BOA CLI Denial

[Anonymous]

Rather bemused by their 7-10 letter and reasons for the denial.

Me

165K income

FICO ranges between 760s to 800

Util about 12%

2 Cards with balances, PIF everything else

140k available credit

Auto and home loans

NO DEROGS OR LATES - CLEAN THICK FILE

3-5 Inq across all thre CRA

Most of my trade lines are 15 to 30k each.

I have deposit and investment accounts

BOA customer going back early 20 years. I havent used their card in 2 years but with them sending me balane transfer offers I said why not and asked for a CLI.  CL is $3500.  BOA for no known reason several years ago gave me my one and only ever CLD from  6500 to 3500.  They never said why besides account review and market conditions.

Their internal denail 7-10 letter states.

"you have suffcient credit with BOA or our affiliates or sufficient credit with other lenders

"you lack sufficient investment or deposit accounts with BOA or our affiliates"

They pulled TU, my lower score at 763.

I dont bank or invest with BOA or their affiliates. Never have and no plans to.

So, am I correct in reading between the lines that the computer apparently thinks I need to put my money with them for them to extend credit.  Are they really this conservative?

[Gmood1]

No they aren't that conservative. lol
You may want to put the card back in rotation. Maybe a small recurring bill.
That should wake them up. Ha ha

[DeeBee78]

You won’t get a CLI without usage, that’s why you’re being told you have sufficient credit.

[Anonymous]

Ok then. I guess they could use  a more verbose reason.  Should I bother reconning them?

[DeeBee78]

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@Anonymous wrote:

Ok then. I guess they could use  a more verbose reason.  Should I bother reconning them?

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Without some usage, they’re going to have the upper hand in the recon argument, but nothing ventured, nothing gained.

If you’re not adverse to a new account, you could apply for another card with that same HP, and if approved, reallocate the credit limit to the card with the best BT offers. If this is an option, you might consider their vanilla BankAmericard, since it has a $0 balance transfer fee. 

[Anonymous]

How long are their hard pulls good for?

[FinStar]

30 days.

[JoeLuvsHisCredit]

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@DeeBee78 wrote:

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@Anonymous wrote:

Ok then. I guess they could use  a more verbose reason.  Should I bother reconning them?

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Without some usage, they’re going to have the upper hand in the recon argument, but nothing ventured, nothing gained.

If you’re not adverse to a new account, you could apply for another card with that same HP, and if approved, reallocate the credit limit to the card with the best BT offers. If this is an option, you might consider their vanilla BankAmericard, since it has a $0 balance transfer fee. 

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+111111111111111111111111111111111111111111111111111111111111   DO IT WE all well most of us use the same hp for muti items with BOA

[Anonymous]

I would also recommend doing a recon with them. Im totally with you as far as not doing my investments with them through ML. I do agree with other poster that you should put SOME usage on their card to shake them awake. Good luck and keep us updated as to your CLI with them.

[JR_TX]

Use the card right away! Swipe something big. The biggest amount that you were gonna buy anyways. After transaction posts (about 48-72 hrs) call their backdoor number (Senior Analyst) and recon your denial. If still denied then just app for a new card. Almost always they use the same HP. From there, just combine the two cards and close the one you don’t wanna keep. Not sure exactly what their policy on that regard (similar to Amex donor card) but I’m guessing 6 months?