BofA secured question

[Anonymous]

I have a BofA secured credit card. Is it better to use the card then pay it off before the statment cuts? Or is it better to wait until the statement cuts to pay it? Or does it even matter?

[Creditaddict]

is it your only card. you probably want under 9% of your credit line to still be on the card when your statement cuts, then make a 2nd payment and pay that off before the billing date so you don't pay interest.

[creditreformer]

Don’t think it matters. When i talked to ba (i have the 99/500- 7th stmt just cut- yay, almost to unsecuring!), they said they want HEAVY use (like cap 1), BUT they stressed they want PIF. The reps (i talked to 2 diff 1s) said it doesn’t matter if you have 0 bal @ stmt- they just want to see the card being USED. 1 rep stressed that IF you carry a bal, they want you to pay it off ASAP rather than letting it sit there for mos. on end. As for my own use, I’ve had balances report some mos., but I’ve also had some mos. where I’ve had 0 bal. report. I run 2-4x the cl through the cc/mo.

[Anonymous]

 I better use my 99/500 more then.. I mostly use my rewards card till i can unsecure and do a product change with bofa.

Message Edited by fender on 12-17-2008 11:02 AM

[creditreformer]

what product are you looking to change to? Mine unsecures in 3 more stmts + I’d like a BA rewards cc (ideally w/a nice CLI once my 99/500 unsecures), but I’m not sure which card is the easiest to get a product change (+ healthy cl) on?

[Anonymous]

I have heard alot about BofA being real good with product changes, I want the amex.