Rebuild with Bank of america Savings

[invest1choice]

I was told by a mortgage broker that if you Bank with bank of america and open a savings acct with a minimium of $500.00 they will let you open a line of credit in 500.00 and this will help rebuild credit..If you have the 500.00 bucks I guess it would work.. just a thought pondering.. My thoughts .
"better than paying fees you won't get back I guess"...

[anonymuse]

Basically, that's a secured credit card.

[invest1choice]

Yeh, I guess so.... LOL ...

[fsugirl]

OH I HAVE MAJOR ISSUES WITH BANK OF AMERICA !! THEY SUCK !!!! Their customer service is HORRIBLE and even the tellers at the branch are rude !

JUST MY OPINION !!

[Roadrunner]

I've heard that BofAmerica is pretty picky, even for their secured cards, and that the bankruptcy needs to be 5-7 years old before they'll approve for credit.

[jaura6588]

I've heard that BofAmerica is pretty picky, even for their secured cards, and that the bankruptcy needs to be 5-7 years old before they'll approve for credit.

I tried but did noy qualify??? How stupid is that? You have to qualify for a SECURED credit card or a pasbook loan(secured loan thru savings). Went to a credit union and had no problem. BOFA sucks....

[Roadrunner]

Bank of America is a prime bank and prime banks are not very lenient to people with recent bankrtupcies. Even for secured accounts. I think it is more of a prestige issue rather than riskiness.

[invest1choice]

Bank of America Secured savings ...
This was info I was told by a mortgage broker ... to rebuild my credit to get my scores up... Glad I did not apply just to be denied...

[brownlayde]

i have banked with b.o.a for the past year and i applied for a secured card with them they turned me down the reason was the recent bankruptcy so i wouldn,t deal with b.o.a if your just out of bankruptcy.

[lostsoul23]

OH I HAVE MAJOR ISSUES WITH BANK OF AMERICA !! THEY SUCK !!!! Their customer service is HORRIBLE and even the tellers at the branch are rude !

JUST MY OPINION !!

My thoughts exactly. I went into a nearby location a few months ago to get a check cashed, drawn on their bank, and they refused to do it. (The issuer was a very large investment company.) I had all sorts of ID..right down to my birth certificate..and drivers license..still wasn't good enough.

I flat out refuse to do business with them, even if it meant getting my score to near perfect.

[Roadrunner]

I bank with a credit union-and I've recently opened a $500 credit card with them. It is linked to my checking, and I mainly wanted it for over draft 'just in case'. I don't care a balance on it, but it has come in handy as I misplaced my debit card (put it in my checkbook rather than my wallet, LOL) and I could use that card and then transfer the $$ from checking to the card.

I think I'm going to start doing that in general. That way, only Hubby will have 'debit' card transactions on the checking account and my activity will be on the 'credit' card. I'll still pay it off monthly, from checking. BUt I think that might avoid some of the confusion that comes with a joint checking account when two people make transactions.

Anyhow-last ngiht I applied to open a 'share/savings secured' and I think it was approved. I think I'll pay about 2% interest more than what my savings earns. I figure this will give me an installment loan reporting. (Hubby has the car loan in his name.) I assume it was approved because I now see an entry for 'secured loan' in my online access though no detail is in it yet.

[Chapter7girl]

Yeah, they just told us they don't even look at giving you a secured card until 5-7 years out of a bankruptcy. If you are 5-7 years out of a bankruptcy why the hell would you even need a secured card? Why does anyone with "good credit" need a secured card? It's just annoying. Banks of all people should understand falling on tough times, lol.