Esteemed Forum Members,
Does anyone know the criteria Band of America uses in determining whether they will approve a Secured Card? Obviously you have to have cash in hand. But what else? No Bankruptcies? No baddies in X months?
I have saved up a decent amount of cash ($5k) and rather than have it sit in a saving account gaining next to nothing in interest, I am thinking that this is the way to go to work on my credit score (Exp reports 610 at the moment). I have three credit cards, and two department cards all with $500 or less in CL. From what I understand, I am getting dinged for not having a higher CL.
TIA for any guidance.
