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Bank of America Counter Offer...should I bite?!

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-Cain-
Valued Contributor

Re: Bank of America Counter Offer...should I bite?!

Ask if they will use the same pull during recon or when you bite on the secure app. Sometimes they will do an additional pull.
Message 11 of 22
Revelate
Moderator Emeritus

Re: Bank of America Counter Offer...should I bite?!

+1 to the advice posted above; with the new addition of the usual 1-2-3 rewards package to the BOFA secured products, it's WAY better than the standard card in the secured strata, and really it's every bit as good as a entry prime card assuming you can afford the deposit at all since BOFA reliably graduates at the 1 year mark.  I think there's one poster who didn't that I've read about in the last six months, and in fairness his report was still ugly.

 

Personally I'd open it with as much free cash as you can tie up for a year.  BOFA traditionally unsecures with the greater of two numbers: $1000 (usually if below that) or whatever your total deposit / CL was on the secured card.  It's a short cut to the 5K CL if you can afford to do that too, I'm strongly looking towards doing that myself in short order before my graduation date with either of the two likely jobs i'm probably going to get at this point (one travel, another sorta well out of commuting distance).

 




        
Message 12 of 22
GoodCreditIsMyGoal
Established Member

Re: Bank of America Counter Offer...should I bite?!


@Revelate wrote:

+1 to the advice posted above; with the new addition of the usual 1-2-3 rewards package to the BOFA secured products, it's WAY better than the standard card in the secured strata, and really it's every bit as good as a entry prime card assuming you can afford the deposit at all since BOFA reliably graduates at the 1 year mark.  I think there's one poster who didn't that I've read about in the last six months, and in fairness his report was still ugly.

 

Personally I'd open it with as much free cash as you can tie up for a year.  BOFA traditionally unsecures with the greater of two numbers: $1000 (usually if below that) or whatever your total deposit / CL was on the secured card.  It's a short cut to the 5K CL if you can afford to do that too, I'm strongly looking towards doing that myself in short order before my graduation date with either of the two likely jobs i'm probably going to get at this point (one travel, another sorta well out of commuting distance).

 


Good points Relevate I was actually just going over my budget to see if I could swing $1,000 because I want to show growth, not another $300 or $500 CL....one question I was thinking about...does the Bank of America secured card report as "Secured"??  If so, I think that would be a deal breaker for me.  My CapOne Secured card does not report as "secured".

Message 13 of 22
-Cain-
Valued Contributor

Re: Bank of America Counter Offer...should I bite?!


@GoodCreditIsMyGoal wrote:

@Revelate wrote:

+1 to the advice posted above; with the new addition of the usual 1-2-3 rewards package to the BOFA secured products, it's WAY better than the standard card in the secured strata, and really it's every bit as good as a entry prime card assuming you can afford the deposit at all since BOFA reliably graduates at the 1 year mark.  I think there's one poster who didn't that I've read about in the last six months, and in fairness his report was still ugly.

 

Personally I'd open it with as much free cash as you can tie up for a year.  BOFA traditionally unsecures with the greater of two numbers: $1000 (usually if below that) or whatever your total deposit / CL was on the secured card.  It's a short cut to the 5K CL if you can afford to do that too, I'm strongly looking towards doing that myself in short order before my graduation date with either of the two likely jobs i'm probably going to get at this point (one travel, another sorta well out of commuting distance).

 


Good points Relevate I was actually just going over my budget to see if I could swing $1,000 because I want to show growth, not another $300 or $500 CL....one question I was thinking about...does the Bank of America secured card report as "Secured"??  If so, I think that would be a deal breaker for me.  My CapOne Secured card does not report as "secured".


Go with as much as you can, every time you want to add later will be a hard pull. Also, while it reporting as Secured might sound bad, it shouldnt hurt your score in any way. It's not a bad card...
Message 14 of 22
Revelate
Moderator Emeritus

Re: Bank of America Counter Offer...should I bite?!


@GoodCreditIsMyGoal wrote:

Good points Relevate I was actually just going over my budget to see if I could swing $1,000 because I want to show growth, not another $300 or $500 CL....one question I was thinking about...does the Bank of America secured card report as "Secured"??  If so, I think that would be a deal breaker for me.  My CapOne Secured card does not report as "secured".


Yes it does.  Personally it doesn't matter to me as it graduates and at that point the secured tag comes off (I can confirm that personally on an old secured card I had with BOFA and current reports are that's still the case); however, if you're applying for things short of a year, then perhaps that's a consideration from an underwriting perspective.

 

That said, FICO doesn't care at all.




        
Message 15 of 22
mkm77
Regular Contributor

Re: Bank of America Counter Offer...should I bite?!

My wife got denied with a 757 score and 23 accounts reporting (10 open) for the same " not enough history"... What? So she called the back door number and got approved.
Message 16 of 22
rootpooty
Valued Contributor

Re: Bank of America Counter Offer...should I bite?!

did you give them a jingle today?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 17 of 22
GoodCreditIsMyGoal
Established Member

Re: Bank of America Counter Offer...should I bite?!


@rootpooty wrote:

did you give them a jingle today?


Yup....fail!  They said although I have an excellent payment history and no baddies etc...they like to see a bit longer credit history....Smiley Frustrated   Whatever....smh!!!Smiley Sad

Message 18 of 22
rootpooty
Valued Contributor

Re: Bank of America Counter Offer...should I bite?!


@GoodCreditIsMyGoal wrote:

@rootpooty wrote:

did you give them a jingle today?


Yup....fail!  They said although I have an excellent payment history and no baddies etc...they like to see a bit longer credit history....Smiley Frustrated   Whatever....smh!!!Smiley Sad



sorry to hear that. which number did you call? i was successful at my second recon not my first. also as mentioned if you accept their counter offer it may generate an addtional hp

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 19 of 22
Repo-ed
Senior Contributor

Re: Bank of America Counter Offer...should I bite?!

I've been a member of BoA for 15-20 years and they've never extended me a LOC.

 

I'd take your business somewhere else, if you really don't need them.

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 20 of 22
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