Bank of America Secured to Unsecured credit card account.

[Anonymous]

I've been working hard on my credit, went from mid 500's to 750+ with in the last 8 months.. have not ONE bad on ANY of the three

credit bureaus.. I have one Bank of America (Secured card) and one car loan wich i have paid on time every month for the last 28 months.

In the last 7 or 8 months, i have not been late at all with the BOFA card i have.. been paying in full.. As far as i know the terms 

in graduating from Secured to a Unsecured card, was to have no lates for at least 6 months, wich i have.. and i got denied!

I am a little confused because the letter I got explaining why i was Denied said this:

(Unfortunately, we were unable to approve your request because you do not have sufficient amount of credit references..)

I don't understand.. Of course I don't have a lot of credit references.. this is a Secured card i have just trying to get unsecured.. not trying to get a giant loan..or applying for new credit. Isnt that the point of this card? if I had a bunch of credit cards, why would I be bothering with this one?

Should i pay the raminaing 80 dollars on this card, bring it to zero and try to get them to re-consider??

i don't know where to go from here. Should i just say F**k it and go for another card to get more references? a Best Buy store card perhaps?

Much help is needed...

[newstart2010]

Branch out and see what other credit you can get.  Is there a credit union in your area you can join and get credit through them?  BofA has been stingy with their unsecuring from what I have heard, but I cannot speak from personal exp.

[tray]

Hi, in the year 2007 I obtained a boa secured credit card and I had to wait 9 months for it to become unsecured, which at 9 months is early although waiting 1 year is pretty the norm for the card to become unsecured especially now with the economy status.  If I were you just continue to use the card and pay on it faithfully and soon enough your card will unsecure.  Good Luck

[Anonymous]

I've had this card since 2007, I've been over the limit once due to them messing up my account number (put a bunch of 0's in front of it)  in the automated pay by phone service, and late by 1 day within my first 6 months, but that was over two years ago. I have wised up since then. I just don't get it.. I am just trying to broaden my credit portfolio, by first unsecuring my bofa card to help my odds, perhaps i should just screw them, and try to go with another company?

[Jazzzy]

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@Anonymous wrote:

I've had this card since 2007, I've been over the limit once due to them messing up my account number (put a bunch of 0's in front of it)  in the automated pay by phone service, and late by 1 day within my first 6 months, but that was over two years ago. I have wised up since then. I just don't get it.. I am just trying to broaden my credit portfolio, by first unsecuring my bofa card to help my odds, perhaps i should just screw them, and try to go with another company?

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Does the card report as secured on your credit report? I'm not sure how unsecuring it will help your odds at gaining other credit.

You may want to post your scores and whether or not you have any negatives on your reports, and the experts here can give you their advice on where to apply next. Just keep using this card, but start looking for another one. This card is still helping build up a good history...it may just take longer to unsecure than you like.

[Anonymous]

my scores are EQ 745 TU 738 EX, i assume is around this area as they all pretty much have the same infomation.

Best buy store card easy enough to get? I was thinking maybe going for one of those to start.

[haulingthescoreup]

The BB store card isn't easy to get (it's harder to get than their MC), but your scores should qualify you quite easily, as long as you don't have any nasties on your reports.

I got mine with a $4K CL with FICO's somewhere around 720 two years ago. They approved a CLI to $5.2K about a half year ago with good history, not much usage, and scores in the 750's (then.)

[sonson]

did you apply online or at the branch, if you go in the bank and talk to someone, maybe it might be much easier to get one after looking over your history with them.

[Not_the_Point]

Hi Circuitt,

I also had the BoA secured card, but it took 1 year for it to graduate for me. I didn't get a credit limit increase with it, they just did the product change to an unsecured credit card.

I think 1 year is probably more the norm now... wait a few more months and see what happens.

Having said that, don't go and close the card or anything hasty like that. Just keep doing good and paying off the balance on the card every month. A Best Buy card is also good to have, they are fairly generous with their credit products. I got the store card as opposed to the MasterCard, I believe the store card counts as a Charge account, so it helps to have more variety in the types of credit you have on your report.

[Anonymous]

Yea, I called BOFA today, and spoke with the secured scredt department, the guy basiclly said , "we are looking out side the box, to see how your handling

other accounts, and since the only account you have... is with us and a car loan, that's not enough, the reason for getting "(you do not have sufficient amount of credit references). Ok i get it, but geez, I thought a secured card, was for building credit, and building a relationship with BOFA, I am in good standings with them, paying on time every month, etc.. just seems a little hard core for a card with such a low limit to begin wih.. mind blowing really.

 I've hard this card for over 2 years.. and a car load for almost three, al paid as agreed no lates at all... i just don't get it.. anyways..

Best plan of action I quess would be to pay off the remaining whopping 80.00 i have on the card, wait till they post on all three of the credit bureaus.

then go fishing, any other card suggestions..?