Secured Card Question

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Replied by hjm331 on topic Re: Secured Card Question

We are closer than peanut butter jelly.:white-flag:
10 years 9 months ago #1

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Replied by Meya on topic Re: Secured Card Question

:fun: :laugh: God I love how we stick together in here.
10 years 9 months ago #2

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Replied by hjm331 on topic Re: Secured Card Question

Oh alright. I was going to say that we have a problem here and we are not taking no for an answer.
10 years 9 months ago #3

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Replied by Meya on topic Re: Secured Card Question

No, no, I only use 2 checks per month. everything else is paid online. Its bofa, you know I don't play that. I have the unlimited check writting.
:white-flag:
10 years 9 months ago #4

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Replied by ColoNative on topic Re: Secured Card Question

BOA also runs a credit check when opening checking and money market accounts...DENIED FOR THAT ALSO!!!!


I just pulled my Experian. I opened a BofA My Expression checking account (Chicago Cubs!) and they pulled a soft inquiry on me. I don't know if that is because I have a Visa with them or what, but I was very happy to see that it was not a hard inquiry.
10 years 9 months ago #5

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Replied by hjm331 on topic Re: Secured Card Question

Meya, your bank allows you to only use 2 checks every month? Which bank is this?
10 years 9 months ago #6

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Replied by Meya on topic Re: Secured Card Question

They don't necessarily pay for checks because we written them. They do have a system that keep records on how we pay for overdrafts or over limit fees. Sometimes a bank will reject a check for $100 and then you still have to pay.......at both banks. I think the ATM visa's or master cards replaced this from happening. although checks are still available to us, it's becoming more distinct because of on line payments and debit cards. I only have to use 2 checks per month, and that is for rent and credit one when I have a balance.

But still in all, I agree to your story because I pulled that stunt before when I had to pay charges on a rent-a-car that got for someone back in the days. Will never do that again.
10 years 9 months ago #7

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Replied by hjm331 on topic Re: Secured Card Question

Well, I believe that banks started pulling consumers credit reports to see how their credit is because a consumer can keep their checking/savings account in good standing for a certain period of time. I don't know about other banks but BOA pays for checks that are overdraft so the check doesn't bounce. However, they take the money when the consumer makes a deposit into their account. In this credit climate, anyone can keep their checking/savings account in good standing and write a check for a large amount that they don't have in their checking account and the bank will pay for the check but the consumer can run away and never be found to make a deposit into their checking account to cover the bad check.
10 years 9 months ago #8

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Replied by Meya on topic Re: Secured Card Question

Jesus! That is crazy. They are going to be loosing a lot of new customers behind that. :scared: They just gave Wamu new business.
10 years 9 months ago #9

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Replied by charonh on topic Re: Secured Card Question

When did they start this? They have not pulled anyone's credit report that I know of. They are about money period unless you are trying to borrow from them. Are you sure it is from checking accounts? I am pretty sure bofa would not turn down $100k because of bad credit, new accounts are in high competition


Well they turned down my friend and they told her that she was right below the threshold and that they had just lowered it, because it was much higher. Maybe they have different criteria based upon geographical location. I was sitting right there with her. She left there and went right to Washington Mutual and they opened an account for her there. I also was sitting in the lobby one day and a couple came in to inquire if she (the wife) could be added to the husband's checking account and asked what the requirements were because she was concerned about her having bad credit. She said that she had tried before when he first opened the account and was declined, but since then she had resolved some issues regarding her credit. The representative told her that all they could do was try and asked her if she knew what her current score was. If they don't pull your credit, why do they need to know your score. If you guys find out something different please let me know. The incident happened with my friend two years ago. Well my friend did/does not have 100K nor do I so I wouldn't know about that, but I would think that they wouldn't either, lol.
10 years 9 months ago #10

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Replied by hjm331 on topic Re: Secured Card Question

Yeah, I don't know why they would pull a report from the major CB's since there aren't any loans involved, credit cards being one of them.
10 years 9 months ago #11

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Replied by Meya on topic Re: Secured Card Question

When did they start this? They have not pulled anyone's credit report that I know of. They are about money period unless you are trying to borrow from them. Are you sure it is from checking accounts? I am pretty sure bofa would not turn down $100k because of bad credit, new accounts are in high competition.:confused:
10 years 9 months ago #12

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Replied by charonh on topic Re: Secured Card Question

They do pull your report but it's not from the three major credit bureaus. They pull from something called Chex Systems.


No, I was told that they check your credit, too and that they had lowered the score requirements for checking/savings acccunt, but you still have to meet the threshold so they will deny someone for a checking/savings even if you are not on Chex Systems, but do not meet their score requirements.
10 years 9 months ago #13

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Replied by hjm331 on topic Re: Secured Card Question

They do pull your report but it's not from the three major credit bureaus. They pull from something called Chex Systems.
10 years 9 months ago #14

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Replied by Izach30 on topic Re: Secured Card Question

Bank of America offers a free checking called MyAccess checking. You don't need a direct deposit for it stay free. It's a good deal.



BOA also runs a credit check when opening checking and money market accounts...DENIED FOR THAT ALSO!!!!
10 years 9 months ago #15

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