Has anyone had experience with

[iknowcupid]

has anyone out there have experiences with trying to get a secured bank of america credit card which funds come out of your checking or savings accounts? this is totally secure. has anyone had dealings with them? thank you

[LadyInTheRed]

I'm not sure what you mean about funds coming out of your checking or savings accounts. If you think the credit card payments would come from the savings account securing the card, it doesn't work that way. You are not allowed to use that savings account while the secured account exists, even to make payments on the credit card account. The savings account is only used if you default. You must make the payments on the credit card account using other funds.

[iknowcupid]

no no no. i already filled out the application and i already have a checking and savings acct with them and i'm starting with $300 that they take out of my savings it's called a secured credit card. not an unsecured credit card. secured credit cards do exist. i am out of bankruptcy and been discharged. credit score 680. the application itself said i need to make a deposit on the card and they asked if they should take it out of my checking account or my savings account.

I'm just trying to find out if anyone has dealt with their secured credit cards before...

if that's true then i don't want it, why in the name of God would i want to tie up $3300 for a secured card of $300 and i can't use my savings? that's nuts

[LadyInTheRed]

I know what a secured card is and that is what I described. Your original post was confusing. The $300 taken from your current savings account will be put into a different savings account that you will not be able to access as long as the secured card exists.

I'm going to move your thread to the rebuilding credit forum where you are more likely to get responses. You might also try googling "bank of america secured credit card"

[iknowcupid]

I'm very sorry i was confusing, i have lupus and sometimes the meds, well,

i understand what your saying now and i double checked, they will take the $300 out of my checking or savings and then consider that the security deposit in a separate account and i can't touch that. which is understandable. for a moment there i thought maybe if i made the security deposit with my reg savings account i couldn't use it anymore but what your talking about is the $300 that they put in that special account, correct? i'm sorry

[iswmle]

If you have a BK then it is most likely you will not be approved for the card. BofA is very gun shy of bankruptcy, even with their secured cards.

[msm859]

I applied for a $3,000 secured card with Bank of America @ 10 days ago and was approved. My discharge was January 2011. I had actually included several cards with them in my BK. However, I still have my business banking with them. Perhaps they saw how much is going through my debit card and realized they would make a lot more money with a credit card.

[IBroke]

I applied for their secured card right after discharge because they were promoting their secure card as "tool to rebuild credit" - yeah.....I was denied due to BK.

[msm859]

I applied for their secured card right after discharge because they were promoting their secure card as "tool to rebuild credit" - yeah.....I was denied due to BK.

The site says you have to be at least 12 months since discharge.

[IBroke]

The site says you have to be at least 12 months since discharge.

It didn't when I applied. It was about time they got that fixed! I specifically asked the CSR after my denial on the phone why they didn't publish that information on their website and I was told that they "wouldn't be allowed to that". Of course, I knew that this was BS because Wells Fargo - which I checked out before - clearly indicated this information. It was a wasted inquiry.