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BofA secured card decline

Contributor

Re: BofA secured card decline

Secured cards are a risk.  The risk of LOSS is mitigated mostly (but not completely as it is possible to exceed one's credit limit).  Plus some card holders SD the card, so it never generates any income for them.  They pay to have an account establish that is just unused.  Then you have the other group that will default.  And if exceeded your limit, even if they take the deposit, they still end up losing if they have to chase you with a collector.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Message 11 of 20
Valued Contributor

Re: BofA secured card decline


Revelate wrote:

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.  

 


You used to be able to get the secured BOA card with a bk that is over a year old. I believe the recent changed the policy to no BK.

 

Message 12 of 20
Contributor

Re: BofA secured card decline

Does the recon cost another inquiry.......Oh and Equifax just told me that Bank Of America pulled EXPERIAN!!! Not TransUnion!

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Message 13 of 20
Moderator

Re: BofA secured card decline


sjt wrote:

You used to be able to get the secured BOA card with a bk that is over a year old. I believe the recent changed the policy to no BK.

 


Unless we're talking really recently, I've only been reading this forum for a little over half a year now, and recall BOFA secured cards being offered to those with semi-recent BK's... but admittedly I haven't been tracking as much in the last two months or so.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 14 of 20
Regular Contributor

Re: BofA secured card decline

A recon won't cost another inquiry if the app is recent. I was denied for their secured card and called in the next day to recon and was approved with a 590 score. It helped that all my prior delinquent accts were over 4 years old. Call the backdoor number. You took the hit already might as well try
Message 15 of 20
Contributor

Re: BofA secured card decline

YMMV as with any recon, its worth the call, you never know

Credit Karma - 636 8-12-12 USAA
Credit Rebuilding Mode - Cap 1 Plat(500CL) SHOW MC(300CL)
Clean Up Mode - Goal - No New Apps till 6/2013
Message 16 of 20
Contributor

Re: BofA secured card decline

It's been nearly a week and no letter.  I'll take the plunge and call.  Thanks!

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Message 17 of 20
Contributor

Re: BofA secured card decline

What number did you call?

 

Also, what did you say to them about your lates? Thats pretty much my only credit problem, no collections or BK.

Message 18 of 20
Contributor

Re: BofA secured card decline

I'm the opposite......a BK, but eighteen months of clean history since.....the dept was closed.  Before the bankruptcy was a mess.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Message 19 of 20
Highlighted
Valued Contributor

Re: BofA secured card decline


tboy1977 wrote:

I'm the opposite......a BK, but eighteen months of clean history since.....the dept was closed.  Before the bankruptcy was a mess.


I would call for recon.

 

Keep us updated.

 

Message 20 of 20