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Wasted Inquiry on BOA! Now What?

Moderator Emerita

Re: Wasted Inquiry on BOA! Now What?

Yeah, BoA can be a little unforgiving about recent collection activity, and new accounts, especially so these days.

 

Do you absolutely have a need for more credit right now? If the answer to that is 'no', I'd strongly suggest that you try goodwilling that paid collection off, or letting it age to at least 1 year if goodwill doesn't work. That'll give your newer accounts some more time to age as well. Let time dilute the impact of the bad (or hopefully goodwill will work and eliminate it), then establish a relationship with a credit union. You'd probably be okay to just do so now, but I think you'd see better results if you could take a little time.

 

Good luck!


theNavigator wrote:
Yes, I did pay that collection back in October of 08. Basically my accounts are on the younger side, as I'm only 21 years old. I guess it just didn't fit their critiera. My scores are between 658-668 I believe my equifax was the highest at 668. I am just disappointed, and the bank was no help what so ever. I think I may just take business elsewhere,  not even worth it now.

 

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Message 11 of 18
Epic Contributor

Re: Wasted Inquiry on BOA! Now What?

why not call credit and speak with someone vs a letter.

it's easier to explain things over the phone and get instant decisions

 

Message 12 of 18
Contributor

Re: Wasted Inquiry on BOA! Now What?

Yeah, they wouldn't PFD after I paid it. And I don't really "need" it but it would be nice. Blah.
Message 13 of 18
Contributor

Re: Wasted Inquiry on BOA! Now What?

I got a pre-approval for DISCOVER MORE.

 

What are the chances of me actually getting this card then? Is it worth a shot, or should I just give up as a lost cause and not try to blow another inquiry on some BS? I may have even thrown away that pre-approval letter too. UGH. Would I have a better chance at that and talking with a representative over the phone who can manually review my information and get me approved or what? How is Discover towards age of accounts and scores etc..

Message 14 of 18
Senior Contributor

Re: Wasted Inquiry on BOA! Now What?

There is more to obtaining credit that just a FICO score. You have a recent, paid collection. Does it report as paid on your EX report? What else is on that report? You have a short and most likely thin credit file with a baddie reporting. If I were you I would get a fully secured card from BofA now, which will be coverted into a regular, very nice credit card for you within a year if you take good care of it. The alternative is probably going to be a subprime card which you will very soon regret having app'ed for,

 

Slow down. Be patient. It takes years to develop good credit.

Message 15 of 18
Senior Contributor

Re: Wasted Inquiry on BOA! Now What?


theNavigator wrote:

I got a pre-approval for DISCOVER MORE.

 

What are the chances of me actually getting this card then? Is it worth a shot, or should I just give up as a lost cause and not try to blow another inquiry on some BS? I may have even thrown away that pre-approval letter too. UGH. Would I have a better chance at that and talking with a representative over the phone who can manually review my information and get me approved or what? How is Discover towards age of accounts and scores etc..


Discover is considered a credit stickler. The normal score threshhold for approval with them is 690 with no recent or unresolved baddies. It does not seem to me that you are a likely candidate for approval. I can't recall any non-student applicant being approved for a Discover card with a similar score to yours. I would save that INQ and go back to BofA. They will probably use it in the process of getting you that secured card.

Message 16 of 18
Established Contributor

Re: Wasted Inquiry on BOA! Now What?


creditwherecreditisdue wrote:

Discover is considered a credit stickler. The normal score threshhold for approval with them is 690 with no recent or unresolved baddies. It does not seem to me that you are a likely candidate for approval. I can't recall any non-student applicant being approved for a Discover card with a similar score to yours. I would save that INQ and go back to BofA. They will probably use it in the process of getting you that secured card.


Well said and i agree.Dont go after Discover right now....

Message 17 of 18
Highlighted
Contributor

Re: Wasted Inquiry on BOA! Now What?

Okay, I won't do that then. Well What should I do if I do decide to do this secured card and start off with $300.00

 

The banks around here are awful and were rude as hell to me. And they apparently don't have anybody on the phones helping anyone out?

 

I had a loan for several thousand I paid off within a year. And a few credit cards. Yeah, I'm guessing that collection was no help, but I wasn't even aware of it until I checked my credit. It wasn't for a whole lot I tell you that. When you pay off a loan that is over $5000 in one year and have a paid collection for $140 it doesn't quite look right now does it? But that's the stupid game these people play it's annoying. About to say forget about it and just leave my stuff the way it is and forget about credit for awhile. BOA is really annoying. And it's even more annoying to see people with awful credit getting approved for things yet they pick on someone like me. My credit is flawless in every area, besides that little collection that I did PAY in order for it to look good in my favor but apparently it doesn't... Not sure what route I'll take, but I tossed the discover stuff I won't do that, you guys seem to know what you're talking about. I just don't get it.

Message 18 of 18