Bank of America Cards?

[Erica1]

I've read all good things about BoA cards on this site and have some questions for those of you who have them or know a good deal about them before I apply.  I am repairing/beginning to rebuild & currently have no open accounts.  My Equifax (the only score that I know) is a 655.  I do still have about 3 unpaid collections but they are very old, about 5-6 years.  I'm pretty sure I can apply for the secured and have no problem.  I have a BoA checking account with about $4000 in it, which I would think would work in my favor.  If I apply for the unsecured Visa they offer (the basic card),  does anyone know if they still offer the 99/500 counter?  I haven't heard much about it lately and was wondering if they stopped offering it in the current climate.  If I don't have a hope of being offered that, I'm pretty sure I should just go ahead and go straight for the secured card as I doubt I'd have a chance at the unsecured Visa.  What are your opinions?  Thanks!

[Red1Blue]

Try apping for regular card and see. If they reject the regular card then they would counter you with either fully secured or 99/500 card. Apply for regular card and see what happens.

[Erica1]

Oh, and BTW, I did try BOA's preapproved site and was told I didn't have any offers.  Wouldn't at least the secured card come up there? 

[Anonymous]

I wouldn't waste my time with BoA at this stage, if I were you.  I would find a good credit union who offered secured cards, secured loans and credit builder loans.  But this is just my opinion.  I have a BoA card and have had banking and credit with them for years, and I can say that my recent branch out to CU's has been a much needed breath of fresh air.

[wmarat]

BOA is not in good shape right now and became unpredictable.

Take your business to more stable institution, CU for example.

[haulingthescoreup]

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Erica1 wrote:
Oh, and BTW, I did try BOA's preapproved site and was told I didn't have any offers.  Wouldn't at least the secured card come up there? 

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Are you opted out from junk mail with CC offers and insurance offers? If so, the preapproval site won't have any offers for you.

I agree with the others about BofA. They used to be the Santa Claus of the credit world, but they've pulled back a lot. Go with a credit union --sensible people for the most part, and they aren't hip-deep in you-know-what like so many of the banks are.

[smallfry]

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@Erica1 wrote:
Oh, and BTW, I did try BOA's preapproved site and was told I didn't have any offers.  Wouldn't at least the secured card come up there? 

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Have you opted out?

[smallfry]

Great minds think alike I see Hauling with the fast fingers.

[Anonymous]

We just got approved for the Visa Power Rewards (unfortunately, we applied and were approved before our decision to leave BoA with our checking and savings). Was not a big deal, we went to the banking center and told them crystal clear, we want that card with 5K CL - approve it or forget it. Worked 

[Anonymous]

Let me illustrate my BoA comments earlier.

I have a $10,000 Visa with BoA.  I've had this card for almost 4 years.  The initial CL was $10,000.  I have a perfect history with them, use the card regulary for various large amounts, but generally pay in full and carry very few balances and never for more than 2 to 4 months.

I had retirement, savings, money market, brokerage (securities) and investment accounts with them personally.  I had my business banking with them.  These accounts amounted to a SUBSTANTIAL amounts of money with them, especially in the securities, investments and retirement.

I asked them 6 weeks ago for a CLI.  They said no.  My brother, who has similar circumstances as me they refused an auto loan.

I went to Alliant CU.  They gave me instant preapproval for $10k.  I went to PenFed CU.  They gave me an initial CL of $10k.  I went to Juniper/Barclays Biz MC.  They gave me $15k.  I went to Navy Fed CU and they gave me $25k Visa and $15k LOC.

My brother had nearly same results as me through the same CU's.  And CapOne instant approved him an auto loan for 6% and sent him the "blank" check.

Alliant is asking me to refi or finance an auto through them.  Navy Fed is soliciting me to refi or finance an auto.  PenFed is offereing 2.99 BT.

BoA right now means:

Bad

option for

All new credit

....at least right now, IMO

Message Edited by txjohn on 05-19-2009 03:09 PM