Has anyone had any trouble getting Bank of America Secured Card? Im about a month out of discharge, and I felt a secured card would be a good way for me to start rebuilding credit.
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Lots of posts here abt boa declining most everyone with a bk, even up to 5 years past discharge. They are generally not bk friendly. -
What I don't understand about their reluctance in issuing secured credit cards is that why are they reluctant. A secured credit card is what it is - a credit card with the same limit as the deposit into a non-touchable savings account. If you default on the credit card they will hit that savings account.Originally posted by poorme View Post
Personal opinion: They want to keep your credit history/rating in the toilet.Comment
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I understand your frustration, and this is not a slam on you, but how does BOA keeping your credit rating in the tank benefit BOA?Originally posted by magyar123 View Post
They have bigger/better things to worry about, like how to make MORE money.
Again, not meant to pick on you but your personal opinion is not logical.Filed 8/25/06, Discharged 11/28/06, CASE CLOSED 11/14/2007!Comment
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thanks to magyar and brendon for your replies. While BOA does not gain anything financially by keeping my credit rankin in the tank. magyar makes a point. I dont pay...worst case BoA has my money..they are not out anything...what possible motivation could they have for not approving an accountComment
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They don't need motivation. It's their bank and their rules. We're not 'entitled' to have a secure account just because we may have the funz to put up. In the banking biz, this is portfolio management. These accounts are more 'costly' to maintain for them than mainstream accounts and truth be told, the margins on secured accounts probably pale to their regular business.Comment
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