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Contributor
Posts: 221
Registered: ‎07-11-2012
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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: 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)
Established Member
Posts: 18
Registered: ‎08-02-2012
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Re: BofA secured card decline

[ Edited ]

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.

Super Contributor
Posts: 5,497
Registered: ‎12-11-2011
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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.
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Established Contributor
Posts: 860
Registered: ‎05-05-2010
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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.

 

 

Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
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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
Contributor
Posts: 221
Registered: ‎07-11-2012
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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: 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)
Established Contributor
Posts: 961
Registered: ‎12-21-2010
0

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!
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
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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
Established Member
Posts: 14
Registered: ‎08-05-2012
0

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?



Current Score: EQ-677 (9/29/14)
TU-653 (9/26/14) EX-685
(4/18/14)
Moderator Emeritus
Posts: 11,160
Registered: ‎12-30-2011
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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.  

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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