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I applied for BofA's secured card (like I need another secured VISA) and got DECLINED!! I am speechless. Does BofA have a minimum standard? I wonder why?
My Credit Scores were in the mid 500s last year. I got declined for BoA secured around January of last year. This year my credit's in the mid 600s, and I got approved for an unsecured BankAmerica Card. My guess is BoA's standard is in the high 500s-low 600s for BoA Secured approval.
Edit: I should also note BoA likes to pull TransUnion. At the least, they did with me.
@tboy1977 wrote:I applied for BofA's secured card (like I need another secured VISA) and got DECLINED!! I am speechless. Does BofA have a minimum standard? I wonder why?
Bank of America is consistently changing their approval criteria, but last I heard is that the basic requirements were 1) no outstanding balances with BOA 2) No bk 3) one year period of clean history.
@tboy1977 wrote:I applied for BofA's secured card (like I need another secured VISA) and got DECLINED!! I am speechless. Does BofA have a minimum standard? I wonder why?
its the hardest secured card to get. its more for building rather rebuilding. if you have recent derogs they wont approve you
I thought since I had CapOne, which I applied for a week before I filed the bankruptcy and paid the security deposit just before discharge, and have had them for seventeen months I'd be good. Strange birds I thought they were the one year post bankruptcy. After BK nothing derog. Oh well, I'll see what the letter says.
@tboy1977 wrote:I thought since I had CapOne, which I applied for a week before I filed the bankruptcy and paid the security deposit just before discharge, and have had them for seventeen months I'd be good. Strange birds I thought they were the one year post bankruptcy. After BK nothing derog. Oh well, I'll see what the letter says.
call the backdoor number tomorrow and seek recon. they denied me too when i first apped for secured then got it via recon
I was declined for secured cards from Cap 1 and orchard one year after Ch 13 filed. I did not then, nor do I now understand why anyone would be declined for a secured product. I mean, it's zero risk to the lender. I default...you take my security deposit. Ironically, I got an unsecured Household with $750 CL the next month so I guess it worked out.
Can someone explain the rationale behind declining secured card applications?
@sjt wrote:
@tboy1977 wrote:I applied for BofA's secured card (like I need another secured VISA) and got DECLINED!! I am speechless. Does BofA have a minimum standard? I wonder why?
Bank of America is consistently changing their approval criteria, but last I heard is that the basic requirements were 1) no outstanding balances with BOA 2) No bk 3) one year period of clean history.
That's for their non-secured card, if at all.
- BK's have been 20-33% approved from the ones I've read here, Just because you have a BK reporting does not unilaterally result in a denial.
- You can absolutely get a BOFA secured card with no history whatsoever.
All secured cards have standards except for the few which don't check credit at all.