Bank of America Secured Card Review
Author: Jimmy
Posted: Mon Jun 28, 2004 8:39 pm
Post subject: Bank of America Secured Card Review
9/9/2002 9:12 pm CDT
Hi Misty,
Can you explain a little bit more on the graduation process for BAC secured cards? What are the criteria and what usually happens at the end?
It is because distribution is a concern for me. If BAC is going to give me an unsecured card with a $500 credit line at the end of the first year, I will have to start using the Blue for Student card more heavily in order to obtain a higher credit line (On earlier posts, you said that the credit line will be the same. But, I do not think BAC will give a college sophomore an unsecured Platinum card with a $5,000 credit line.).
What should my approach be? Any other suggestions for obtaining a higher credit line?
Don't worry. I do know the basics and those stupid things I should and will never do. I do pay full each month because I am using credit cards the same way as with cash. The only reason for me to have a credit card is to establish my credit history along with some extra benefits such as auto and travel insurance and cheap airfare. However, I also need to know what to do to perform even better.
You should be happy because I am considering myself one of those responsible college kids you were talking about back in May. I have recorded every penny I spent since August 26 of last year in an Excel file, with the only exception of one single month in which I traveled to Canada and Alaska without my computer. I am careful and trying to be responsible.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Misty
Posted: Mon Jun 28, 2004 8:40 pm
Post subject: Bank of America Secured Card Review
9/10/2002 7:11 am CDT
As far as "graduation" goes, the payment history on your BofA account is reviewed along w/your credit history in general. If you're getting the secured card just because you don't have credit, then there shouldn't be any problem in the card being changed over in a years time. The most it would be increased automatically would be by $500 but that doesn't mean that you can't call back once you get your new card and see if it can be raised higher. Keep in mind too, that having a higher line of credit doesn't mean you have better credit. BofA also does offer student credit cards. The criteria on this is a little different as far as limits go because it goes by your year in school with a max limit of $2k. You can apply at a BofA branch or over the phone.
It's good to hear that you're being so responsible. As I had said in posts before about college students: most of the students that I speak to have very good credit and are handling their credit card w/us in a very positive way-usually much better than people much older than them. Not to say that every student is this way, but most that I've seen. I hope this helps!
Posted: Mon Jun 28, 2004 8:39 pm
Post subject: Bank of America Secured Card Review
9/9/2002 9:12 pm CDT
Hi Misty,
Can you explain a little bit more on the graduation process for BAC secured cards? What are the criteria and what usually happens at the end?
It is because distribution is a concern for me. If BAC is going to give me an unsecured card with a $500 credit line at the end of the first year, I will have to start using the Blue for Student card more heavily in order to obtain a higher credit line (On earlier posts, you said that the credit line will be the same. But, I do not think BAC will give a college sophomore an unsecured Platinum card with a $5,000 credit line.).
What should my approach be? Any other suggestions for obtaining a higher credit line?
Don't worry. I do know the basics and those stupid things I should and will never do. I do pay full each month because I am using credit cards the same way as with cash. The only reason for me to have a credit card is to establish my credit history along with some extra benefits such as auto and travel insurance and cheap airfare. However, I also need to know what to do to perform even better.
You should be happy because I am considering myself one of those responsible college kids you were talking about back in May. I have recorded every penny I spent since August 26 of last year in an Excel file, with the only exception of one single month in which I traveled to Canada and Alaska without my computer. I am careful and trying to be responsible.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Misty
Posted: Mon Jun 28, 2004 8:40 pm
Post subject: Bank of America Secured Card Review
9/10/2002 7:11 am CDT
As far as "graduation" goes, the payment history on your BofA account is reviewed along w/your credit history in general. If you're getting the secured card just because you don't have credit, then there shouldn't be any problem in the card being changed over in a years time. The most it would be increased automatically would be by $500 but that doesn't mean that you can't call back once you get your new card and see if it can be raised higher. Keep in mind too, that having a higher line of credit doesn't mean you have better credit. BofA also does offer student credit cards. The criteria on this is a little different as far as limits go because it goes by your year in school with a max limit of $2k. You can apply at a BofA branch or over the phone.
It's good to hear that you're being so responsible. As I had said in posts before about college students: most of the students that I speak to have very good credit and are handling their credit card w/us in a very positive way-usually much better than people much older than them. Not to say that every student is this way, but most that I've seen. I hope this helps!
posted by CardRatings.com at 12:25 PM
0 Comments:
Post a Comment
<< Home