Bank of America Secured Visa Card

Discussion in 'Credit Talk' started by credit6949, Aug 23, 2005.

  1. credit6949

    credit6949 Well-Known Member

    I was ready to send in the application for a secured Visa and deposit $1,000 but was told by the bank it takes about 4 weeks to process AND they might also ask me to open a checking or savings account in addition to the secured deposit account.

    My questions:

    1. Do any members have one of these cards from this bank and are you satisfied with the service?

    2. How long did it take to receive?

    3. Were you asked to open an additional checking or savings account in addition to the secured deposit account?

    4. Do they report to all 3 credit bureaus?

    Thanks.
     
  2. deelynn

    deelynn Member

    I don't have any credit cards w/BOA, but I do have a mortgage with them. Do NOT use them, not for anything!!! They bought out the bank I originally had my mtg with, then sent me a letter telling me to send all payments to this new address and acct # after 7/29, but continue using the old info until then. So, 7/15 I sent $1000 to the old acct, and on 8/15 I sent the payment to the new acct, per their instructions. I just found out, after being denied employment because of my credit, that BOA reported me 45 days past due saying I didn't make the July and August payment. Additionally, I work for a mortgage company (GMAC) and had an awful time trying to help one of my customers. I had to update some BOA info for my customer, so I called BOA. I was transferred to 12 different people and was on the phone for over 2 hours...and no one would help me. Stay as far away from BOA as you can!
     
  3. Geo

    Geo Well-Known Member

    Well maybe u had bad experience with them. But I think BofA is a great Bank and one of the biggest as well. I receive frequent good bal transfer offers. and my 2 cards have huge limits. It's a good bank to deal with
     
  4. Geo

    Geo Well-Known Member

    Regarding the original poster. I have heard good things about their secured card and it is reported to the bureaus.

    but to be honest i suggest u to tell a relative with good credit to add u as an authorized user from some of his/her cards. So u will begin to build a cr history in ur own bcs these accounts will appears in ur own reports.

    Then when u have like 6 months with these account reporting apply for an Unsecure BofA card and u will get better limit with no deposit and better conditions as well.
     
  5. mkxt

    mkxt Member

    I've had their VISA secured card since Aug 2001, and so far I am totally happy with it. A few notes of my experience:

    1. They do report to the credit bureaus.

    2. They may 'unsecure' your card after a certain period of time, and after that your card may be eligible for further credit limit increases. Aside from the payment history on your BofA card, they pay a lot of attention to the volume charged to the card. My impression is that they will increase your limits based on their own internal score rather than on the FICO-type scores available from credit bureaus.

    3. The *card* customer service is excellent, which is not to say about other areas of the now enormous Bank of America. In my case, they have returned my security deposit twice (I simply ignored the second check), and then kept sending me threatening letters demanding that I cover my "overdraft" with them, "or else..." :) It did take me about six calls to various departments and a few letters, before they realized what had happened. Still, the ability to establish or rebuild your credit with a major bank far outweighs these minor inconveniences.

    Go for it!

    mkxt
     

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