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I applied online for BOfA power rewards and got a message to call number for decision. Called and answered a few questions regarding my delinqs and COs in 2004. Rep said rewards card was approved $2.5K but got a call within hours to call back to give more info. Called back and was told it was declined. Rep said they mainly did not like delinquencies and the fact that I was applying for a bunch of tradelines at the same time. Rep suggested I calm down and try again in a few months and not apply for 5 cards at a time. I did 5 apps in the last two weeks, 4 of which were in one day.
I guess they did not like that I tried applying to AMEX Blue right after I got off the phone with BOfA the first time. I am surprised that the info is updated so fast that they knew I made one other app after the BofA phone call.
Yeah, that can happen. Apparantly when your approved manually by one of their analysts, the decisions are sometimes reviewed by a supervisor or something (BOA told me something of the sort)..
@Anonymous wrote:
I applied online for BOfA power rewards and got a message to call number for decision. Called and answered a few questions regarding my delinqs and COs in 2004. Rep said rewards card was approved $2.5K but got a call within hours to call back to give more info. Called back and was told it was declined. Rep said they mainly did not like delinquencies and the fact that I was applying for a bunch of tradelines at the same time. Rep suggested I calm down and try again in a few months and not apply for 5 cards at a time. I did 5 apps in the last two weeks, 4 of which were in one day.
I guess they did not like that I tried applying to AMEX Blue right after I got off the phone with BOfA the first time. I am surprised that the info is updated so fast that they knew I made one other app after the BofA phone call.
I would concur with the Rep! Understand that by applying this way, you are basically putting your ability to obtain credit you may actually need in jeopardy for two years or more. Having credit cards for the sake of having credit cards is not generally a wise thing.
kfupanda,
I sympathize.
My biggest mistake in rebuilding was a mini-app spree. In my case, I'm still trying to recover my AAofA - I lost several years. And of course, it can result in AA like you've encountered.
So, even though this is not the greatest news, it's good of you to share it with everyone. Helps us all remember to s-l-o-w down. Thanks for the reminder. It's a good balance to the "I went on a mini app spree yee-haw" posts we sometimes see.
@android01 wrote:
I would concur with the Rep! Understand that by applying this way, you are basically putting your ability to obtain credit you may actually need in jeopardy for two years or more. Having credit cards for the sake of having credit cards is not generally a wise thing.
I realize this, and this is why I am applying. I had as of before the spree only a $300 revolving account from Household. Which is basically useless to even fill gas once in a while. I PIF the card every month. Now I have a 1K card rewards card and $600 Target store card. Don't plan to carry balances on these either. Basically for charge, rinse, start over.
@Anonymous wrote:kfupanda,
I sympathize.
My biggest mistake in rebuilding was a mini-app spree. In my case, I'm still trying to recover my AAofA - I lost several years. And of course, it can result in AA like you've encountered.
So, even though this is not the greatest news, it's good of you to share it with everyone. Helps us all remember to s-l-o-w down. Thanks for the reminder. It's a good balance to the "I went on a mini app spree yee-haw" posts we sometimes see.
Thanks for sympathizing. A 2.5K rewards card from BOfA would have been nice as its CL probably would not stagnate like the cap one and household cards I have. I had both in the past also (now paid & closed as of 04) and even after 3 years holding on to them, no CLIs.
No more app sprees for me.