Bank of America Approval then....no

[Anonymous]

Hi.  This is my first post; I have been reading posts on here for about a month now and have learned a lot.  My scores are all around 750.  I got a First Premier Bank card in Jan '11 (after being rejected for Barclays Apple and Dell in Dec '10 b/c not enough credit reporting).  I was given a limit of 700, and although the int rate is horrible (23.99), I charged about 400/month then PIF.  In May I got a pre approved app for Citi Diamond; I applied online & was approved for 4100 (15 months 0%).  In June, I received a Discover preapproved app in mail; again, applied online and although didn't get the 0% they offered, got 3.99% for 6 months and CL of 1700. 

I should have left it all alone.  Last week, I applied for a B of A Visa Signature cash rewards (online & w/o any mailings from them).  I got the 30 day message and an 888 number to call if I wanted to 'expidite' the process.  I called, and the guy asked me how much liquidity I had (in checking/savings).  I told him....he went away for about 30 seconds....and he came back saying I was approved for $5000 (I was jacked up!)

So this week comes & after work I start eyeing my mail for the card.  Yesterday, I got an email from 'card services' saying my app couldn't be approved and I would get written notification why within 7-10 days.  I was curious if this had happened to others......thanks for any input/stories.

[Anonymous]

Welcome to the forums, but I gotta ask you why with scores in the mid 700s you're going to FP?  Or are the score not FICO scores (Experian probably is not.)  I count five probable hard pulls on your record since last November (six with BOA.)

Sorry about your BOA incident, but in this post recession world of credit, it ain't over til it's over.

[kjm79]

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@Anonymous wrote:

Welcome to the forums, but I gotta ask you why with scores in the mid 700s you're going to FP?  Or are the score not FICO scores (Experian probably is not.)  I count five probable hard pulls on your record since last November (six with BOA.)

Sorry about your BOA incident, but in this post recession world of credit, it ain't over til it's over.

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FICO or FAKO, people with high scores can get denied credit for various reasons.  Someone can have a score of 750 but have a 9 year old bK and be denied a cc.  OP stated not enough credit history reported was the basis for denial.  And those inquiries aren't all being pulled from the same CRA.  And to build credit history, you have to apply for credit.  Don't sweat the inquiries until they become a reason for denial. 

Op - How much time passed between the time you got the 30 day message and when you called BoA?  Is it possible you were initally denied (triggering the form denial letter) and then when you called they treated it like a recon and approved you? 

[Anonymous]

Hey, & thanks for the feedback. I called the number only 1/2 hour after I got the 30 day message, so I think the denial is real. As to why I had a 1st prem CC, I received the preapproval in the mail & just wanted to establish some credit history. I really see now how crappy a card this is. I have no BKs or anything bad except no real history; I was raised to pay cash for everthing I wanted

[scottwagnon]

i betting the guy either made a mistake or just plain lied to you. i would always look for automated phone or email confirmation before uncrossing your fingers. i think there is always a way to officially confirm that you have been approved.

[Anonymous]

Maybe try a recon and get another analysts opinion? Sometimes just talking to another rep gets you places. Good luck!

[mandaiaybay]

i had a simillar problem got approved for bank of america card on july 15 called and verified information was approved for 2000, was told my card was mailed out on the 18, today i checked my account was closed i got transfered to a credit anaylst whos handling the account  was told that i got 3 new inquires thats why after reconsider they closed my account. i explanied that i applied for a car loan at dealrship still no budge. anyone think of anything i can do, the account wasnt even open for a week and the cards are mailed out doesnt make since. is there anywhere i can call everytime i call the credit department they refer me to the same anyalist.