"I Actually Got It, In Bad Economy!"
Bank of America Secured Visa® Card Review
Written by: mrbear on 2009-01-03
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
mrbear's review: 
OK so I finally got the card less than 7 days ago. Was kind of surprised I got it. I saw the money taken from my bank account before I got approval email.
Some info about me:
I'm 21 years old, a college student. I've never had a card and so my credit score is zero. My parents do own 2 houses (under mortgage) so that might have helped get the card.
Well I'm happy that I got the card, now I have to make sure I actually buy stuff, prolly the metro cards I need($50-$60 a month). My limit is $300 cuz I know i'll never spend over $100 in a month. I did try to make a joint account with mom who has a $16,000 credit card limit with Bank Of America, but I was denied because I didn't have a credit history. Hopefully can have a decent credit score within a year.
I don't really like how the card looks (compared to discover card) but it's better than nothing. I also wish their online site looked better, it's looks very basic and utterly simple. The activation process was very simple and straight. I actually made the online account thing before activating and it worked. Other than that, yeah happy I got the card. Waiting for the annual fee to slap me in the face.
I gotta thank everyone here on this forum cuz I was deciding between this and Wells Fargo Secured credit card (We have a mortgage with them) but everyone seems to like BoA better and I'm happy I did so big THANKS to ALL YOU PEOPLES!!!
OK so I finally got the card less than 7 days ago. Was kind of surprised I got it. I saw the money taken from my bank account before I got approval email.Some info about me:
I'm 21 years old, a college student. I've never had a card and so my credit score is zero. My parents do own 2 houses (under mortgage) so that might have helped get the card.
Well I'm happy that I got the card, now I have to make sure I actually buy stuff, prolly the metro cards I need($50-$60 a month). My limit is $300 cuz I know i'll never spend over $100 in a month. I did try to make a joint account with mom who has a $16,000 credit card limit with Bank Of America, but I was denied because I didn't have a credit history. Hopefully can have a decent credit score within a year.
I don't really like how the card looks (compared to discover card) but it's better than nothing. I also wish their online site looked better, it's looks very basic and utterly simple. The activation process was very simple and straight. I actually made the online account thing before activating and it worked. Other than that, yeah happy I got the card. Waiting for the annual fee to slap me in the face.
I gotta thank everyone here on this forum cuz I was deciding between this and Wells Fargo Secured credit card (We have a mortgage with them) but everyone seems to like BoA better and I'm happy I did so big THANKS to ALL YOU PEOPLES!!!
8 Comments
Comment 1 by colonative
Congratulations 
on 2009-01-03
You made a good choice with Bank Of America, getting a prime card and avoiding all those other guys was smart. You should also try Capital One in about 6 months.
So you have a mortgage or your parents do? I am confused.
The card design is a hell of a lot better then my BofA, but it was issued years ago and will be expiring in May. I really like their black Visa Signature.
Good luck with the card and keep your nose clean.
on 2009-01-03 You made a good choice with Bank Of America, getting a prime card and avoiding all those other guys was smart. You should also try Capital One in about 6 months.So you have a mortgage or your parents do? I am confused.
The card design is a hell of a lot better then my BofA, but it was issued years ago and will be expiring in May. I really like their black Visa Signature.
Good luck with the card and keep your nose clean.
Comment 2 by brian23
That's Awesome... on 2009-01-03
Yes, you made a very wise decision and you are def out to great start. Have fun with the card and let us know when they unsecure it.
on 2009-01-03 Yes, you made a very wise decision and you are def out to great start. Have fun with the card and let us know when they unsecure it.
Comment 3 by wanderer
Welcome To Bank Of America on 2009-01-03
As a new credit consumer patience and building a solid record is the key. My estimate is one year of good usage with prompt payments and the credit world will be seeking you out. Key is a clean record with prompt payments, low utilization rates and use of the card. I have a secured card due to starting over and they have shown me respect. Your comments about their website are true but hey it is the results that count.
on 2009-01-03 As a new credit consumer patience and building a solid record is the key. My estimate is one year of good usage with prompt payments and the credit world will be seeking you out. Key is a clean record with prompt payments, low utilization rates and use of the card. I have a secured card due to starting over and they have shown me respect. Your comments about their website are true but hey it is the results that count.
Comment 4 by cfmdev49
Congrats On The Card... on 2009-01-03
But I was wondering... I keep reading how college students are inundated with card offers while they are at school... Did you not receive any of these offers? Normally, credit card companies love extending credit to college students... Just wonderin' is all...
on 2009-01-03 But I was wondering... I keep reading how college students are inundated with card offers while they are at school... Did you not receive any of these offers? Normally, credit card companies love extending credit to college students... Just wonderin' is all...
