Secured and Unsecured Credit Cards From Bank Of America
Author: RCD68
Posted: Wed Apr 05, 2006 12:39 pm
Post subject: Questions about BOA Cards and Secured/Unsecured in General
Hi, newbie here. This is a great board- I have been reading some of the older posts and really like some of the helpful advice I saw there. So I was wondering if anyone had any advice and/or answers to my questions.
This is my situation: I have no credit as of now, no cards no loans, nothing. I have not seen my credit report as yet (will do very soon) but I know there will not be much on it because I have never had credit. Me and my wife have steady jobs/income, and have been banking with BOA for several years. My wife doesn't have a great credit history, but nevertheless was recently issued an unsecured BOA Platinum Visa card with a decent enough credit limit. I think this might have to do with the fact that she has been a regular BOA customer for several years, and perhaps this has established some trust with them?
I however, was recently turned down after applying for an Amazon/Chase Visa Card. Reason was that I hadn't had enough accounts open long enough to establish a credit history. I really wanted that credit card because I would love to accumulate points to use for online buying. That is the first and only credit card I have ever applied for so far. So I am looking at three options right now:
a) apply for an unsecured BOA card
b) apply for a secured BOA card
c) become an "additional cardholder" on my wife's card and try to build up some kind of credit history that way (would that actually affect my credit history in a positive way? I am not sure because as I understand it the main responsibility for paying for the card remains with my wife even though the card is in my name)
Now that I want to establish credit, I was wondering if I should just try applying for an unsecured BOA credit card like my wife? I know that I could get a secured card from them for sure as long as I supply the deposit, but I have heard that it might show as a "secured" card on the credit report (is that right, anyone know?). Obviously, if I could bypass getting a secured card, I would much rather just go straight for the unsecured BOA card like my wife has (because that would mean I don't have to have a "secured" card item on my credit report, plus I wouldn't have to hand over a deposit and annual fee). However, I don't want to apply for an unsecured BOA card if I am only going to get turned down like I was with the Amazon/Chase card, because as I understand it that would put another "inquiry" on my credit report? If I went straight for the secured card then at least that inquiry will lead to some actual credit history, so it will have been worth something...
Since me and my wife have both been BOA checking account customers for several years (which I think was why they offered her an unsecured credit card even though she doesn't have the greatest credit- though I could be wrong on this), and we have now a joint bank account there, and have been in good standing with them for years also, does anyone think it's likely that they'll give me an unsecured card without me having any kind of credit history? Even if it's just an unsecured card with a small credit limit, I don't care, because at least that would be a start- I would pay it off on time, etc like any good customer and hopefully built up a decent credit history. Please let me know what you think.
Other questions:
-Assuming I don't get the unsecured card, and instead go for the secured card- how bad would it really be if the card is listed as "secured" on the credit report? Does it mean that I'll have to work harder i.e. be forced to build up a good credit history for several more years before anyone else will issue me credit? Or does this only affect mortgages and such types of credit (we don't plan on having a mortgage any time soon)
-If I get the secured card and build up a good relationship (pay on time etc) and they convert it to unsecured after a year or so, should I try applying for the Amazon/Chase card again, or should I wait longer than a year? (I don't want to apply only to get rejected again- I think on their application form it had a question along the lines of have I been rejected for a credit card from them in the last six months... which I guess means I should at least wait six months before applying again?)
-If I go for the secured card, after I get it, is it reasonable to try and apply for a store card (e.g. Robinsons May) so that I can build up good credit with both cards working together, or should I wait a few months and build up some small credit history before trying to apply for a store card?
-If i need the deposit back in a hurry, can I just pay off the secured card, close the account and get my deposit back promptly, or does it take some time?
-and does anyone know if it's possible to get any kind of reward points on a secured card?
Needless to say, I am kicking myself for not applying for a regular credit card when I was a student. I could have built up a nice credit history since then. Anyway, thanks in advance for any input, I'd really appreciate anything that would help me make the best decision when it comes to my credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tahoemark
Posted: Wed Apr 05, 2006 1:50 pm
Post subject:
I remember long ago when I had to get a secured card-- same thing no credit. First off, I tried calling Amazon/Chase explain your situation, explain that you have a steady job see if that helps, if the agent can't help you, or says something like "theres nothing I can do" ask for a supervisor- you'd be surprised how many times the computer turns you down, but if you ask politely, you can get accepted. Remember treat these people respectfully they are just doing there job.
If that doesn't work
Apply for a BofA card, check there website for the card of your choice. But I wouldn't make an application online in your circumstances, print out an application if you can and speak with the branch manager at your local branch, again politely explain your situation, see what they can do.
