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Bank of America Secured Visa® Card Review
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Written by: solive on 2009-05-29

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solive's review: Callout Comment I recently applied for this card trying to improve my credit scores. I was approved and open the account up with an initial CL of $1500.00. After receiving my card I called CS and increased my security deposit an additional $1000.00 for a total CL of $2500.00. Since then I have moved my account to B0fA and haven't had any problems so far. I will increase my deposit an additional $3500.00. I know this will be a long process in rebuilding my credit; hopefully they will see the dedication and promptness in payment to graduate me to unsecured.


Comment 1 by wanderer
CONGRATS! User Icon on 2009-05-29

Remarks You will find that with BofA they start reviewing you for unsecured around six months and may unsecure by nine months. They are very good about credit line increases too. Reminder that the financial world is in a tizzy and all of the bank/credit card issuers are grasping for survivor straws. Patience and time. Account terms and conditions have been changing along with fees. They come and go. I got my first BankAmericard in 1973. The number of changes in AF, APR, CL and the like is more than I can remember. It is a game of marketing and selling. Once you are established with them PIF or at a minimum more than the minimum balance over time... They will take care of you. Note there will be economic blips from time to time. People on this web site that are new to credit need to understand the game! Patience and time!
Comment 2 by colonative
Congratualtions User Icon on 2009-05-29

Remarks Would you mind telling us what your score was? How old were your baddies?

Did you see if you were pre-approved first?

I only ask because my brother will be rebuilding soon and I would like to steer him to this card or a secured card from a credit union.

Comment 3 by nykorh
BofA Secured User Icon on 2009-05-29

Remarks I too have a $2500 limit on my BofA card. Today I had them review my account to see if it could become unsecured after 1 year. I was turned down, even though I have a year of on time payments and no over the limits on this card. They told me, it is not guaranteed that a secured card will be marked unsecured unless my credit report at the time of review is impeccable. No negative transactions on ANY account, not just theirs. This would have been good to know in the beginning. Just an FYI.
Comment 4 by brian23
Re NYKORH User Icon on 2009-05-29

Remarks That's crazy, I have never heard this from them. Did they say they wouldnt graduate you because you had past baddies or current baddies? Have you been late on other cards?
Comment 5 by solive
Credit Scores User Icon on 2009-05-29

Remarks My credit scores were real low when I applied for my secured card. I had two collections that were 3 year old and I was stilled approved. They advised me that they would review my account in 9 months to possibly graduate me to unsecured.

Experian = 500

Transunion = 515

Equifax = 505
Comment 6 by wanderer
9 Months User Icon on 2009-06-03

Remarks Just received a letter from BofA concerning their secured Platinum Plus Visa. They stated we require nine months of activity before consideration. Thought you would find this interesting.
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