Bank of Ameria Secured

[Chrisla2077]

Anyone think that BofA might be a little easier on a secured app if you bank with them? (Checking/Savings)

[Anonymous]

I tend believe that big banks don't really care. On the other hand doing all your banking with a CU can build a strong relationship.

[Revelate]

They might.  I had a public record on my file from a year earlier that they almost certainly should've denied me a secured CC over, as it's one of the few things that apparently get people's secured applications kicked; however, they approved me without issue.  

It can't have hurt that I'd banked with them for a decade at that point.

[Open123]

It certainly helps, but it isn't as important as some of the other factors in your credit reports.  On the other hand, if you bank with them and have a good relationship with a banker in your local branch, I've seen where they've made exceptions approved on recon when the computer as denied.

[Scope27]

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@Open123 wrote:

It certainly helps, but it isn't as important as some of the other factors in your credit reports.  On the other hand, if you bank with them and have a good relationship with a banker in your local branch, I've seen where they've made exceptions approved on recon when the computer as denied.

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I've banked with BofA for three years and had over a few grand in both my savings and checking accounts and was originally denied last Sept.  I called the backdoor number to recon and the lady I spoke with told me the banking relationship doesnt help at all being that the credit dept is a diff entity and can't go off of one's bank account to make decisions.  She then looked at my credit reports asked me a few questions on some of my prior delinquencies.  I stated I paid every CO in full in 2008 and she even let me know that two cards (Continental Finance and First Premier) still showed an owed balance.  I then told her I used my BofA checking account to pay both of them the same month and she was as helpful to look into my banking statements and found both payments in full (were both paid the same month by check and I dont use checks alot).  I forgot her name but if you are denied and have a good history right now the recon rep may help you out.  Granted my scores were sub 600 at the time and the denial was actually in a local branch and the account specialist (at the bank) stated he cannot over ride anything.

[rootpooty]

The only thing that benefits is they will pull the deposit out of your account right away to fund your secured card. I have this card and it took 3 weeks from the time I apped to get my card. I asked why it took so long and they told me it took them 5 days to verify the funds in my chase account. I highly recommend this card it is one of the best secured cards however they prob will deny you like they did me but you can call for recon and as long as their is no negative tradline from bofa on your reports you should be good. One last thing, can you get in with NFCU?

[LS2982]

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@Anonymous wrote:

I tend believe that big banks don't really care. On the other hand doing all your banking with a CU can build a strong relationship.

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+1

I'm priming myself for PSECU for the 5K Combo next year!

[Chrisla2077]

I'm actually in with NFCU....after alot of research..i think I will be going with their card as an option. I know it will take a little time for me to get $500 together for the deposit..but they definitely seem like the best choice

[rootpooty]

Excellent! They are the best which is why I have both NFCU and bofa as a back up. If you can only do one I would do NFCU secured card first

[Datx]

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@Chrisla2077 wrote:

I'm actually in with NFCU....after alot of research..i think I will be going with their card as an option. I know it will take a little time for me to get $500 together for the deposit..but they definitely seem like the best choice

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Excellent choice. A secured card with rewards and no AF. BOA can't beat that.