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Bank of America Secured Card Graduation


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I've had my fully secured ($400) BOA 1-2-3 Cash Rewards card now for a year (anniversary was 10/30/2017). I'm seeking graduation, but I don't want to waste a HP. The card last reported a 0 balance for October and I've spent an average of around $190.00 per month on the card. My scores (FICO 08) are all hovering around 625.

 

Should I call a credit analyst, or should I just wait? I will have achieved a year's worth of on-time payments by the end of the calendar year, and I've read that BOA would probably be more inclined to graduate after a year's worth of on-time payments.

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I've had my fully secured ($400) BOA 1-2-3 Cash Rewards card now for a year (anniversary was 10/30/2017). I'm seeking graduation, but I don't want to waste a HP. The card last reported a 0 balance for October and I've spent an average of around $190.00 per month on the card. My scores (FICO 08) are all hovering around 625.

 

Should I call a credit analyst, or should I just wait? I will have achieved a year's worth of on-time payments by the end of the calendar year, and I've read that BOA would probably be more inclined to graduate after a year's worth of on-time payments.

There's no harm in asking. In case it doesn't work do not get discouraged. Credit is a marathon. Meanwhile focus on increasing your scores to 650-670 range before seeking more credit. I am not sure but if BOA refuses to unsecure see if there is an option to add more cash to security deposit so that a large CL would report.

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The sad thing is that getting a secured credit card is a very slow way to build credit. Here we have an honest, stand up guy who, after ONE YEAR, with 0 balance, is still struggling. Score 625? SMH

 

As for whether he should "waste" an inquiry, there isn't enough information to know. It depends on how many inquiries he already has on his profile. At any rate, I imagine that talking to the lender would result in a soft pull, not a hard one.

 

I hope that the card in question has no annual fee.

 

My advice is to get added as an authorized user.

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I might have a cloudy memory but I feel like they actually unsecured mine about 6 months in.. and, again, might not be remembering clearly but I don't think I got a HP until I asked for a CLI.

There's hope though! Hang in there... Keep working towards your goal! If it takes a HP to graduate, I'd think you'd likely get a CLI too out of it. Win/win in my opinion

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The sad thing is that getting a secured credit card is a very slow way to build credit. Here we have an honest, stand up guy who, after ONE YEAR, with 0 balance, is still struggling. Score 625? SMH

 

So the secured card is responsible for the 625 score, not the derogatory information contained in the CRA files? LOL.

 

At any rate, I imagine that talking to the lender would result in a soft pull, not a hard one.

BofA is pull happy.

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Should I call a credit analyst, or should I just wait? I will have achieved a year's worth of on-time payments by the end of the calendar year, and I've read that BOA would probably be more inclined to graduate after a year's worth of on-time payments.

Wait until your 12th statement has cut. Then call in to the analyst department.

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UPDATE: I called the credit analyst today and got the card unsecured; funds to be released within 2 weeks. I asked for a $600 CLI but I only got a $100 CLI. Peanuts, but I'll take it.

Not bad. I am pretty sure they unsecured mine around the 9 month mark and increased my limit by 1K. I want to say that I also received a letter from them last year that they were offering me an increase without a HP. It was small but I took it, maybe $500.

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