BofA Secured ---> Unsecured

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computerchris
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BofA Secured ---> Unsecured

Postby computerchris » Sun Oct 03, 2010 4:08 pm

I've had a Bank of America secured card for about 1 year and 4 months. I'm thinking about requesting to be unsecured but before I do so, I was just wondering how they will report it to the credit bureaus if I get approved. Will they close the account and open another, or just update it on my credit report. My BofA secured has the longest history on my credit report so if it's closed wouldn't that hurt my score?


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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Oct 05, 2010 5:01 pm

computerchris wrote:I've had a Bank of America secured card for about 1 year and 4 months. I'm thinking about requesting to be unsecured but before I do so, I was just wondering how they will report it to the credit bureaus if I get approved. Will they close the account and open another, or just update it on my credit report. My BofA secured has the longest history on my credit report so if it's closed wouldn't that hurt my score?


That's an excellent question - it depends on the bank. Some will seemlessly transition the account from secured to unsecured, while others will have to close the account and issue a new card under a new number to make the switch. I would call up B of A and ask how the process would be done. If the account rep is in India ask to speak to an American supervisor.

My BofA secured has the longest history on my credit report so if it's closed wouldn't that hurt my score?


This post will do a better job explaining it then I will - How does closing a credit card affect your credit score?
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