Reply
Established Contributor
Posts: 717
Registered: ‎03-05-2008
0

BOA Preapproval Offers -*Update* They Gave Me More Whooo Hoooo

[ Edited ]
Went to the preapproval link and received 3 offers: Rewards AMEX, VISA Platinum Plus, and Americard VISA. Credit line on all shows $1500. All have rewards except Platinum Plus.
 
AMEX: APR 9.99% or 15.99%/  0% APR for first 12 billing cycles (not sure if just for BT and cash advance)
Platinum Plus: Variable APR Prime + 2.99%, 5.99% or 9.99% (0% APR for first 12 statement closing dates)
Americard: Variable APR Prime + 3.99% or 5.99% (0% APR for first 6 statement dates)
 
 
Not sure which to apply for. Current credit mix is 2 store cards (Macy's and Target). 4 CC's (Cap1, DMB Discover, HSBC, and Orchard). Have HFC LOC (revolving credit line) for $8000.  I was thinking of the AMEX so I can charge at Costco, but not sure if it is the best option of the three.
 
I chatted online with a csr who stated if I was concerned with rebuilding I should look at the VISA platinum plus because it has a more relaxed credit requirement which provides more opportunity approval (his words not mine). I then asked about the soft/hard inquiry for the offers I received. He stated:

Ken: the pre approval was soft, when you accept it does a hard

Ken: Preapproved means that you have been invited to apply based on the information the bank had for you at the time of the offer. Since your personal information or credit may change at any time, your application is still subject to approval.

Ken: it means more than likely approved based on what you entered

Ken: ... that pre approval link is usually very accurate if it gave offers you should be ok with any of them

I really want a prime card and hope this is one.  I want to get the best bang for my hard pull so I am soliciting ... no begging for advice.  Thanks in advance.

 



Message Edited by PurpleHaze on 04-24-2008 02:42 PM

Message Edited by PurpleHaze on 04-30-2008 02:46 PM

Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Epic Contributor
Posts: 24,082
Registered: ‎10-23-2007
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

I like the amex because it gives a $50 statement credit after first purchase
Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

I had the same offers you have (those are pretty much the same three everyone gets if they get offers for unsecured cards at all), and they also preapproved me for $1500.
 
I chose the Amex, because it comes with a couple of things the others don't.  1) $50 statement credit on your first statement and 2) Amex purchase protections and extended warranty protections.
 
It's also one sharp looking card.
 
They pulled just EX for me, although some have reported that they pull EX and TU both.  At the time I had EX 741 with 7 inquiries and 9 new accounts.  I was instantly approved for $2500 at the 9.99% APR for purchases.  (To answer your question, the 0% for 12 months applies to BTs only.)
 
I believe that everything the rep told you is right.  While YMMV as always, I have never seen someone declined for a BofA card after they received the online preapproval.  They may give you a low initial CL, but I doubt they will flat out deny you once you get the online offers.
 
As a side note, once I received the Rewards Amex in the mail and started using it, I checked my online offers again (just for grins), and saw I was preapproved for the Accelerated Rewards Amex.  I called a credit analyst yesterday, and she was able to seamlessly upgrade my Rewards Amex card I've had only a couple of weeks into an Accelerated Rewards Amex just on the basis of my existing preapproval.  No new account and no new inquiry.  It was a good day for me.
 
Good luck, and let us know what you decide.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
Posts: 717
Registered: ‎03-05-2008
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

Thank you both.  I am only at 645, so was afraid of a decline.  He said that if you don't accept immediately, the system times out for security purposes and the offers won't be available again for 72 hours.  I will let you know how it goes.  It is added incentive to know you received the accelerated rewards so quickly Cheddar.
 
This is considered a prime card right?

Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Established Contributor
Posts: 717
Registered: ‎03-05-2008
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

Well if it weren't for bad luck I would have no luck at all.  I applied and received the following response:
 

Thank you for submitting a credit card application.

Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.

You will receive a written response within the next 30 days.


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision



PurpleHaze wrote:
He said that if you don't accept immediately, the system times out for security purposes and the offers won't be available again for 72 hours.

This may have changed, but that was never true for me.  If you look at the offers page, it should give you a date the offers expire in the upper left hand corner.  The date should be 4-6 weeks from the date you got the offers the first time.  Once they expire, they go away for a couple of weeks, but then if you still qualify, new offers take their place.  (Usually the same cards but perhaps with different preapproved CLs.)
 


PurpleHaze wrote:
It is added incentive to know you received the accelerated rewards so quickly Cheddar.
 

I don't know if they do this as a matter of policy, but I'm inclined to think they made an exception for me.  I was told a couple of times by front line CSRs that it couldn't be done, but I finally called the Credit Analyst number and pleaded my case with a supervisor in that department, and she took care of it for me right then and there.  If it were normal policy I probably wouldn't have had to make 3 calls and speak with about 12 different people to finally get it done.
 


PurpleHaze wrote:
 
This is considered a prime card right?


Absolutely!  No question.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
Posts: 717
Registered: ‎03-05-2008
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

Well I applied and received the following response: Thank you for submitting a credit card application. Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time. You will receive a written response within the next 30 days.

cheddar wrote:

PurpleHaze wrote:
He said that if you don't accept immediately, the system times out for security purposes and the offers won't be available again for 72 hours.
This may have changed, but that was never true for me.  If you look at the offers page, it should give you a date the offers expire in the upper left hand corner.  The date should be 4-6 weeks from the date you got the offers the first time.  Once they expire, they go away for a couple of weeks, but then if you still qualify, new offers take their place.  (Usually the same cards but perhaps with different preapproved CLs.)
 

PurpleHaze wrote:
It is added incentive to know you received the accelerated rewards so quickly Cheddar.
 

I don't know if they do this as a matter of policy, but I'm inclined to think they made an exception for me.  I was told a couple of times by front line CSRs that it couldn't be done, but I finally called the Credit Analyst number and pleaded my case with a supervisor in that department, and she took care of it for me right then and there.  If it were normal policy I probably wouldn't have had to make 3 calls and speak with about 12 different people to finally get it done.
 

PurpleHaze wrote:
 
This is considered a prime card right?

Absolutely!  No question.
 


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision



PurpleHaze wrote:
Well if it weren't for bad luck I would have no luck at all.  I applied and received the following response:
 

Thank you for submitting a credit card application.

Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.

You will receive a written response within the next 30 days.



This is actually standard for BofA.  Keep your hopes up.  It doesn't mean anything one way or the other.  I was actually shocked when I got an instant decision because the 30-day message is SOP for them.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
Posts: 717
Registered: ‎03-05-2008
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

ok thanks ... so no need to call a backdoor number or anything like that?

Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: BOA Preapproval Offers -Help Me Make The Right Decision

Couldn't hurt to call the credit analyst number, although you may want to give them a little time to actually review your CR first.  I'm sure that number is in Sylvia's Backdoor Numbers thread.  Sorry, I don't have it on me at the moment.
 
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.