topic Should I recon a second time for secured BofA?? I WAS DENIED! in General Credit Topics

Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Sun, 25 Apr 2010 04:22:47 GMT

I should have known and I don't know what in the world I was thinking. I was recently approved for a secured Wells Fargo credit card with 1K limit and thought I would try my luck with BofA. Next month will be 3 years since my chapter 7 bankruptcy was discharged. Before my WF approval 1 week ago I have not applied for credit cards in the past one year and a half so I decided to apply for the secured Bank of America card at my local branch to see if I can continue the approval streak. At first I applied for the BofA unsecured card which I knew I was going to get declined for and when I was declined it counter offered with the fully secured card. When the banker at BofA submitted the app for me for a secured card I was declined 2 days later.

I called the 1-(888) 503-6090 number for the reason of the decline and just like I thought it was due to the BK7. I proceeded in asking the CSR what their criteria for bankruptcy was and he told me that I have to wait the full 10 years for the BK7 to fall off my report to get any type of credit product with BofA. I countered that there are people out there getting approved for secured BofA credit cards barely two years out of bankruptcy (although its rare but hey had to say something :smileywink:) to which his reply was that it was a mistake on their part and that eventually they will find out and close out those accounts!

I've read in threads here and in other credit forums how tough it is to get a secured card with BofA with a BK7 on file and I was well aware of the slim chances when I applied but I feel like I really need to do a second recon to get a second opinion from another BofA rep to see it there is a consitency with their responses. Heck, they already did 2 hard pulls on Experian so I might as well milk out the recon as much as I can! What do you guys think?

My Credit Situation:

-BK7 was filed May 2007 and discharged August 2007 (going to be 3 years)

-Since my discharge I have the following:

Capital One: 3K limit (no lates and opened for 2 years) / 1k balance

Wells Fargo: 1K limit (just recently approved 1 week ago) / 0 balance

Orchard Bank: 400 limit (unsecured with no lates and opened for 2 years) / $6 balance

Car Loan: 13K balance (opened for 2.5 years and no lates)

FICO SCORES

Trans Union: 640 / Equifax 653

FAKO

Experian: 663

Credit Utilization: 23% (working on getting it lower)

Do you guys think I have a fighting chance or should I just give up on the second recon?? I'm planning on calling back on monday!

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

beamMEup — Sun, 25 Apr 2010 04:52:05 GMT

Some creditors are much more bk friendly than others. BofA is notoriously BK un-friendly.

Check out the BK Friendly Credit Cards thread for some ideas. There's plenty of folks who are happy to work with post-BK peeps.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Sun, 25 Apr 2010 06:01:12 GMT

i couldn't even get a secured bank of america card WITHOUT a bankruptcy.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Sun, 25 Apr 2010 06:04:22 GMT

Are you serious?? You couldn't get one without bankruptcy?? Did you have any recent baddies in past 24 months though?

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Sun, 25 Apr 2010 06:09:37 GMT

Carlosjb3 wrote:
Are you serious?? You couldn't get one without bankruptcy?? Did you have any recent baddies in past 24 months though?

no baddies for 5 years, almost 6 really, because it was december 2004. can you believe that? it's ridiculous!

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Sun, 25 Apr 2010 06:15:58 GMT

Did you recon?? I would definately have recon the heck out of them if I were in your position. I know people who were approved for their secured card 2 years out of BK7!!! Did they give you a specific reason for the decline?

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Sun, 25 Apr 2010 06:17:34 GMT

no, i don't have much of a backbone, so i said screw it. they said because of my delinquencies, which i already mentioned. only 2 chargeoffs, total of $2500.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Sun, 25 Apr 2010 06:23:30 GMT

laz98 wrote:
no, i don't have much of a backbone, so i said screw it. they said because of my delinquencies, which i already mentioned. only 2 chargeoffs, total of $2500.

How long ago did you apply? What about ficos at the time? I will admit, I don't have much of a backbone myself either because I burned them in my BK7 filing big time! But if you never burned them in the past and no BK on file I think its ridiculous they would pull a stunt like that on you.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Sun, 25 Apr 2010 06:25:51 GMT

january. FICOs were actually a little higher then, TU 687 & EQ 664. i was like SERIOUSLY!!! YOU WON'T TAKE MY MONEY?????

nope, never burned them in the past. don't owe 'em a cent. who knows, maybe they were having a bad day! :smileyvery-happy:

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Sun, 25 Apr 2010 06:30:47 GMT

Wow...what a downer....now I feel if I recon tomorrow they will effectively tell me to go pound sand! lol....I bet you if you try applying now they might approve you. They probably are just that unpredictable :smileyindifferent:

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Sun, 25 Apr 2010 06:32:43 GMT

Carlosjb3 wrote:
Wow...what a downer....now I feel if I recon tomorrow they will effectively tell me to go pound sand! lol....I bet you if you try applying now they might approve you. They probably are just that unpredictable :smileyindifferent:

LOL.....hopefully things will turn out better for you! i'll cross my fingers :smileywink:

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Sun, 25 Apr 2010 06:38:36 GMT

I will definately post the results tomorrow. BofA.... the battle has just begun...and I'm ready to take a lickin....lol

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

beamMEup — Sun, 25 Apr 2010 16:02:29 GMT

I'm not sure you can strong-arm a creditor into giving you their product.

Some creditors are much more bk friendly than others. BofA is notoriously BK un-friendly.

Check out the BK Friendly Credit Cards thread for some ideas. There's plenty of folks who are happy to work with post-BK peeps.

Remember, they don't owe you their product. And they often have internal scoring policies that they don't publish.

It's kinda like asking someone out on a date. They can say no! :smileysurprised:

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Jazzzy — Sun, 25 Apr 2010 18:16:23 GMT

Personally, I wouldn't take the risk of another hard pull. If you ask again, they can pull again.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Sun, 25 Apr 2010 18:33:27 GMT

i think unless you are trying to keep your inquiries down, there's no reason to have this fear of inquiries. too many people are overreacting about them, IMO.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Carlosjb3 — Mon, 26 Apr 2010 17:49:37 GMT

Well I did the recon this morning with BofA and spoke to a very nice lady. She told me the reason for the decline was not nescerally the BK7 per se but the fact that I burned them in the process. I did include two of their credit cards in my BK so I know exactly what they are talking about. She told me that they will reconsider me after 7 years from date of discharge. I thanked the nice lady and took the defeat. I don't blame BofA, he'll I'm lucky they even gave me a checking and savings account at least because I burned them in that department too. Well now I'm going to try for the secured US Bank card because I know I didn't burned them so hopefully if it gets down to a recon with them I will have better leverage in having them reconsider if I get declined. It worked with Wells Fargo because I never burned them (I was automatically approved). Anybody know anything about the secured US Bank card and how BK friendly they are? If this fails then credit unions will be next in line. I'm simply trying my luck with prime banks and their secured cards first before trying credit unions.

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

StrugglingInGA — Tue, 27 Apr 2010 19:28:56 GMT

laz98 holy crow....if they didn't give you a secured card, there's no way they'll give me one....UGHHHH.....

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

laz98 — Tue, 27 Apr 2010 23:13:03 GMT

hopefully you have better luck :smileywink: