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BOFA Secured Graduation Question

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Anonymous
Not applicable
‎08-03-2008 11:40 AM
‎08-03-2008 11:40 AM

BOFA Secured Graduation Question

When BOFA decides to graduate you from Secured to Unsecured do they give you another hard pull or a Soft?
Message 1 of 12
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11 REPLIES 11
Anonymous
Not applicable
‎08-03-2008 12:49 PM
‎08-03-2008 12:49 PM

Re: BOFA Secured Graduation Question

They harded me...but only with one CRA; I forget which one. Of course, the long-term benefits to graduation vastly outweigh the harm in one hard pull, so don't worry about it.
Message 2 of 12
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wmarat
Valued Contributor
‎08-03-2008 01:29 PM
‎08-03-2008 01:29 PM

Re: BOFA Secured Graduation Question

My secured BOA card graduated on 10th statement cycle, no hard, CL was $500 more than initial CL, deposit came by mail 3 weeks later.
IN VINO VERITAS.
Message 3 of 12
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Anonymous
Not applicable
‎08-03-2008 01:41 PM
‎08-03-2008 01:41 PM

Re: BOFA Secured Graduation Question

Ok thx people i have a 50/50 answers lol
Message 4 of 12
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Uncle_Money
Established Contributor
‎08-03-2008 01:59 PM
‎08-03-2008 01:59 PM

Re: BOFA Secured Graduation Question

Unless they changed their rules on this, it will be a soft pull. They haven't done a hard inquiry since my app for the secured card. I graduated to their unsecured Platinum Visa card over 2 years ago. During this time they also granted me several CLIs. This is one of the things I love about BOA. Unlike many other creditors, they do soft pulls for possible rate reductions and CLIs. Keep your balance with them low, though! It has been my experience that they don't like high balances and they will jack your rate for it.


Message Edited by Uncle_Money on 08-03-2008 02:01 PM

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

Message 5 of 12
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Anonymous
Not applicable
‎08-03-2008 02:02 PM
‎08-03-2008 02:02 PM

Re: BOFA Secured Graduation Question

Thx for the info i still have not received my card from them i'm sure i will get it in a week or so.
Message 6 of 12
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Anonymous
Not applicable
‎08-03-2008 02:36 PM
‎08-03-2008 02:36 PM

Re: BOFA Secured Graduation Question

Also my limit with the card is only $300 should i max it out every month an then PIF or  keep a small balance on the card.
Message 7 of 12
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Creditaddict
Legendary Contributor
‎08-03-2008 03:06 PM
‎08-03-2008 03:06 PM

Re: BOFA Secured Graduation Question

BofA does not mind you carrying balances in my experience, and offers you many BT offers to use more of your credit. just pay 3x min and they will be happy.
Message 8 of 12
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Uncle_Money
Established Contributor
‎08-03-2008 03:20 PM
‎08-03-2008 03:20 PM

Re: BOFA Secured Graduation Question

Since your CL is only $300, a good plan is to show many small charges and PIF each month. Otherwise, paying 3x the minimum as creditaddict suggested is a good idea. I never pay just the minimum payment anymore. I used to do this and they jacked my rate. That's just my own personal experience with them. It doesn't necessarily mean it will happen to you too. I spoke to one of their credit analysts and he informed me that they like to see 3-5 times the minimum payment. Since I have been doing this, they increased my CL twice already.

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

Message 9 of 12
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Anonymous
Not applicable
‎08-03-2008 03:24 PM
‎08-03-2008 03:24 PM

Re: BOFA Secured Graduation Question


Uncle_Money wrote:
Since your CL is only $300, a good plan is to show many small charges and PIF each month. Otherwise, paying 3x the minimum as creditaddict suggested is a good idea. I never pay just the minimum payment anymore. I used to do this and they jacked my rate. That's just my own personal experience with them. It doesn't necessarily mean it will happen to you too. I spoke to one of their credit analysts and he informed me that they like to see 3-5 times the minimum payment. Since I have been doing this, they increased my CL twice already.

 
Well i was thinking about paying my car insurance bill an cable bill which equals to $210 a month then pay it off a week later.

Message 10 of 12
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