Horrible experience with BOA Graduation

[Anonymous]

Hi All,

I want to share my experience regarding Bank of America secured card graduation request. I have started building my Credit Jul'17. I started with a unsecured Discover Card and opted for a BOA Secured on Sep'17 card with 39 annual fee and 300 deposit.

Since then, I have worked hard on my Credit. My current score EQ - 710, EX - 715 and TU - 740.

I have the below unsecured cards with me

Amex Blue Cash - 5300, Amex Everyday - 5300, Discover IT - 5000, Discover IT - 2100, City SimplyCity - 7000, HSBC Cash Rewards - 2700, HSBC Gold - 2500, DCU - 5000, Wells Cashwise VISA - 5000, Amazon Store - 8000. All of the Cards don’t have any annual fee and having 0 APR on purchase or balance transfer offer (except DCU).

I have never missed any payment. UTI less than 10% revolving across account.

I thought I can request BOA if they can graduate it. I was hopeful thinking my profile is decent now.

I never actually used the BOA card due to 2 reasons.

1. I really don’t bother 2 use 300 CLI card where I have so many higher CLI cards with me.

2. Somehow they messed up my Online payment so that I cannot pay anything from Online / Mobile App. To pay the annual fee, I had to go to the BOA branch physically.

Couple of days back I called BOA Customer care and asked if I am eligible for graduation. The representative said yes. I said I would like to apply for Graduation. She asked do you like CLI also along with it.

I asked how much I can request for and whether the requested amount will be deducted from my Checking account (from a different bank) on their file. She mentioned no – the CLI amount will be based on my Credit worthiness and it will not be withdrawn from my checking account.

I thought that’s good. No harm to put CLI request (5000) along with graduation request. I told her that she can process both the request. After few minutes, she came back and told me – its pending review and I will know within 7/10 Business days.

Yesterday morning, I got an email from my checking account bank that 4700 has been withdrawn by BOA (5000 CLI request – 300 deposit). I was shocked, now my balance went negative and I have to pay an overdraft protection fee!!!

I went to BOA branch. The banker called the Credit Department. The Credit Analyst mentioned my graduation request was denied and they treated the CLI request separately considering a secured card. I asked when I clarify with representative the same, she said different think and why should I try make 5000 secured card? No answer.

My next question – why you denied my graduation request? Credit Analyst mentioned due to the fact I never used the card actively. I explained the above the Bill payment problem. She refused to approve the graduation request. I finally decided to close the account.

I was very disappointed about the way Branch Manager and Credit Analyst treated me. Not a gesture of being sorry about the mess or a word of apology the trouble they put me in. All the their attitude was like I am an beggar asking for a favor.

I wanted to make aware to any forum members who has plan to graduate a BOA secured card in future.

1. Do use the card for sometime before you request for graduation

2. When applying for graduation, please wait if you get an instant approval. Then only request for CLI

3. If the graduation is request is pending, do not request for CLI no matter what they tell you

[Anonymous]

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@Anonymous wrote:

Hi All,

I want to share my experience regarding Bank of America secured card graduation request. I have started building my Credit Jul'17. I started with a unsecured Discover Card and opted for a BOA Secured on Sep'17 card with 39 annual fee and 300 deposit.

Since then, I have worked hard on my Credit. My current score EQ - 710, EX - 715 and TU - 740.

I have the below unsecured cards with me

Amex Blue Cash - 5300, Amex Everyday - 5300, Discover IT - 5000, Discover IT - 2100, City SimplyCity - 7000, HSBC Cash Rewards - 2700, HSBC Gold - 2500, DCU - 5000, Wells Cashwise VISA - 5000, Amazon Store - 8000. All of the Cards don’t have any annual fee and having 0 APR on purchase or balance transfer offer (except DCU).

I have never missed any payment. UTI less than 10% revolving across account.

I thought I can request BOA if they can graduate it. I was hopeful thinking my profile is decent now.

I never actually used the BOA card due to 2 reasons.

1. I really don’t bother 2 use 300 CLI card where I have so many higher CLI cards with me.

2. Somehow they messed up my Online payment so that I cannot pay anything from Online / Mobile App. To pay the annual fee, I had to go to the BOA branch physically.

Couple of days back I called BOA Customer care and asked if I am eligible for graduation. The representative said yes. I said I would like to apply for Graduation. She asked do you like CLI also along with it.

I asked how much I can request for and whether the requested amount will be deducted from my Checking account (from a different bank) on their file. She mentioned no – the CLI amount will be based on my Credit worthiness and it will not be withdrawn from my checking account.

