, I would be moved into an unsecured Visa Platinum Plus. Just biding my time waiting to see what happens.

I am getting into a pattern of only using it every other month...pif, then to the lingerie drawer. With only $500 cl you can't do much with it. Usually a tank of gas and 1 dinner, then I stop using it for a while. My highest util on the card was like 35% during Christmas shopping season. Haven't used it since.