Good luck, keep the board informed.
I would also recomend go to citicorp webiste which offers 3 major credit reports, and your credit scores, and also explains what can be done to improve your credit and credit score. Free for 30 days.
Author: RCD68
Posted: Wed Apr 05, 2006 3:42 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
Hey, thanks for your reply tahoemark.
As for calling Amazon/Chase, actually I don't know if that would work because my application was already turned down after manual review (when I submitted it online, I didn't get an answer right away but instead had to wait for a written reply by mail)
But for BOA, I will go ahead and take an application to my local branch personally and try and get a meeting with a personal banker so that I can explain the situation. And thanks for the citicorp recomendation, I shall check that out.
By the way, is there anything to suggest that that online credit card applications might not be as effective as stuff sent in by mail or delivered by hand? Oh, and any more input on my situation is still welcome.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: TomfromCT
Posted: Wed Apr 05, 2006 7:49 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
Try signing up for BOA's online banking.
I only had one credit card with a low low limit but I had been baking with BOA for a year or two. When I signed off online banking, i kept getting credit card offers from them......I took em up on it and bingo bango i had the power rewaards card for 7k... and that was via the instant online app.
Author: RCD68
Posted: Wed Apr 05, 2006 12:39 pm
Post subject: Questions about BOA Cards and Secured/Unsecured in General
Hi, newbie here. This is a great board- I have been reading some of the older posts and really like some of the helpful advice I saw there. So I was wondering if anyone had any advice and/or answers to my questions.
This is my situation: I have no credit as of now, no cards no loans, nothing. I have not seen my credit report as yet (will do very soon) but I know there will not be much on it because I have never had credit. Me and my wife have steady jobs/income, and have been banking with BOA for several years. My wife doesn't have a great credit history, but nevertheless was recently issued an unsecured BOA Platinum Visa card with a decent enough credit limit. I think this might have to do with the fact that she has been a regular BOA customer for several years, and perhaps this has established some trust with them?
I however, was recently turned down after applying for an Amazon/Chase Visa Card. Reason was that I hadn't had enough accounts open long enough to establish a credit history. I really wanted that credit card because I would love to accumulate points to use for online buying. That is the first and only credit card I have ever applied for so far. So I am looking at three options right now:
a) apply for an unsecured BOA card
b) apply for a secured BOA card
c) become an "additional cardholder" on my wife's card and try to build up some kind of credit history that way (would that actually affect my credit history in a positive way? I am not sure because as I understand it the main responsibility for paying for the card remains with my wife even though the card is in my name)
Now that I want to establish credit, I was wondering if I should just try applying for an unsecured BOA credit card like my wife? I know that I could get a secured card from them for sure as long as I supply the deposit, but I have heard that it might show as a "secured" card on the credit report (is that right, anyone know?). Obviously, if I could bypass getting a secured card, I would much rather just go straight for the unsecured BOA card like my wife has (because that would mean I don't have to have a "secured" card item on my credit report, plus I wouldn't have to hand over a deposit and annual fee). However, I don't want to apply for an unsecured BOA card if I am only going to get turned down like I was with the Amazon/Chase card, because as I understand it that would put another "inquiry" on my credit report? If I went straight for the secured card then at least that inquiry will lead to some actual credit history, so it will have been worth something...
Since me and my wife have both been BOA checking account customers for several years (which I think was why they offered her an unsecured credit card even though she doesn't have the greatest credit- though I could be wrong on this), and we have now a joint bank account there, and have been in good standing with them for years also, does anyone think it's likely that they'll give me an unsecured card without me having any kind of credit history? Even if it's just an unsecured card with a small credit limit, I don't care, because at least that would be a start- I would pay it off on time, etc like any good customer and hopefully built up a decent credit history. Please let me know what you think.
Other questions:
-Assuming I don't get the unsecured card, and instead go for the secured card- how bad would it really be if the card is listed as "secured" on the credit report? Does it mean that I'll have to work harder i.e. be forced to build up a good credit history for several more years before anyone else will issue me credit? Or does this only affect mortgages and such types of credit (we don't plan on having a mortgage any time soon)
-If I get the secured card and build up a good relationship (pay on time etc) and they convert it to unsecured after a year or so, should I try applying for the Amazon/Chase card again, or should I wait longer than a year? (I don't want to apply only to get rejected again- I think on their application form it had a question along the lines of have I been rejected for a credit card from them in the last six months... which I guess means I should at least wait six months before applying again?)
-If I go for the secured card, after I get it, is it reasonable to try and apply for a store card (e.g. Robinsons May) so that I can build up good credit with both cards working together, or should I wait a few months and build up some small credit history before trying to apply for a store card?
