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Secured BofA Card

Discussion in 'Credit Talk' started by Nia, Aug 14, 2001.

  1. Aug 14, 2001 #1
    Nia

    Nia Well-Known Member

    I recently applied for an unsecured Visa with Bank of America. I was declined but yesterday I recieved an offer for a secured card with them. I have to send in 250 minimum. Is this worth it...Could I not just slap 250 on one of my existing cards and use that or is there some advantage to secured cards? I was trying to open another trade line so that my debt usage ratio would go down.

    Thanks
    Nia
     
  3. Aug 14, 2001 #2
    MT

    MT Well-Known Member

    I know (called and asked) the BofA card reports as "secured." Does anyone know if that impacts score?
     
  4. Aug 17, 2001 #3
    Maer

    Maer Well-Known Member

    I would love a BofA card, even if it is secured. However they were included in my B/K. Anybody know if this matters? I checked out their website. It says they will send you a card for whatever amount you have in your security fund account "IF APPROVED". Darn....why do they have to approve you if they have the entire limit secured????? I'm sure I would be a deny based on their being included in my b/k. I just want a "real" credit card that I don't have to be embarrassed of.
    I guess with my past I should be happy with any card.....
     
  5. Aug 17, 2001 #4
    Nia

    Nia Well-Known Member

    Any other opinions on this?
     
  6. Aug 17, 2001 #5
    Carrot

    Carrot Member

    I may be wrong, but I don't think BofA will issue a secured card if you have a previous bankruptcy.
     
  7. Aug 17, 2001 #6
    Marie

    Marie Well-Known Member

    but B of A was included in the bk... that'll be harder.
     
  8. Aug 18, 2001 #7
    Maer

    Maer Well-Known Member

    Yes, that is what I was afraid of. I guess I'll have to taken them off my wish list.
    Thanks for your input. I would have hated to waste an inquiry
     
  9. Aug 19, 2001 #8
    Maer

    Maer Well-Known Member

    Well I emailed BofA asking if it was an automatic denial based on my b/k. They e-mailed me back with their requirements. One of them was NO B/K (it doesn't matter if they were included or not). I have it on my e-mail at home so later I will list all the requirements.
    What a shame they are so strict for a FULLY SECURED credit card
     
  10. Aug 19, 2001 #9
    Cadillac408

    Cadillac408 Well-Known Member

    Doesn't surprise me one bit. Seems as though a lot of banks are reserving their secured cards for people trying to ESTABLISH credit.....not re-establish. My own credit union denied me for a secured card. So did Chase. Oh well.....
     
  11. Aug 20, 2001 #10
    making

    making Well-Known Member

    Maer,

    If you haven't considered it, you might look at Umbrella banks card. Their secured card has the same look as their (ugly yellow) prime card. Seems to me to be one of the better deals for secured cards:low fee, respectable bank(as far as i know?), doesn't report as secured. I almost got one but decided I'd rather keep the money in my savings.

    -scott
     

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