"I Decided To Go Ahead With It...."
Bank of America Secured Visa® Card Review
Written by: brian23 on 2009-02-22
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
brian23's review: 
It has been over 4 years since I was with BOA and I have realized that they are not going to let me back in their good graces without me reaching out 1st (due to the current economy). So, I decided to use the remaining money of my tax return this year ($800) and go the secured route. Everyone here in the network has said it is one of the easiest and quickest secured cards to get, so I figured I would go with it and see where it takes me. Plus, I didn't use my tax return on something silly (although the flat screen tv would look really nice in my new house, but I can wait for that) lol.
My scores at the time, were EQ-598, TU-615, and EX-604. And I have about 5 CO's left on my CR from 5-6 years ago...
It has been over 4 years since I was with BOA and I have realized that they are not going to let me back in their good graces without me reaching out 1st (due to the current economy). So, I decided to use the remaining money of my tax return this year ($800) and go the secured route. Everyone here in the network has said it is one of the easiest and quickest secured cards to get, so I figured I would go with it and see where it takes me. Plus, I didn't use my tax return on something silly (although the flat screen tv would look really nice in my new house, but I can wait for that) lol.My scores at the time, were EQ-598, TU-615, and EX-604. And I have about 5 CO's left on my CR from 5-6 years ago...
7 Comments
Comment 2 by brian23
Yeap... Sure Was.... 
on 2009-02-23
Credit analyst said that they want to see you with a 550 CS or better to be approved for the card. And to have some sort of re-established credit as well.
on 2009-02-23 Credit analyst said that they want to see you with a 550 CS or better to be approved for the card. And to have some sort of re-established credit as well.
Comment 3 by colonative
Aces on 2009-02-23
Congrats on your approval. Let us know when it becomes unsecured. I have heard it does not take too much time. And now you have a prime bank reporting to the bureaus.
on 2009-02-23 Congrats on your approval. Let us know when it becomes unsecured. I have heard it does not take too much time. And now you have a prime bank reporting to the bureaus.
Comment 4 by calvindai
BoA Secured Visa on 2009-02-23
I applied and got approved for this card. Made $500 deposit to secure the account. Can't wait to graduate to unsecured account. Hope to build good credit with BoA.
on 2009-02-23 I applied and got approved for this card. Made $500 deposit to secure the account. Can't wait to graduate to unsecured account. Hope to build good credit with BoA.
Comment 5 by billy123
Bofa Secured Visa on 2009-02-24
Hello everyone. I am new to this newwork. Had a couple questions regarding my bofa secured Visa. I've had this card since 10/08. My credit limit is 500 and charge about $200 each month which is 40%of my available credit. I pay in full each month. I've read that you should keep the balance at or below 30%. Am I hurting my score by using it more than 30%?
on 2009-02-24 Hello everyone. I am new to this newwork. Had a couple questions regarding my bofa secured Visa. I've had this card since 10/08. My credit limit is 500 and charge about $200 each month which is 40%of my available credit. I pay in full each month. I've read that you should keep the balance at or below 30%. Am I hurting my score by using it more than 30%?
Comment 6 by colonative
Questions on 2009-02-24
Hi Billy, welcome to the network, I hope you will find what you are looking for here.
For a quick answer; yes, you could be affecting your score by utilizing more then 30% of your credit line. But it depends on when BofA is reporting your account. Most banks report your months activity on your accounts cycle (bill) date. So, easiest answer that I can give you would be to sign up for online account management and made a payment a few days before the account cycles so that your balance is low. Remember that after it cycles you will still need to make a minimum payment. Also, utilization is all of your accounts combined. It is good to keep each one at under30% but the credit score encompasses all of your accounts. Hope this answers your questions, if not, check out the forum.
on 2009-02-24 Hi Billy, welcome to the network, I hope you will find what you are looking for here.For a quick answer; yes, you could be affecting your score by utilizing more then 30% of your credit line. But it depends on when BofA is reporting your account. Most banks report your months activity on your accounts cycle (bill) date. So, easiest answer that I can give you would be to sign up for online account management and made a payment a few days before the account cycles so that your balance is low. Remember that after it cycles you will still need to make a minimum payment. Also, utilization is all of your accounts combined. It is good to keep each one at under30% but the credit score encompasses all of your accounts. Hope this answers your questions, if not, check out the forum.
Comment 7 by hjm331
RE: on 2009-02-27
I'd be more worried about making payments on-time than utilization when you're rebuilding credit.
on 2009-02-27 I'd be more worried about making payments on-time than utilization when you're rebuilding credit.
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Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