-If i need the deposit back in a hurry, can I just pay off the secured card, close the account and get my deposit back promptly, or does it take some time?
-and does anyone know if it's possible to get any kind of reward points on a secured card?
Needless to say, I am kicking myself for not applying for a regular credit card when I was a student. I could have built up a nice credit history since then. Anyway, thanks in advance for any input, I'd really appreciate anything that would help me make the best decision when it comes to my credit.
Author: tahoemark
Posted: Wed Apr 05, 2006 1:50 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
I remember long ago when I had to get a secured card-- same thing no credit. First off, I tried calling Amazon/Chase explain your situation, explain that you have a steady job see if that helps, if the agent can't help you, or says something like "theres nothing I can do" ask for a supervisor- you'd be surprised how many times the computer turns you down, but if you ask politely, you can get accepted. Remember treat these people respectfully they are just doing there job.
If that doesn't work
Apply for a BofA card, check there website for the card of your choice. But I wouldn't make an application online in your circumstances, print out an application if you can and speak with the branch manager at your local branch, again politely explain your situation, see what they can do.
Good luck, keep the board informed.
I would also recomend go to citicorp webiste which offers 3 major credit reports, and your credit scores, and also explains what can be done to improve your credit and credit score. Free for 30 days.
Author: RCD68
Posted: Wed Apr 05, 2006 3:42 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
Hey, thanks for your reply tahoemark.
As for calling Amazon/Chase, actually I don't know if that would work because my application was already turned down after manual review (when I submitted it online, I didn't get an answer right away but instead had to wait for a written reply by mail)
But for BOA, I will go ahead and take an application to my local branch personally and try and get a meeting with a personal banker so that I can explain the situation. And thanks for the citicorp recomendation, I shall check that out.
By the way, is there anything to suggest that that online credit card applications might not be as effective as stuff sent in by mail or delivered by hand? Oh, and any more input on my situation is still welcome.
Author: TomfromCT
Posted: Wed Apr 05, 2006 7:49 pm
Post subject:
Try signing up for BOA's online banking.
I only had one credit card with a low low limit but I had been baking with BOA for a year or two. When I signed off online banking, i kept getting credit card offers from them......I took em up on it and bingo bango i had the power rewaards card for 7k... and that was via the instant online app.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Apr 05, 2006 12:39 pm
Post subject: Questions about BOA Cards and Secured/Unsecured in General
Hi, newbie here. This is a great board- I have been reading some of the older posts and really like some of the helpful advice I saw there. So I was wondering if anyone had any advice and/or answers to my questions.
This is my situation: I have no credit as of now, no cards no loans, nothing. I have not seen my credit report as yet (will do very soon) but I know there will not be much on it because I have never had credit. Me and my wife have steady jobs/income, and have been banking with BOA for several years. My wife doesn't have a great credit history, but nevertheless was recently issued an unsecured BOA Platinum Visa card with a decent enough credit limit. I think this might have to do with the fact that she has been a regular BOA customer for several years, and perhaps this has established some trust with them?
I however, was recently turned down after applying for an Amazon/Chase Visa Card. Reason was that I hadn't had enough accounts open long enough to establish a credit history. I really wanted that credit card because I would love to accumulate points to use for online buying. That is the first and only credit card I have ever applied for so far. So I am looking at three options right now:
a) apply for an unsecured BOA card
b) apply for a secured BOA card
c) become an "additional cardholder" on my wife's card and try to build up some kind of credit history that way (would that actually affect my credit history in a positive way? I am not sure because as I understand it the main responsibility for paying for the card remains with my wife even though the card is in my name)
Now that I want to establish credit, I was wondering if I should just try applying for an unsecured BOA credit card like my wife? I know that I could get a secured card from them for sure as long as I supply the deposit, but I have heard that it might show as a "secured" card on the credit report (is that right, anyone know?). Obviously, if I could bypass getting a secured card, I would much rather just go straight for the unsecured BOA card like my wife has (because that would mean I don't have to have a "secured" card item on my credit report, plus I wouldn't have to hand over a deposit and annual fee). However, I don't want to apply for an unsecured BOA card if I am only going to get turned down like I was with the Amazon/Chase card, because as I understand it that would put another "inquiry" on my credit report? If I went straight for the secured card then at least that inquiry will lead to some actual credit history, so it will have been worth something...
Since me and my wife have both been BOA checking account customers for several years (which I think was why they offered her an unsecured credit card even though she doesn't have the greatest credit- though I could be wrong on this), and we have now a joint bank account there, and have been in good standing with them for years also, does anyone think it's likely that they'll give me an unsecured card without me having any kind of credit history? Even if it's just an unsecured card with a small credit limit, I don't care, because at least that would be a start- I would pay it off on time, etc like any good customer and hopefully built up a decent credit history. Please let me know what you think.
