BOA secured card reviews...

[WantItBetterCredit]

I was offered the BOA secured card (not the 99/500). It sounds like a great ideal for re-establishing credit. I would be glad to hear anyone's thoughts on their experience with this card and graduating to an unsecured card.

[isislc]

I like mine, it usually graduates in 9-12 months and if you have a bank account with them they deposit the money along with the interest it accrued into your bank account. Mine is supposed to graduate in another month or 2. Only problem I had with them is that once you open a bank account, you can only pay on the card online through that bank account. That is the only bad experience I had with them, it cause my payment to bounce several times since I was paying it from an external account. It did get fixed.

[AboveAverage]

Decided to bite the bullet and open a secured BOA account. Process was relatively easy. I dumped $1000 because I really need a tradeline that's 4 digits. My goal is to make it $2500 before I graduate to unsecured. Plus $2500 in cash is nothing to sneeze at.

I read on here that it does report secured to the bureaus, but it doesn't make any difference. People seem to like it.

[Fico_Goin_Up]

I just opened up a secured card with BofA for $300 - I don't think it's even been 2 weeks yet - and my Equifax FICO has jumped 52 points!

[betam4x]

BofA is more accessible then Orchard Secured. Orchard Secured doesn't report as secured, however. Because of that, there are only two people that know it's secured, you, and HSBC. With BofA secured it says secured right on your CR.

[CleverCynic]

Seems like a major disadvantage actually for those of us with the 99/500 that you don't have the option of further funding the card.... or can you? There certainly aren't any links from the login to do so.

Isis, I think all banks assume you have one and only one checking account. More than one and they presume you're check-kiting since you can have multiple accounts at the same bank if you need separation of monies for some reason.

Anyway, I'm at Wachovia AND suntrust myself, so you're not alone in that. Don't like to put all my eggs in one basket and like the option of telling one of them to take a hike at will.

[AboveAverage]

BofA is more accessible then Orchard Secured. Orchard Secured doesn't report as secured, however. Because of that, there are only two people that know it's secured, you, and HSBC. With BofA secured it says secured right on your CR.

From what I read here on elsewhere, there is no "penalty" of having secured on your CR. I already have a HSBC unsecured card, and I would have to call HSBC to see if I can also get a Best Buy MasterCard or something. They only allow me to have one card and I made it.

In any event, BofA's product seems to be pretty sweet.

[betam4x]

The only 'penalty' that a secured card has comes into play when you are manually approved. If you apply for a card or mortgage or loan and the only active good TLs you have are secured, you could potentially be turned down or get a higher rate because of that. Doesn't mean it WILL happen, but it can.

[AboveAverage]

The only 'penalty' that a secured card has comes into play when you are manually approved. If you apply for a card or mortgage or loan and the only active good TLs you have are secured, you could potentially be turned down or get a higher rate because of that. Doesn't mean it WILL happen, but it can.

Hmmm....this would be the only secured card I'd have. If I treat this the way I treated my other cards, then it shouldn't be a problem.

[AboveAverage]

BOA secured is reporting on EX already. I don't even have the card yet. I also see that the card is on my page already when I access my BOA checking online with the last 4 of my CC number. It does reports as secured as others have mentioned...and hopefully it won't be a terrible detriment. I want to put at least $1500 more before the year is out and then I'll be set. It will be nice seeing that cash next year.

[stefdr]

I got a B of A secured card when I moved my banking there. All I could get was the secured card, so I got one for $500. I could have deposited more, but $500 was all I needed at the time. It went unsecured in about 8 months, and them the CL was bumped up to $3500 the following month. Stayed there for almost 2 years, then it was raised to $5500 just a few months ago.

[Krash]

oh good god, look at the int, and it has a af? wow.... they must be the crap lol..

Annual Fee: $29

Standard APR: Prime Plus 10.99% Variable APR

[stefdr]

The APR's on my cards aren't much of an issue, I did some calculating today and nothing is above 10% util.

[AboveAverage]

Are the CLIs automatic or can you call?

AF's unfortunately are something I can't avoid right now, Krash. When my scores, reports are in a better place perhaps I can avoid them. Right now, I can't. Plus, I have looked at the regular Platinum Visa card. No AF there. $29 bucks for a $1000 (or $300, $500), to report on my EQ really doesn't seem like a bad thing. It would only be once. I don't see this as a bad deal right now.

Annual Fee: $0

Introductory APR: 0%†

Introductory APR applies to your first 12 billing cycles on balance transfers and cash advance checks. You will lose the intro rate if you exceed the credit limit or are late with a payment. Payments you make will be applied to lower rate balances first.

