Did I get approved?

[AllenR24]

She said I would get a letter. I wonder if it would be better for me to try for the student cash rewards. Or if I shouldn't risk getting another hit on my credit.

[FinStar]

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@AllenR24 wrote:

She said I would get a letter. I wonder if it would be better for me to try for the student cash rewards. Or if I shouldn't risk getting another hit on my credit.

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You'd be risking another HP.  And, if the conditions of approval did not favor you on the 1st one, I would wait on the letter to determine where there might be room for improvement to leverage your chances for any other BofA products.

[AllenR24]

Yeah you're right. Ugh I am so dissapointed that I got a wasted inquiry on my report for 2 years

[FinStar]

Did the analyst you spoke with go over the reasons for the declined app?

[AllenR24]

No, I should have asked, but she said it would be sent through mail.

[FinStar]

Once you receive the letter, examine the reason(s) that were provided.  Be sure to obtain a copy of your most recent CR (including score info) so that you are aware of any potential items that were cited on the letter.  If there is sufficicent information to warrant a re-review (items that could be borderline or could be further discussed/appealed), then call the BofA reconsideration/UW number to discuss it with another UW/analyst.

[HiLine]

If you have Bank of America banking account, get a personal banker to help you with the recon after you receive the denial letter and figure out the reasons. You will take another hit (on TU I think) but it'll be worth it in the long run.