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What's so great about B of A 99/500 card?


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At the request of members in another thread, I'm starting a new thread for this question. He's a recap of the discussion previously....

LNY wrote:

This is off-topic for this thread, but...

If you are offered the 99/500, TAKE IT. It is the holy grail of secured cards. Don't get pissed at me for saying this, but a search will tell you more about it. I don't want to bring this thread any further OT than it already is.

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Thrillsoft wrote:

Quote:

Originally Posted by LNY

This is off-topic for this thread, but...

If you are offered the 99/500, TAKE IT. It is the holy grail of secured cards. Don't get pissed at me for saying this, but a search will tell you more about it. I don't want to bring this thread any further OT than it already is.

I have 8 CC's already. I don't really need it. I was just looking to dilute a couple collections that I have that I'm waiting to get deleted. I don't really use all the ones that I have, but I'm trying to build more trade lines and decrease my total utilization. I may consider it, but I wasn't all that excited. I have a $1500 WaMu card on the way as well as a $1000 United Airlines card on the way too. I'm not sure how much good the B of A card would do me at this point.

cavazos007 wrote:

Thrillsoft believe it when someone tells you about the 99/500...it's the best card you could ever get...trust us!!!

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Oh Sugar Honey Ice Tea

Thrillsoft wrote:

I was talking to my girlfriend about it last night. She works at Bank of America (title: Vice President). She makes $125K/year + very large bonus. She has perfect credit. Owns a $700K condo. Never missed a payment on anything in her life. FICO 757

Bank of America turned her down for a credit card a couple months ago!

Cavazos007 wrote:

Thrillsoft if at all possible can you create a new thread for this. We are in the Hooters thread and we don't want to hijack...thanks!

My question is... Why is this card so great? I have lots of cards with much higher limits. I'm expecting to get a couple of collections removed from my CR in the next couple of months and should qualify at that time for some really good cards. What would be the specific reasons why I should take this particular one? (B of A secured $500 CL with a $99 deposit)

Also, what's the point of the $99 deposit? Why wouldn't they just give a $400 CL?

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Because most people here are in the process of repairing and rebuilding their credit, and are not in a position to get cards from prime banks such as BofA. Most people are stuck with subprime outfits like Orchard, First Premier, Capital One etc. at this stage. To get your foot in the door at a prime bank in the rebuilding stage is valuable. Not everyone who applies for BofA is even offered the 99/500, and unlike other secured cards, it gives you a limit five times that of your deposit.

But if you're still in the stage where you're being offered secured cards, you're probably not yet in a position to turn your nose up at this one. It's not the limit being offered that makes it valuable, or whether or not you "need" $500 in credit, it's the quality of the issuer. The whole purpose of rebuilding is to graduate from subprime to prime credit.

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Because most people here are in the process of repairing and rebuilding their credit, and are not in a position to get cards from prime banks such as BofA. Most people are stuck with subprime outfits like Orchard, First Premier, Capital One etc. at this stage. To get your foot in the door at a prime bank in the rebuilding stage is valuable. Not everyone who applies for BofA is even offered the 99/500, and unlike other secured cards, it gives you a limit five times that of your deposit.

But if you're still in the stage where you're being offered secured cards, you're probably not yet in a position to turn your nose up at this one. It's not the limit being offered that makes it valuable, or whether or not you "need" $500 in credit, it's the quality of the issuer. The whole purpose of rebuilding is to graduate from subprime to prime credit.

That was an excellent answer. Thank you. Could it hurt me to have too many cards?

Like I said, my GF was turned down from B of A and she has perfect credit. I've seen her report. She owns her own condo here in Manhattan. She works for B of A as a Vice President (in technology) and makes $125K/year from them. She's not maxed out on her current cards and her utilization is very low, however she does have MANY cards with very high limits ($25-30K each) and simply floats balances from one card to another taking advantage of 0% APR offers on balance transfers. I don't think she's paid a dime in interest in the 5 years that we've been living together.

I'm wondering if I could get into the same boat she's in where she's starting to get turned down for additional cards because she has too many already with too high of limits?

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That was an excellent answer. Thank you. Could it hurt me to have too many cards?

Like I said, my GF was turned down from B of A and she has perfect credit. I've seen her report. She owns her own condo here in Manhattan. She works for B of A as a Vice President (in technology) and makes $125K/year from them. She's not maxed out on her current cards and her utilization is very low, however she does have MANY cards with very high limits ($25-30K each) and simply floats balances from one card to another taking advantage of 0% APR offers on balance transfers. I don't think she's paid a dime in interest in the 5 years that we've been living together.

I'm wondering if I could get into the same boat she's in where she's starting to get turned down for additional cards because she has too many already with too high of limits?

You said you have 8 cards. That is not too many, especially if they have relatively low limits (under $5000). The idea is to improve your cards, and gradually shed your subprime ones as you rebuild your credit standing.

As for your girlfriend, it could be that she just has too much debt. The condo alone is three-quarters of a million worth of debt. But also prime issuers don't particularly like it when you just keep transferring balances between cards. They think you are flighty and unstable... even though they're the ones who offer the opportunities to begin with. Like cash advances. They offer them, but they don't like you to use them because you appear desperate for cash.

