"Approved On Second Try"

Bank of America Secured Visa® Card Review
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Written by: marie7 on 2009-03-20

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marie7's review: As some of you know, I've been rebuilding my credit. My scores started around 550. When I first applied for BofA secured card I was turned down.

I then applied for Orchard Bank Secured MC which I still have and recommend (had it for 6 months). I opened a Crown Jewelers card (so easy to get) with a 2500 credit line and a First Premier Centennial Gold (the worst of the bunch with fees) with a 250.00 credit line. I regret opening this last one, but maybe it helped a little. Should I close it down folks (well I'll ask about that it the forum).

My scores have jumped now to 605, 620, and 627 (EX, EQ, TU). So I recently was approved for a GEMoneybank Paypal Buyer Credit account for 400.00 (high interest but no annual fee).

So, I came back to BofA for a second try at their secured card at Colonative's advice (thanks). Bingo... Approved. I was getting ready to mail a money order in to try for us bank secured one, but this one is even better in terms of annual fee/interest rate. It is one of the better secured cards so I am very happy... Application process was easy and I didn't have to mail anything in... Their annual fee is low!... Just gave checking info... Online rep. Made it go smooth! So, if you are denied try again after reaching about 620. Hooters denied me, but will try them again next year, maybe. Don't know why they are so picky given that they are giving it out to almost everyone else (ugh).

Hope this little review helps folks out. I've got a plan to rebuild and it is working!


Comment 1 by cireone
CONGRATS on 2009-03-20

Congratulations on your approval. Yes BofA has a better secured card program, probalbly one of the best. As for First Premier, yeah the fees are outrabeous but they have helped in bringing up your scores. If you don't have a balance then just close it as you are onyour way to getting more better cards. Dont fret on Hooters. They have been wishy-washy. They closed my account for a false reason and didn't want to budge saying it was computer generated. All in all you are on your way to getting it back on track.
Comment 2 by wanderer
Bank Of America Secured on 2009-03-22

Nice choice and you are reporting to the credit bureau with one of the big names. I know it is hard to come up with cash for a secured card when times are tough but you will get your money back. The bottom feeder high fee cards will NOT give you your money back and they will not convert with a big name.
Comment 3 by colonative
BofA on 2009-03-22

Congratulations Marie!

Now you are playing with the big banks and probably within 6-10 months this bad boy will be unsecured.

I would suggest kicking that First Premier Gold card to the curb once this card is unsecured. Afterall, you have not committed too much time with it.

And my last suggestion would be to hold off on any new applications for a while. Let these cards age and the inquiries fall off.

Great job!
Comment 4 by marie7
Yep on 2009-03-24


Thanks for the advice along the way in the last 7 months. I have opened enough accounts now (walmart, bofa secured, paypal, crown jewelers, credit one, citgo gas, 1st premier, orchard secured (will be closing: see my update post on my review for this card... They now say they don't unsecure at all!).

Now time to let inquires fall off as you suggested and credit garden instead of gather. I'll let you know how it goes. I'm now in the fair/average range. Next stop good credit phase as accounts gain history.

Love this network... You all have been wonderful!

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