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Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012

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
avidlinuxuser
Posts: 18
Registered: ‎08-02-2012

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.

Valued Contributor
jsucool76
Posts: 2,770
Registered: ‎12-11-2011

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.
Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Established Contributor
sjt
Posts: 631
Registered: ‎05-05-2010

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
rootpooty
Posts: 1,711
Registered: ‎10-28-2011

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 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012

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
Smug
Posts: 961
Registered: ‎12-21-2010

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
rootpooty
Posts: 1,711
Registered: ‎10-28-2011

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 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
Established Member
wineman
Posts: 11
Registered: ‎08-05-2012

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?


Starting Score: EQ-652 TU-594 (7/20/12) EX-652 (2/4/13 FICO) EX-706 (8/5/12 VANTAGE)
Current Score: EQ-677 (9/23/13 Lender Pull)
TU-645 (3/19/14 Barclays) EX-619 (6/22/12 FICO) EX-706 (8/5/12 VANTAGE)

Goal Score: 720


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Revelate
Posts: 8,350
Registered: ‎12-30-2011

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 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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