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You said you have 8 cards. That is not too many, especially if they have relatively low limits (under $5000). The idea is to improve your cards, and gradually shed your subprime ones as you rebuild your credit standing.

As for your girlfriend, it could be that she just has too much debt. The condo alone is three-quarters of a million worth of debt. But also prime issuers don't particularly like it when you just keep transferring balances between cards. They think you are flighty and unstable... even though they're the ones who offer the opportunities to begin with. Like cash advances. They offer them, but they don't like you to use them because you appear desperate for cash.

Yeah, she only owes half a million on it, but it's worth about $750K.

She has a $25K credit card already from MBNA (no balance) and she thinks that B of A owns MBNA and that may be why they turned her down. It was just odd because she works there at a very high level with perfect credit and great income. They were the ones that sent her the offer to begin with. She wanted to transfer around $10K of balance from another card with 0% APR that is ending soon.

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Because most people here are in the process of repairing and rebuilding their credit, and are not in a position to get cards from prime banks such as BofA. Most people are stuck with subprime outfits like Orchard, First Premier, Capital One etc. at this stage. To get your foot in the door at a prime bank in the rebuilding stage is valuable. Not everyone who applies for BofA is even offered the 99/500, and unlike other secured cards, it gives you a limit five times that of your deposit.

But if you're still in the stage where you're being offered secured cards, you're probably not yet in a position to turn your nose up at this one. It's not the limit being offered that makes it valuable, or whether or not you "need" $500 in credit, it's the quality of the issuer. The whole purpose of rebuilding is to graduate from subprime to prime credit.

:clapper:

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Thank you!

Office work for an Arbor & Logging company. He has always had a full time office person, but we are going to try PT. MWF 9-3, and T/TH I'll have calls forwarded to my cell so I can be home. There isn't a lot of walk-in clients, so if I need to leave, I can. I brought my youngest in yesterday for a few hours too. The pay is really, really good!! He's just used to having someone here M-F 8-4, so it will be an adjustment for him.

Only thing is, I'm coming in blind. No one to train me. Just trying to see how everything works on my own. Figuring out how he likes things done. It would have been easier if there was someone to train me!!

I'm hoping it works out!

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Wow-any way to tell WHO would "qualify" for this type of card?

Elyse

They pulled TU on me and then a couple days later pulled EX. My Experian was my lowest at 598 and my TU was 634. So when they pulled my EX a couple days after TU, I figured I was dead if the TU wasn't initially good enough.

You can see what they pull for different people and whether they got approved here: http://creditboards.com/forums/index.php?autocom=creditpulls

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There's no way of knowing whether or not you will be offered the 99/500, nor can you apply for it. You have apply for another BofA card and be declined... then some people are offered the 99/500. It's a crapshoot, I'm afraid. :(

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There's no way of knowing whether or not you will be offered the 99/500, nor can you apply for it. You have apply for another BofA card and be declined... then some people are offered the 99/500. It's a crapshoot, I'm afraid. :(

Yes, I should have said that. I applied for the regular card and got offered this one. Funny thing, I got a rebate check that was 3 years old in the mail today. Free $100 from T-Mobile. So I just went today and deposited that figuring that I'd look at this as a non-secured card for me by using that money :lol:

Makes me feel better anyway.

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I have two 99/500 cards. The first I got in December 2004, sinned right before it would have unsecured, and, well, it's still a secured card. I called the other day about getting it unsecured, but their computers aren't able to do that until after the MBNA integration is complete, alas.

The other 99/500 I received I got in May, 2005, and it unsecured at 9 months. However, because I opened a slew of new accounts in Jan 2006, they wouldn't give me a CLI. :(

I'll ask again when all but my newest card is a year old. I've lost some age off my reports because I've closed old accounts (paid off car, closed Orchard), so my FICO score is "experiencing drama."

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I also recieved the offer for the 99/500 card in the mail, and sent in the $99.

For those that have this card, how long did it take for the $99 to clear your bank account, and when did you recieve your card? It has been 9 days since mine was mailed off.

Thanks!

It took mine about 1 month...

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One month to recieve it, or one month for it to show the $99 taken out of your bank account? :confused:

And wow, that was a quick reply! :D

It took about 3 weeks for them to deposit my check and about another 1 1/2 weeks to send me my card. So about 1 month overall :) ....

And I'm so happy with it! I got it in 12/2005...I'm waiting patiently for it to go unsecured. I'm in no rush.

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That is great to hear! I was worried that maybe my acceptance letter got lost. :D

I'm not in the biggest hurry either. My problem is that I have no credit lines. At all. I did buy a car a couple of years back, but they only reported to one credit agency, so that didn't help much. :(

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That is great to hear! I was worried that maybe my acceptance letter got lost. :D

I'm not in the biggest hurry either. My problem is that I have no credit lines. At all. I did buy a car a couple of years back, but they only reported to one credit agency, so that didn't help much. :(

Call the 1800 number. I forgot what it is...go online and get it just so you'll have a peace of mind.

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