Standard APR: Prime Plus 2.99% variable APR for Platinum Plus (Prime Plus 12.99% APR for Preferred)

Standard APR applies to purchases, balance transfers and cash advance checks after the Introductory APR expires.

[Krash]

Are the CLIs automatic or can you call?

AF's unfortunately are something I can't avoid right now, Krash. When my scores, reports are in a better place perhaps I can avoid them. Right now, I can't. Plus, I have looked at the regular Platinum Visa card. No AF there. $29 bucks for a $1000 (or $300, $500), to report on my EQ really doesn't seem like a bad thing. It would only be once. I don't see this as a bad deal right now.

Annual Fee: $0

Introductory APR: 0%†

Introductory APR applies to your first 12 billing cycles on balance transfers and cash advance checks. You will lose the intro rate if you exceed the credit limit or are late with a payment. Payments you make will be applied to lower rate balances first.

Standard APR: Prime Plus 2.99% variable APR for Platinum Plus (Prime Plus 12.99% APR for Preferred)

Standard APR applies to purchases, balance transfers and cash advance checks after the Introductory APR expires.

and what is this card you are talking about here? 0 AF, stuff like that. U have decent scores! BELIEVE ME, I have had crappy credit since i was 18, i am now 30, and just this year was able to get credit cards! Also my scores up until 3 years AGO and after my bk and my bk was a total of 8 years ago in two months, they were 520 and 518 across the board, I have just after 3 years came up over 100 pts, but seems like i should have more!

There are a TON of people like CITI that will take you, if u haven't had a bk then discover and amex would probably take you, i have seen some with lower scores get approved, also take it from me don't go after the worse until u have been declined by some of the best! I learned that! I know that rebuilding credit u may need some cards with a AF just to get the tl, and 29 a year is cheap! I have two AF's both are with HSBC, 59 on one and 29 on the other lol! So i know what u mean! I was just referring to the SECURED card with a AF, seems they are getting something more than you are getting back that is all!

[Amerikaner83]

And remember - if you don't carry a balance, APR IS IRRELAVENT!

[Krash]

yeah i know, but how can it help your score out if u don't carry a small balance? Like let it post, then PIF then let the 0 balance report again and then show a balance, I give up on this. lol it can take months.....

[AboveAverage]

and what is this card you are talking about here? 0 AF, stuff like that. U have decent scores! BELIEVE ME, I have had crappy credit since i was 18, i am now 30, and just this year was able to get credit cards! Also my scores up until 3 years AGO and after my bk and my bk was a total of 8 years ago in two months, they were 520 and 518 across the board, I have just after 3 years came up over 100 pts, but seems like i should have more!

There are a TON of people like CITI that will take you, if u haven't had a bk then discover and amex would probably take you, i have seen some with lower scores get approved, also take it from me don't go after the worse until u have been declined by some of the best! I learned that! I know that rebuilding credit u may need some cards with a AF just to get the tl, and 29 a year is cheap! I have two AF's both are with HSBC, 59 on one and 29 on the other lol! So i know what u mean! I was just referring to the SECURED card with a AF, seems they are getting something more than you are getting back that is all!

I have a CITI card...a whopping $200 exxon mobil. I tried getting a CITIFINANCIAL Ashley Furniture TL (Furniture...one of the easiest TLs to get....), no good. Once I get manual intervention, I get instant denial. It gets frustrating man....I've only had these scores for about a couple of weeks....I didn't always have them. Also, from what I read, alot of Secured Cards charge an AF. I never wanted a secured card, but the real subprime card I had is sooooo crappy. When I called to close my account, the guy on the phone wasn't begging me to stay. He just said ok. I also told him I wanted written confirmation...he was like "oh man, really" and I was like "YES, REALLY!".

There are days that when I see folks like Citi, Chase, etc. deny me, it means I gotta keep trucking.

I will try again with CITI and Chase and whoever else after 2-3 months. I got a Bloomies Card that should report in June so by September, I reckon I should be ok.

[Krash]

Above avg, Do this, apply at shell.com and try to get that card the shell plat MC, and it may be easier to get.. IF NOT, I am not knocking the secured card by no means! I actually have thought about it, JUST because it is BOA, but they won't give me anything else and my scores are ok, so I may just wait till after my BK is wiped off and see what happens then lol, I do like citi though lol, just would like to have another BANK credit card lol! FIRST simmons bank is a great low apr for great credit, u can't have no BK's though lol..... I think u will be happy with that secured card from BOFA and I just think they shouldn't charge a Af that is all, but AMERI was right, don't carry a balance and it doesn't matter about the APR, u are getting in with a HUGE bank, guess that is how it u can look at it! OR, u can do this, don't worry about new acct's and let some of the others age for a couple and see what happens, I did learn, don't apply unless u need it! That ruined my scores lol....

