Declined by BoA with EQ 698!!!

[Anonymous]

I am so disappointed!  I was just declined by Bank of America for their basic Visa, after a ton of research on the boards that made it look like it might work out with EQ698.  I tried to reason with the person on the phone -- good job, have spotless history for the last two years, have resolved many credit issues from 2003-2005 -- but no dice!

I was trying to get beyond the Orchard card with a $500 credit limit (that I only use for $5 a month to show usage).

Any advice, wonderful FICO'ers?

[leah5570]

IMHO, I would highly recommend a CU. They are more forgiving on history, and offer higher CL. So you could easily compare them to a prime card, like BOA, Cap One, etc. You probably would definately be in a bracket of $1-2k credit limit to start with a CU. You can work more easily with a CU than with one of the big banks. I am so ticked at BOA right now. My husband has an EQ 663, cardholder with their Plantinum Visa since November 2007, no lates, perfect payment history, etc. They hit him with an annual fee last fall, raised interest rates, and his credit has just been getting better since he first applied. Basically stayed at the same, aside from a new car loan hit. He hit the luv button last week. Got the 7-10 response, called in the backdoor number, and they said NO. They could resubmitt for a CLI with another pull. But otherwise he could sit at $500 CL. We've been customers of BOA for about 7 years now.

I wouldn't take their denial to heart. The inquiry that you lost sucks, but there are other cards out there that would respect you more. Go to a CU, and see what they can offer you.

[Anonymous]

what was the reason they declined your apps?

[Anonymous]

BoA is very unforgiving for past derogs, especially CO's, CA's, BK/PR.  They even decline secured cards for these quite often.

[MrChairman]

I wouldn't be too disappointed. BOA doesn't rank up there with the best banks to do business with IMO.

-The Chairman

[Anonymous]

Thanks so much for all your advice.

They said they declined me because of one 60-day late from J Crew (long story, which I recounted to the agent on the phone) in 2008, which is my only baddie in 5 years. 

Two questions:

1) I belong to Alliant CU.  Should I try for their Visa?

2) Would it be worth negotiating for a secured card? I would literally leave them if they didn't grant it.  Do requests like this go over better if you do it in person in a branch?

[recoverychick]

Check your score, determine if you want to take the next inquiry hit and apply with CU if you're going to try again.  Don't bother with BofA.  Going into a branch makes no difference.  Everything is automated.   A CU is much more likely to work with you.

Good luck.   

[waqaszm1]

i would recommend alliant if you are already a member - how many inquiries do you have on your equifax file? alliant offers their unsecured credit card products after a minimum score of 600 - they will probably ask for pay stubs for income verification as well - but it is a solid bank and you would hopefully have better luck with them - if you do get in, please let me know - they may start you off with may be a $1000 to $2000 range. good luck?

[DI]

I wouldn't recommend applying for anything until all your baddies are gone.  The higher the score the better the APR, credit line and other perks.