"Graduated"
Bank of America Secured Visa® Card Review
Written by: billy123 on 2009-05-07
Overall Satisfaction
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billy123's review: 
Hello everyone, I open this account on 10/08 and received a letter in the mail today stating that they will return my 2k deposit and unsecure my card and add an additonal 500 cli for a total of 2500. Took seven months to unsecure which is cool cause I expected to have it unsecured in a minimum of 9 months. Opened the card with a couple collection accounts and my score on 10/08 was anywhere from 560-580. Now my score is between 630-650. I opened the card with a 500 deposit and made additional deposits to get it to 2k. Used the card heavily and always PIF. I highly recommend this product if you're building or reestablishing credit.
Hello everyone, I open this account on 10/08 and received a letter in the mail today stating that they will return my 2k deposit and unsecure my card and add an additonal 500 cli for a total of 2500. Took seven months to unsecure which is cool cause I expected to have it unsecured in a minimum of 9 months. Opened the card with a couple collection accounts and my score on 10/08 was anywhere from 560-580. Now my score is between 630-650. I opened the card with a 500 deposit and made additional deposits to get it to 2k. Used the card heavily and always PIF. I highly recommend this product if you're building or reestablishing credit.
9 Comments
Comment 2 by rockin35
Perfect News..... 
on 2009-05-07
That is very good news to hear. Aside from the recent predictions that the Economy will start to improve in the next 2 months according to NABE and CNN.
I will end my business with BOA, just simply because I was one of those "pay on timers" for the past 6 years YET including in the 4Million that got zoomed APR's from 12.99 to 23% due to "economic conditions and competition". But anyways, it's always great to see someone graduate from "Secure" to "Unsecure".
Keep up the good work. You will continue to see regular increases without asking, especially when you pay in full and make payments on time. I'm willing to bet you that an increase is coming down the pipes within 5 months.
Great Job!!! Rockin35!
on 2009-05-07 That is very good news to hear. Aside from the recent predictions that the Economy will start to improve in the next 2 months according to NABE and CNN.I will end my business with BOA, just simply because I was one of those "pay on timers" for the past 6 years YET including in the 4Million that got zoomed APR's from 12.99 to 23% due to "economic conditions and competition". But anyways, it's always great to see someone graduate from "Secure" to "Unsecure".
Keep up the good work. You will continue to see regular increases without asking, especially when you pay in full and make payments on time. I'm willing to bet you that an increase is coming down the pipes within 5 months.
Great Job!!! Rockin35!
Comment 3 by wanderer
AWESOME "UNSECURED" on 2009-05-08
Don't let all the interest rate increases and the rest scare you. In the last month I have called and lowered mine. Most of the rates are now (for me) around 8.9% to 10.24% with one at 6.9% and two at 7.9% for several years. Move slowly don't panic over the love button and pay on time PIF. You will be rewarded. Also, I have a BOA secured since 11/08. Excites me that there is hope!
on 2009-05-08 Don't let all the interest rate increases and the rest scare you. In the last month I have called and lowered mine. Most of the rates are now (for me) around 8.9% to 10.24% with one at 6.9% and two at 7.9% for several years. Move slowly don't panic over the love button and pay on time PIF. You will be rewarded. Also, I have a BOA secured since 11/08. Excites me that there is hope!
Comment 4 by rockin35
Know The Facts on 2009-05-08
My advice is to know the facts about the card and the company that you choose to have credit with. The stories posted on some of the Forums on FG and other sites outside this board are very true.
It is very factual that millions of subscribers have been zoomed to an APR double what they were previously paying, and BOA has offered no reasoning other than stating "Due to the Economic Environment" etc etc etc. I am noticing more and more that new customers are getting virtually the exact same deal as I did 8 years ago when I started with them which was great at the time.
Hopefully in another 10 years the US won't hit another recession and BOA won't have to reverse all the good offers that they are handing out now and move new subscribers over to a default APR just to avoid "potential lossess" despite their payment history.
ADVICE: I would say keep your balances low and if possible don't carry a balance. If you keep your pmt history good (which I'm sure you will), then all the better. Rockin35
on 2009-05-08 My advice is to know the facts about the card and the company that you choose to have credit with. The stories posted on some of the Forums on FG and other sites outside this board are very true. It is very factual that millions of subscribers have been zoomed to an APR double what they were previously paying, and BOA has offered no reasoning other than stating "Due to the Economic Environment" etc etc etc. I am noticing more and more that new customers are getting virtually the exact same deal as I did 8 years ago when I started with them which was great at the time.
Hopefully in another 10 years the US won't hit another recession and BOA won't have to reverse all the good offers that they are handing out now and move new subscribers over to a default APR just to avoid "potential lossess" despite their payment history.
ADVICE: I would say keep your balances low and if possible don't carry a balance. If you keep your pmt history good (which I'm sure you will), then all the better. Rockin35
Comment 5 by brian23
That Is Awesome.... on 2009-05-08
News... I have had the secured card since Feb, but that leaves me extremely excited that they unsecure it so quickly. I put an 800 deposit down and I use the crap out of the card and PIF almost right after the bill is issued. I hope after the summer they will insecure it for me too...
