BofA question

[Anonymous]

So after hearing so much about the BofA 99/500 or whatever card, I thought I would try for one. I apped for one of their Amex brand cards and of course was DENIED. I didn't think I would get approved for that anyway. I thought they would counter with the 99/500 they didn't, they offered me another card and said that I was pre-approved for that one. Are they just as generous with all of their cards as they are with the rebuilder cards? I really wanted the 99/500 because of the generous credit limit increases at the one year mark. Anybody have this experience?

I already have an Amex green but I guess my scores aren't high enough for a big league Amex. I'm working on it though.

[llecs]

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UpTheDernCreek wrote:

So after hearing so much about the BofA 99/500 or whatever card, I thought I would try for one. I apped for one of their Amex brand cards and of course was DENIED. I didn't think I would get approved for that anyway. I thought they would counter with the 99/500 they didn't, they offered me another card and said that I was pre-approved for that one. Are they just as generous with all of their cards as they are with the rebuilder cards? I really wanted the 99/500 because of the generous credit limit increases at the one year mark. Anybody have this experience?

I already have an Amex green but I guess my scores aren't high enough for a big league Amex. I'm working on it though.

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I haven't heard of BofA offering the 99/500 counter-offer for their Amex product, but they do on several other of their cards. Their BofA Amex certainly not big league. Your green is better (minus the FRs and the picky standards of Amex).

If they offered you another card and you want in with BofA, then I would take it. They are very generous with CLIs. If you get the 99/500, then you are stuck with $500 CL for 9-12 months with no chance of a CLI until then.

[Anonymous]

Any unsecured card with BofA is at least near-prime, and definitely has growth potential. While FICO scoring does contain a slight "snob appeal" factor in valuing prime cards just a bit more highly, any revolving account with a low balance and on-time payments is helpful. So go for the card.

[Anonymous]

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TheNewWorldMan wrote:
Any unsecured card with BofA is at least near-prime, and definitely has growth potential. While FICO scoring does contain a slight "snob appeal" factor in valuing prime cards just a bit more highly, any revolving account with a low balance and on-time payments is helpful. So go for the card.

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Is this true? They do ding ya a bit for having less appealing cards? I still haven't closed my first premier card, but I have BofA, Chase and PenFed....am I getting dinged you think for still having FP open? 

[bridgetkaryn]

I would love to know the answer to this question too... I would love to close my HSBC and Credit One cards...

[fused]

Cards issued by the big boys and girls do earn you a few extra FICO points compared to cards issued by small banks, CU and stores (gas too). It's hardly something to worry yourself over with while building or rebuilding credit.

[Anonymous]

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fused wrote:

Cards issued by the big boys and girls do earn you a few extra FICO points compared to cards issued by small banks, CU and stores (gas too). It's hardly something to worry yourself over with while building or rebuilding credit.

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Well, in my case, I am going on to year 3 with FP pretty soon and many have already suggested I ditch it.  I just haven't yet because it's my oldest card (though I have been told it won't matter if I close it, I've made it so far and I'm still scared to do it -- yes, so lame, I know!).  However, I have more incentive to ditch the darn thing if FICO may be looking down on me for keeping it.

Oh and to the OP, I would take the BofA card. They were my first prime card and I obtained them originally through the 99/500, but if you have another way in, I'd jump at it. I've been very happy with the customer service and may attempt a product change to a rewards card soon.  I like them. Check with the CSR and see if this card will allow you to grow. I *think* they may have some type of rebuilder card that doens't really grow...though, even still, I'd rather have  rebuilder with BofA then Orchard or FP.

Message Edited by UpUpUp on 07-06-2008 09:11 PM

[NikJ4]

I had my checking acct with them but once I lost my job in the mortgage industry, they fired me...ie....closed my accounts and sent me into the od he#%. Once i get this cleared, should I try to regain my acct with them so that I can get a secured card? i know they suck but the Alaskan Airline Debit card points carry over to the Continental Air for points. Plus I really need a bank that is everywhere.....

[Anonymous]

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NikJ4 wrote:

I had my checking acct with them but once I lost my job in the mortgage industry, they fired me...ie....closed my accounts and sent me into the od he#%. Once i get this cleared, should I try to regain my acct with them so that I can get a secured card? i know they suck but the Alaskan Airline Debit card points carry over to the Continental Air for points. Plus I really need a bank that is everywhere.....

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I'm confused. They wouldn't close your accounts simply because you lost your job. You aren't required to have a job in order to have a checking account. Or, are you saying that you worked for BofA and lost your job, in which they the terminated your accounts as well? 

[Anonymous]

Creek, the 99/500 is a possible counter offer to the Platinum Plus Visa. I'm not sure if they counter it for their Amex cards.

If they countered with the secured card, you should take it! With positive history, they will also graduate that card at the 9-12 month mark with potential for generous CLI also.

In fact, the fully secured card has something that the 99/500 does not: you can set your own credit line. I would think that having a secured card with a $5000 CL would be more likely to get you a higher CL when you graduate than the $500 CL card.