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BofA secured card: How does it report?

pwd847

By pwd847
in Credit Forum

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The last post in this topic was posted 3192 days ago. 

 

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pwd847

pwd847

Posted
Posted

I just signed into both EX and TU backdoor and I noticed that my BofA secured rewards card was reporting not as secured, but instead as a FLEXIBLE SPENDING CREDIT CARD. Does anyone else have this? I thought it reports as secured. Please post your results and I will update the master Secured CC thread as necessary.

 

Do you have a BofA secured card?

Did you get it changed to a rewards secured card?

Word for word how does it report on your CR?


pwd847

pwd847

Posted
  • Author
Posted

I'm still waiting for the card to report in general :cry2:.

 

You know I'll let you know what it says when I finally get the Rewards one!

Also let me know if the way it is reported changes from when you have the regular secured to when you have the rewards secured. I really doubt this would happen but just in case.

pwd847

pwd847

Posted
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It's probably because you put a large enough deposit down that it's a Visa Signature. They report that way since technically you can charge above the CL.

If that is the case that is great info to add to the secured CC thread.

 

Visa signature has a minimum of $5,000 correct?

 

This being able to charge over my CL is news to me. Can you explain a little more about that please?

cashnocredit

cashnocredit

Posted
Posted

 

It's probably because you put a large enough deposit down that it's a Visa Signature. They report that way since technically you can charge above the CL.

If that is the case that is great info to add to the secured CC thread.

 

Visa signature has a minimum of $5,000 correct?

 

This being able to charge over my CL is news to me. Can you explain a little more about that please?

 

 

This is potentially VERY VALUABLE INFO.

 

Top tier cards, Visa Signature and MasterCard World report as "Flexible Spend" cards. Technically they allow more than the CL to be charged but require that each statement be paid down to the CL. It looks very good on credit reports as it is the same as any other top tier revolver.

 

First I've heard of this. We need info on how much of a deposit results in this notation and whether it applies to anyone.

pwd847

pwd847

Posted
  • Author
Posted

 

 

It's probably because you put a large enough deposit down that it's a Visa Signature. They report that way since technically you can charge above the CL.

 

If that is the case that is great info to add to the secured CC thread.

 

Visa signature has a minimum of $5,000 correct?

 

This being able to charge over my CL is news to me. Can you explain a little more about that please?

I had a feeling this would be useful info. I'm interested to hear what other peoples reports say.

This is potentially VERY VALUABLE INFO.

 

Top tier cards, Visa Signature and MasterCard World report as "Flexible Spend" cards. Technically they allow more than the CL to be charged but require that each statement be paid down to the CL. It looks very good on credit reports as it is the same as any other top tier revolver.

 

First I've heard of this. We need info on how much of a deposit results in this notation and whether it applies to anyone.

cv91915

cv91915

Posted
Posted

I would be shocked if a secured card - no matter what it's called on your report - would actually let you spend over your limit.

 

On manual review this will undoubtedly look better than if it reported as secured. MUCH better.

EricDET

EricDET

Posted
Posted (edited)

Just dug up my reports from before my card was unsecured. I have both as a regular and as when it reported as the 3-2-1 card.

EX:

Type: Secured Credit Card

In both instances regular and rewards.

 

EQ:

Regular:

Type: Secured Credit Card

Rewards:

Type: Revolving or Option

Comments: SECURED CREDIT CARD

 

TU:

Regular:

Type: Secured Credit Card

Rewards:

Type: Revolving Account

 

It looks like TU did not report it as secured in plain text at all after changing to the rewards and EQ says secured only in the comments section.

 

However I think there may be codes used in the background for secured accounts that we would not be privy to.

Edited by EricDET
mendelssohn

mendelssohn

Posted
Posted

 

 

It's probably because you put a large enough deposit down that it's a Visa Signature. They report that way since technically you can charge above the CL.

If that is the case that is great info to add to the secured CC thread.

 

Visa signature has a minimum of $5,000 correct?

 

This being able to charge over my CL is news to me. Can you explain a little more about that please?

Yes, the minimum for a Visa Signature is $5K.

 

As CV said, I doubt you can actually charge above your CL on a secured card, but I'm sure it's reporting that way because you have a Visa Signature.

pwd847

pwd847

Posted
  • Author
Posted

Also I am wondering if you start out with a $500 secured and 3 months later come up with another $4,500 to add to your deposit, does it automatically become a signature now?

JeffeVerde

JeffeVerde

Posted
Posted

Also I am wondering if you start out with a $500 secured and 3 months later come up with another $4,500 to add to your deposit, does it automatically become a signature now?

 

Doubtful- that would be a PC. I've got a $5k NFCU that unsecures in the next month. I might test the BofA signature secured after Navy frees up the funds.

JUPITER2928

JUPITER2928

Posted
Posted (edited)

I had BOA secured for 18 months in 2011 - 12. Reported as secured on Ex & Eq, showed as unsecured on TU. At 18 months I tried to convert it to unsecured, they denied. Closed all my accounts and moved to chase.

Edited by JUPITER2928
Konrad2012

Konrad2012

Posted
Posted

I had BOA secured for 18 months in 2011 - 12. Reported as secured on Ex & Eq, showed as unsecured on TU. At 18 months I tried to convert it to unsecured, they denied. Closed all my accounts and moved to chase.

 

But I don't see an unsecured Chase card in your signature?

pwd847

pwd847

Posted
  • Author
Posted

I just signed into both EX and TU backdoor and I noticed that my BofA secured rewards card was reporting not as secured, but instead as a FLEXIBLE SPENDING CREDIT CARD. Does anyone else have this? I thought it reports as secured. Please post your results and I will update the master Secured CC thread as necessary.

 

Do you have a BofA secured card?

Did you get it changed to a rewards secured card?

Word for word how does it report on your CR?

So I was bored and just double checked and my EX says Credit Card - NOT - Flexible Spending Credit Card.

 

TU is the one that says Flexible Spending Credit Card.

 

EQ will be checked tomorrow.

cashnocredit

cashnocredit

Posted
Posted

 

I just signed into both EX and TU backdoor and I noticed that my BofA secured rewards card was reporting not as secured, but instead as a FLEXIBLE SPENDING CREDIT CARD. Does anyone else have this? I thought it reports as secured. Please post your results and I will update the master Secured CC thread as necessary.

 

Do you have a BofA secured card?

Did you get it changed to a rewards secured card?

Word for word how does it report on your CR?

So I was bored and just double checked and my EX says Credit Card - NOT - Flexible Spending Credit Card.

 

TU is the one that says Flexible Spending Credit Card.

 

EQ will be checked tomorrow.

 

 

Probably a data entry error.

The last post in this topic was posted 3192 days ago. 

 

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