Comment 5 by mskiwi
Fantastic Start on 2009-01-03
Take good care of the card, keep your util low and pif before the statement cuts for max results. This bank will be very good to you. Congrats... May this be a first step in a very long, strong credit history.
on 2009-01-03 Take good care of the card, keep your util low and pif before the statement cuts for max results. This bank will be very good to you. Congrats... May this be a first step in a very long, strong credit history.
Comment 6 by meya
Way To Go on 2009-01-03
We are so happy to hear that you received the card. Don't worry about your scores being 0, creditors understood that when they pulled your report. Take care of the card and whatever you do, do not let your friends manipulate you into charging them something now, and they will pay you later, that is where the trouble starts.
You made the best choice with cards, and we want you to keep us posted with your overall usage of the card. Experience really matters to us, we are looking forward to your comments.
on 2009-01-03 We are so happy to hear that you received the card. Don't worry about your scores being 0, creditors understood that when they pulled your report. Take care of the card and whatever you do, do not let your friends manipulate you into charging them something now, and they will pay you later, that is where the trouble starts. You made the best choice with cards, and we want you to keep us posted with your overall usage of the card. Experience really matters to us, we are looking forward to your comments.
Comment 7 by hjm331
Congrats! on 2009-01-04
I started with out BOA last and it was the best move I've made since I started building credit. As everyone knows, I'm one of the younger members here so I understand where you're coming from. As everyone else suggested, keep the account in good standing and they will take care of you. Don't apply for too many cards because it will hurt your score. I'd recommend subscribing to a credit monitoring service that will help you monitor your credit and make sure you lookout for any fraudulent activity.
I would wait 3 months and apply for a Capital One card and have two cards that will become the foundation of your credit.
I started out with BOA last year with a student card with an initial limit of $700 and had it converted it to the WorldPoints Visa card when the account turned a year old. It has been a year and a half since I opened the card and I currently have a $3,500 on my BOA Visa so it's a fact that BOA will reward you for being a loyal customer to them.
on 2009-01-04 I started with out BOA last and it was the best move I've made since I started building credit. As everyone knows, I'm one of the younger members here so I understand where you're coming from. As everyone else suggested, keep the account in good standing and they will take care of you. Don't apply for too many cards because it will hurt your score. I'd recommend subscribing to a credit monitoring service that will help you monitor your credit and make sure you lookout for any fraudulent activity.I would wait 3 months and apply for a Capital One card and have two cards that will become the foundation of your credit.
I started out with BOA last year with a student card with an initial limit of $700 and had it converted it to the WorldPoints Visa card when the account turned a year old. It has been a year and a half since I opened the card and I currently have a $3,500 on my BOA Visa so it's a fact that BOA will reward you for being a loyal customer to them.
Comment 8 by mrbear
Some Questions on 2009-01-31
@ ColoNative: My parents have the mortgages.
@ Cfmdev49: I applied for the Citi mTVu student card and some other student cards but was denied, guess cuz of the economy.
@ MsKiwi: "keep your util low and pif before the statement cuts for max results". What's util and pif? I'm charging like $100-$200 each billing cycle and paying it all off right after the cycle statement is posted. I'm assuming this is good?
@ Meya: BofA seems pretty good and so far for the 1st month, loving it. I'm guessing you work with BofA. I have a question. Near the end when my card does go unsecured, if I increase my credit limit to like $1,000, when it goes unsecured, my limit will be $1,000 and I will get the secured deposit back, right? I have a lil over $1,000 in the bank that I don't touch, that's why I'm asking.
on 2009-01-31 @ ColoNative: My parents have the mortgages.@ Cfmdev49: I applied for the Citi mTVu student card and some other student cards but was denied, guess cuz of the economy.
@ MsKiwi: "keep your util low and pif before the statement cuts for max results". What's util and pif? I'm charging like $100-$200 each billing cycle and paying it all off right after the cycle statement is posted. I'm assuming this is good?
@ Meya: BofA seems pretty good and so far for the 1st month, loving it. I'm guessing you work with BofA. I have a question. Near the end when my card does go unsecured, if I increase my credit limit to like $1,000, when it goes unsecured, my limit will be $1,000 and I will get the secured deposit back, right? I have a lil over $1,000 in the bank that I don't touch, that's why I'm asking.
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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.