Other questions:
-Assuming I don't get the unsecured card, and instead go for the secured card- how bad would it really be if the card is listed as "secured" on the credit report? Does it mean that I'll have to work harder i.e. be forced to build up a good credit history for several more years before anyone else will issue me credit? Or does this only affect mortgages and such types of credit (we don't plan on having a mortgage any time soon)
-If I get the secured card and build up a good relationship (pay on time etc) and they convert it to unsecured after a year or so, should I try applying for the Amazon/Chase card again, or should I wait longer than a year? (I don't want to apply only to get rejected again- I think on their application form it had a question along the lines of have I been rejected for a credit card from them in the last six months... which I guess means I should at least wait six months before applying again?)
-If I go for the secured card, after I get it, is it reasonable to try and apply for a store card (e.g. Robinsons May) so that I can build up good credit with both cards working together, or should I wait a few months and build up some small credit history before trying to apply for a store card?
-If i need the deposit back in a hurry, can I just pay off the secured card, close the account and get my deposit back promptly, or does it take some time?
-and does anyone know if it's possible to get any kind of reward points on a secured card?
Needless to say, I am kicking myself for not applying for a regular credit card when I was a student. I could have built up a nice credit history since then. Anyway, thanks in advance for any input, I'd really appreciate anything that would help me make the best decision when it comes to my credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tahoemark
Posted: Wed Apr 05, 2006 1:50 pm
Post subject:
I remember long ago when I had to get a secured card-- same thing no credit. First off, I tried calling Amazon/Chase explain your situation, explain that you have a steady job see if that helps, if the agent can't help you, or says something like "theres nothing I can do" ask for a supervisor- you'd be surprised how many times the computer turns you down, but if you ask politely, you can get accepted. Remember treat these people respectfully they are just doing there job.
If that doesn't work
Apply for a BofA card, check there website for the card of your choice. But I wouldn't make an application online in your circumstances, print out an application if you can and speak with the branch manager at your local branch, again politely explain your situation, see what they can do.
Good luck, keep the board informed.
I would also recomend go to citicorp webiste which offers 3 major credit reports, and your credit scores, and also explains what can be done to improve your credit and credit score. Free for 30 days.
Author: RCD68
Posted: Wed Apr 05, 2006 3:42 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
Hey, thanks for your reply tahoemark.
As for calling Amazon/Chase, actually I don't know if that would work because my application was already turned down after manual review (when I submitted it online, I didn't get an answer right away but instead had to wait for a written reply by mail)
But for BOA, I will go ahead and take an application to my local branch personally and try and get a meeting with a personal banker so that I can explain the situation. And thanks for the citicorp recomendation, I shall check that out.
By the way, is there anything to suggest that that online credit card applications might not be as effective as stuff sent in by mail or delivered by hand? Oh, and any more input on my situation is still welcome.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: TomfromCT
Posted: Wed Apr 05, 2006 7:49 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
Try signing up for BOA's online banking.
I only had one credit card with a low low limit but I had been baking with BOA for a year or two. When I signed off online banking, i kept getting credit card offers from them......I took em up on it and bingo bango i had the power rewaards card for 7k... and that was via the instant online app.
Author: RCD68
Posted: Wed Apr 05, 2006 12:39 pm
Post subject: Questions about BOA Cards and Secured/Unsecured in General
Hi, newbie here. This is a great board- I have been reading some of the older posts and really like some of the helpful advice I saw there. So I was wondering if anyone had any advice and/or answers to my questions.
This is my situation: I have no credit as of now, no cards no loans, nothing. I have not seen my credit report as yet (will do very soon) but I know there will not be much on it because I have never had credit. Me and my wife have steady jobs/income, and have been banking with BOA for several years. My wife doesn't have a great credit history, but nevertheless was recently issued an unsecured BOA Platinum Visa card with a decent enough credit limit. I think this might have to do with the fact that she has been a regular BOA customer for several years, and perhaps this has established some trust with them?
