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Valued Member
Posts: 36
Registered: ‎06-26-2011
0

BofA Cash Rewards VISA Application

After patiently waiting to pull the trigger for the last few months, I finally decided to apply for the BofA Cash Rewards VISA. Unfortunately I didn't get the instant approval I was hoping for. The message said something along the lines of either calling them to expedite the application process or to wait 30 days to recieve the decision via mail.

 

I am hoping I may still get the card as they suggested I call them. I'll find out first thing tomorrow morningSmiley Happy If anyone has any advice on dealing with the credit analysts (or whatever the title at BoA is) I would love to hear it.

 

 

AMEX Zync (NPSL) | AMEX SPG ($5,600) | BoA Cash Rewards ($5,000) | WF Visa ($5,000)
Established Member
Posts: 886
Registered: ‎08-02-2008
0

Re: BofA Cash Rewards VISA Application


Goalof800 wrote:

After patiently waiting to pull the trigger for the last few months, I finally decided to apply for the BofA Cash Rewards VISA. Unfortunately I didn't get the instant approval I was hoping for. The message said something along the lines of either calling them to expedite the application process or to wait 30 days to recieve the decision via mail.

 

I am hoping I may still get the card as they suggested I call them. I'll find out first thing tomorrow morningSmiley Happy If anyone has any advice on dealing with the credit analysts (or whatever the title at BoA is) I would love to hear it.

 

 


They are pretty easy to work with IMO, but make sure you know which report they pulled. They've asked some detailed information about my credit profile, why I have certain cards with no balances, etc. Just might be helpful. Good luck!

FICO: EX: 761 (4/16); TU: 778 (4/16); EQ 741 (4/16)
New Visitor
Posts: 661
Registered: ‎07-17-2007
0

Re: BofA Cash Rewards VISA Application

I didn't get an instant approval for my BofA Amex either. But I did get approved, and it has the highest CL and lowest APR of all my cards. 

 

Go ahead and give them a call. Do you bank with BofA? This is given significant weight. Were you pre-approved? BofA takes their pre-approvals seriously.

Valued Member
Posts: 36
Registered: ‎06-26-2011
0

Re: BofA Cash Rewards VISA Application

I called in this morning using one of the backdoor numbers and talked to a very nice representative. After verifying the information on my application, she offered me a card with an $800 CL. (I have two bank cards with $800 limits and an AMEX Zync with a high balance of ~$4k) After talking with the rep some more she said the best they could do was a $1,000 CL due to my limited credit history. (Both the above bank cards were opened in early 2010, no baddies).

 

I am pretty disappointed, as it seems they were only interested in matching what other lenders had given me in the past. I was counting on BoA giving me a higher limit in order to get other lenders to at least match the BoA limit. My goal here is to build up my credit and escape the low-limit cards. I thought my banking history would have helped me here. Although I have only banked with them for about a year, I run everything through them, including my Zync bills which average 1k+/month. Additionally I have all of my savings with them.

 

I plan on trying to get the limit raised again when I call to activate the card. I will stress my banking relationship with them and will try to convince them to use the high balance on the Zync as a basis for the credit line. Do all three bureaus show the high balance?

 

 

AMEX Zync (NPSL) | AMEX SPG ($5,600) | BoA Cash Rewards ($5,000) | WF Visa ($5,000)
Member
Posts: 18
Registered: ‎08-29-2011
0

Re: BofA Cash Rewards VISA Application

Limited credit history was not a factor for me.

Here's my credit history:

9/2010 WF Secured (CL $1000)

1/2011 CapitalOne Platinum (CL $750 (started at $500), no AF version - preapproved)

8/2011 BofA Cash Rewards (CL $2500, preapproved)

 

Inquiries (before BofA): TU 1, EX 5, EQ 1. After BofA I have 2 inqs on TU, don't know if they pulled EX and EQ as well.

 

I waited around a week before applying because I screwed up my gardening in previous statement and both cards I had reported balance. When I applied my utilization was $20 on CapitalOne and $0 on WF. Creditkarma FAKO was 724.

 

I also got the 30 day notice. I patiently waited a week. They sent me another preapproval during that time. Then I called the backdoor #. Nice lady asked confirmed my identity and asked why I have limited credit history and only 2 accounts. I replied that it's because I relocated to US only recently. She approved me for $2000.

When the card came in mail, CL was $2500. Sweet.

Creditkarma FAKO now that BofA card reported is 734.

 

I don't bank with BofA.

Established Contributor
Posts: 634
Registered: ‎07-07-2011
0

Re: BofA Cash Rewards VISA Application

I also obtained a 1000 CL initally. I've had the card for 3 months and used it heavily. I called last week and got a CLI of $5000 with a visa signature upgrade. BofA is amazing to deal with. Just let them know when you call for an increase that you use the card a lot and that you are concerned with utilization that's all I said. It also helps that I have my home financed through them for years. I think they take that into consideration also. They are really easy to work with!

Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000
Established Contributor
Posts: 911
Registered: ‎12-25-2010
0

Re: BofA Cash Rewards VISA Application

Just be patient..continue doing the right thing and you'll be okay.. You still have a thin credit file and will have to prove yourself.. Some people do get lucky and receive high CL's sometimes in your position, but they are usually the exception and not the norm..

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Valued Member
Posts: 36
Registered: ‎06-26-2011
0

Re: BofA Cash Rewards VISA Application

Update: I got the limit raised to $2,000!!! (and they told me it was on the same pull as my original application).

 

I just called them and told them I would be buying furniture and books for the upcoming semester. I said I would like to charge them through my BoA card to get the cash back because the rewards are better than on my AMEX [exagerrated slightly], but that if it wasn't possible I could always use my other card. After a short wait my request was approved!

 

Now I finally have some leverage on my other cardsSmiley Happy

AMEX Zync (NPSL) | AMEX SPG ($5,600) | BoA Cash Rewards ($5,000) | WF Visa ($5,000)
Established Contributor
Posts: 768
Registered: ‎04-08-2011
0

Re: BofA Cash Rewards VISA Application

Congrats you!


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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