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BofA secured card decline

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tboy1977
Regular Contributor

BofA secured card decline

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?

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: Julty 2019: TU - 655, EX - 619, EQ - 640
FICO Dream Scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 22% APR auto loan (Mar 2017), Secured [Coke (4000), Discover (1000)], Unsecured [CreditOne $1500, Walmart $150, Target $200], World Finance: $1500, Courtesy Finance: $700, Speedy Finance: $1200 (charged-off)
Message 1 of 20
19 REPLIES 19
avidlinuxuser
Established Member

Re: BofA secured card decline

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.

Message 2 of 20
jsucool76
Super Contributor

Re: BofA secured card decline

I got denied for the cap1 secured when i applied for it. Stuff just happens sometimes. I've heard boa is one of the harder ones to get since you can get the 1-2-3 rewards on it.
Message 3 of 20
sjt
Senior Contributor

Re: BofA secured card decline


@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.

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 4 of 20
rootpooty
Valued Contributor

Re: BofA secured card decline


@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

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 5 of 20
tboy1977
Regular Contributor

Re: BofA secured card decline

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.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: Julty 2019: TU - 655, EX - 619, EQ - 640
FICO Dream Scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 22% APR auto loan (Mar 2017), Secured [Coke (4000), Discover (1000)], Unsecured [CreditOne $1500, Walmart $150, Target $200], World Finance: $1500, Courtesy Finance: $700, Speedy Finance: $1200 (charged-off)
Message 6 of 20
Smug
Established Contributor

Re: BofA secured card decline

I had 124k. In no risk CD with them, they denied me one too. You would think with that much cash it would fly!
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 7 of 20
rootpooty
Valued Contributor

Re: BofA secured card decline


@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

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 8 of 20
wineman
Established Member

Re: BofA secured card decline

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?


Message 9 of 20
Revelate
Moderator Emeritus

Re: BofA secured card decline


@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.  

 




        
Message 10 of 20
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