BOA Cash Rewards Recon Round 2... Counter Offer

[Credit_hawk]

Hey Guys,

Some of you may have seen my first post last Monday when I applied for the BOA Cash Rewards. To my surprise, I was declined but counter offered a $500 card with a $39 AF. I didn't read it and declined it. I called Tuesday morning at 8am on my way to work and got a lady who couldn't be bothered. She didn't even put me on hold and she just ran through two questions and repeated the computer decline- lack of credit references.

Well today I got a letter in the mail from BOA offering me a $500 card. Oddly it doesn't appear to be secured it just says $500 limit at 20% with a $39 apr which I can utilize all the rewards and benefits but don't get the bonus or 0% apr. I read this letter back and front and no security deposit is mentioned. Has anyone ever heard of this?

Well, after receiving the letter I called back and got a second analyst who was much more helpful. He offered to re-activate my application and went through it again. He put me on hold for several minutes and came back puzzled sounding. He said: "Mr. Credit Hawk, you have great credit, while it is short (<2 years) there are no derogatory marks and you have great utilization and limits. I just can't understand why the computer is coming back declined again. I'm going to kick this up to my manager to get him to review it and sign off on it and I'll call you back in 24-48 hours."

So, what do you guys think about my chances with this manager recon? Also, has anyone ever heard of a $500 BOA unsecured "builder" card? I'll upload a picture if you'd like to see it. It says it's "you've been preselected to receive a BankAmericard Cash Rewards credit card with a $500 total credit limit." No mention of secured or a security deposit anywhere.

Edit: BOA approved me on recon!

[Anonymous]

Honestly, every review should be done by a manager if you aren't approved by the computer.  Computer reviews are rather stupid sometimes... Like why rely on those to make a yes or no decision like they're a human? They're not a human, and they are far from perfect.

I think your chances are good wiith good credit and zero baddies.

[Anonymous]

I've never heard of an unsecured builder with BoA. I would be interested in seeing a picture of it. 

I think your chances of approval are good. I hope it all works out. Keep us posted

[Anonymous]

Your situation sounds hopeful. Good luck and let us know!

[willwar14]

That's the offer I got last year when I applied for the cash rewards card, I took it, paid the $39 and now it's at $2.3k, and with AF removed. Even though there is no security deposit required, it is handled by the secured card department. I cheered when I finally got it to PC it to the regular cash rewards card, with no AF.

[Anonymous]

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@willwar14 wrote:
That's the offer I got last year when I applied for the cash rewards card, I took it, paid the $39 and now it's at $2.3k, and with AF removed.                                                               

Even though there is no security deposit required, it is handled by the secured card department.

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Sounds as if it's some sort of pseudo-secured card, willwar, if it is handled by the secured card department.

It's unfortunate that they are charging an annual fee and a 20% APR to just have access to a $500 limit.

Good luck, OP.

[Anonymous]

Hi, I applied last week and was declined for the standard card and received this as an option. $500 card with a $39 annual fee and no deposit. I accepted the offer and am waiting for the card to come in the mail.

[Credit_hawk]

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@willwar14 wrote:
That's the offer I got last year when I applied for the cash rewards card, I took it, paid the $39 and now it's at $2.3k, and with AF removed. Even though there is no security deposit required, it is handled by the secured card department. I cheered when I finally got it to PC it to the regular cash rewards card, with no AF.

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How did it show on your credit report? I'd be surprised if it showed as secured since it isn't.

[willwar14]

When it first reported it showed as unsecured, as it should be.

[Credit_hawk]

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@willwar14 wrote:
When it first reported it showed as unsecured, as it should be.

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Willwar, did you have to take another hard pull to "unlock" it? What was the process like? Did they just take off the AF or did they issue you a whole new card when you "graduated?"

Worst case scenario if my original app doesn't get approved by BOA management, I think in going to take the $500 since its unsecured and it gets my foot in the door. I already took the HP for it.