"Approved And Happy !!!!!!!!!!!"

Bank of America Secured Visa® Card Review
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Written by: moniqueluv on 2009-10-30

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moniqueluv's review: Callout Comment Well I’m happy for the reason being that I just applied on 10/20/2009 for the b of a secured card and in order to apply for the b of a secured card we have to go to the branch cause they do not have it online no more well and from their the banker mails the application so it takes one week to get your results so I called to check on the status of my application by phone to the secured card department and to my surprise they told me that I was approved and that they have already deducted my 500.00 from my savings and I do have one charge off from 2003 and as well I have student loan 120 day late payment from 10 months ago by the way I did pray to god because I’m trying to rebuild and I wanted to be approved they also pulled Experian and my score with Experian is 641 so now I have 2 secured card new millennium just open in 9/2009 and as well b of a secured as of 10/2009 and kays for 4,500 should I apply for wells Fargo secured or should I just stay like this.

[Edited by Finance Globe. Changed capitalization.]


Comment 1 by aclove404
Re: Approved And Happy !!!!!!!!!!! User Icon on 2009-10-30

Remarks I am a credit underwriter for a credit union and NOO not a good idea to open anymore accounts. Your score will drop if you keep doing this. Cut them up if you can just keep the open credit available
Comment 2 by patrick12
Go For It! User Icon on 2009-10-30

Remarks Monique I say go for it, there is nothing wrong with adding a few more trade lines to your credit, I am also I finance manager for a dealership, I look at credit reports on almost a daily basis, look at your credit like a scale, over a period of time the good will eventually out weigh the bad, keep your utilization very low and maximize your usage, always pay in full if you can, but as far as someone telling you to stop at three, I totally disagree with that statement, you have to be able to handle all types of credit resposibly, If I would have taken advice years ago from banks and credit unions I would be afraid to do anything. Its your scores, your money, your life! Take what you can get and make music! Its all up to us to pave our financial road, no one elses!
Comment 3 by kdb030609
Re: Approved And Happy !!!!!!!!!!! User Icon on 2009-10-30

Remarks Congratulations On B of A!!! Their customer service is very good! I totally agree with you Patrick12 ! I will say one other thing I've found out that it will move your score up faster! For me it was after financing a car and making payments on time never late. Because it's an installment type loan. It shows a different part of payment patterns.

Maybe instead of another secured card. Use the money that you would to open the new card. To add it to one of the secured cards you already have. To increase your credit limit. Which in turn helps your over all usage. So it doesn't look like your close to your limit. Which will help to move your scores higher.

If you still feel you need another credit card. You could always look into another store branded card. Some of them are a little easier to qualify for.

Your score looks like your well on your way. I hope this helps.
Comment 4 by moniqueluv
Re: Approved And Happy !!!!!!!!!!! User Icon on 2009-10-30

Remarks Thank you so much Patrick you have been very helpful and as well kdb and aclove. Well Patrick as you can see I'm starting to rebuild now that I'm approved I know that adding another trade line it wont affect as much still in the long run it will help. Like the saying goes "at the end of every rainbow there's a pot of gold" I've seen that you got approved for Walmart I wish myself I could have a Walmart card so what do you think in how many months should I aply for a store card. And the fist week of November I will check my scores to see if my scores decrease or increase. So probably my next option is Walmart and hooters.
Comment 5 by patrick12
Re: Approved And Happy !!!!!!!!!!! User Icon on 2009-10-30

Remarks I am finding that GEMB is definately doing their approvals based off of score only, when you feel its right, and you are ready to take that chance of a hard pull on your credit, I say go for the Wal-Mart card, wait until your Equifax and TransUnion scores are well above the 650 Mark, Wal-Mart, GEMB has a tendency to pull from either bureau, so always be ready for what they pull. I also frequent the site www.Whogavemecredit.com, and I am finding that GEMB can an usually approve people for no rhyme or reason, but like I said its when you feel comfortable, alls I can do is share my personal experiences, its totally up to you to make any financial decision.
Comment 6 by wanderer
Re: Approved And Happy !!!!!!!!!!! User Icon on 2009-10-31

Remarks CONGRATS! Last year I was approved for the Bank of America Platinum Plus Visa Secured Card. After nine statements they unsecured the card, increased my credit line by $500 and returned the security dollars. It gets better, I requested a product change and moved to an affinity card that was a Bank of America Platinum Plus College Card that included "World Points". Awesome Card and benefits!!! Glad they did it. Called a live customer service rep who helped me. It took three plus weeks but was worth the wait. BofA will take care of you!
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