topic Re: Starting to really hate BofA in Credit Card Approvals

Starting to really hate BofA - Update: Approved

Anonymous — Sat, 20 Jan 2018 16:46:54 GMT

In a post on another thread I mentioned that BofA has never given me an auto cli. I was reluctant to take a HP for a cli considering the unknown. So, I figured I might as well just app for a new card because the SL would probably be higher than a CLI. Well, I did, and got a "Under review, we need to check a few things" notice. Are you kidding me? Scores in my sig are current, UTI is about 12%. I only had two inq's on EX, and EQ and 4 on TU. Why does BofA not like me?

Mod note: I've updated your subject to reflect your approval; feel free to edit/change if you would like. --UB

Re: Starting to really hate BofA

JR_TX — Sun, 14 Jan 2018 00:03:48 GMT

Why don’t you hit that CLI button as well since you’ve already app’d for a new card with them and taken a hit. They’re gonna use the same hp anyways so might as well and see what happens. As far as your new app, a lot of times approvals aren’t instant and might take a few minutes to hours or days. Good luck and keep us posted.

Re: Starting to really hate BofA

Anonymous — Sun, 14 Jan 2018 00:21:36 GMT

@JR_TX wrote:
Why don’t you hit that CLI button as well since you’ve already app’d for a new card with them and taken a hit. They’re gonna use the same hp anyways so might as well and see what happens. As far as your new app, a lot of times approvals aren’t instant and might take a few minutes to hours or days. Good luck and keep us posted.

This! Good luck OP!

Re: Starting to really hate BofA

egghead88 — Sun, 14 Jan 2018 00:48:47 GMT

Please let us know the outcome. Thanks

Re: Starting to really hate BofA

Anonymous — Sun, 14 Jan 2018 20:36:54 GMT

Thats what I did. Got a decline bc I just got a travel rewards card. So i did a CLI and BAM it approved.

Re: Starting to really hate BofA

CreditCuriosity — Sun, 14 Jan 2018 20:47:38 GMT

@JR_TX wrote:
Why don’t you hit that CLI button as well since you’ve already app’d for a new card with them and taken a hit. They’re gonna use the same hp anyways so might as well and see what happens. As far as your new app, a lot of times approvals aren’t instant and might take a few minutes to hours or days. Good luck and keep us posted.

+1000

Re: Starting to really hate BofA

pipeguy — Mon, 15 Jan 2018 03:24:11 GMT

BAC is a fickle lender, I have no idea what makes them tick. About 5 years ago I opened a Visa with BAC with a starting limit of $2000, over the next 3 years I wasted 5 HP's on CLI requests all denied - I even used as an account nickname for that card of "Totally Worthless Visa" - ended up closing the card.

A little over a year ago there were several posts on here for BAC cards with good starting limits and a "spend cash bonus" plus 0% for 12 months, so I tried again for the RED Cash Rewards card, instant approval for $5000 which is now $15k. About 8 months ago I tried again this time for the Blue "Travel" card, instant approval for $15k which is now $25k.

What is the difference in income/scores/CRA report ... basically nothing, but with BAC I went from worthless to trusted, I have no answer for why.

Re: Starting to really hate BofA

FinStar — Mon, 15 Jan 2018 18:24:01 GMT

@pipeguy wrote:
BAC is a fickle lender, I have no idea what makes them tick. About 5 years ago I opened a Visa with BAC with a starting limit of $2000, over the next 3 years I wasted 5 HP's on CLI requests all denied - I even used as an account nickname for that card of "Totally Worthless Visa" - ended up closing the card.

A little over a year ago there were several posts on here for BAC cards with good starting limits and a "spend cash bonus" plus 0% for 12 months, so I tried again for the RED Cash Rewards card, instant approval for $5000 which is now $15k. About 8 months ago I tried again this time for the Blue "Travel" card, instant approval for $15k which is now $25k.

What is the difference in income/scores/CRA report ... basically nothing, but with BAC I went from worthless to trusted, I have no answer for why.

So, as a result of these successes, did you change the nickname on any of those cards to "Totally Trusted Visa"? :-D

Re: Starting to really hate BofA

DeeBee78 — Tue, 16 Jan 2018 02:10:50 GMT

@Anonymous wrote:
In a post on another thread I mentioned that BofA has never given me an auto cli. I was reluctant to take a HP for a cli considering the unknown. So, I figured I might as well just app for a new card because the SL would probably be higher than a CLI. Well, I did, and got a "Under review, we need to check a few things" notice. Are you kidding me? Scores in my sig are current, UTI is about 12%. I only had two inq's on EX, and EQ and 4 on TU. Why does BofA not like me?

They've done this to me in the past. I've simply gone into my accounts after being denied, and requested a CLI instead. They have always approved those, so in the end my HP isn't totally wasted.

When I got my Cash Rewards card back in September, it was the total opposite. I was denied a CLI on my $12,300 BBR, because I only use it for my $11 a month Netflix subscription. I then decided to app the Cash Rewards instead, and got an instant $9,000 approval. Moved $11K over from my BBR card and gave myself a nice $20K (now $30K) limit.

