topic Denied BoA Secured..Bummer in Credit Card Applications

Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 22:48:49 GMT

I was approved for the Capital One Secured and Discover Secured, but I went for the third and final card I wanted (BoA Secured) and I was denied. Does that mean I am automatically denied or can I call and talk them into approving?

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 22:51:43 GMT

@Anonymous wrote:
I was approved for the Capital One Secured and Discover Secured, but I went for the third and final card I wanted (BoA Secured) and I was denied. Does that mean I am automatically denied or can I call and talk them into approving?

If you used an inquiry it is worth a call. Did you previously have a Bank of America product that was charged off or included in bankruptcy?

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 22:53:09 GMT

@Anonymous wrote:
@Anonymous wrote:
I was approved for the Capital One Secured and Discover Secured, but I went for the third and final card I wanted (BoA Secured) and I was denied. Does that mean I am automatically denied or can I call and talk them into approving?
If you used an inquiry it is worth a call. Did you previously have a Bank of America product that was charged off or included in bankruptcy?

Nope, I have never used a Bank of America product. I wanted this card to start building a relationship with them.

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 22:59:03 GMT

That is really strange; I'm sorry to hear it. So no prior BofA accounts or from any of their legacy banks: Fleet, MBNA?

I would call them for sure or maybe go see a Personal Banker at a branch location.

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 23:01:12 GMT

I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 23:05:32 GMT

@Anonymous wrote:
I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.

I hear you. Just try not to take it personally. You are off to a great start with the Capital One and Discover cards. I would for sure call BofA tomorrow to see what can be done; however, if their decision stands thats okay. You can focus your energy on the two new cards that you got and when your scores are better you can go for that BofA card again but this time as a regular card with a sign up bonus

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 23:13:35 GMT

@Anonymous wrote:
@Anonymous wrote:
I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.
I hear you. Just try not to take it personally. You are off to a great start with the Capital One and Discover cards. I would for sure call BofA tomorrow to see what can be done; however, if their decision stands thats okay. You can focus your energy on the two new cards that you got and when your scores are better you can go for that BofA card again but this time as a regular card with a sign up bonus

I like that plan. Getting started with the rebuilding process, I feel as if every little thing matters; I've just got to remember that it's a marathon. Waiting for my utilization to drop from 85% to 0%, hoping that shoots me up a little bit.

Re: Denied BoA Secured..Bummer

fltireguy — Mon, 13 Mar 2017 23:21:45 GMT

Honestly applying for ANYTHING while showing 85% util. is just asking for a denial...! (I hate to say this, but it is true) - if you can get down to 30% or under, it would be reasonable to expect a 20-30 point bump in scores, at the least!

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 23:29:49 GMT

agree with fltireguy; my utility went from 49% to 17% and scores went up 35-40 points across all 3.
And, since BoA have already pulled, it's definitely worth a try at recon

Re: Denied BoA Secured..Bummer

Anonymous — Mon, 13 Mar 2017 23:32:33 GMT

@fltireguy wrote:
Honestly applying for ANYTHING while showing 85% util. is just asking for a denial...! (I hate to say this, but it is true) - if you can get down to 30% or under, it would be reasonable to expect a 20-30 point bump in scores, at the least!

I didn't know that. I dont have any credit cards of my own reporting yet so all that is reporting is the Chase card that I am an authorized user on. (CL 22,300, Bal 18,500) I am probably going to have my mom remove me from this card because she keeps a heavy balance on it most of the time and I cant afford that utilization on my reports. I'm hoping if that's their reason for denial that I can prove to them it's been paid off and get approved.

Re: Denied BoA Secured..Bummer

Anonymous — Tue, 14 Mar 2017 00:39:38 GMT

Hi OP! I'm really sorry to hear of your denial. Just so you know, in another post, where I was considering the BOA secured (haven't taken the plunge yet), I was told that if denied at first to call in to BOA and ask to speak to the secured card department. I was told that there are credit analysts there who have authority to override the denial. Maybe, if it is explained that the high utilization is due to an authorized user card and not your personal card, someone might be willing to listen.

Good luck.

Re: Denied BoA Secured..Bummer

AverageJoesCredit — Tue, 14 Mar 2017 01:31:38 GMT

Yes op, i would definitely get removed from your moms card because if you keep showing 85% utilization , even though its her card, its gonna hold back your credit journey. If she constantly had the card at lower ute or 0 balance it would probably be better to keep for awhile. ItsPossible's advise is good one give that number a call

Re: Denied BoA Secured..Bummer

Anonymous — Tue, 14 Mar 2017 01:31:41 GMT

@Anonymous wrote:
I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.

They aren't usually allowed to say on the phone what the reason for denial was, but you can try to do a recon and explain anything negative.

Re: Denied BoA Secured..Bummer

Anonymous — Tue, 14 Mar 2017 03:00:34 GMT

@AverageJoesCredit wrote:
Yes op, i would definitely get removed from your moms card because if you keep showing 85% utilization , even though its her card, its gonna hold back your credit journey. If she constantly had the card at lower ute or 0 balance it would probably be better to keep for awhile. ItsPossible's advise is good one give that number a call

She's got another Chase card and a USAA card both of which are 15+ years old and report 0 balances every month. Would it be in my best interest to be added as an authorized user to those cards?

Re: Denied BoA Secured..Bummer

newhis — Tue, 14 Mar 2017 03:35:00 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
Yes op, i would definitely get removed from your moms card because if you keep showing 85% utilization , even though its her card, its gonna hold back your credit journey. If she constantly had the card at lower ute or 0 balance it would probably be better to keep for awhile. ItsPossible's advise is good one give that number a call
She's got another Chase card and a USAA card both of which are 15+ years old and report 0 balances every month. Would it be in my best interest to be added as an authorized user to those cards?

Yes, it is best to be on those cards with $0 balance than one with 85%.

You may need to dispute the TL with the bureaus (after you are removed as AU from the card). I disputed 2 closed AU cards as 'not mine'. Good luck.

Re: Denied BoA Secured..Bummer

AverageJoesCredit — Tue, 14 Mar 2017 12:13:46 GMT

Yeah, sounds like a better plan. Plus Newhis suggestion is good one, keep an eye on your report once you get taken off. Good luck