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New Member
MsCurious
Posts: 5
Registered: ‎09-16-2008

Approved for 1st CC.. Finally had the guts!!!

So.. I finally had the guts to apply for my first cc through BOA.. I was approved yesterday, after applying last week and getting the message "We need more time.."! I'm sooooo excited.. and a lil nervous, btw.
 
I thought they would flat out deny me because of the FA alert on my reports.  After verifying some info, I was approved for the Platinum Plus with a $2,000 CL.  Not bad I guess, considering I put my personal income instead of HHI.  FYI, the # I was given to reach the the Acquisitions dept. directly was 800-297-4236.
 
Now here's where the pressure begins.. when I get the card do I:
 
  • Make small purchases and PIF before statement date, which I would have no way of knowing if I just got the card or let a balance report of no more than $100 and then PIF so it shows that I'm using the card and know how to manage credit.

Also, pls correct me if I'm wrong, Am I suppose to use no more than 20-30% of CL?  Or is it much less?  I got this card to build up my credit as it seems to be stuck at low 700's due to no revolving accounts.

Thank you so much for your help.
 
 
 
 
 
 
 
 
Valued Member
kl
Posts: 37
Registered: ‎04-19-2008

Re: Approved for 1st CC.. Finally had the guts!!!

So did you apply then call BofA to verify information with them then get accepted over the phone. I applied Tuesday of last week to BofA and got the same "need more time" message. It's been a week already and was wondering if I should just call to see if I can verify info or wait to see if they accept me or not from the site first.
Valued Member
kl
Posts: 37
Registered: ‎04-19-2008

Re: Approved for 1st CC.. Finally had the guts!!!

Decided to call BofA and I was declined. I applied for the student visa. The stupid thing that they won't give me a credit card because I don't already have a credit card.
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007

Re: Approved for 1st CC.. Finally had the guts!!!

Congrats., MC, on obtaining your first cc. And a prime one at that.
 
First, having a FA will not cause a vendor to reject your application. Having a FA just means they will probably ask you to supply some additional means of verifying your identity. Since this is your first card, and you want to show that can handle credit responsibly, don't be afraid to use the card. But, when it reports (call them and ask them which day of the month they report to the bureaus), you will want to show a balance of  <10%.
 
So, now you have 1 card. A couple more won't hurt. Additionally, I'd think about adding a store card and a gas card. Mix of credit is 10% of your score.
 
 
 
New York Yankees - 2009 World Series Champions. 27... and counting.....
New Member
MsCurious
Posts: 5
Registered: ‎09-16-2008

Re: Approved for 1st CC.. Finally had the guts!!!

I'm sorry to hear they declined you. :smileysad:
 
As for me, I applied last Monday, called the backdoor # to speak with a credit analysis and no one could help me.  I kept getting the same response, "I would have to wait for someone to call me".  Finally, I was able to get the # to the acquisitions dept, but since my EX report didn't have a telephone # listed, I had to contact the bureau to include my telephone # and was advised to call BOA back from the same number reported.   I called back yesterday. The rep asked, why was I seeking a credit card and asked other information about my employer.  She then said, that I seemed as if I was doing very well managing my credit so far. I have a paid-off Capital One auto loan, a current Toyota auto loan showing paid on-time and a Bally's Installment account that is paid-off and reporting satisfactory.  I too did not have any major cc's.  Hope you have better luck with the Student Visa.  Have you tried applying for the secured card?
 
 
New Member
MsCurious
Posts: 5
Registered: ‎09-16-2008

Re: Approved for 1st CC.. Finally had the guts!!!

Thank you Cobra19 for your advice!  Much appreciated.
 
I did read somewhere on this board that sometimes lenders will deny you if they don't feel up to going through the hassle of hunting you down.  I'm just glad it worked out in my case.  The rep did mention, that having a FA on your report is great.  In fact, she tried to offer me a credit protection product through BOA, but I declined and opted to have addt'l info sent via mail.
 
I will take your advice on adding another card eventually.  As of now, I will just focus on maintaining what I have to get the feel of being in the cc world!
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: Approved for 1st CC.. Finally had the guts!!!

BofA recently denied my CLI request. Received the card in March - tried for a CLI 3 months later. I was actually transferred to an analyst who went over everything on the phone.  She told me BofA likes to see payment history established before granting CLIs - at least 6 months.  She also stated they want to see more bills PIF versus carrying a balance.  Hope this helps and congrads obtaining your first card.


MsCurious wrote:
So.. I finally had the guts to apply for my first cc through BOA.. I was approved yesterday, after applying last week and getting the message "We need more time.."! I'm sooooo excited.. and a lil nervous, btw.
 
I thought they would flat out deny me because of the FA alert on my reports.  After verifying some info, I was approved for the Platinum Plus with a $2,000 CL.  Not bad I guess, considering I put my personal income instead of HHI.  FYI, the # I was given to reach the the Acquisitions dept. directly was 800-297-4236.
 
Now here's where the pressure begins.. when I get the card do I:
 
  • Make small purchases and PIF before statement date, which I would have no way of knowing if I just got the card or let a balance report of no more than $100 and then PIF so it shows that I'm using the card and know how to manage credit.

Also, pls correct me if I'm wrong, Am I suppose to use no more than 20-30% of CL?  Or is it much less?  I got this card to build up my credit as it seems to be stuck at low 700's due to no revolving accounts.

Thank you so much for your help.
 
 
 
 
 
 
 
 




Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
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