Money Tips: Convert Secured Bank of America Credit Card to Unsecured Account

Posted On: June 29, 2006

Guest: caligirl
Post subject: Convert Secured Bank of America Credit Card to Unsecured Account
Posted: Thu Jun 29, 2006 6:55 pm

Hi all,

I am in the process of rebuilding my credit. I have two secured cards, one with a 2200 limit (First Premier 2.5 yrs old) and one with 2500 (B of A 4 months old). I opened the B of A Secured because FP is terrible to deal with! I also have a Cap One with an 800 limit. My FICO is now up to 668 and has been rising pretty steadily. However, I’m wondering when is a good time to apply for an unsecured card. I know it doesn’t JUST come down to FICO, but I don’t want to apply too early and get declined. I need a higher limit card to make my business travel (no corporate cards) more relaxed. I am always worred about where my balances are and which card I should use at check-in which isn’t a good feeling.

I PIF each month and try to pay balances down before the statement date to keep my utilization low. Last month, I forgot to do that on one card so I expect a jump into the 670s within the next few weeks.

I keep an eye on the Approval reports, but the scores seem all over the place. Does 680 or 685 sound like a good time? Obviously, I just want to apply for one card and hopefully get approved with a decent limit. No need for unnecessary inquiries.

Thanks! Any guidance would be appreciated!

Guest: fire3000
Credit Expert (100+ Posts)
Posted: Thu Jun 29, 2006 8:08 pm

BOA is a nice card issurer and if you ask they will probably either convert your secured card to an unsecured or issue you a new unsecured card at a lower credit limit. Once you get approved, I recommend closing the First premier due to their very high fees and poor service even if doing this will drop your credit score slightly.

Guest: caligirl
Posted: Thu Jun 29, 2006 11:08 pm

Thanks fire3000. My plan is to try to convert the FP to an unsecured even if it is at a lower limit. It’s my oldest card, so I will probably keep it around for a while and just not use it.

B of A generally begins Secured to Unsecured reviews at the 9 month mark which is November for me. Not sure if I could make a request prior to that. Since I also have a checking account there, maybe I will talk to them later this summer.

Thanks.