@johnpalley wrote:
i dont think boa works like that. i just found this info on there website." How Secured Card works * Helps you establish a credit history that will benefit you now and in the future. * You deposit anywhere from $300 up to $10,000 into a Bank of America security deposit account. Your credit line will directly reflect the amount of your deposit. * Then make purchases with your card up to the amount you have in your security deposit account. * Pay at least the minimum payment before the due date each month. Paying off your credit card balance in full each month instead of carrying a balance may help. Your security deposit does not cover minimum payments. * Based on your credit and payment history with your secured card, you may qualify for an unsecured card at a later date". im gonna check out the others too.
Message Edited by johnpalley on 08-06-2008 02:14 PM
I have a BoA credit card that at one time was a secured card. Bank of America's Secured cards WILL unsecure automatically if you haven't been late or gone over your CL for at least 9 months.
When they mention "you may qualify for an unsecured card at a later date" means if you have made your payments ontime and have not exceeded you CL, you will automatically be converted to unsecure.
You will get a letter in the mail stating your account has unsecured and I received my deposit within 2 weeks of getting the letter stating my account had unsecured.
GL
