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Contributor
Posts: 89
Registered: ‎01-08-2008
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Re: Didnt go so well with BOA credit analyst

Being irrational and inconsistent is certainly not discrimination.


 

That is technically accurate statement, but indirectly can easily be debunked. I work in the finance industry - in IT, for a company that rivals BofA in size and in the same industry. I will tell you that my particular company GOT SUED AND LOST for not providing accurate TD (turn-down) reasons to consumers. This happened in the last 30 days, and the judgement was literally 400+ Million $$ (you can google for more info). The same laws that apply to Mortgages on equal lending and discrimination apply to all consumer loans. Accurate TD reasons are they only proof a bank has that they were not being discriminatory or otherwise illegally selective. If we decline, we must provide ACCURATE TD reasons. If too many people, especially of 1 minority, get together and realize they are getting B.S. TD reasons, they can sue Class Action and claim discrimination. That's exactly what happened to my company.

 

Fun thread, but I want to just add that BofA SUCKS! And, you're better off (IMO) without any relationship with them. Good luck OP

Contributor
Posts: 221
Registered: ‎07-11-2012
0

Re: Didnt go so well with BOA credit analyst

I will say I have learned a lot in my month on this forum.......Learning what I know about Citibank from applying for the Shell Gas card, I won't qualify for a Home Depot (which I would hock my nuts to possess because I shop there ALL the time) until the BK finally rolls off my report.  Even with Walmart, they said I have past due accounts (I have nothing delinquent post-BK) but I am working on my reports to make sure all is accurate and working well.

 

I learned nothing from that BofA denial except eventually sometimes, even if you meet the criteria you don't.  Make sense?   I'm shaking my head too.

 

Ultimately they did me a favor, since their secured card has higher APR and AF than either the CapOne or PNC in my arsenal currently.

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)
Contributor
Posts: 221
Registered: ‎07-11-2012
0

Re: Didnt go so well with BOA credit analyst

So I get the letter from BofA and I was denied for the secured VISA due to bankruptcy.  No other reason, just the bankruptcy.  My Experian according to them (they used Experian) is 584.  The only reason the "letter credit score" is there is the high utilization.  But I am rapidly deflating those balances.  When I applied for the Shell gas card the letter said 651 (April 2012).  But their website says minimum one year from bankruptcy.  I don't care, BofA can kiss......  But they should be consistent with their policies.

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)

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