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Bank Of America Secured Card Requirements

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baller4life
Super Contributor

Bank Of America Secured Card Requirements

Found these requirements online. Hopefully it saves someone a hard pull inquiry if they are considering it!


To be eligible for a secured account, you must meet the following requirements:

 

Minimum age 18

Must be an U.S. citizen or permanent resident with a valid social security number or Tax payer I.D. number with a US mailing address (for nonresident alien, refer to Non-Resident Alien policy)

No Unpaid Bank of America charge-off

No Bankruptcy No Repossession (voluntary or involuntary) < 36 months

No Foreclosure (includes deed in lieu) < 36 months

No known unpaid charge-off accounts > $1000 with any financial institution including retail cards and student loans < 36 months

The Secured Credit Card account will be reviewed for graduation at 12 months. Accounts passing the graduation criteria will be upgraded to an unsecured account. At that that time, notification is sent to advise you that the collateral funds (secured savings) have been released. If the account fails the graduation criteria, the account will be reviewed against specific policy criteria for graduation twice a year.

Message 1 of 23
22 REPLIES 22
pizza1
Community Leader
Super Contributor

Re: Bank Of America Secured Card Requirements

Mmmmmm, interesting!!! So no apping for a secured card with them if your bk is less than 3 yrs?? Heck, by then you've already been rebuilding and don't need a secured card!

I'm actually glad you posted this because I had considered applying just because of the name! But I thought I saw people who had recent Bk's get approve for the secured??? Very helpful, thanks!
Message 2 of 23
baller4life
Super Contributor

Re: Bank Of America Secured Card Requirements

I have seen many posts of people getting denied this card. So I was trying to save others a wasted inquiry. Glad it helped you. I just got confirmation this morning that I was approved for the card. So, it's off to the garden I go.

Message 3 of 23
antdave93
Regular Contributor

Re: Bank Of America Secured Card Requirements

To ballar4life: Which credit agency did they pull from?

Thanks

Message 4 of 23
baller4life
Super Contributor

Re: Bank Of America Secured Card Requirements

Experian
Message 5 of 23
antdave93
Regular Contributor

Re: Bank Of America Secured Card Requirements

Sorry for all the questions, but what are the deposit process? Also your credit score with ex?

Thx again

Message 6 of 23
almost_there
Regular Contributor

Re: Bank Of America Secured Card Requirements

Thanks for posting this. Investigating secured cards was my next step in trying to rebuild my credit. Is there a minimum amount you have to offer up as security if you know?

11/2013 FICO: 517 (TU), 560 (EX), 539 (EQ)
11/2013 FAKO: 593 (TU), 591 (EX), 595 (EQ)
Message 7 of 23
baller4life
Super Contributor

Re: Bank Of America Secured Card Requirements

You just fill out the app on their website and enter the routing and account# of the bank account that funds your deposit. If approved they will deduct the funds and send card in 7-10 days.
Message 8 of 23
baller4life
Super Contributor

Re: Bank Of America Secured Card Requirements

Minimum $300
Message 9 of 23
zsepthenne
Regular Contributor

Re: Bank Of America Secured Card Requirements

I was approved for a partially secured with them, $99 for $500. My experian score was 651. I have no collections. Only discharged school loans on my report
Beginning Scores 9/2013: EX 651, TU 639 Short term goals: Scores in the mid 700s 1/15 TU08 701| 4/2018 TU08 800!! |11/2019 TU 785
CapOne Quicksilver $5000 | Barclaycard Rewards Mastercard $6900 | Amex Everyday $15000 | Discover It $13000 | Cap One Walmart Mastercard $8000 | BofA Cash Rewards $3200 | CareCredit $7200 | Citibank Double Cash $10500 | Chase AARP $5500
Message 10 of 23
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