Not sure if this is a good thing or not (new credit card)

[Slacker]

Congratulations!
You have been approved for a Bank of America Visa Platinum credit card account with a $7500 credit limit. Your new card will be mailed to you within 5 business days.

I get these things in the mail all the time and throw them away cause I figure if I am really pre-approved they should just send the card and let me decide whether to activate it or not, I figured that it was more of an invitation to apply rather than a real offer so I trashed them, but today I decided to go ahead and apply for the one that came in the mail from my bank, didnt think I would get it but I did

The terms look o.k. too, 0% on purchases 'til july and 9.9% fixed after that as long as the account stays current.

I just wish it could get here in time to do some christmas shopping

 

[lokni]

Credit cards can be good, especially if you want to buy a car or home later on in life. Just don't do what I did, run up credit card debt to the point where you are paying $400 a month just so you can have them paid off by the time school starts next fall. Ouch, no Z560s for me.

 

[Slacker]

I just got a car a couple of weeks ago, I was surprised when they told me my credit score was "VERY good" and now today I get a $7500,00 line of credit I think they might be looking at the wrong credit history, about9 years ago I had a Bankruptcy but since then I have gotten a mortgage (about 6 years ago) and have been paying all of my bills regularly, maybe I look o.k. to them now

 

[Skoalboy]

Whatever you do don't be late on a payment to them!!!

I have great credit also and got a nice credit card with a 10k limit 9.9 % fixed only had like 1.5 k charged to
it was paying 200 a month well above the min monthly payment, then when I had just only 2 payments
left to make to bring it to zero balance one of the payment for some reason took longer to reach
them, even the the post mark on it said the day I mailed it was showing 2 weeks prior, they considered it late, dropped my limit to 4k and raised the rate to 21%.

the moral of this story is that read that damn fine print

 

[SyahM]

good for you but just becareful and always always check your balance before making a big purchase, otherwise you'll end up having a huge debt.

 

[RossMAN]

Remember that "pre-approved" doesn't mean "guaranteed you're getting a cc", a small percentage of people who receive "pre-approved" credit card offers in the mail are DECLINED. Somewhere in all that SPAM it says it tiny print "subject to income verification, etc.". Also they may counter offer you with a lower limit or higher limit or maybe you will in fact get the $7,500

Your credit must be good if Bank of America's willing to give you $7,500, congrats!

Whatever you do don't be late on a payment to them!!!

Very wise. People don't realize just how damaging a simple 30 day late payment is on your credit history and FICO score. If you can't pay the entire balance, or make a large payment pay at least the minimum amount due on or before the due date. Too many people in their 20's and 30's regret making poor credit decisions and they pay for it for the rest of their lives.

 

[Slacker]

The offer said "up to $15000,00" and when I applied I was approved for $7500,00

It comes at a good time for me too, my wife lost her job December first, one week after we bought a new car and we were looking at tough times until she finds another job, having this card will help us through, we arent spending money on luxury items, actually since she lost her job we self imposed a total spending freeze to concentrate on making sure we could pay our bills, we had been eating out and ordering in alot, and I had been spending money on my computer and home theater, no more of that for a long time, I even sold a few of my toys I plan to spend only on necessities until we have a two month buffer built up in the bank.

 

[RossMAN]

Just make absolutely sure that you pay at least the minimum payment due on or before the due date.

Best of luck!

 

[felixlee]

well I guess it's not that hard to get a Bofa credit card. I just opened a checking account at Boa about 10 days ago and I was given a pre-approved $7500 Visa Platinum card application on the spot. Just received my card today.