I thought that’s good. No harm to put CLI request (5000) along with graduation request. I told her that she can process both the request. After few minutes, she came back and told me – its pending review and I will know within 7/10 Business days.

Yesterday morning, I got an email from my checking account bank that 4700 has been withdrawn by BOA (5000 CLI request – 300 deposit). I was shocked, now my balance went negative and I have to pay an overdraft protection fee!!!

I went to BOA branch. The banker called the Credit Department. The Credit Analyst mentioned my graduation request was denied and they treated the CLI request separately considering a secured card. I asked when I clarify with representative the same, she said different think and why should I try make 5000 secured card? No answer.

My next question – why you denied my graduation request? Credit Analyst mentioned due to the fact I never used the card actively. I explained the above the Bill payment problem. She refused to approve the graduation request. I finally decided to close the account.

I was very disappointed about the way Branch Manager and Credit Analyst treated me. Not a gesture of being sorry about the mess or a word of apology the trouble they put me in. All the their attitude was like I am an beggar asking for a favor.

I wanted to make aware to any forum members who has plan to graduate a BOA secured card in future.

1. Do use the card for sometime before you request for graduation

2. When applying for graduation, please wait if you get an instant approval. Then only request for CLI

3. If the graduation is request is pending, do not request for CLI no matter what they tell you

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What was the rep. thinking? ;(

[Anonymous]

Hey, OP!

First off, great job on the re-build---the end results are amazing, and I am sure you worked really hard to get to where you are.

Thanks for sharing your experience and for providing some useful tips for members with the BOA Secured Visa.

I am sure closing that low-limit card felt good.

[Anonymous]

Ouch. 4700 like they'd actually be worth a deposit like that..(or anyone). The only good thing I can say about BOA is they've always been good to me when something got messed up like that with my checking account. They've removed fees on my checking account for me a few times that I didn't deserve over the years.

The secured card though hasn't been that great to me either. The only good that came out of BOA Secured is that almo(st instantly I started getting snailmail offers and got in with Discover unsecured shortly after.

I messed up in the beginning with BOA and requested a CLI over the phone when I was a couple months in before I got the CLI button. I got hit with a HP and a typical denial letter for insufficient experience with credit line. (How did the rep not know that was going to happen?)

- Unsecured, got my deposit back
- Still has a $49 annual fee
- Never got an auto CLI. Stuck at $500.
- Never clicked CLI button to avoid HP which I hear they finally do SP now but I don't trust it.
- SD card which became my emergency, extra card that now carries a small balance because I don't care about BOA. Card already reported nearly maxed out in beginning anway so it doesn't matter.
- Gave up on trying to get card converted and tried various backdoor numbers posted in the forum. Always push to get me to apply for another. No thanks.


Thanks for this thread though. Now I know not to fall for the CLI offer when I call to cancel my card before the next AF hits.

[Anonymous]

san81 with all the financial companies in today's world ... Bank of America can go pound sand for what they did! Would say more but it would turn into a RANT!

[Anonymous]

My credit building card was also a BofA secured card, but I had a much better experience than OP’s. At 6th month I called and asked for deposit back, but didn’t ask for a cli bc at that time a hp was still required. So the rep did the deposit refund to my checking account. To my surprise, my unsecured card also got a cli, from 500 to 1K! Then 3 months later I requested a PC from the no-reward platinum plus card with $39 AF, PCed to a Travel Rewards card with NO AF. Then after 12th statement, I requested CLI to $5K and got approved.

I believe the reason OP had such a painful exp is that BofA does not like to give a huge bump for the CL without seeing usage on the card. Next time try only 2x CLI.

[Anonymous]

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@Anonymous

I believe the reason OP had such a painful exp is that BofA does not like to give a huge bump for the CL without seeing usage on the card. Next time try only 2x CLI.

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Maybe, but I used my card at the time and only tried to convert to cash awards or anything even without the CLI.

[crnbread73]

I have had problems with BOA as well.  I have decided that they are just not worth the headache.  Can't close as they are my oldest card so I will keep them until I buy a house then I am gone!

[morgacj2004]

Their AK air card is nice for those of us living in Alaska. Otherwise their products are hot hum at best. 

[Anonymous]

Sorry about that experience. When I had partially secured B of A card. I had a request credit limit button appear. Clicked it and ask for 10k and they unsecured card and gave me my security deposit back and gave me a 1000 dollar limit. But I put 5k through the card in 2 months. Making like 10 parents a month.

Someone messed up on your request and they should fix it.