Secured Credit Card from Bank Of America
Author: BAIL
Posted: Tue Jun 08, 2004 11:22 am
Post subject: Bank of America Secured
12/9/2002 3:32 am CDT
HI I AM A NEWBIE TO CREDIT. I HAVE HAD A BANK OF AMERICA SECURED GOLD CARD SINCE LAST FEBRURY 2002, AN ASSOCIATES SECURED CARD.
I HAD HEARD BEFORE THAT THE BOA CARD COULD BE COVERTED TO UNSECURED AFTER A YEAR OR SO.
UNFORTUNALELY, IN AUGUST, I HAD A NOTES LOAN REPORTED LATE TO THE CREDIT BUREAUS WHICH DROPED MY SCORE FROM 671 TO 634.TU
COULD THIS AFFECT MY BOA BEING CONVERTED?
ALSO IS RAISING MY LIMIT FROM 500$ TO A TOUSAND A GOOD IDEA?.
DO I HAVE A GOOD CHANCE TO QULIFY FOR 5000$ CAR LOAN. I MAKE 1400$ GROSS A MONTH
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugeneb
Posted: Tue Jun 08, 2004 11:22 am
Post subject:
12/9/2002 11:15 pm CDT
I HAD HEARD BEFORE THAT THE BOA CARD COULD BE COVERTED TO UNSECURED AFTER A YEAR OR SO.
That may be so, but if they report your account to credit bureaus, it can help you get an unsecured card from another issuer before that.
UNFORTUNALELY, IN AUGUST, I HAD A NOTES LOAN REPORTED LATE TO THE CREDIT BUREAUS WHICH DROPED MY SCORE FROM 671 TO 634.TU COULD THIS AFFECT MY BOA BEING CONVERTED?
Sure.
ALSO IS RAISING MY LIMIT FROM 500$ TO A TOUSAND A GOOD IDEA?
If it involves applying for credit and an inquiry on your credit report, it almost certainly is NOT a good idea, as it is going to lower your score. Even if it does NOT involve an inquiry, it may not be a good idea. Do you need that additional $500 in credit, or are you going to add it just to improve your score?
DO I HAVE A GOOD CHANCE TO QULIFY FOR 5000$ CAR LOAN.
Impossible to answer untill you apply. But the fact that you apply is going to reduce your score, because of a new inquiry and maybe a new account.
Do not apply for anything unless you absolutely need it, or if building your credit is more important to you than satisfying your curiosity ("I wonder what would happen if...")
Author: Verneb
Posted: Tue Jun 08, 2004 11:25 am
Post subject: Secured
12/10/2002 0:28 am CDT
Having a secured card is like being on probation - you can't break any rules. You need a clean record to graduate to an unsecured card.
As far as scores go, I think they are less likely to grant new credit with anything below 670 (give or take).
720 and above: All lenders view you as a good risk.
700-719 - most lenders...
High 600's are good but a little uphill. Below 670 and Providian will "catch and release", "bait and switch", "shake and bake", and sell you upriver.
The 500's is real grizzly country and, by then, you've lost your Providian sherpas. At the summit they throw the baby out with the bath. (raising interest rates to 57.77% in the sheepdip-misbegotten notion that this will "make 'em pay")
I like to think of the FICO score as a crock. If you are in debt: watch it, respect it, and use it. But once you're out of debt, put it away, like all good crockpots.
The Credit Reporting Agencies love Identity Theft, disputes, and debt. They thrive on it!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jun 08, 2004 11:22 am
Post subject: Bank of America Secured
12/9/2002 3:32 am CDT
HI I AM A NEWBIE TO CREDIT. I HAVE HAD A BANK OF AMERICA SECURED GOLD CARD SINCE LAST FEBRURY 2002, AN ASSOCIATES SECURED CARD.
I HAD HEARD BEFORE THAT THE BOA CARD COULD BE COVERTED TO UNSECURED AFTER A YEAR OR SO.
UNFORTUNALELY, IN AUGUST, I HAD A NOTES LOAN REPORTED LATE TO THE CREDIT BUREAUS WHICH DROPED MY SCORE FROM 671 TO 634.TU
COULD THIS AFFECT MY BOA BEING CONVERTED?
ALSO IS RAISING MY LIMIT FROM 500$ TO A TOUSAND A GOOD IDEA?.
DO I HAVE A GOOD CHANCE TO QULIFY FOR 5000$ CAR LOAN. I MAKE 1400$ GROSS A MONTH
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugeneb
Posted: Tue Jun 08, 2004 11:22 am
Post subject:
12/9/2002 11:15 pm CDT
I HAD HEARD BEFORE THAT THE BOA CARD COULD BE COVERTED TO UNSECURED AFTER A YEAR OR SO.
That may be so, but if they report your account to credit bureaus, it can help you get an unsecured card from another issuer before that.
UNFORTUNALELY, IN AUGUST, I HAD A NOTES LOAN REPORTED LATE TO THE CREDIT BUREAUS WHICH DROPED MY SCORE FROM 671 TO 634.TU COULD THIS AFFECT MY BOA BEING CONVERTED?
Sure.
ALSO IS RAISING MY LIMIT FROM 500$ TO A TOUSAND A GOOD IDEA?
If it involves applying for credit and an inquiry on your credit report, it almost certainly is NOT a good idea, as it is going to lower your score. Even if it does NOT involve an inquiry, it may not be a good idea. Do you need that additional $500 in credit, or are you going to add it just to improve your score?
DO I HAVE A GOOD CHANCE TO QULIFY FOR 5000$ CAR LOAN.
Impossible to answer untill you apply. But the fact that you apply is going to reduce your score, because of a new inquiry and maybe a new account.
Do not apply for anything unless you absolutely need it, or if building your credit is more important to you than satisfying your curiosity ("I wonder what would happen if...")
Author: Verneb
Posted: Tue Jun 08, 2004 11:25 am
Post subject: Secured
12/10/2002 0:28 am CDT
Having a secured card is like being on probation - you can't break any rules. You need a clean record to graduate to an unsecured card.
As far as scores go, I think they are less likely to grant new credit with anything below 670 (give or take).
720 and above: All lenders view you as a good risk.
700-719 - most lenders...
High 600's are good but a little uphill. Below 670 and Providian will "catch and release", "bait and switch", "shake and bake", and sell you upriver.
The 500's is real grizzly country and, by then, you've lost your Providian sherpas. At the summit they throw the baby out with the bath. (raising interest rates to 57.77% in the sheepdip-misbegotten notion that this will "make 'em pay")
I like to think of the FICO score as a crock. If you are in debt: watch it, respect it, and use it. But once you're out of debt, put it away, like all good crockpots.
The Credit Reporting Agencies love Identity Theft, disputes, and debt. They thrive on it!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:32 PM
0 Comments:
Post a Comment
<< Home