"Approved With 630 CS"

Bank of America Secured Visa® Card Review
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Written by: madalli on 2010-07-25

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madalli's review: Callout Comment Applied for card w $300 deposit. Kept calling customer service to check the status. Was approved via phone with a rep. Received my card approx 2 weeks later. Yay! Rebuilding my credit... Glad to have been approved.


Comment 1 by wanderer
Re: Approved With 630 CS User Icon on 2010-07-25

Remarks Congrats! It feels good! Now you are on the road to recovery. Bank of America is good about graduating from secured to unsecured. Usually not less than nine months as a guide. They may do a product change for you after graduating. Also, they increase the CL at graduation. This card will treat you right!
Comment 2 by kdb030609
Re: Approved With 630 CS User Icon on 2010-07-25

Remarks Congratulations on B of A Visa Secured. They will definitely grow with you as you work to restore your credit. A 630 score isn't that bad. Seems like your well on your way in the rebuilding process. If you take care of them they will take care of you!
Comment 3 by phynanciallysavvy
Re: Approved With 630 CS User Icon on 2011-10-10

Remarks Wanderer, you'll be surprised to know that this was my first CC for rebuilding my credit after growing up (not sure exactly what age that was, but I think mid-20's)... since my fiscally irresponsible youth was still lingering. My scores were 550-565 at the time I applied, which was in August 2008. I was given a secured card with a $300 CL. It's now Oct 2011, and this card is still secured and still at $300 - even though my scores are 750+ now and I have $36K of unsecured CLs. I actually called BoA two weeks ago to ask WTH the deal was... The rep told me that BoA reviews these cards ONE time only, which is a measly six months after it's issued. (Like, how awesome could my credit suddenly be only 6 months later?!) That is the one and only time the acct is automatically reviewed for an upgrade acct status. He said he would do it right then while I was on the phone, but I told him no bc I didn't want another HI on my EX CR. I expressed my displeasure with the card and their failing to review the account annually while it remains secured, and ended the call. I would NOT recommend this card for people who, like me, expect to transition from Secured to Unsecured - the way it's supposed to.
Comment 4 by phynanciallysavvy
Re: Approved With 630 CS User Icon on 2011-10-28

Remarks Well, I have an update since my last post:

About two weeks ago, I logged into my BOA account and clicked "request CLI", which (of course) resulted in a telephone conversation with a CSR the following morning. I think the rep actually chuckled a little bit when she reviewed my request aloud: I wanted to go from a $300 secured line to a $5K unsecured line.

After putting me on hold for an unusually long time, she gave me the verdict. To my pleasure (and hopefully her dismay), she told me that my request was approved... It only took 3+ years and more than a 200 point increase on my CR's.

The next phone call will be about negotiating the previous interest rate that rolled onto the new unsecured line. TBC...
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