Some questions..

[drkaje]

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@enharu wrote:

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@FixMyCredit1992 wrote:

The problem with the BOA Secured was that you cannot fund it by mail, it had to be via ACH.

It will be 2 weeks before I have $200 set aside. 

If I apped for the BOA Card, I would need to wait 2 weeks, and that means another ding 2 weeks from now.

The Merrick card has a 20 day funding grace period, so by apping for it now, and submitting my deposit on day 19, I have have  almost 3 weeks of letting any INQ's that occured 3 weeks after a year ago to age off, and durring that period I have about 5 INQ's.

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2 weeks from today is still going to be january.

the inquiry is still going to age off at the same time.

for experian, inquiries are removed at the end of the month 2 years from now. Example: inquiries gotten in Jan 2014 will disappear in Feb 2016.

and even if the inquiry is going to be made in feb, i don't think it's that big of a deal.

what you should be caring more about is whether that card is going to help you and the future "prospects" of the card. no point carrying a few "deadbeat" cards.

the bofa card will graduate as long as you do not pay late or go deliquent on them, meaning you will get your deposit back, which i think is an important aspect for secured cards. Who likes having their money stuck in the middle of nowhere perpetually?

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Really?!

I was trying to figure out why a Jan 5 2012 inquiry didn't fall off today.

What an annoying practice.

[enharu]

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@drkaje wrote:

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@enharu wrote:

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@FixMyCredit1992 wrote:

The problem with the BOA Secured was that you cannot fund it by mail, it had to be via ACH.

It will be 2 weeks before I have $200 set aside. 

If I apped for the BOA Card, I would need to wait 2 weeks, and that means another ding 2 weeks from now.

The Merrick card has a 20 day funding grace period, so by apping for it now, and submitting my deposit on day 19, I have have  almost 3 weeks of letting any INQ's that occured 3 weeks after a year ago to age off, and durring that period I have about 5 INQ's.

---

2 weeks from today is still going to be january.

the inquiry is still going to age off at the same time.

for experian, inquiries are removed at the end of the month 2 years from now. Example: inquiries gotten in Jan 2014 will disappear in Feb 2016.

and even if the inquiry is going to be made in feb, i don't think it's that big of a deal.

what you should be caring more about is whether that card is going to help you and the future "prospects" of the card. no point carrying a few "deadbeat" cards.

the bofa card will graduate as long as you do not pay late or go deliquent on them, meaning you will get your deposit back, which i think is an important aspect for secured cards. Who likes having their money stuck in the middle of nowhere perpetually?

---

Really?!

I was trying to figure out why a Jan 5 2012 inquiry didn't fall off today.

What an annoying practice.

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yup.

in some cases it may stay till a couple days after feb as well, depending. So for EX only the month and year matters, which is why it's sometimes nice if you manage to squeeze some inquiries in right at the end of the month. 

On the other hand, Tu and EQ are pretty punctual about removing inquiries from file.

[enharu]

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@FixMyCredit1992 wrote:

Would it be damaging to app for the BOA card now, or should I reap what I sow and stick with the Merrick one?

Thing is, I know I'm approved for the Merrick one, I don't want to waste another INQ knowing I might be declined for them, how good are the approval odds? I know some secured cards still have a min score needed. Capital one is picky too.

If you google "Bank of america denied secured credit card", there are quite a few hits.

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like others have said, i think you have enough accounts as is.

if you are to apply for the BOA card now, thats an additional deposit that you will have to come up with. Are you able to do that?

Usually secured cards are a guaranteed deal, unless your BK has yet to discharged, or you have some major recent derogs, or if you have burned that specific lender previously. Talking to a banker in the branch will also help. Some can help you apply via special considerations route.

[killer_queen229]

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@notfancy wrote:

Like every one has suggested many times, on multiple threads, you should stop applying for now. Age what you have and treat it carefully. You have more than enough accounts now that you should see significant progress in your credit reports by the time you move. You also could consider using the money you want to invest into more cards, and secured cards and use that money instead to negotiate payments for deletion or settlements on any negative accounts that you have. If you compile all of your posts and threads, you'll see that you're unlikely to get different answers at this point other than what is already mentioned.

