"Don't Waste Your Time!"
Bank of America Secured Visa® Card Review
Written by: tillettmd on 2009-07-30
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tillettmd's review: 
After speaking with a my financial consultant, a mortgage lender, and an online representative from Bank of America, I applied for a Secured VISA. For thirteen months, since purchasing a new 2008 Honda Accord, I have been current on my auto payment, and have been diligent in attempting to rebuild my credit history. There are a few derogatory items on my credit report that I am presently working with a credit advisor on clearing up, mostly medical bills. There is only one line of credit on my credit report. In applying for a Secured VISA card, using money that I clearly have and that Bank of America is free to check into, I attempted to open up another trade-line, at NO RISK to Bank of America. Rather than try and build a good new customer relation, Bank of America thought it would be of more interest to them if they would just decline my application. As a certified high school teacher here in South Carolina, I will be letting many of my friends and colleagues, some of whom may already be Bank of America customers, know of this experience.
After speaking with a my financial consultant, a mortgage lender, and an online representative from Bank of America, I applied for a Secured VISA. For thirteen months, since purchasing a new 2008 Honda Accord, I have been current on my auto payment, and have been diligent in attempting to rebuild my credit history. There are a few derogatory items on my credit report that I am presently working with a credit advisor on clearing up, mostly medical bills. There is only one line of credit on my credit report. In applying for a Secured VISA card, using money that I clearly have and that Bank of America is free to check into, I attempted to open up another trade-line, at NO RISK to Bank of America. Rather than try and build a good new customer relation, Bank of America thought it would be of more interest to them if they would just decline my application. As a certified high school teacher here in South Carolina, I will be letting many of my friends and colleagues, some of whom may already be Bank of America customers, know of this experience.
7 Comments
Comment 1 by colonative
Reason For Decline? 
on 2009-07-30
What reason did Bank of America give you for declining the application? What bureau did they pull and what was the score?
Some reasons for denial could be:
recent inquiries
high debt to credit ratio (ie mortgage balance and auto loan balance with no revolving credit available)
previous history with a Bank of America, MBNA, NationsBank, Individualized BankCard Services, Fleet or FIA Card Services credit card.
As strange as it seems, secured cards are not gauranteed for approval and there is another person here that was declined for a Wells Fargo secured card.
Check your area for credit unions as many of them offer secured credit cards.
on 2009-07-30 What reason did Bank of America give you for declining the application? What bureau did they pull and what was the score?Some reasons for denial could be:
recent inquiries
high debt to credit ratio (ie mortgage balance and auto loan balance with no revolving credit available)
previous history with a Bank of America, MBNA, NationsBank, Individualized BankCard Services, Fleet or FIA Card Services credit card.
As strange as it seems, secured cards are not gauranteed for approval and there is another person here that was declined for a Wells Fargo secured card.
Check your area for credit unions as many of them offer secured credit cards.
Comment 2 by patrick12
UH HUH! on 2009-07-31
Yeah, that's what they do, they offer secured products but only to near prime customers, you gotta love it, I gave up on Bank Of America, I agree with ColoNative on this one, try your local bank or a credit union, they are way more personable, and I promise you, the customer service would probably be more friendly and if you are lucky they speak English! Best of luck to you!
on 2009-07-31 Yeah, that's what they do, they offer secured products but only to near prime customers, you gotta love it, I gave up on Bank Of America, I agree with ColoNative on this one, try your local bank or a credit union, they are way more personable, and I promise you, the customer service would probably be more friendly and if you are lucky they speak English! Best of luck to you!
Comment 3 by brian23
I Am Sorry.... on 2009-07-31
To hear of your experience. Believe it or not, I too was declined for the BOA secured card 2 times before I got it. It wasn't till my scores were a high 500 to low 600 that they finally gave it to me...
How old are the bad debts on your CR? I have 7 bad debts, but all are 5-6 years old.
on 2009-07-31 To hear of your experience. Believe it or not, I too was declined for the BOA secured card 2 times before I got it. It wasn't till my scores were a high 500 to low 600 that they finally gave it to me...How old are the bad debts on your CR? I have 7 bad debts, but all are 5-6 years old.
Comment 4 by wanderer
Option Wells Fargo Financial Bank on 2009-08-02
In the event you have a Wells Fargo Financial Bank (non-bank - not to be confused with Wells Fargo Bank)Office anywhere in your area (might still say Wacovia) you could request an unsecured Wells Fargo Financial Bank Platinum Visa with an initial credit line up to $2,000. They are down to earth and will speak to you in a language you will understand. I did this and they treated me with respect! Started with a $2,100 CL unsecured and after seven months they increased the CL to $2,500 without a request from me. Works like any other unsecured bank credit card. Good luck. Understand your pain. I have a BK 09/2001 (eight years) and still am NOT prime with FICO Scores in the low 700's.
on 2009-08-02 In the event you have a Wells Fargo Financial Bank (non-bank - not to be confused with Wells Fargo Bank)Office anywhere in your area (might still say Wacovia) you could request an unsecured Wells Fargo Financial Bank Platinum Visa with an initial credit line up to $2,000. They are down to earth and will speak to you in a language you will understand. I did this and they treated me with respect! Started with a $2,100 CL unsecured and after seven months they increased the CL to $2,500 without a request from me. Works like any other unsecured bank credit card. Good luck. Understand your pain. I have a BK 09/2001 (eight years) and still am NOT prime with FICO Scores in the low 700's.
Comment 5 by marie7
Advice on 2009-09-06
Typical BofA bologna. Try HSBC (Orchard Bank Secured), Public Savings Bank, or U. S. Bank Secured. Wells Fargo is another like BofA (very strict even with secured approvals).
on 2009-09-06 Typical BofA bologna. Try HSBC (Orchard Bank Secured), Public Savings Bank, or U. S. Bank Secured. Wells Fargo is another like BofA (very strict even with secured approvals).
Comment 6 by kvnfrnk
Re: Don't Waste Your Time! on 2011-01-20
Such a this site is really good and very attractive... So thanks for the sharing the information about the targeted banking... And I am also impress for this information...
on 2011-01-20 Such a this site is really good and very attractive... So thanks for the sharing the information about the targeted banking... And I am also impress for this information...
Comment 7 by oslyn03
Re: Don't Waste Your Time! on 2011-11-03
I applyed on line five days later i receive a letter from bank of america they were unable to open an accound dor me. i called the (877) # and they told me the appication went to an automatic sysrem and the computer took the desition. after talking to them they re-considerate my application and 3 day later I got my card. If you really wants something you have to work for it be persistent to obtein your goals.
on 2011-11-03 I applyed on line five days later i receive a letter from bank of america they were unable to open an accound dor me. i called the (877) # and they told me the appication went to an automatic sysrem and the computer took the desition. after talking to them they re-considerate my application and 3 day later I got my card. If you really wants something you have to work for it be persistent to obtein your goals.
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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.
