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Member
Carlosjb3
Posts: 18
Registered: ‎07-27-2007
0

Should I recon a second time for secured BofA?? I WAS DENIED!

I should have known and I don't know what in the world I was thinking. I was recently approved for a secured Wells Fargo credit card with 1K limit and thought I would try my luck with BofA. Next month will be 3 years since my chapter 7 bankruptcy was discharged. Before my WF approval 1 week ago I have not applied for credit cards in the past one year and a half so I decided to apply for the secured Bank of America card at my local branch to see if I can continue the approval streak. At first I applied for the BofA unsecured card which I knew I was going to get declined for and when I was declined it counter offered with the fully secured card. When the banker at BofA submitted the app for me for a secured card I was declined 2 days later.

 

I called the 1-(888) 503-6090 number for the reason of the decline and just like I thought it was due to the BK7. I proceeded in asking the CSR what their criteria for bankruptcy was and he told me that I have to wait the full 10 years for the BK7 to fall off my report to get any type of credit product with BofA. I countered that there are people out there getting approved for secured  BofA credit cards barely two years out of bankruptcy (although its rare but hey had to say something :smileywink:) to which his reply was that it was a mistake on their part and that eventually they will find out and close out those accounts!

 

I've read in threads here and in other credit forums how tough it is to get a secured card with BofA with a BK7 on file and I was well aware of the slim chances when I applied but I feel like I really need to do a second recon to get a second opinion from another BofA rep to see it there is a consitency with their responses. Heck, they already did 2 hard pulls on Experian so I might as well milk out the recon as much as I can! What do you guys think?

 

My Credit Situation:

 

-BK7 was filed May 2007 and discharged August 2007 (going to be 3 years)

 

-Since my discharge I have the following:

Capital One: 3K limit (no lates and opened for 2 years) / 1k balance

Wells Fargo: 1K limit (just recently approved 1 week ago) / 0 balance

Orchard Bank: 400 limit (unsecured with no lates and opened for 2 years) / $6 balance

Car Loan: 13K balance (opened for 2.5 years and no lates)

 

FICO SCORES

Trans Union: 640 / Equifax 653

 

FAKO

Experian: 663

 

Credit Utilization: 23% (working on getting it lower)

 

Do you guys think I have a fighting chance or should I just give up on the second recon?? I'm planning on calling back on monday!


Starting Score: TU: 513 / EQ: 562
Current Score: TU: 640 / EQ: 653
Goal Score: TU: 710 / EQ: 710


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Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Some creditors are much more bk friendly than others.  BofA is notoriously  BK un-friendly.

 

Check out the BK Friendly Credit Cards thread for some ideas.  There's plenty of folks who are happy to work with post-BK peeps.

Just puttin' syrup on something, don't make it pancakes.
Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
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Re: Should I recon a second time for secured BofA?? I WAS DENIED!

i couldn't even get a secured bank of america card WITHOUT a bankruptcy.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Member
Carlosjb3
Posts: 18
Registered: ‎07-27-2007
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Are you serious?? You couldn't get one without bankruptcy?? Did you have any recent baddies in past 24 months though?


Starting Score: TU: 513 / EQ: 562
Current Score: TU: 640 / EQ: 653
Goal Score: TU: 710 / EQ: 710


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Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
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Re: Should I recon a second time for secured BofA?? I WAS DENIED!

 


Carlosjb3 wrote:

Are you serious?? You couldn't get one without bankruptcy?? Did you have any recent baddies in past 24 months though?


no baddies for 5 years, almost 6 really, because it was december 2004.  can you believe that?  it's ridiculous!

 

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Member
Carlosjb3
Posts: 18
Registered: ‎07-27-2007
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Did you recon?? I would definately have recon the heck out of them if I were in your position. I know people who were approved for their secured card 2 years out of BK7!!! Did they give you a specific reason for the decline?


Starting Score: TU: 513 / EQ: 562
Current Score: TU: 640 / EQ: 653
Goal Score: TU: 710 / EQ: 710


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Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

no, i don't have much of a backbone, so i said screw it.  they said because of my delinquencies, which i already mentioned.  only 2 chargeoffs, total of $2500.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Member
Carlosjb3
Posts: 18
Registered: ‎07-27-2007
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

 


laz98 wrote:

no, i don't have much of a backbone, so i said screw it.  they said because of my delinquencies, which i already mentioned.  only 2 chargeoffs, total of $2500.


How long ago did you apply? What about ficos at the time? I will admit, I don't have much of a backbone myself either because I burned them in my BK7 filing big time! But if you never burned them in the past and no BK on file I think its ridiculous they would pull a stunt like that on you.

 


Starting Score: TU: 513 / EQ: 562
Current Score: TU: 640 / EQ: 653
Goal Score: TU: 710 / EQ: 710


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Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

january.  FICOs were actually a little higher then, TU 687 & EQ 664.  i was like SERIOUSLY!!!  YOU WON'T TAKE MY MONEY?????

 

nope, never burned them in the past.  don't owe 'em a cent.  who knows, maybe they were having a bad day!  :smileyvery-happy:

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Member
Carlosjb3
Posts: 18
Registered: ‎07-27-2007
0

Re: Should I recon a second time for secured BofA?? I WAS DENIED!

Wow...what a downer....now I feel if I recon tomorrow they will effectively tell me to go pound sand! lol....I bet you if you try applying now they might approve you. They probably are just that unpredictable :smileyindifferent:


Starting Score: TU: 513 / EQ: 562
Current Score: TU: 640 / EQ: 653
Goal Score: TU: 710 / EQ: 710


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