FYI, by asking for a CLI instead of a new account, you can get BoA to look at your TU report instead of EX (at least where I'm located). This has helped clean up my EX inquiries and even them out a bit.

Re: Starting to really hate BofA

Anonymous — Fri, 19 Jan 2018 00:16:13 GMT

Here's the update.

Got an email yesterday stating I was approved. No CL, no APR. Logged onto BofA today and found the new account. CL $7000 APR 18.24%

Not exactly what I was expecting. Nor was I expecting to take two HP's for it! Yep. They pulled TU and EX. I didn't even hit the luv button on my current card. Kind of glad I didn't, probably would have taken two more hits. I guess this can now be moved to the approvals area. I'm not very happy about it though. Seems BofA really doesn't like me too much. Wish I knew why.

Re: Starting to really hate BofA

MrDisco99 — Fri, 19 Jan 2018 02:07:03 GMT

@Anonymous wrote:
Here's the update.

Got an email yesterday stating I was approved. No CL, no APR. Logged onto BofA today and found the new account. CL $7000 APR 18.24%
Not exactly what I was expecting. Nor was I expecting to take two HP's for it! Yep. They pulled TU and EX. I didn't even hit the luv button on my current card. Kind of glad I didn't, probably would have taken two more hits. I guess this can now be moved to the approvals area. I'm not very happy about it though. Seems BofA really doesn't like me too much. Wish I knew why.

You got an approval. Seems like they like you enough.

Re: Starting to really hate BofA

AverageJoesCredit — Fri, 19 Jan 2018 02:31:55 GMT

They give you a 7k credit card and thats not good enough? Seems they like you enough.

Re: Starting to really hate BofA

Anonymous — Fri, 19 Jan 2018 10:05:09 GMT

Never said the SL wasn't good enough. What is twisting my chain is the double pull. I've never read anything about BofA doing double pulls. It makes me wonder if they will hit me again if I did request a CLI on the Americard which is still at the SL of $2000 after 2 years.

Re: Starting to really hate BofA

Gmood1 — Fri, 19 Jan 2018 10:45:55 GMT

Ok you've taken triple pulls for less. What makes this one different? 🤔
I agree with the others. I'd use those pulls for the CLI. Those INQs aren't for life. Sometimes you guys crack me up. lol
It's like you've been sentenced to life in prison for an inq. 😂
It's not that serious. Congrats on the approval.

Re: Starting to really hate BofA

Anonymous — Fri, 19 Jan 2018 13:18:17 GMT

Double pulls are becoming more normal than not. If you pull up any bank's public disclosures on chargeoff rates, you'll see that EVERY major bank is witnessing a major increase in chargeoffs. Some banks saw chargeoffs go up 100 basis points in a year. This is pretty massive.

In addition, "credit repair" is becoming very normal especially now that free credit monitoring web apps are so popular. I heard a Credit Karma ad on the radio in a waiting room. So people are going to be flooding these forums more and more once they pull a free report and see baddies. Since it's also normal to dispute all 3 bureaus but only get deletion on one or two, it's becoming more normal for a lender to pull more than one just for a quick comparison.

Even beyond that, lenders are also now soft pulling inquiries from bureaus not associated with their normal hard pull. Again, it's just them doing their investors a form of due diligence. As an investor in debt myself, I'm glad to see this.

Remember, the economy is supposedly hot -- housing prices are going up, consumerism is greatly increased, and while folks may have the ability to pay more today, the new debts they're growing aren't due until tomorrow. And no economy can go up forever.

So the banks want to just confirm that your credit matches across two bureaus.

I would not be surprised if the triple pull becomes popular. In reality, a triple pull is meaningless for the average credit consumer who isn't applying for more than one new account every 18-19 months or so. One inquiry may count close to 0 for an entire year. 1 inquiry on each of the 3 bureaus may also count for close to 0 for an entire year. If you apply for credit only every 18 months, your FICO score is affected very little by the inquiry.

If you're hoarding accounts, of course you don't want an inquiry, but you're also not the normal consumer. And if you churn accounts for SUB, you're not just outside of the norm, you're also a monetary loser for banks and investors in credit lines.

So the banks have a double scheme running to protect themselves and their investors: make sure your clean credit is confirmed by more than one bureau, and also make sure that the person doesn't have the red flags of a churner.

Re: Starting to really hate BofA

MrDisco99 — Fri, 19 Jan 2018 18:50:00 GMT

I got double pulls from Chase and Citi too. And Cap1 triple pulled me. If it results in an approval then it’s worth it. I asked for something and they gave it to me.

Same thing just happened to you. Hardly a sign of them not liking you.

Re: Starting to really hate BofA

HeavenOhio — Fri, 19 Jan 2018 22:52:00 GMT

I think the issue is that the double-pull from BoA is unusual. With Chase, Citi, and Capital One, it isn't.

Re: Starting to really hate BofA

Anonymous — Sat, 20 Jan 2018 13:09:10 GMT

Actually I think double pulls are the norm for Bank of America. I have their Cash Rewards card and got double pulled (EX & TU) when I opened the account and again in November when I apped for a CLI.