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What to do with BOA secured card!

Maxi11510
Contributor

What to do with BOA secured card!

Good evening Fico family,

 

i need advise! I have a secured BOA cc with a $1000 limit and I have been considering closing this account. Here is some background of cc I currently have Amex ED, Amex Delta, Amex Platinum Chase FU Chase Sapphire Preferred Barclaycard rewards and Barclaycard Jetblue and Discover which are all unsecured cards. My BOA card will be a year old in November and I was  wondering if it was worth it to keep this card open in hopes that it will go on secured with a credit limit increase. I'm leaning towards closing it due to the fact that I have so many other cards that are unsecured.  So I need advice from all of you experts on the forum.  Any advice and direction would be greatly appreciated! 

Message 1 of 21
20 REPLIES 20
sleeplessinsf
Valued Contributor

Re: What to do with BOA secured card!

Your card is unsecured now, isn't it?  If you do not have a use for the card and not sentimental like me, close it.

 

In my case, rebuild started with a $99/$500 (secured) Cash Rewards from BofA and after 1.5 years, CL is now at $6K.  That card was my workhorse until last month, and it's been good to me.  I didn't know about the CLI Button on the BofA site before I joined the myFICO Forums.  

 

If you still have a use or get benefits from the card, and you do not pay an AF, try the CLI.  BofA does a HP though.  

 

Goodluck!





Message 2 of 21

Re: What to do with BOA secured card!

Been over a year for me and is still secured. I don't want to hit the button for the HP. 

Message 3 of 21
Anusara
Senior Contributor

Re: What to do with BOA secured card!

Have you called BoA to find out if your card is ready to graduate? If no, give them a call.
Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 4 of 21
Maxi11510
Contributor

Re: What to do with BOA secured card!

Hi sleeplessinsf,

 

 Unfortunately this card is still secure it's been almost a year and I spoke with a representative and she says it generally takes about 13 months for them to look at it and decide if he should go on secured and return them deposit . I don't use this a lot only for  groceries and gas.  The representative advised of course to keep the account open for at least the 13 months through 16 months. And I kind of think I have enough cards and don't really need this one. I didn't want to hard pull since I'm back in the garden for at least a year.  But then I only have about five months ago and at that point they would make their decision. But I've read where some people have gone on secured and only a matter of months. What to do! What to do

Message 5 of 21
Maxi11510
Contributor

Re: What to do with BOA secured card!

Hi creditexpresstrain,

 

 Thanks for the response, I didn't know there was a credit line increase button. And like you I don't want the hard pull it's not worth it if I'm declined.

Message 6 of 21
Maxi11510
Contributor

Re: What to do with BOA secured card!

Anusara,

 

Thanks for responding. Yes I did call to check my status on possibly going unsecured. I received the scripted speech about the Bank looking at the accounts ant where fron the 13th-16th month before making a decision. Side note I also bank with them! 

Message 7 of 21
InControl2017
Valued Member

Re: What to do with BOA secured card!

I've had mine now for about a year and still no sign of graduating it. I don't need it as I have large CL with Amex and chase but I'm holding on to it anyway to establish a relationship with boa

Starting Score (7/25/17):EQ 661 TU 727 EX 672
Current Score (8/21/17): EQ 718 TU 749 EX 717
Goal Score: EQ 750 TU 750 EX 750


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Message 8 of 21
Maxi11510
Contributor

Re: What to do with BOA secured card! /UPDATE!!

Hello family!

i called BOA again and I  got a representative there at the same script! So I went over her head I explain my case that I bank with them, I've never missed a payment and I always pay in full!   He advised that they pull from Transunion and of course that's my lowest score! He verifies that the score is not the only thing they look at it look at  The overall picture with other accounts and he put me on hold. So now I'm pacing back-and-forth for about three minutes and he comes back and says I was approved oh unsecured with the credit line increase of an additional three $3500 I'm so excited and within 15 minutes my deposit was back into my bank account because I do bank with them and he made my day. Thank you Fico for all of the advice it is so much appreciated wishing you all the best back to the garden! 

Message 9 of 21
K-in-Boston
Credit Mentor

Re: What to do with BOA secured card!

Congrats! Yes BOA CLIs are almost always a hard pull but they are usually soooo worth it.
Message 10 of 21
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