Should I ask BOA to Unsecure my Cash Rewards Visa?

[ddemari]

Hi everyone, I am debating asking BOA for a manual review of my account for an early graduation on my secured cash rewards visa. I nearing the 8th statement and I a feeling antsy. I have 700 dollars tied up with them and use the card monthly and I pay in full the balence every week so my statement never shows a balence. 

I currently have a Transunion score of 675, Equifax Score of 674, and Experian score of 660. My fico is 650. I have a few old baddies and a bankruptcy that will fall of my report in November of this year (bank of america was not included in bankruptcy 10 years ago nor did I ever fail to pay them). 

I also have a lot of inquires on my Transunion credit report because I was stupid and apping a few months ago. 

Wait or try it out? I mean I really do not need another hard pull on my account but... you never know haha. 

[IWOL]

Not sure about waiting or requesting it now but if you do decide to request make sure you call and speak to the secured card department and ask for an analyst/underwriter.

Also, if you do request it to be unsecured ask the underwriter for a CLI, if they do unsecure as they will use the same pull.

[ddemari]

Thanks for the advice! 

[mattayy]

I asked to unsecure mine at 7 months via chat. My limit was $1,000 and they unsecured it and kept me at my same limit. I have lower scores than you so I'm sure you would be okay!

[ddemari]

nIce, thanks! I definitely want a credit limit increase. My overall utilization on credit cards is at .08 percent and I have about 14k in available credit with other cards combined. Although Transunion has not updated my credit report to show the lower utilization... I just do not want to waste a hard pull lol. 

[EMax]

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@mattayy wrote:

I asked to unsecure mine at 7 months via chat. My limit was $1,000 and they unsecured it and kept me at my same limit. I have lower scores than you so I'm sure you would be okay!

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mattayy, did they do a hard pull of your TU report when they unsecured your card? I'm approaching about 6 months now and am hoping to have it unsecure in the next couple of months as well. 

[Revelate]

I'd wait personally unless I needed the $700 right now, but this is one of the issues I'm incredibly conservative on in my advice.

You realistically need to hang out anyway given your app spree, so in this instance age will probably help especially when it comes to getting the CLI.  4 months can be non-trivial, I wouldn't waste that opportunity currently.

Can't really build a credit report well without patience, consider this an early opportunity to practice .

[cgussio]

It it was me, I would wait a couple more months. However, I am pretty conservative with my rebuilding.

[ddemari]

I am totally going to wait it out. I do not need the 700 right now for anything. Yes, I totally need patience and im going to give it with this card. Thanks!

[mattayy]

Yeah it was a HP