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DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

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CreditCuriosity
Moderator Emeritus

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

A medical collection from 5 years wouldn't stop if from unsecuring you wouldn't think unless for a tremendous amount...  Medical collections are one of the easiest things to get rid off your CR...  Just argue it on grounds of HIPPA..  Like previous poster stated google HIPPA and there is a guy on credit boards that will explain it all to you step by step..  Kinda a forbidden fruit to talk about on this forum, but very easy to get rid of

Message 11 of 45
joltdude
Senior Contributor

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

They are not little medical collections... as per this thread..

The OP hasnt resolved the problem....  

 

http://ficoforums.myfico.com/t5/Credit-Cards/U-S-Bank-and-Bank-of-America-Secured-are-PI-ING-ME-OFF-...

 

From the OP earlier thread..he hasnt resolved the problem he was told about before... Is he thinking those collections will just magically vanish or be disregarded... Uhm no.. the OP is too lazy to try to resolve the issue... in that case.. the OP can wait 2+ years for the medical collections to fall off... and maybe the cards will unsecure, or just close them...

 

IT DOESNT MATTER that your not late with these cards unsecuring.. ALL THAT MATTERS IS YOU HAVE COLLECTIONS ON YOUR CR.... I bet your cards will possibly unsecure in 2+ years IF YOU DO NOTHING ABOUT THEM

 

 

Okay,

 

            So about 2 years ago I started this journey to repair my credit because after losing my COBRA benefits I was stuck with tons of hospital bills I couldn't pay and it tanked my credit horribly.  I started out at a 514 and that was just 2 years ago.  Today I am a much more respectable 677 and have gotten credit cards from Discover, Barclays, Capital One, just to name a few.  My main issue are the secured cards that I have had since I started this journey.  Both, Bank of America and US Bank refuse to graduate my cards, even at my request.  I have had each of their secured cards for 2 entire years and HAVE NEVER BEEN LATE...in fact...I usually pay in full before the statement even prints.  I just don't get how they can just string someone along for 2 years when even Discover card is giving me a shot.  I went through their Recon departments with zero success.  I am just highly upset because I have had nothing but a stellar record with them for my entire 2 years.  I have made sure to do everything right...I keep utilization below 20%, I pay on time, I manage all of my other accounts to where my credit score has grown by over 150 points.  

 

           Has anyone else had issues with BoA or US Bank not graduating their cards after an extended amount of time?  They both gave the same reason for not graduating....WHICH WAS.....The medical collections that I had on my credit report when I initially got the cards to begin with.  It just seems bizarre to me, for them to hold something against me that drove me to taking out secured cards in the first place.  I hate to close them but the AF is killing me.  I just hate to ruin my AAoA and was really hoping they would unsecure by now.  Any advice is appreciated.

 

Message 12 of 45
JoshuaHolySpirit
Frequent Contributor

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!


@baller4life wrote:

Dude, bad advice. BOA is certainly one of the best secured cards around. You really need to call UW again and try to plead your case because it is definitely unusual. Most unsecure under a year. Mines was unsecured at 6 months and went from $300 to $10k. Some have unsecured in as little as 5 months.


Baller is so right. BOA is the best secured card in town.

They graduate regardless of what's in your file, ''so to speak''......Do not close 'em,

 

......but the ball is in your courts.

 

Capital One QS1, Capital One Journey, Williams-Sonoma Visa, Amex Travelocity, Chase Slate, Amex SPG, Amex Blue Sky, Bank of America Travel Rewards, JCPenney...and more ( Holy Spirit rocks-!! ) TU-Fico-777
Message 13 of 45
CreditCuriosity
Moderator Emeritus

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!


@joltdude wrote:

They are not little medical collections... as per this thread..

The OP hasnt resolved the problem....  

 

http://ficoforums.myfico.com/t5/Credit-Cards/U-S-Bank-and-Bank-of-America-Secured-are-PI-ING-ME-OFF-...

