"Good Start For Building Credit"

Bank of America® Student Platinum Plus® Visa® Review
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Written by: krave on 2009-12-27

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krave's review: Callout Comment I got approved for this CC last July 2008. Did my research on the internet and from personal experiences of friends & relatives on getting approved for a credit card. Almost every article I read suggests getting a secured card or a store card. I felt getting a store card might be next to impossible due to having no credit history at all (always used cash for everything, never tried to get a credit card until last year because of plans of getting a car loan and need to build credit history) I walked-in to a BoA branch near our house and talked to a BoA officer about getting a Secured Credit Card. BoA officer suggested opening a Checking & Savings account with them because according to him, there's a higher chance of getting approved if I have an account with them, and then also applying for the Student Visa at the same time. Deposited $50 on the savings and another $50 on the checking. Provided the usual info on the application (name, SSN, etc). BoA officer did my application on the computer (not sure if it was online where the general consumer can access it, or they have a special site where they can submit the application and indicate that the applicant is a BoA client). Anyway, after a few minutes, he told me the good news: "Congratulations, your application has been approved for $800 Credit Limit." I was so happy! So after a year and a half of being on the Student Visa, I never encountered any problems with this CC. It is accepted anywhere I go, I could view transactions & make my payments online (paid with my BoA checking acct), payments post on the scheduled date, pay my balances in full every month, I use the card regularly (small purchases, gas, food, groceries). I started with 15.99% APR (2008) Then on March 2009 I noticed my APR to be 14.24% (which is still the same 'til now).


Comment 1 by krave
Re: Good Start For Building Credit User Icon on 2009-12-27

Remarks But I have a question...

Should I wait for BoA to increase my CL or click on the "Request for Line Increase" button on my online account?

Should I inform BoA that I'm not a student anymore and currently working full-time to have my CC converted to another BoA CC or wait for them to do the change on my account? How long do you have to be a Student Visa CC holder until your CC is converted/upgraded to another BoA CC?

Thank you for your responses. I appreciate it.
Comment 2 by dm
Re: Good Start For Building Credit User Icon on 2009-12-27

Remarks My advice is to not initiate any product conversion or request an increase. Lots of chat on other boards about BofA axing credit lines or closing accounts when they call in or hit the credit increase "luv button." I also speak from experience: They closed my oldest account with them in August when I requested an increase (never late, never over limit, and had a zero balance at the time). Also, if you apply for another account with them, they may close this account. Stay under the radar...
Comment 3 by krave
Re: Good Start For Building Credit User Icon on 2009-12-28

Remarks Thanks a lot for the advice DM!

Wow, BoA is really axing innocent cardmembers... You are the perfect client, and yet they closed your account...

I'll just continue using this card once in a while and PIF and hope that someday BoA will notice me (in a good way) and increase my CL or upgrade the card. :-)
Comment 4 by krave
Platinum Plus Visa-Update User Icon on 2010-02-11

Remarks Requested for a CLI online last Feb 2, 2010. Was asked to fill out a form. Details can be found here: http://www.Financeglobe.com/SocialNet/forum/showpost.php?p=23251&postcount=1340.

Was asked to call a number to complete request.

Called the next day, she asked me a few more questions, and *drum roll pls..* she increased my credit limit to $2000! Yay!

im so happy! =)
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