My BoA Secured Credit Card limit went up somehow

Anonymous · ‎08-26-2011

I have had a $500 secured credit card from Bank of America for 10 months and I just checked my credit report and now it is reporting as a card with a $1,000 limit so I checked my BofA account on their website and I find out that it indeed does have a $1,000 limit now. Why did they up my limit from $500 to $1,000 when all I deposited was $500? Does this mean I get my $500 back and that its unsecured now?

A side note, I was recently approved 2 weeks ago for a $5,000 unsecured bank of america credit card. Could this be the reason they up my secured credit card limit? Is this even heard of?

****UPDATE***

I just got off the phone with BoA and it turns out they graduated my secured credit card after 10 months and it is now unsecured and I will recieve my $500 within 5 business days and they uped my credit limit to $1,000.

Prettylady1 · ‎08-26-2011

It means your credit is improving! Not sure about the $500. Congrats...this is a good thing

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-Cain- · ‎08-26-2011

Congrats!
That is great news for you, hopefully I get the same surprise soon. I opened mine in March I believe. Please let us know how this pans out.

-Cain- · ‎08-26-2011

Are those the only two cards you have? I just got a Discover, which means my situation seems to be improving as well as I'd never had a preapproval from Discover before.

Creditaddict · ‎08-26-2011

Yes BofA usually tries to unsecure at 10 months and they are known for $500 CLI upon that happening. I would give it 3 or so months and then call and see if they will up it closer to the new 5k you just got.

Anonymous · ‎08-26-2011

@Creditaddict wrote:
Yes BofA usually tries to unsecure at 10 months and they are known for $500 CLI upon that happening. I would give it 3 or so months and then call and see if they will up it closer to the new 5k you just got.

I just got off the phone with BoA and it turns out they graduated my secured credit card after 10 months and it is now unsecured and I will recieve my $500 within 5 business days and they uped my credit limit to $1,000.

nuggets321 · ‎08-26-2011

Nice !! Hope my Wells Fargo secured does something similar since theyve had 2k hostage for about 8mos now...you give me hope

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-Cain- · ‎08-26-2011

Do they do a $500 CLI at graduation if you've added to original deposit and upped your own CL already?

Anonymous · ‎08-26-2011

congrats. im hoping to be in a similar boat as you in a few months. i should receive my $600 secured card in the mail in a few days. i hope they unsecure me early as well, since i plan on using it consistently and PIF every month.

my only problem is that ill soon want to increase my limit and i heard it takes a hard pull/inquiry which is annoying, but i guess necessary since i would like a higher limit when i graduate to the unsecured.

Red1Blue · ‎08-26-2011

Congrats. They did the same to me when I applied for their $99/500 card and they gave CLI to $1000 after they graduated the card. Now I have that card with $6k CL. After that I applied for FIA Amex Card and they approved it for $12k CL. I have them both now and very happy with them.