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Secured BofA card Updated: Pretty sure I was denied

Established Member

Secured BofA card Updated: Pretty sure I was denied

Yesterday, I went down to the branch and applied for a secured card for me & hubby applied for one for him. We have been banking with BofA for 2 years or so now, checking and more recently savings. I chose to put $500 on each. The rep said I would know in a few weeks. I'm soooo anxious. 

 

Does anyone know how long it might take to get an answer? Or what they might deny me for?

Reaching for home ownership in 2010!
Message 1 of 14
13 REPLIES
Moderator Emeritus

Re: Secured BofA card

I had one of their secured products back in the day. I first tried and was denied due to having an EX FICO of around 550 (when we could pull our EX FICO) and applied again 2 months later and was approved with an EX FICO of 640-660. The denial came with having about 6-7 CAs, a couple of COs, a repo, dozens of inquiries, and no positive TLs reporting (except a current auto TL). The card came within 3 weeks from the 2nd attempt and did everything via mail.

Message 2 of 14
New Contributor

Re: Secured BofA card

it usually takes less than 7 days i was approved 6 months ago with a credit of 623 and i opened it with 500 so i guess u will be approved also i called in yesterday to do a cli for another 1000.00 and it was approved today so it took 24 hours but when u add more money its a hard pull. the number to call for the status and cli is 1888-260-4696 good luck ........

Message 3 of 14
Established Member

Re: Secured BofA card

Thanks everyone. I have no clue what my scores are currently. I haven't pulled them yet because I am waiting for 2 CA's to come off. I figured it might take 30 days for them to update. Oddly enough, AFNI is reporting on all 3, but SouthWest Credit is only reporting on 1. Experian is reporting almost nothing other than the foreclosure from 2005 and a paid off auto loan.

 

I suppose I will just hope for the best. My EQ was 570 several months ago so I am hopeful that my score has improved enough to get these secured cards.

Reaching for home ownership in 2010!
Message 4 of 14
Member

Re: Secured BofA card

I applied yesterday for the secured and got approved (I put in $300). it already shows as an additional account on my Bank Of America account info (I have a checking and savings with them). Here is the message:

 

Congratulations, we received your application!You will receive your credit-building Secured Card 7 to 10 days after we successfully process your security deposit.


In the meantime, you may check your application status:

•Go to bankofamerica.com and select Credit Cards

•Select Check Application Status

•Enter the requested information just as it appeared on the original application
By continuing to make your payments on time, you may qualify for credit line increases in the future. In fact, the longer you use your card, the more likely you are to build a solid credit record.
Thank you for choosing a Bank of America credit card

 


Starting Score (8/18/2008): EX:517 EQ:549 TU:545
Current Score (4/1/2010): EX:663EQ:644 TU:663
Goal Score (end of 2010): all above 700

Message 5 of 14
Established Member

Re: Secured BofA card

Ok, starting to get frustrated. I tried to check the status of the credit card application online and I am pretty sure they have denied me. Smiley Sad I'm not sure about my husband because when I tried to check the status it sent me to a page with offers. Also, there is no sign of a funds transfer to indicate that it was approved.

 

I am just about ready to give up on the credit card thing. I've been trying for over a year with no luck. Now I finally apply for a secured card and they still refuse. I don't even want a credit card! I could just cry at this point.

 

Reaching for home ownership in 2010!
Message 6 of 14
Senior Contributor

Re: Secured BofA card

Take a breath, No reason to give up hope so soon.  Being an customer is to your advantage.  

 

If they deny there are other good secured cards that are easier to get.  

 

 

 

Message 7 of 14
Established Member

Re: Secured BofA card

I have tried so many. Any suggestions? I don't want anymore inquiries than absolutely necessary.

Reaching for home ownership in 2010!
Message 8 of 14
Valued Contributor

Re: Secured BofA card


StrugglingInGA wrote:

Thanks everyone. I have no clue what my scores are currently. I haven't pulled them yet because I am waiting for 2 CA's to come off. I figured it might take 30 days for them to update. Oddly enough, AFNI is reporting on all 3, but SouthWest Credit is only reporting on 1. Experian is reporting almost nothing other than the foreclosure from 2005 and a paid off auto loan.

 

I suppose I will just hope for the best. My EQ was 570 several months ago so I am hopeful that my score has improved enough to get these secured cards.


Please help me understand...why did you make application now without knowing that these CAs have fallen off?

Message 9 of 14
Moderator Emerita

Re: Secured BofA card

+1

 

You never want to apply for credit until you've scrubbed up your reports as best as you can for the foreseeable future. It's like going on a first date without washing your hair or brushing your teeth, and wearing your clean-out-the-basement slob clothes. For stuff that isn't coming off any time soon, I'd wait at least a year after simple lates and at least two years after biggies like collections and charge-offs.

 

I hope you're approved, but if not, once the collections are off, you might want to look at local credit unions, not the big boys kicked around here on the boards, unless you're eligible for Navy, which is very forgiving.

 

Good luck!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 10 of 14