 

From the OP earlier thread..he hasnt resolved the problem he was told about before... Is he thinking those collections will just magically vanish or be disregarded... Uhm no.. the OP is too lazy to try to resolve the issue... in that case.. the OP can wait 2+ years for the medical collections to fall off... and maybe the cards will unsecure, or just close them...

 

IT DOESNT MATTER that your not late with these cards unsecuring.. ALL THAT MATTERS IS YOU HAVE COLLECTIONS ON YOUR CR.... I bet your cards will possibly unsecure in 2+ years IF YOU DO NOTHING ABOUT THEM

 

 

Okay,

 

            So about 2 years ago I started this journey to repair my credit because after losing my COBRA benefits I was stuck with tons of hospital bills I couldn't pay and it tanked my credit horribly.  I started out at a 514 and that was just 2 years ago.  Today I am a much more respectable 677 and have gotten credit cards from Discover, Barclays, Capital One, just to name a few.  My main issue are the secured cards that I have had since I started this journey.  Both, Bank of America and US Bank refuse to graduate my cards, even at my request.  I have had each of their secured cards for 2 entire years and HAVE NEVER BEEN LATE...in fact...I usually pay in full before the statement even prints.  I just don't get how they can just string someone along for 2 years when even Discover card is giving me a shot.  I went through their Recon departments with zero success.  I am just highly upset because I have had nothing but a stellar record with them for my entire 2 years.  I have made sure to do everything right...I keep utilization below 20%, I pay on time, I manage all of my other accounts to where my credit score has grown by over 150 points.  

 

           Has anyone else had issues with BoA or US Bank not graduating their cards after an extended amount of time?  They both gave the same reason for not graduating....WHICH WAS.....The medical collections that I had on my credit report when I initially got the cards to begin with.  It just seems bizarre to me, for them to hold something against me that drove me to taking out secured cards in the first place.  I hate to close them but the AF is killing me.  I just hate to ruin my AAoA and was really hoping they would unsecure by now.  Any advice is appreciated.

 


Thanks for finding the post.. I still think he should go the HIPPA route if he wants them off, but his choice.. Essentially a duel post though just complaining again about the same thing.  Either go the HIPPA route and get them removed or wait two more years for them to fall off...   If you have other credit options now, just close down the secured cards and get your money back then whenever everything is fixed or has fallen off, reapply.

Message 14 of 45
Anonymous
Not applicable

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

I totally agree with what is being said.  I have a BoA secured card.   I've had it for 2 years with perfect payments.  I have gotten other cards, and most recently an unsecured Capital One QS 1. And with the euphoria of getting approved by Cap 1, I sought to get my BoA graduated.  I was turned down for several reasons, including the fact that my utilizations was up around 50% on the cards I had (though I had paid off the BoA card) AND I had two small medical collections totaling $546!   In speaking with the CSR, she pointed out the collections.  And though they were nearly two years old, that's what they saw and neither the age nor amounts matter.
After being a part of this forum for 2.5 weeks and spending hours on here, I look back and understand why my card has not unsecured: 

1.   I usually carried a balance on the card greater than 80% for nearly the life of the card along with going OVER my CL at one point.  And BoA doesn't like it.

 

I say all that to say this OP, you really need to tell the full story when you come on here and rant. I immediate knew something was murky when I read your title.  BoA could care less about what other Banks issue you:  if you don't handle certain issue, the see you in the same light as someone who has a worse credit profile. jmho 

 

 

Message 15 of 45
Anonymous
Not applicable

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

2 questions, just for arguments sake... do you have the 123 rewards on the boa? If so that should at least cover the AF. On the us bank, call em and ask if you can at least product change to the harley davidson secured. NO AF on that, and 1% back in harley gift cards. No great but better than no rewards and an AF. I sell my gift cards on one of the swap sites, usually get 21 bucks for 25 dollar cards so it ends up being a .8% cash back card with no AF. I directly applied for that card but had a friend who was able to switch to it. He had to call a couple times but worth it.