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I think if you stop applying and let things age, then you will have a better chance with better companies, and this is coming from me. But I'm telling you from experience that at 4 months history with a secured card I couldn't get the Discover card I applied for, couldn't get a card with my bank (and still can't), couldn't get a card from BOA and couldn't get a card from the bank I got my secured card from. I got store cards (Old Navy/Kohls/TJX Rewards) but with low limits. Since then my Old Navy and TJX Rewards credit lines have increased a little.

[FixMyCredit1992]

Not all secured cards are 100%.

I applied for the cap 1 secured in 2010 when I turned 18 and was approved for a $200 limit with $99 deposit. I lost my job soon after so that was a lost deal. 

I applied again in 2012 and 2013, got shot down, both times the denials were "lack of credit history". I kid you not. 

Many people have been denied cap1 secured, something changed with the CARD act and now it's harder to get a secured with them.

[killer_queen229]

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@FixMyCredit1992 wrote:

Not all secured cards are 100%.

I applied for the cap 1 secured in 2010 when I turned 18 and was approved for a $200 limit with $99 deposit. I lost my job soon after so that was a lost deal. 

I applied again in 2012 and 2013, got shot down, both times the denials were "lack of credit history". I kid you not. 

Many people have been denied cap1 secured, something changed with the CARD act and now it's harder to get a secured with them.

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I have a Capital One card, but it's unsecured. I would defintely want a secured card offering me at least a $300 limit. I don't think you need a bunch of secured accounts opened, but that's just me.

[drkaje]

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@enharu wrote:

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@drkaje wrote:

---

@enharu wrote:

---

@FixMyCredit1992 wrote:

The problem with the BOA Secured was that you cannot fund it by mail, it had to be via ACH.

It will be 2 weeks before I have $200 set aside. 

If I apped for the BOA Card, I would need to wait 2 weeks, and that means another ding 2 weeks from now.

The Merrick card has a 20 day funding grace period, so by apping for it now, and submitting my deposit on day 19, I have have  almost 3 weeks of letting any INQ's that occured 3 weeks after a year ago to age off, and durring that period I have about 5 INQ's.

---

2 weeks from today is still going to be january.

the inquiry is still going to age off at the same time.

for experian, inquiries are removed at the end of the month 2 years from now. Example: inquiries gotten in Jan 2014 will disappear in Feb 2016.

and even if the inquiry is going to be made in feb, i don't think it's that big of a deal.

what you should be caring more about is whether that card is going to help you and the future "prospects" of the card. no point carrying a few "deadbeat" cards.

the bofa card will graduate as long as you do not pay late or go deliquent on them, meaning you will get your deposit back, which i think is an important aspect for secured cards. Who likes having their money stuck in the middle of nowhere perpetually?

---

Really?!

I was trying to figure out why a Jan 5 2012 inquiry didn't fall off today.

What an annoying practice.

---

yup.

in some cases it may stay till a couple days after feb as well, depending. So for EX only the month and year matters, which is why it's sometimes nice if you manage to squeeze some inquiries in right at the end of the month. 

On the other hand, Tu and EQ are pretty punctual about removing inquiries from file.

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That stinks!

Inquiries falling off are pretty much all I look forward to, LOL!

If it's there in February, they're getting an annoyed call.

[enharu]

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@FixMyCredit1992 wrote:

Not all secured cards are 100%.

I applied for the cap 1 secured in 2010 when I turned 18 and was approved for a $200 limit with $99 deposit. I lost my job soon after so that was a lost deal. 

I applied again in 2012 and 2013, got shot down, both times the denials were "lack of credit history". I kid you not. 

Many people have been denied cap1 secured, something changed with the CARD act and now it's harder to get a secured with them.

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that is because you just recently burned them.........

your original card was partially secured for $99, and they extended $101 of unsecured credit to you, which you eventually became deliquent. common sense would tell you that that particular bank isn't going to offer you any sort of credit anytime soon. CapitalOne may not be as unforgiving as Amex, but they are not a charity organization either. Would you lend money to your "best friend" right away if he just failed to pay you back on the previous loan?

[FixMyCredit1992]

Re read my post. I never sent them the deposit. So the account was never opened.

[enharu]

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@FixMyCredit1992 wrote:

Re read my post. I never sent them the deposit. So the account was never opened.

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ok. another question.

are you applying for the partially secured product, or fully secured product?

with any partially secured product, the chances of them saying no is higher, because you're literally asking them to lend you money.

with a fully secured product, you're essentially using your own money as collateral.

if you have a bank of america around your area, it's best to talk to a banker in person and see if they can help you.