I applied for a Bank of America Platinum Visa and was denied however they counteroffered me a partially secured Gold Visa. They want a $99 deposit that will gain interest and giving me a $500 limit to start. After 9 months, with on time payment, I will get the deposit + interest back and they will upgrade my status to a regular account. I am sick and tired and frankly, I am embarrassed with some of the other cards in my wallet (i.e. Orchard Bank, First Premier, Credit One/FNBM). I was also approved for a Capital One regular card (only $300 limit to start). But at least my hard work over the past 6 months, and raising my scored from low-mid 500's to an average FAKO of just about 600 is starting to pay off. Is the BOA a good idea to get in with them? The $99 deposit doesn't bother me at all, and the card doesn't say "secured" or anything like that. What do you guys think?
I think you should go for it. If you stay in their good graces it will eventually lead to better and better offers.
I highly recommend this program, I have a 99/500 from BofA. It was really a thrill after having had two First Premier accounts (I get the all-day sucker for that, but hey, it did get me started).
It is another step on the path. Keep in mind that you are using credit for convenience in payment, and to build a positive credit history to obtain better terms in the future, not to carry large balances. BofA will cut your limits (how much lower can it go?) or raise your rates if your overall credit picture (including debt to available credit) deteriorates, particularly on this type of card.
