Money Tips: Bank of America Secured Credit Card for Rebuilding Credit

Posted On: October 16, 2006

Guest: PilgrimFarAway
Post subject: Bank of America Secured Credit Card for Rebuilding Credit
Posted: Mon Oct 16, 2006 7:42 pm

I have two relatively big secure credit cards - Wells Fargo and BofA.

Wells Fargo provides great customer service and very reasonable terms for graduation. But BofA crushes them if you are looking to rebuild credit:
1. BofA has a 9 month minimum term before review! Most cards (including WF) have 1 year minimum
2. BofA does not report the card as a secure credit card, but as a credit card! This is a huge boost, as the “secure” part is net negative on the credit report.

So, if you have a few $K that you can put in a savings account for 9 months, you will really appreciate the results that you will get from BofA

Guest: Board Monitor
Board Monitor/ Administrator
Posted: Mon Oct 16, 2006 7:56 pm

Interesting. Thanks for the feedback!
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Curtis Arnold
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Guest: caligirl
Posted: Mon Oct 16, 2006 9:48 pm

My BofA Secured Card (California) did report as Secured Credit Card on my credit report. Perhaps it varies by state? I was disappointed to see it reporting that way.

Other than that, I was exceptionally happy with the B of A secured card. Customer Service was excellent and didn’t make me feel like a second-rate card holder. The card came with car rental insurance.

I also had the First Premier Secured Card which was TERRIBLE! Terrible customer service; every payment held for 21 days even though I had never been late or bounced anything in the three years I was with them.

Guest: advocate
Posted: Tue Oct 17, 2006 9:51 pm

I have referred probably 100 (conservative number) people to BofA for their secured card program as a means to rebuild credit. I have never once heard a complaint and only positive feedback. Funds were available to withdrawl after 6 months in some cases.

Michael
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Michael
CRN Specialist