[creditreformer]

Sometimes you have to do what you have to do. Certain ccs (amex) blacklist and you’ll never get your foot in the door again from what I’ve read. Some subprime cards are ok for ‘unsecured’/rebuilding (ex., orchard golds) and don’t gouge you on insane fees up the wazoo. However, cls are low and frankly, a 300 cl probably doesn’t look that impressive to any creditor and I think even if you PIF, low utilization, etc., having 1 or more subprime ccs on your reports ‘stifles’ you from moving into the land of ‘prime.’ I’ve had 1+ yrs of ‘perfect history’ w/4 subprime cards (2 first premiers and 2 orchards) and still, the only mail offers I get are from random subprime who wants to screw you worse than first premier. My last baddies are from 2005, but they’re major baddies (tax lien- trying to resolve) and some ccs will NOT touch you w/tax liens no matter how old they are and no matter how great your current payment history is.

Like above, I’m a little discouraged @ times…recent app spree= cap 1 (Approved- woopee, another 300 cl lol), ba (denied for a ‘regular’ card but got offered 99/500 and the ‘regular’ secured card, so taking them), target red (denied…again), hooters (denied). It would be nice to find a cc w/o AFS (and perhaps a 4 digit CL lol), but reality is, unless I take BA’s ‘regular’ secured CC and pony up 1k+, I can’t get a 4 digit cl w/a ‘prime lender’ right now. I look @ the 1k ‘secured’ BA as being worth it as it will help me expand my relationship w/BA (I have checking and savings and will try for an auto loan when scores improve) and it will also be like a 1k ‘bonus’ coming back to me when the account unsecures. It’s an easy way to ‘force’ savings whereas if I keep the 1k lying around, it may get spent.

Subprimes weren’t my 1st choice, but reality is, @ the time, they were the ONLY choice as I didn’t have a lot of $ to put on secured ccs. Subprimes DID boost my scores and given that I was NOT in the position of bargaining w/ccs (still really am not), it’s the price I had to pay for mucking up my credit in the past. hopefully in early 2009 (when first premier gets fired and possibly orchard if they won't let me combine the cards w/a HSBC cc w/a real CL), 'prime lenders' like citibank (i know have 3 bank accts w/them) will come knocking on my door. until then, i'll do what i have to do to get my foot in w/a 'prime lender' and at least BA's giving me that chance w/their secured ccs.

[Krash]

That is the best way to look at it I guess! ESP if u aren't good at saving lol... I wouldn't mind to have the 99 500 card but i wasn't even offered that, go figure!

[AboveAverage]

Above avg, Do this, apply at shell.com and try to get that card the shell plat MC, and it may be easier to get.. IF NOT, I am not knocking the secured card by no means! I actually have thought about it, JUST because it is BOA, but they won't give me anything else and my scores are ok, so I may just wait till after my BK is wiped off and see what happens then lol, I do like citi though lol, just would like to have another BANK credit card lol! FIRST simmons bank is a great low apr for great credit, u can't have no BK's though lol..... I think u will be happy with that secured card from BOFA and I just think they shouldn't charge a Af that is all, but AMERI was right, don't carry a balance and it doesn't matter about the APR, u are getting in with a HUGE bank, guess that is how it u can look at it! OR, u can do this, don't worry about new acct's and let some of the others age for a couple and see what happens, I did learn, don't apply unless u need it! That ruined my scores lol....

Hey man, with the look of your sig, you are obviously doing something right. I will apply for the Shell card after I kill some INQs. Shell is CITI too and I considered getting one more gas card.

In the short time I have had credit cards, I have NEVER had to pay a finance charge. It's bad enough they get a AF plus merchant fees everytime a transaction goes through them. They don't need any more loot from me. The only time I would deal with a balance with APR is if a true emergency happens, like my parents or something like that. (e.g. the airplane ticket, etc.) Anything that can't be avoided. Between you and me, I have always wondered if a 47 inch LCD TV qualified as an emergency....... I'm going to right now assume it's not though....just have that feeling it might not.....

I am really hoping that BOA shows me love with a auto loan refinance and MAYBE a mortgage...they are HUGE (I believe the biggest in the country). Citi, I believe is the 5th. I don't care if I go on an app spree and get dinged in the short term. If I apply for 10 accounts and get 6 of them....within 2 years, it will pay off in huge dividends...providing I don't muck up.