Message 16 of 45
tiffjtiffj
Contributor

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

wow. I have been leaning towards closing both secured cards in 2015 after they turn 1 as I didn't hold out much hope that they will graduate with my charge offs.

Current EQ 634 TU08 670 EX 627
Garden: Take #25 (2017 - ouch)
2017 Goals: Citi Premier
Message 17 of 45
baller4life
Super Contributor

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!


@tiffjtiffj wrote:
wow. I have been leaning towards closing both secured cards in 2015 after they turn 1 as I didn't hold out much hope that they will graduate with my charge offs.

Mines graduated with a 5 yr old $0 balance Cap 1 CO. No other derogs

Message 18 of 45
Ragelog
Established Contributor

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

My BoA Secured rewards card graduated in December 2014. I had it secured for 9 months initial deposit was $500 they gave me a CLI to $2000. Annual fee was removed a week after unsecuring. I still have a Charged off Repo (reporting a $0 balance), as well as a paid tax lien and paid judgement both 5 years old. My advice call the credit analyst and discuss if that doesn't work close it you have plenty of unsecured credit guessing something is the cause. 

 

US Bank I have heard are much more difficult to graduate and typically a hard pull. I closed my Harley Davidson secured card due to this figured I would just apply for a normal US Bank card when I felt I needed one if that time comes. 

 

How much have you used the card? It was my primary grocery and gas card during the 9 months I would PIF 2-3 times a month while it was secured.

EQ04 675, EQ08 676, EX08 719, TU08 703 $12704.75/$123050 Revolving Credit (All 0% or 1.99%) - In Garden Since 5/25/2016

Last negative item should fall off in July 2017.
Message 19 of 45
GoldenBoy1
Established Member

Re: DON'T GET A BANK OF AMERICA OR U.S. BANK SECURED CARD! WARNING!

Why do people assume there is more to every story?  My FICO is 701 as of December 8th of 2014.  No late payments and no missed payments in over 5 years.  The only thing still reporting bad on my credit report is medical collections from a little over 5 years ago ( Total dollar amount is tremendous **around 30,000$ initially** )   

 

Basically I lost my COBRA benefits after being laid off and accrued some serious medical bills during that process, obviously not an excuse not to pay but unfortunately for me I was without a job or insurance at the time, so it happened.   I hate it happened....but It did happen.   

 

At any rate, I've tried to do some pay for delete on smaller balances and have been successful but at this point, trying to pay the remaining 24,000 dollars is just beyond my means.  Especially considering they aren't going to work a payment plan for a pay for delete and even if they did, I'm sure it would take me more than 2 years to pay off 24 grand and in that time they would have fallen off anyway.

 

My whole frustration with BofA and US Bank is that this was all present on my credit report when I initially got these cards several years ago.  I feel that I have reestablished myself to a point where I am at the bare minimum worthy of a 300 dollar unsecured credit line.   That is my only point and I think that they are both being very stubborn with their underwriting processes.  I've tried to recon, BofA said that as long as the medical bills show there is nothing they can do....even with my current FICO which she said she saw as a 692 (yet Wal Mart and Barclays show a 701 ).    As far as recon with US Bank.....pretty non existant IMHO.  Didn't seem as if there was ever a hope of getting them to overturn the decision both times I called.  

 

I'm certainly not trying to justify not paying the bills because in fact....I didn't/couldn't.  Every year my state income taxes get taken and applied to those bills ( Last year about 1,200 bucks) and my state taxes will continue to be held each year until the debts are paid in full.  I never tried to dispute this with the state and actually agreed that I owed the debts when the state initially contacted me.   

 

The truth is, if I had 24 thousand i'd pay the debts off regardless of whether they pulled them from my credit or not.  The second truth is, I feel that given the circumstances of my habits over the past several years that I have proven that I am determined not to let anything like this happen again.  I just feel that BofA and specifically US Bank are a bit to conservative when it comes to giving people a TRUE second chance.  That is my opinion, and yes I will rant about it.....Atleast every 6 months, until they graduate the cards =D

 

 

Message 20 of 45
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