Magdalen77 Posted January 12, 2008 Report Share Posted January 12, 2008 I'm kind of annoyed. I applied to BOA for one of their VISA cards. I figured I had a shot all my scores are over 600 and my EQ is over 650. BOA turns me down and then to add insult to injury they offer me a crappy $300 secured card. Uh-huh, I already have two unsecured VISA and three unsecured MC, what makes them think that I'd want their crummy secured card. Bleh, they suck!!! Link to comment Share on other sites More sharing options...
CleverCynic Posted January 12, 2008 Report Share Posted January 12, 2008 It's good to get your foot in the door at a prime lender. BofA is second largest in the world. Down the road they'll be the card that is lowest interest with a huge limit when your credit is near perfect again. Link to comment Share on other sites More sharing options...
stefdr Posted January 12, 2008 Report Share Posted January 12, 2008 Go for the B of A. I started out with a $500 secured card with them, they told me it would go unsecured within a year as long as I didn't go over limit and had no late payments. It went unsecured in 8 months, and the month after that it went from $500 to $3500. Biggest jump I've ever had. When I logged on to the site to make a payment and saw the credit limit, I had coffee coming out of my nose. Link to comment Share on other sites More sharing options...
Magdalen77 Posted January 12, 2008 Author Report Share Posted January 12, 2008 Go for the B of A. I started out with a $500 secured card with them, they told me it would go unsecured within a year as long as I didn't go over limit and had no late payments. It went unsecured in 8 months, and the month after that it went from $500 to $3500. Biggest jump I've ever had. When I logged on to the site to make a payment and saw the credit limit, I had coffee coming out of my nose.So, maybe I should suck it up and go for it. Eight months, huh... Link to comment Share on other sites More sharing options...
Magdalen77 Posted January 12, 2008 Author Report Share Posted January 12, 2008 It's good to get your foot in the door at a prime lender. BofA is second largest in the world. Down the road they'll be the card that is lowest interest with a huge limit when your credit is near perfect again.Since I ignored the online offer, can I go into the local BOA and apply? And tell them not to pull my credit again (grumble, grumble). Link to comment Share on other sites More sharing options...
CleverCynic Posted January 12, 2008 Report Share Posted January 12, 2008 did you give your e-mail address and receive an email with the results of your app? It should have a link that still works if you did. I'll tell you though either way they're going to pull your report again... a different card is a different card no matter what. Pulled me twice as well for the 99/500. Link to comment Share on other sites More sharing options...
Magdalen77 Posted January 12, 2008 Author Report Share Posted January 12, 2008 did you give your e-mail address and receive an email with the results of your app? It should have a link that still works if you did. I'll tell you though either way they're going to pull your report again... a different card is a different card no matter what. Pulled me twice as well for the 99/500.Yeah, I did give them my e-mail. It's my work e-mail so I'll have to check and make sure it isn't in the junk mail folder. Drat, so they're gonna pull again!! They pull EX and it's hell to get inquiries off of EX (or so I hear, I've never tried). Link to comment Share on other sites More sharing options...
stefdr Posted January 12, 2008 Report Share Posted January 12, 2008 I applied for the card when I changed my banking to B of A. I did bank with a CU previously, but that was in MS pre-Katrina. B of A is a good card to have. I'd say suck it up and go for the secured card and wait it out. When my VISA with them was secured it reported like any other CC. Link to comment Share on other sites More sharing options...
chucksnee Posted January 12, 2008 Report Share Posted January 12, 2008 Did'nt BofA just aquire Country Wide? They are just going to get bigger and bigger.... Link to comment Share on other sites More sharing options...
isislc Posted January 12, 2008 Report Share Posted January 12, 2008 Did'nt BofA just aquire Country Wide? They are just going to get bigger and bigger....No, not yet, they are in negotiations to acquire them right now. As for the card, yes suck it up. If you got an offer for a secured card online, they will also mail you a reminder. I lost the online form but was happy when the other one came in the mail. Also, they DO pull EX a 2nd time once you send in the form with your secured payment. I asked them why. The woman told me that they do it to make sure there are no changes in your CR since it does take a couple of weeks to process the new card and account for the deposit. Another thing, if you have the money to spare, the card can be higher than $300 and I was told that we could also bump it up later. Link to comment Share on other sites More sharing options...
stefdr Posted January 12, 2008 Report Share Posted January 12, 2008 Yes, the secured card can be for whatever limit you can afford to put into the secured account. I could have gone higher than the $500 that I set, but it was all I needed at the time. Link to comment Share on other sites More sharing options...
