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Frequent Contributor
Posts: 263
Registered: ‎07-02-2013
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Re: BOA unsecured denial reason

09Lexie: That's correct. I'm hoping that I can now go to BOA and say "Per your letter, you declined me due to the sole reason of COs on my CR. If it helps my case, I have paid off all COs on my CR since that application". Based on the responses I received on the thread below, paying something is better than not paying at all. I guess that's what I'm trying to achieve in my next app.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Settled-for-less-than-full-always-better-than...

 

TrishN: You bring up an interesting point and I don't know if it holds any weight. I guess if I had a lot of money I would just apply for a secured card and problem solved! But I don't and can't afford to have money tied up in a secured card.

 

FinStar: Based on your response then, I guess you would agree that the only benefit of applying at a branch is that I can speed up the recon process. Ie, if denied, the banker can call the underwriter. If the underwriter request copies of the paid off COs or any other information, then I can supply them in person to the banker.

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: BOA unsecured denial reason


money_talks wrote:

09Lexie: That's correct. I'm hoping that I can now go to BOA and say "Per your letter, you declined me due to the sole reason of COs on my CR. If it helps my case, I have paid off all COs on my CR since that application". Based on the responses I received on the thread below, paying something is better than not paying at all. I guess that's what I'm trying to achieve in my next app.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Settled-for-less-than-full-always-better-than...

 

TrishN: You bring up an interesting point and I don't know if it holds any weight. I guess if I had a lot of money I would just apply for a secured card and problem solved! But I don't and can't afford to have money tied up in a secured card.

 

FinStar: Based on your response then, I guess you would agree that the only benefit of applying at a branch is that I can speed up the recon process. Ie, if denied, the banker can call the underwriter. If the underwriter request copies of the paid off COs or any other information, then I can supply them in person to the banker.


Do you remember the list of reasons they gave you for denial? Was it just about your COs?

 

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Valued Contributor
Posts: 7,990
Registered: ‎10-21-2012
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Re: BOA unsecured denial reason

[ Edited ]

TrishN wrote:

Something you guy said is right,something is wrong !. i opened BOA secured CC last year, after 3 months i ran total 200K to that CC and deposited xx,xxx,xxx.xx to BOA. i requested to unsecured and they approved it .My credit picture at that time with 1 Paid CA,2 Unpaid CA,2 CO with 0 balance 3x inquiries on EQ . So like i said OP name is telling everything.

Branch manager can not review the applications,but they can call Credit underwriting and tell them This is VIP customer.


Trish - you cannot compare your outcome to the OP's.  Everyone's profiles are different AND any underwriting decision takes into consideration all known factors.  Even when some exceptions are made (i.e. deposit relationships, ABL, business relationship, etc.), they are made on a case by case basis.

 

While you may have a significant deposit relationship which may have provided some "weight" with your specific CC, the OP is in a different ball park.  The only common denominator is the CA/CO scenario.

Frequent Contributor
Posts: 263
Registered: ‎07-02-2013
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Re: BOA unsecured denial reason

enharu: See my first post. I list exactly what BOA stated in their letter.

Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: BOA unsecured denial reason

do you want to hear a story?

i went to branch couple days ago,branch manager asked come to her room and closed the door, app'ed for Business and CC and request CL increase on my BOA CC. Bam instant declined for all of them. She called credit underwriting and told them. Good morning this is xxxx bank ID number,, bla bla bla i have my customer app'ed for CC and he can't get approved for the card he want,and this is VIP customer with xx,xxx,xxx.xx deposited into our bank within 3 months,can you over look of his application, 1 min later approved with no question asked. Business CC is samething,she called and approved my card right after 1 min

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: BOA unsecured denial reason

to Finstar. this is from what you said.

The banker or branch manager cannot review the application.  He/she has no authority or "influence" on the underwriting decision.

 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: BOA unsecured denial reason

[ Edited ]
@TrushN

The banker didn't approve your cc's, just asked for it to be reviewed and listed your banking relationship. In the end, the decision was ultimately the UW.
Valued Contributor
Posts: 7,990
Registered: ‎10-21-2012
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Re: BOA unsecured denial reason


TrishN wrote:

to Finstar. this is from what you said.

The banker or branch manager cannot review the application.  He/she has no authority or "influence" on the underwriting decision.

 


Again, they are not making the decision Trish.  They are simply informing and confirming your deposit relationship with the U/W department, nothing else.  The bankers or branch managers do not approve or deny applications.  BOA/FIA card services U/W will make the decision based on that deposit relationship to extend it.  Again, case by case basis.

 

Clearly the point was also missed, the OP is not a VIP client (yet) and does not have M or B sitting on the books.

 

Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: BOA unsecured denial reason

Yeaah i may miss understand what you said,but i want to prove for OP has asked this question

(this from OP question)Also, if a recon is requested, couldn't the branch manager review the app? What if they called an underwriter and they could tell that person that I am requesting a recon and that I have letters of the paid off COs.

manager they can do that,but yes they cannot make decision :smileyvery-happy:

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 1,145
Registered: ‎04-13-2013
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Re: BOA unsecured denial reason

It seems unlikely that taking documents of proof showing your paid off COs to the branch manager will have a significant impact on the ultimate decision, which will be made by the underwriter. The UW will likely do another HP to verify the info, regardless of the branch manager "vouching" for you or whatever. You could do all of that at home by just calling the backdoor recon yourself. I think people like to feel like their banking relationship will have a greater impact on a CC decision than it really does. Sure, if you're a "VIP" customer- good for you if you can get extra pull. But most people aren't VIPs and they're going to have to navigate the CC UW decision process the old fashioned way.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
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