BofA secured CC and credit crunch

Anonymous · ‎03-04-2009

I'm curious to know if anyone has asked a rep at the secured department, or has had a conversation with them that has revealed how they will handle secured card graduations in light of the credit crunch...and BofA's health (ie hanging on for dear life).

I'd like to call and ask but would first like to hear if someone on this board knows something. I just love their customer service, but that's probably because I'm only used to Capital One reps reading off a script for every question posed.

Anonymous · ‎03-05-2009

I talked to a rep from the secured department just a few weeks ago and she said that they're still graduating worthy candidates at 9 months. Mine's just about 8 months at this point, so I'll let you know how it goes in April.

bridgetkaryn · ‎03-05-2009

They cancelled mine... even though the baddies I had on my CR was there prior AND my credit has been PERFECT over the last 24 Months...

LOVELY!

I hate B of A and WILL NEVER give them my business again!

Bridget

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!

Take the FICO Fitness Challenge

Anonymous · ‎03-05-2009

Mine graduated in Dec. at the 9 1/2 month mark, with a $500 cli.

Koffee · ‎03-05-2009

Bridget,

They cancelled a secured card????

7/12/08: TU-602, Eq-597, Exp-581

07/24/08: TU-610, Eq-597, Exp-583

09/01/08: TU-610, Eq-614, Exp-600

bridgetkaryn · ‎03-05-2009

I was in the emerging credit program with BofA... my scores were high enough that didn't have to have an officially secured card, but they only gave me a $500 CL... I babied the card, PIF each month and at 9.5 months, my account is closed...

Sucks, but what can I do?!?!??!?

Bridget

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!

Take the FICO Fitness Challenge

Anonymous · ‎03-05-2009

Maybe they saw something on your report that they didn't like. Did you obtain copies of your report when they closed your account? Did they tell you why they closed your account?

Anonymous · ‎03-05-2009

Bridget, I'm sorry to hear that. Did you speak to an account specialist to find out exactly why? YoungEntrepeneur is probably right that they found something on your credit report that they weren't happy about...

Today, 3/5/09, I called into the secured department and I was told that they were asked by the higher-ups to do all graduations using a manual review at or about 9 months; no more automated system review at 9 months. They also said they will be taking a more closer look at your credit reports at the 9-month mark to ensure that overall credit is good (utilization rate, no derog info within four months at time of review, etc.) But the 9-month timeline still stands. Let's hope BofA is still around in September!