Thanks for the good review...
on 2009-05-08 News... I have had the secured card since Feb, but that leaves me extremely excited that they unsecure it so quickly. I put an 800 deposit down and I use the crap out of the card and PIF almost right after the bill is issued. I hope after the summer they will insecure it for me too...Thanks for the good review...
Comment 6 by wanderer
Interest Rate Cow!!! on 2009-05-08
Don't have a cow over interest rates. They come and they go. We just came off the longest run of prosperity that this country has seen in a long time (over ten years. Everyone is going to need to slow down and breathe. If you PIF the interest rate is unimportant. A no annual fee credit card is more important. Also let BOA and the other banks do their thing with rates. Let the dust settle. Call them (polite - catch more bees with honey than vinegar) and let them know you love them and would like a break on rates. If your credit report shows low utilization and/or pif without problems (all your accounts) you enhance your opportunity for lowered interest rates (I speak with direct current experience). Way too much time is spent on this site worrying about credit card interest rates and credit lines! CALM down. It will come with time!!!
on 2009-05-08 Don't have a cow over interest rates. They come and they go. We just came off the longest run of prosperity that this country has seen in a long time (over ten years. Everyone is going to need to slow down and breathe. If you PIF the interest rate is unimportant. A no annual fee credit card is more important. Also let BOA and the other banks do their thing with rates. Let the dust settle. Call them (polite - catch more bees with honey than vinegar) and let them know you love them and would like a break on rates. If your credit report shows low utilization and/or pif without problems (all your accounts) you enhance your opportunity for lowered interest rates (I speak with direct current experience). Way too much time is spent on this site worrying about credit card interest rates and credit lines! CALM down. It will come with time!!!
Comment 7 by colonative
Rockin/Billy123 on 2009-05-09
I agree with Wanderer, expect maybe not as harsh :-)
Rockin, I can totally see where you are coming from, but maybe give it a few months to see if you can have them lower the APR. It would be a shame to end an account with history out of principle. I have to agree with you that BofA is acting strange lately (as many other creditors) and their customer service is border line unforgivable.
Two of my three Citi cards slammed me with that 18.99% APR despite my 9 and 10 year history with them and heavy usage (and I don't carry a balance). A co worker has a Citi from 1990 and she got the 18.99% as well. But we both called Citi and they lowered it. So see if BofA will do it for you (Citi lowered the APR right away but I would expect BofA will need a few months).
To Billy123: congratulations on your unsecured status, that is great news and the 7 months was very short.
on 2009-05-09 I agree with Wanderer, expect maybe not as harsh :-)Rockin, I can totally see where you are coming from, but maybe give it a few months to see if you can have them lower the APR. It would be a shame to end an account with history out of principle. I have to agree with you that BofA is acting strange lately (as many other creditors) and their customer service is border line unforgivable.
Two of my three Citi cards slammed me with that 18.99% APR despite my 9 and 10 year history with them and heavy usage (and I don't carry a balance). A co worker has a Citi from 1990 and she got the 18.99% as well. But we both called Citi and they lowered it. So see if BofA will do it for you (Citi lowered the APR right away but I would expect BofA will need a few months).
To Billy123: congratulations on your unsecured status, that is great news and the 7 months was very short.
Comment 8 by rockin35
Something To Look Into... on 2009-05-09
Thanks Colonative,
Thats something to look into... But from everything that I've read on the other boards, the 4Million card holders affected are pretty much set with the new sky-high APR changes affective May 2009. As far as asking for a lowered APR... I was told for now BOA won't be doing these -maybe I just got an un-informed rep.
Anyways, I decided to sever the card once I pay it off by the end of this month. I've had a long history with 7 or 8 other accounts, loosing this one is fine with me--- now that I've weighed all the pros/cons and any affects to my credit score.
I'm glad others had better luck with some of these Tier1 Card Issuers in getting rates lowered though...!!
But again, for those that pay their balances in full each month or rarely carry a balance should be good to go with BOA or CITI etc.
Rockin35!
on 2009-05-09 Thanks Colonative,Thats something to look into... But from everything that I've read on the other boards, the 4Million card holders affected are pretty much set with the new sky-high APR changes affective May 2009. As far as asking for a lowered APR... I was told for now BOA won't be doing these -maybe I just got an un-informed rep.
Anyways, I decided to sever the card once I pay it off by the end of this month. I've had a long history with 7 or 8 other accounts, loosing this one is fine with me--- now that I've weighed all the pros/cons and any affects to my credit score.
I'm glad others had better luck with some of these Tier1 Card Issuers in getting rates lowered though...!!
But again, for those that pay their balances in full each month or rarely carry a balance should be good to go with BOA or CITI etc.
Rockin35!
Comment 9 by wanderer
Soon To Be Unsecured! BofA on 2009-05-27
Got the word today that BofA on August 1st will unsecure my credit card and add $500 to my present secured credit line. Also they will mail me a check for my secured deposit. I will have nine statements by then. Feels good!
on 2009-05-27 Got the word today that BofA on August 1st will unsecure my credit card and add $500 to my present secured credit line. Also they will mail me a check for my secured deposit. I will have nine statements by then. Feels good!
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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.
