BOA Secured advice

[gpeach]

Should I try to unsecure it or just cancel it? I don't want to try to unsecure and have them close it on me. 

It has a 300 limit that after 3 years has not graduated on its own. Never late, one accidental over the limit a long time ago. There has been a CLI link for a long time. But being secured I did not click it thinking it was not for secured. Anyone ever have a secured, click the CLI link and have it unsecure? Or is that link always there?

[Anonymous]

If it were me, I would definitely do something. Why do you think they would close the account? Are your reports worse now or have you had any derogs added recently? Unless you have any recent negative stuff on your credit reports, three years is a long time to have a secured card that has a the possibility of unsecuring. I would definitely call up and ask about unsecuring it but it all depends on your reports and scores.

[vish1]

It won't unsecure at its own. Call the backdoor number for the secured card department and they should be able to unsecure the card for you and increase your CL to something better.

They will tell you it will be a hard pull on your credit (they told me the same), but the chances are that it will only be a soft.

good luck and keep us posted...

[gpeach]

I thought I read about people getting auto graduating. So assumed after 3 years there was something they did not like. Also read about some who ask for CLI only to get card closed instead. Was hoping to see if someone used that soft inquiry CLI link to get graduated. 

My credit has only kept getting better. No lates since my 3 baddies that are due to fall off within months. One of them refreshes now and then though. Just dropped my score 100 points recently. So maybe BOA see that as a recent? Scores have recovered a bit and now TU at 673 with 80% usage. Paid usage down to 1%. Simulator projected 713-753. Still waiting for TU report to update paid off.

[vish1]

I won't try that CLI link, calling up is much better.

BofA told me clearly that the secured card will never auto graduate (used to earlier, no longer)

[Anonymous]

Is 1 year too soon to try to unsecure a card?  I believe I was late 1 time.

[vish1]

1 year is not too soon. BofA requires atleast 1 year (actually you can call upto 5 days before card anniversary). Nothing wrong with trying to call the backdoor number (secured cards). Worst case they may say NO.

[gary9846]

My secured card with BoA went unsecured on its own in March this year after being open for about a year. The CLI link on the website is specifically not for customers with secured cards. Clicking it will simply get you a phone number to call.

[RD82]

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@gpeach wrote:

Should I try to unsecure it or just cancel it? I don't want to try to unsecure and have them close it on me. 

It has a 300 limit that after 3 years has not graduated on its own. Never late, one accidental over the limit a long time ago. There has been a CLI link for a long time. But being secured I did not click it thinking it was not for secured. Anyone ever have a secured, click the CLI link and have it unsecure? Or is that link always there?

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I had the same exact card with $300 limit. After one year I called and they switched it to unsecured and sent me a $300 check. Now I have a $10,000 CL on the same card!

[gpeach]

Update: They did unsecure it and raised it to 2500 limit. 

She said they no longer automatically graduate them. Said it would be a hard pull. I almost just cancelled it rather than having a inquiry but figured since I only have one credit inquiry on my report which expires in a few months it won't hurt.

Well time to garden as you guys say.