Converting a secured card...

[Anonymous]

So, I pulled my Equifax FICO score a few days ago and it shows as 735... I've been working hard for years now to fix my credit.

After my divorice and some real shaky life decisions I was sub 500 for a while. Hell, I couldn't even open a new checking account

for a couple of years.

Anyhow, about a year ago I opened a secured credit card with Bank of America - whom I also have my normal

accounts with and have utilized the card heavily but always keep a zero balance by paying off purchases immediately.

I recently requested a credit line increase (1,000 dollars is really too small for a large purchase I found) and have been

getting a bit of resistance from BofA about it.

In frustration I decided to apply for a Discover card and was approved for a 3K limit immediately...

What I'm wondering is what I should do with that secured card? Is there going to be a point where I can convert

it to a non-secured version or at the very least get a reasonable limit on it?

I understand I should probably keep it because it has the longest reported history of all my cards, but aside from that

it is a secured card and has a very low limit.

Regards,

John S

Edit: Capital One approved me for an unsecured card - but with a very low limit. =\

[llecs]

I'd let the history build a few months with your new CCs before trying again since they'll usually look at your credit when unsecuring it. Instead of asking for an increase, IMO, the best first step is to ask them to unsecure it. Once they agree to unsecured it, then ask for the CLI. How long have you had the CC exactly? The tend to be open to changes at the year mark.

[Creditaddict]

Once Discover reports I would get yourself a Citi Card... Like Forward.

Once that reports if approved then I would call back to BofA and ask that the card be unsecured... wait for it to unsecure and get deposit back then call over to regular underwrighting instead of Secured and ask for a CLI to match either Discover or Citi.  Otherwise I would close up and spend your money elsewhere and your checking!

I recently stopped putting my money anywhere that charged me fees or wouldn't work with me on loan products.

Navy you are my #1!!

[DJH87]

BOA secured card is great for giving a good limit upon becoming unsecured. I read in an earlier post that BOA like to see you carry a small balance with monthly payments. For example charge $100 each moth but pay only $75. Do not PIF. It is almost like having all your credit cards paid to zero balance, then apply for a credit card and be denied for not showing recent credit card activity because you are not carrying a balance. I would keep BOA, they will eventually be good t you. Congrats on Discover.

[Creditaddict]

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@DJH87 wrote:
BOA secured card is great for giving a good limit upon becoming unsecured. I read in an earlier post that BOA like to see you carry a small balance with monthly payments. For example charge $100 each moth but pay only $75. Do not PIF. It is almost like having all your credit cards paid to zero balance, then apply for a credit card and be denied for not showing recent credit card activity because you are not carrying a balance. I would keep BOA, they will eventually be good t you. Congrats on Discover.

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Big difference between showing no balance on credit reports and Not PIF before you are billed interest by a credit card.  When people say pay your balance down below 9% on 1 credit card and pay all others to $0 before statement cuts, the plan is as soon as th 1 card with your less than 9% balance reports and send statement you then pay it off.

You do not need to pay interest to a bank to obtain activity on your reports and build better score.

[Anonymous]

How old is the BoA sec card?

[rootpooty]

Bofa wont unsecure until 12 months. Give them time they will do it. Also look at everyones cards who have amex discover chase Citi etc and if they have a bofa card its more than like having the highest limit. In building my credit I went with best of both worlds bofa and navy federal!

[MrCredit]

BOA is a good lender in the CC world. I have had nothing but luck with them in my past endeavors. 

Be patient and they will work with you.

[Anonymous]

yep, i called BofA the other day concerning my secured card that I've had for 10 months and thought maybe they could review it earlier.   The rep said that they only bring it into review after 12 months... patience is key i guess.