[Krash]

The shell card i am talking about is actually a MC one used anywhere lol! I got 6000 CL the first time I applied! Then got 3200 on a citi plat select so i combined them and done a small balance transfer for 0 int 12 mos and 7.99 apr varible! then i got the diamond pref card at 2800 and 10.99 varible, weird i know lol! I wish you the best of luck man! and back to the topic of the BOA, after reading everyone's post's I am thinkin about going to talk to them monday or tuesday and see what happens! I just have to suck it up.... I haven't had a secured card before lol, but i haven't ever had credit cards like this, i have had cross country bank with 500 about 9 years ago lol.. then had to bk and lost all that! Also i have 3200 with new egg, cit bank, but they don't report, nice thing is that u can get a nice tv and not worry about high UTIL lol...... also citi told me that the shell mc has to have a cl of atleast 4g's so that is nice to know! Also do u have a credit union that has secured loans? that will help you. it is an installment... good luck

[creditreformer]

That is the best way to look at it I guess! ESP if u aren't good at saving lol... I wouldn't mind to have the 99 500 card but i wasn't even offered that, go figure!

i'm much better @ saving now than i was in the 'credit muckup' days, but i look @ ba as more than just a cc, so i'm trying to work it to my advantage by 'building a relationship'. i've got checking and savings accts w/them, so i figure the 99/500 (that's the only 1 i've taken so far) will help me get my foot in the door more. i'll need an auto loan and i'd like BA to fund it (once my ficos improve), so i figure i'm 'laying the groundwork' (hopefully) now by building a relationship w/them and showing them i can manage my various accts responsibly.

i'm trying to do the same w/cap 1 just in case ba won't approve me for an auto loan right off the bat. if that doesn't work, i'm hoping orchard will let me combo my cards into 1 w/HSBC, so i could possibly get an auto loan w/them. the only 'advantage' i see to the 'regular' secured BA is that i can get a HIGHER CL as it lets you add $ to the cc whenever. i travel a lot and frankly, it's TOUGH booking a flight or hotel room on a cc w/a 300 CL lol outside of gas, flights/hotels are my biggest expense, so really, i'd like to have a CC to use for that to 'build history' instead of doing the 'ok, well i guess i'll put $50 gas on my subprime cc this month just to keep it active' thing.

while BA 99/500 and regular secured report as secured on reports, honestly, when you're @ the high 500s/low 600s, really, you're not going to get the best offers anyway, so i don't see how it can hurt.

[AboveAverage]

The shell card i am talking about is actually a MC one used anywhere lol! I got 6000 CL the first time I applied! Then got 3200 on a citi plat select so i combined them and done a small balance transfer for 0 int 12 mos and 7.99 apr varible! then i got the diamond pref card at 2800 and 10.99 varible, weird i know lol! I wish you the best of luck man! and back to the topic of the BOA, after reading everyone's post's I am thinkin about going to talk to them monday or tuesday and see what happens! I just have to suck it up.... I haven't had a secured card before lol, but i haven't ever had credit cards like this, i have had cross country bank with 500 about 9 years ago lol.. then had to bk and lost all that! Also i have 3200 with new egg, cit bank, but they don't report, nice thing is that u can get a nice tv and not worry about high UTIL lol...... also citi told me that the shell mc has to have a cl of atleast 4g's so that is nice to know! Also do u have a credit union that has secured loans? that will help you. it is an installment... good luck

I called my credit union (well not mine...but the one in my area). They do in fact do secured loans BUT they only report to EX. I am now in a position that any TL I get must report to all three. The only one I have that doesn't do that is CJ (Rewards 660 got fired...no more subprime cards for me). I understand the difference between a personal card and one branded with a MC/Visa, bro...lol. But like I said, I want to clean up my INQs first before I start apping again. I'm also considering killing my FA as I am starting to get some love...but I got two more months....I'll see. I got enough credit to play with so let me see how that goes.

I might join pennfed to get that Geico discount. Between that and the defensive driving course I want to take, my insurance for the other 6 months should be hopefully 1000 instead of 1200 for 6 months. I was also looking into NJ Cure, as they don't judge me by my insurance score....but that's something I gotta look at. But maybe pennfed (and I wouldn't know unless I asked) would do secured loans. I know they don't give any love though based on what I read about them but it might be different with secured.

But just to answer your thing with secured cards (because it certainly was my beef as well), even if it reports as secured, it has no bearing on your score. Plus, you have more incentive to not screw up a secured line a credit (because it's your money you lose out ON TOP of any overage in interest and fees you will owe PLUS your lost collateral). It seems to me like it's an easy way to get in with a very prime bank, should you choose to go that route. Plus I don't see any reason why I won't get blessed with a sweet CLI increase when I'm done in about a year (hopefully sooner.....hopefully).

Good luck to you as well, and trust and believe, I do read up on what you say. We're the same age and we messed up our credit more or less the same time we got it.