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Update on BofA Application

Member

Update on BofA Application

Ok so as I told you all I thought I got declined, but I called the reconsideration number today and she told me because I am under the age of 21, I have to fill out the physical application and provide my signature. Something tells me this means I will likely be approved because why else would they go through this? Also is this normal? I've never had any other company do this to me.

Message 1 of 16
15 REPLIES
Established Contributor

Re: Update on BofA Application

careful its not another hard pull if it is i'd just call this a lost.... because i never heard of a person having to be 21+ to have a credit card ...but then again you are dealing with BofA known for going to infinity and beyond for the simplest thing.

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 2 of 16
Moderator Emerita

Re: Update on BofA Application

They are referring to the Card Act of 2009.

Ensures Adequate Safeguards for Young People

• Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended;

• Limits prescreened offers of credit to young consumers;

• Prohibits increases in the credit limit on accounts where a parent, legal guardian, spouse or
other individual is jointly liable unless the individual who is jointly liable approves the increase;

• Increases protections for students against aggressive credit card marketing, and increases
transparency of affinity arrangements between credit card companies and universities.
Message 3 of 16
Regular Contributor

Re: Update on BofA Application

I got my alaska airlines card when I was still 20, didn't get required to fill out a paper app, thats weird. Bank of America is just stupid. Their customer service reps and EO reps are awful, unfriend;y, and quite frankly, very uneducated. They do things like its the 1800s, ie- taking 2 months to do a visa signature upgrade, or 6 weeks to "proccess" a card DESIGN CHANGE, not a new card, just a new design. They take weeks and months to do things that chase, amex, and other lenders can do in a matter of minutes. That being said, Bank of america has some of the nicest credit anlayists I have ever talked to. Those are the only people in BOA that really know what their doing and are very helpful. 

Age: 25 | FICO: TU 802, EQ 782, EX 801 | FAKO: TU 778, EX 769 | Garden: 6/2015 | Total History: 7yr 6mo | AAoA: 4yr 2mo | Util: 4%
........24000...............10000.....................6000................7000................500..................5000................18000...............10000
Message 4 of 16
Regular Contributor

Re: Update on BofA Application

When I applied for BofA Better Balance Rewards card.. I did not have to fill out a paper application. I am only 20 years old too.

Message 5 of 16
Moderator Emerita

Re: Update on BofA Application

Maybe they are starting to follow the rules. Most of apps are submitted online by those under 21- I honestly didn't think lenders were actually abiding by the Act
Message 6 of 16
Member

Re: Update on BofA Application

So I actually went in and spoke to a banker at BofA today. She said she had never heard of such a thing. So she called the credit center herself and they told her the same thing. She said they said it was a federal law passed in 2009 before they give a STUDENT under the age of 21 credit. The banker feels that I have a really good chance of getting it since they want to go through the trouble of sending me the application and having me fill it out.

Message 7 of 16
Moderator Emerita

Re: Update on BofA Application

They are referring to the information I posted earlier. The 2009 Card Act. For whatever reason, they are making sure your app complies with the law.
Message 8 of 16
Member

Re: Update on BofA Application

I guess thats a good sign. Haha.

Message 9 of 16
Super Contributor

Re: Update on BofA Application


09Lexie wrote:
They are referring to the Card Act of 2009.

Ensures Adequate Safeguards for Young People

• Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended;

• Limits prescreened offers of credit to young consumers;

• Prohibits increases in the credit limit on accounts where a parent, legal guardian, spouse or
other individual is jointly liable unless the individual who is jointly liable approves the increase;

• Increases protections for students against aggressive credit card marketing, and increases
transparency of affinity arrangements between credit card companies and universities.

Lexie hit the nail on the head

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 10 of 16