I however, was recently turned down after applying for an Amazon/Chase Visa Card. Reason was that I hadn't had enough accounts open long enough to establish a credit history. I really wanted that credit card because I would love to accumulate points to use for online buying. That is the first and only credit card I have ever applied for so far. So I am looking at three options right now:
a) apply for an unsecured BOA card
b) apply for a secured BOA card
c) become an "additional cardholder" on my wife's card and try to build up some kind of credit history that way (would that actually affect my credit history in a positive way? I am not sure because as I understand it the main responsibility for paying for the card remains with my wife even though the card is in my name)
Now that I want to establish credit, I was wondering if I should just try applying for an unsecured BOA credit card like my wife? I know that I could get a secured card from them for sure as long as I supply the deposit, but I have heard that it might show as a "secured" card on the credit report (is that right, anyone know?). Obviously, if I could bypass getting a secured card, I would much rather just go straight for the unsecured BOA card like my wife has (because that would mean I don't have to have a "secured" card item on my credit report, plus I wouldn't have to hand over a deposit and annual fee). However, I don't want to apply for an unsecured BOA card if I am only going to get turned down like I was with the Amazon/Chase card, because as I understand it that would put another "inquiry" on my credit report? If I went straight for the secured card then at least that inquiry will lead to some actual credit history, so it will have been worth something...
Since me and my wife have both been BOA checking account customers for several years (which I think was why they offered her an unsecured credit card even though she doesn't have the greatest credit- though I could be wrong on this), and we have now a joint bank account there, and have been in good standing with them for years also, does anyone think it's likely that they'll give me an unsecured card without me having any kind of credit history? Even if it's just an unsecured card with a small credit limit, I don't care, because at least that would be a start- I would pay it off on time, etc like any good customer and hopefully built up a decent credit history. Please let me know what you think.
Other questions:
-Assuming I don't get the unsecured card, and instead go for the secured card- how bad would it really be if the card is listed as "secured" on the credit report? Does it mean that I'll have to work harder i.e. be forced to build up a good credit history for several more years before anyone else will issue me credit? Or does this only affect mortgages and such types of credit (we don't plan on having a mortgage any time soon)
-If I get the secured card and build up a good relationship (pay on time etc) and they convert it to unsecured after a year or so, should I try applying for the Amazon/Chase card again, or should I wait longer than a year? (I don't want to apply only to get rejected again- I think on their application form it had a question along the lines of have I been rejected for a credit card from them in the last six months... which I guess means I should at least wait six months before applying again?)
-If I go for the secured card, after I get it, is it reasonable to try and apply for a store card (e.g. Robinsons May) so that I can build up good credit with both cards working together, or should I wait a few months and build up some small credit history before trying to apply for a store card?
-If i need the deposit back in a hurry, can I just pay off the secured card, close the account and get my deposit back promptly, or does it take some time?
-and does anyone know if it's possible to get any kind of reward points on a secured card?
Needless to say, I am kicking myself for not applying for a regular credit card when I was a student. I could have built up a nice credit history since then. Anyway, thanks in advance for any input, I'd really appreciate anything that would help me make the best decision when it comes to my credit.
Author: tahoemark
Posted: Wed Apr 05, 2006 1:50 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
I remember long ago when I had to get a secured card-- same thing no credit. First off, I tried calling Amazon/Chase explain your situation, explain that you have a steady job see if that helps, if the agent can't help you, or says something like "theres nothing I can do" ask for a supervisor- you'd be surprised how many times the computer turns you down, but if you ask politely, you can get accepted. Remember treat these people respectfully they are just doing there job.
If that doesn't work
Apply for a BofA card, check there website for the card of your choice. But I wouldn't make an application online in your circumstances, print out an application if you can and speak with the branch manager at your local branch, again politely explain your situation, see what they can do.
Good luck, keep the board informed.
I would also recomend go to citicorp webiste which offers 3 major credit reports, and your credit scores, and also explains what can be done to improve your credit and credit score. Free for 30 days.
Author: RCD68
Posted: Wed Apr 05, 2006 3:42 pm
Post subject: Secured and Unsecured Credit Cards From Bank Of America
Hey, thanks for your reply tahoemark.
As for calling Amazon/Chase, actually I don't know if that would work because my application was already turned down after manual review (when I submitted it online, I didn't get an answer right away but instead had to wait for a written reply by mail)
But for BOA, I will go ahead and take an application to my local branch personally and try and get a meeting with a personal banker so that I can explain the situation. And thanks for the citicorp recomendation, I shall check that out.
By the way, is there anything to suggest that that online credit card applications might not be as effective as stuff sent in by mail or delivered by hand? Oh, and any more input on my situation is still welcome.
Author: TomfromCT
Posted: Wed Apr 05, 2006 7:49 pm
Post subject:
Try signing up for BOA's online banking.
I only had one credit card with a low low limit but I had been baking with BOA for a year or two. When I signed off online banking, i kept getting credit card offers from them......I took em up on it and bingo bango i had the power rewaards card for 7k... and that was via the instant online app.
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 12:47 AM
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