BoA secured card Questions....Help!

[Anonymous]

So,my EQ is 585, not good enough to get an unsecured card (besides Orchard which has rediculous fees), and my Credit Union cc doesn't report to the CRAs. So I was looking into getting a BoA secure card. Can anyone in here help me out with some questions I have. Once I have the card for awhile and can be approved for an unsecured card, will the length of time my account was open with them transfer too, or will it be like starting over?(because I know the length of accounts is important for the credit score too). And looking at the their website, I didn't see any fees besides the annual one for $29? And my last question, for anyone that has one, are they pretty good at reporting your payment history to the CRA's? Thanks for any input....

(P.S. If anyone has an suggestions as to other good starter cards, that would be appriciated. My boyfriend and I both have to work on our scores, and he wants an unsecured starter.....Thanks again)

Message Edited by Savings321 on 07-08-2007 12:04 PM

[Anonymous]

I highly recommend the BofA 99/500 secured card. It will graduate--just keep your payments on time and your utilization low--and the secured history will be rolled into the secured card. In fact, you don't even get a new card, you just get your $99 back and become eligible for CLIs.

[Vu]

I've heard some members get converted as soon as 9 months.  Regards the lenght of account, it should not be change at all unless the account number is change when converted, which I doubt it would.

I am sure you can get 2x CapitalOne, initial CL should be $300, 3 months on-time payment, it will be automatic increase to $500, wait 3 more months, call and request to have account close due to low CL, they will bump it up to $1000 (at least that how it works for me).  Combine the 2 cards you have into 1, you will have $2000 CL, and by the end of this year CapitalOne will report CL.

I used to have the 99/500 from BoA.  After 1 year of perfect payment and PIF, unable to convert to regular card with no explanation whatsoever.  I closed out the account.  3 months later i still have not gotten my $99 deposit back.  I have to call 2 times to have the $99 refunded to me.  Overall, very unhappy with the service.

I am sure many other had better experience with BoA.  But I will never go back with them.

[Anonymous]

Thanks, I used to have cap 1, I settled it last year, so I'm not sure how my luck would go with them, but it's worth a shot, as far s the 99/500, do you have to apply for another card and get denied to get that application or is there a way to go straight to it?

[Vu]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=20923&view=by_date_...

You need to apply for regular card, denied, and will get the counter offer if you are qualified.

[Anonymous]

As with almost anything else in today's automated, call-center driven world, the squeaky wheel gets the grease on the 99/500. I had to call in three times and escalate to supervisors before I could get the card unsecured.

Of course, I'm not going to blame BofA entirely for that one...I hit 99% utilization AND racked up a paid charge-off a few months after getting the 99/500. Not good things to do if you want graduation and/or CLIs.

[Anonymous]

Thanks for all your help guys. Just wanted to let everyone know that I applied for the platinum visa, got denied in that 60 second internet approval/denial stage, and was instantly goven the partially secured 99/500 offer. I am going to mail my deposit today. I'm pretty excited. I'm on my way to a better score. I can feel it!!!!!!!

[Anonymous]

My boa secured reports to all 3 CRA's.  It seemed a little slow getting reported at first, but I called and she said she would re-report to the CRA's.  It then hit all 3 CRA's within a week or two. 

[Anonymous]

I'm glad they report cause thats what I need. Just in case there was any dispure before, I chatted with one of the online representives and you DO NOT have to be a Bank of America customer to get this offer. I've never dealt with them before and was offered it istantly online after being deined. They give you a printable app. that you send your deposit in with.

[serenity72]

savings can i ask what your score was to get the $99/500 my score is 510 and I was denied. Just curious. Ty