Krash Posted January 12, 2008 Report Share Posted January 12, 2008 i got turned down from bofa as well mags don't feel bad I am over 670 in scores on my ex and can't get one lol........ All they approved me for was a crummy ol secured card and a bank account lol, so maybe one day since it isn't nothing more than a soft pull to do the apply to see what you get then i may do that, but right now BOFA sucks lol, great to have i am sure but my citibank card of 9200 9.24 percent apr is great!!! Link to comment Share on other sites More sharing options...
insomniac Posted January 13, 2008 Report Share Posted January 13, 2008 Another thing, if you have the money to spare, the card can be higher than $300 and I was told that we could also bump it up later.Yep. I opened a savings account with them just so I could start throwing some money in it each month to get to the minimum of $300 and apply for the card. I started at $300, bumped it up six weeks ago to $500, and recently put in a request to increase it again to $600. They just take the money out of my account each time. It takes 'em a good 7-10 business days to grab the money... a lot slower than I feel it should be, considering it's just a transfer within the company, but whatever.It's been a good card. Now that I have a couple of unsecured cards, I probably won't increase the limit again, and I'm certainly looking forward to seeing this one become unsecured (hopefully with a big CLI at the same time!). Link to comment Share on other sites More sharing options...
Hellard Posted January 13, 2008 Report Share Posted January 13, 2008 so i secured card is kinda like a debit card from your own checking EXCEPT the secured card reports to cra's...? Link to comment Share on other sites More sharing options...
Amerikaner83 Posted January 13, 2008 Report Share Posted January 13, 2008 no no no no NO!A secured card is exactly like a regular credit card. Carry a balance - pay interest. The only difference is that your credit limit is determined by the amount of money you "secure" the card with...in case you default they take the money. Link to comment Share on other sites More sharing options...
Krash Posted January 13, 2008 Report Share Posted January 13, 2008 just like a secured loan Link to comment Share on other sites More sharing options...
LadynRed Posted January 13, 2008 Report Share Posted January 13, 2008 I already have two unsecured VISA and three unsecured MC,Well that right there is the most likely reason for it. BofA is pretty conservative, and with FIVE Visa/MC cards, they may think you're too much of a risk for their model. Link to comment Share on other sites More sharing options...
Magdalen77 Posted January 13, 2008 Author Report Share Posted January 13, 2008 Well that right there is the most likely reason for it. BofA is pretty conservative, and with FIVE Visa/MC cards, they may think you're too much of a risk for their model.Maybe, I just got four out of the five cards in the last two months. I might go with the secured card just for another positive tradeline. I do have a Chase/BP Visa with a CL of $1000, so I have at least one prime card. The others are Hooters, Juniper B&N and Tribute. Hooters and Juniper are probably borderline and Tribute is a subprime card. Link to comment Share on other sites More sharing options...
par Posted January 14, 2008 Report Share Posted January 14, 2008 More and more cc companies are now ultra careful. Link to comment Share on other sites More sharing options...
onthecomeup84 Posted January 15, 2008 Report Share Posted January 15, 2008 So how long does it take to get the actual card after your app? Link to comment Share on other sites More sharing options...
CleverCynic Posted January 15, 2008 Report Share Posted January 15, 2008 BofA is one of the longer waits for a card, sorry. Looking at minimum 3 weeks. Link to comment Share on other sites More sharing options...
insomniac Posted January 15, 2008 Report Share Posted January 15, 2008 BofA is one of the longer waits for a card, sorry. Looking at minimum 3 weeks.I got the BofA secured card in November and opened a savings account with them to speed up the funding process. From application to receipt of card: one week. Pretty speedy as far as I'm concerned. Link to comment Share on other sites More sharing options...
CleverCynic Posted January 15, 2008 Report Share Posted January 15, 2008 That's very quick for them. When I was waiting on mine I asked around, people told me upwards of a month... sure enough it was pretty close. Link to comment Share on other sites More sharing options...
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