Interesting convo with BofA

[Anonymous]

What is a 99/500 card?

[Anonymous]

it's a secured card offered by BofA. Check out Tuscani's post on page 1

[Anonymous]

if you're gonna do that then better to star with a PRIME bank then credit union. Call BOFA and ask about your options based on your scores. i think they can offer you a straight $500 deposit and CL card. maybe even pay $99 deposit and git $500 credit card. Try it with BOFA rather then with credit union.

99/500 are Bank of America secured credit card: put a deposit of $99 and get $500 credit line. For people with poor credit. Better to have at least mid 500's FICO for this card.

[Anonymous]

hmmm, perhaps i will do both. I have no open TL's right now so it might be good to have 2.

[Anonymous]

ok... how do i put this.

do you want to always shop for clothes at walmart or macy's?

if you picked macy's, then apply only for prime bank and prime cards. So far you can get a BOFA ( which is prime bank ) your secured card is of course subrime, BUT!!!! you will have this on your report and next time you apply ( in 12 month ) you can get WAMU, CHASE, CITI even AMEX.

If you choose to still have one with your credit union then:

in 12 month you will have :

cap1

orchard

juniper

household

first premier

You don't have to have both. You need only one right now. And better BOFA then CU. Do you agree?

Message Edited by montana on 09-13-2007 10:57 AM

[Anonymous]

i guess i never really thought about the difference between the quality of bank references as opposed to credit unions. i think i could get my scores up to the mid 500's in a couple months with some of the letters i'm sending out. patience, patience i guess. i'm just so jacked up about improving my scores and can't wait to see the results of my letters, so i may be getting ahead of myself...

[Anonymous]

Credit Unions are not considered prime?

[Anonymous]

Credit Unions are not prime. Anyone who say's otherwise doesn't know any better. Sure it may offer you lower APR but.......the only prime so far is an FDIC institution such as:

American Express Bank ( any of their cards are prime except partner cards: Delta, hilton, Starwood.) Blue, Clear , any charge cards are all prime.

BOFA - anything is prime except secured credit, but doesn't say so on your credit report so IT IS ALSO PRIME!!!

WAMU, same thing

WELLS FARGO same thing

CITI same thing

CHASE same thing

stay away from :

orchard

cap1

juniper

household

first premier

the rest of low CL and high APR and annual fee.

[Anonymous]

What about installment loans form Credit Unions. I was just about to open one from a local Credit Union. They were definitely much cheaper. I don't need the loan, it was such a good rate it sounded like maybe it was worth it just to have another installment on CR. Will this be bad for score? I'd freak if it said consumer finance or something.

[Anonymous]

looks like you're in love with that cu. lol. anyway....when you have an installment loan it's ok. it counts differently in FICO, but you have to make sure it is not "consumer finance " loan because those...CAN and WILL hurt your FICO in short and medium term, perhaps untill you pay it off. If you want to throw a personal loan i n to the credit mix, then as for a LOC line of credit. it reports as revolving and can enhance your overall picture, but may hurt as new inq and new account...bringing overall age of TL down, hence the FICO will take a dive of some 10-20 %. No consumer finance loans! These are form prime bank's little subprime operations:

Citibank- CitiFianncial

Wells fargo bank: Welss fargo Financial

better to stay away from those, because you fall in to a bottom of subprime....unles desperate for money.

good luck.