"Well Worth The Wait!"
Bank of America Secured Visa® Card Review
Written by: tia530 on 2008-11-15
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
tia530's review: 
Hello FN,
I just love this site! While rebuilding my credit, I applied for and received this card Nov 2007. I secured it with a $500.00 deposit. I didn't make any additional deposits. My usage was minimal, but when I did use it, I paid it in full before due date.
Today, I was pre-approved for 3 of BOAs unsecured cards. The three choices were all for a $1500.00 CL. They included the rewards Visa or MasterCard, or the BOA Amex., accelerated rewards. No annual fees on none of the cards. The apr 9-19% with 0% on balance transfers ( I forget for how long) I did not request a balance transfer as all of my cards are zero balance.
I will say that out of the 3 reporting bureaus, Equifax reported this card as "secured", initially I was concerned but didn't worry to much about it. It didn't seem to hurt me. I started off with 3 secured bank cards and a Crown Jewelry account to rebuild my credit. They helped me to get my scores to the point where I could purchase my home. I'm a disabled Army Veteran and missed my Army days, so as a treat I purchased a Hummer H3 through the Capital One blank check auto loan program, other cards I have obtained are:
Discover
Best buy MC reward Zone
Capital One Master Card
Wal-mart
Lowes
Credit One (might close)
Crown Jewels (they report a small usage to the CB's each month even if you don't purchase anything)
Kays
aafees star MC (Military Xchange aka PX)
Venue
Pay Pal
BOA Amex
I also still have the three Secured cards I began with:
Bank of America (will close & get deposit back)
Orchard Bank (going to work see what I can get here)
National City (:who by the way owns my home :) 6% 30yr fixed at the beginning of the "Mortgage Crisis"
I hope this help those who are just getting started, hang in there, all the advice that I have read through is right on target, it's exactly what I did, and believe you me, it works.
Good Luck to all and a hardy thank you to my military comrades, hooah!
~Tia~
Hello FN,I just love this site! While rebuilding my credit, I applied for and received this card Nov 2007. I secured it with a $500.00 deposit. I didn't make any additional deposits. My usage was minimal, but when I did use it, I paid it in full before due date.
Today, I was pre-approved for 3 of BOAs unsecured cards. The three choices were all for a $1500.00 CL. They included the rewards Visa or MasterCard, or the BOA Amex., accelerated rewards. No annual fees on none of the cards. The apr 9-19% with 0% on balance transfers ( I forget for how long) I did not request a balance transfer as all of my cards are zero balance.
I will say that out of the 3 reporting bureaus, Equifax reported this card as "secured", initially I was concerned but didn't worry to much about it. It didn't seem to hurt me. I started off with 3 secured bank cards and a Crown Jewelry account to rebuild my credit. They helped me to get my scores to the point where I could purchase my home. I'm a disabled Army Veteran and missed my Army days, so as a treat I purchased a Hummer H3 through the Capital One blank check auto loan program, other cards I have obtained are:
Discover
Best buy MC reward Zone
Capital One Master Card
Wal-mart
Lowes
Credit One (might close)
Crown Jewels (they report a small usage to the CB's each month even if you don't purchase anything)
Kays
aafees star MC (Military Xchange aka PX)
Venue
Pay Pal
BOA Amex
I also still have the three Secured cards I began with:
Bank of America (will close & get deposit back)
Orchard Bank (going to work see what I can get here)
National City (:who by the way owns my home :) 6% 30yr fixed at the beginning of the "Mortgage Crisis"
I hope this help those who are just getting started, hang in there, all the advice that I have read through is right on target, it's exactly what I did, and believe you me, it works.
Good Luck to all and a hardy thank you to my military comrades, hooah!
~Tia~
9 Comments
Comment 1 by wanderer
Bank Of America & Others 
on 2008-11-15
Hey, appreciate the fact you shared how rebuilding credit can work. I am following your recommendations and believe those on this site have offered lots of good insight.
I am a US Army Vet from Vietnam so I understand some of where you have been. Great that we can help each other. Thanks!
on 2008-11-15 Hey, appreciate the fact you shared how rebuilding credit can work. I am following your recommendations and believe those on this site have offered lots of good insight.I am a US Army Vet from Vietnam so I understand some of where you have been. Great that we can help each other. Thanks!
Comment 2 by colonative
BofA on 2008-11-15
BofA is a very good bank!
How did you get pre-approved for three additional BofA cards? When you logged on to your account online or when you went to a banking center? Just curious.
And congrats on your Hummer, support GM!
on 2008-11-15 BofA is a very good bank!How did you get pre-approved for three additional BofA cards? When you logged on to your account online or when you went to a banking center? Just curious.
And congrats on your Hummer, support GM!
Comment 3 by colonative
Just Noticed... on 2008-11-15
"Bank of America (will close & get deposit back)"
Please do not do this. Usually after a year or year and a half, they will unsecure your credit card and make it a normal card (usually with a CLI) and they give you your deposit back. If you close the account that can hurt your score especially if this was one of your first cards after starting to rebuild.
Good luck!
on 2008-11-15 "Bank of America (will close & get deposit back)"Please do not do this. Usually after a year or year and a half, they will unsecure your credit card and make it a normal card (usually with a CLI) and they give you your deposit back. If you close the account that can hurt your score especially if this was one of your first cards after starting to rebuild.
Good luck!
Comment 4 by charonh
Congrats! on 2008-11-15
On your pleasant experience with BOA and all of your offers. More will soon follow!!!
on 2008-11-15 On your pleasant experience with BOA and all of your offers. More will soon follow!!!
Comment 5 by tia530
Your Welcome on 2008-11-15
Thank you for your service Wanderer! While awaiting for my benefits to kick in from the Gov my credit pretty much went down the drain. I didn't think i'd ever recover from it. I came upon a similar board like this last year and began reading and following the advice of the very well educated consumers.
Initially I thought Lexington Law Firm or some other "credit repair" agency would be my ticket out. Researched and read more and got the confidence to do it on my own. It didn't take long before I was being approved on my own merit, a great feeling I tell ya.
I began in June of 2007 (first account Orchard MC)and was able to establish a good track record pretty quick, which brings me to my current status. I still have work to do but I was able to obtain the things I needed most, and am on a mission to replace the other two secured cards with traditional ones. You guys are great and so full of knowledge, I think I learned more here in a couple of days than I did the whole year I was rebuilding. Thanks so much, this is such a valuable site.
~Tia~
on 2008-11-15 Thank you for your service Wanderer! While awaiting for my benefits to kick in from the Gov my credit pretty much went down the drain. I didn't think i'd ever recover from it. I came upon a similar board like this last year and began reading and following the advice of the very well educated consumers.Initially I thought Lexington Law Firm or some other "credit repair" agency would be my ticket out. Researched and read more and got the confidence to do it on my own. It didn't take long before I was being approved on my own merit, a great feeling I tell ya.
I began in June of 2007 (first account Orchard MC)and was able to establish a good track record pretty quick, which brings me to my current status. I still have work to do but I was able to obtain the things I needed most, and am on a mission to replace the other two secured cards with traditional ones. You guys are great and so full of knowledge, I think I learned more here in a couple of days than I did the whole year I was rebuilding. Thanks so much, this is such a valuable site.
~Tia~
Comment 6 by tia530
BOA Self Inquiry on 2008-11-15
Hi ColoNative,
I would never have thought about having the secured cards upgraded or changed had I not stumbled upon this board. With BOA when you log onto your account there is an link that says "your offers" from there it will take you to an area to complete a lil personal information then come back with pre-approved offers. My offers were for the 3 cards I mentioned. You can only choose one offer. You then click the "accept offer" link and wahla! You're set. It will read congratulations, you will receive your card within 7-10 days. Painless process. You wouldn't recommend I close the secured even though i'll be getting the other card? It has just reached a year old, too soon to close without a dip huh? Thank you for your advice, much appreciated.
~Tia~
on 2008-11-15 Hi ColoNative,I would never have thought about having the secured cards upgraded or changed had I not stumbled upon this board. With BOA when you log onto your account there is an link that says "your offers" from there it will take you to an area to complete a lil personal information then come back with pre-approved offers. My offers were for the 3 cards I mentioned. You can only choose one offer. You then click the "accept offer" link and wahla! You're set. It will read congratulations, you will receive your card within 7-10 days. Painless process. You wouldn't recommend I close the secured even though i'll be getting the other card? It has just reached a year old, too soon to close without a dip huh? Thank you for your advice, much appreciated.
~Tia~
Comment 7 by colonative
Tia on 2008-11-15
Okay, yeah, I have seen those "View Your Special Offers." Good idea and I bet they did a soft inquiry.
Right, I would not close the secured card once it becomes unsecured for two reasons: it will cause a drop in your score and once it is unsecured it becomes a regular card, so you will most likely be able to upgrade the account to one with rewards.
It probably will become unsecured here in a few weeks or so if it was opened in 2007.
on 2008-11-15 Okay, yeah, I have seen those "View Your Special Offers." Good idea and I bet they did a soft inquiry.Right, I would not close the secured card once it becomes unsecured for two reasons: it will cause a drop in your score and once it is unsecured it becomes a regular card, so you will most likely be able to upgrade the account to one with rewards.
It probably will become unsecured here in a few weeks or so if it was opened in 2007.
Comment 8 by cabana7
Bank Of America Is The Best on 2008-11-15
Congratulations! Take care of Bank of America and they will take care of you!
on 2008-11-15 Congratulations! Take care of Bank of America and they will take care of you!
Comment 9 by tia530
Updated Information on 2008-11-17
Good Monday FN,
I made the call to BofA regarding my secured Visa account. The CSR rep informed me that they will be rewarding me with a "reg" account and refunding my initial deposit. The age of the card is 14 mos.
When the card reaches a year old, they review it. If you demonstrated a good payment/usage history they "convert" it to a regular account, increase your credit line and return your initial deposit. The process takes approx 60-90 days so be patient, they are working on you.
He also told me my BofA Amex is being mailed today!
In my excitement I forgot to ask what my new credit limit is on the new unsecured Visa will be. I'll update to reflect that when I do get ahold of that information.
Orchard Bank Secured~History!
National City Secured~They do not "graduate or convert" their secured card and it carries a $3 monthly fee, it's history rather or not they approve me for a regular card, I could be putting that $3 in my sons' bank with his savings, I'm teaching him financial responsibility early. Have a good day FN.
~Tia~
on 2008-11-17 Good Monday FN,I made the call to BofA regarding my secured Visa account. The CSR rep informed me that they will be rewarding me with a "reg" account and refunding my initial deposit. The age of the card is 14 mos.
When the card reaches a year old, they review it. If you demonstrated a good payment/usage history they "convert" it to a regular account, increase your credit line and return your initial deposit. The process takes approx 60-90 days so be patient, they are working on you.
He also told me my BofA Amex is being mailed today!
In my excitement I forgot to ask what my new credit limit is on the new unsecured Visa will be. I'll update to reflect that when I do get ahold of that information.
Orchard Bank Secured~History!
National City Secured~They do not "graduate or convert" their secured card and it carries a $3 monthly fee, it's history rather or not they approve me for a regular card, I could be putting that $3 in my sons' bank with his savings, I'm teaching him financial responsibility early. Have a good day FN.
~Tia~
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Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
