topic Re: BOA Travel Rewards Denial in Credit Card Applications

BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 19:37:23 GMT

Applied for BOA Travel Rewards card and was denied. Called back to a credit analyst to see why and he was shocked. They pulled Experian for a 704, saw my Cash Rewards account that has perfect payment history, saw my Discover and Amex accounts that have perfect payment history, and still said no. AAOA is 1.2, util is 14%, no bad marks, 4 inquiries last 24 months. I also have an active checking account with BOA. The analyst I spoke to said the only reason was "Sufficient current accounts open" and hinted that my status as a student could have some effect. Rather upset to have wasted the HP for nothing, and was further upset when the analyst stated that I seemed like a prime candidate. I'm not sure if he was trying to ease my pain, but regardless it's a disappointment especially following my denial for a CLD on my Cash Rewards account that was opened at 18.99% and has never gone down.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 19:49:58 GMT

If they won't offer you the card only because you're a student and if you have a job, you can call and let them know you're not a student and simply apply by saying you have a part time income.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 20:47:47 GMT

Interesting thought. I think when I reapply I will try and emphasize that although I am a student I do have a sustainable income as well. How long would you recommend waiting @ALK11

Re: BOA Travel Rewards Denial

Loquat — Thu, 19 Oct 2017 20:34:13 GMT

Please tread lightly and proceed with caution. We don't advocate deception or misrepresentation on applications here on the forums. Thanks for your understanding.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 20:36:33 GMT

I don't have an exact answer for you but here's my story. Before I got my first card I had no idea how credit worked and neither did my mom so she was no help. I applied for the CapOne Journey which all my college friends recommended. Instant denial. I researched a bit and literally 30 minutes later I applied again, this time with a higher income (included scholarship). Instant approval. I know these circumstances and banks are different, but I went from an auto denial to auto approval in half an hour by making a small change in my application.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 20:37:31 GMT

It's not deception. If he has a part time income, why can't he simply apply by saying he is part time employed and state his income?

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 20:46:51 GMT

@Loquat wrote:
Please tread lightly and proceed with caution. We don't advocate deception or misrepresentation on applications here on the forums. Thanks for your understanding.

Completely understand and agree with your point. Edited my reponse to more accurately convey my thoughts. I realise it seemed much more malicious than I intended for it to be.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 20:49:42 GMT

If you are both part time employed and a student, why it is deceptive to say you are part time employed? By these standards wouldn't it also be deceptive to say you are a student when you are really part time employed and also going to school?

Re: BOA Travel Rewards Denial

gdale6 — Thu, 19 Oct 2017 21:04:10 GMT

Im going to caution everyone here that on myFico we do not advocate any misleading information be placed on credit apps, to do so is a violation of our TOS. This board is not here to discuss the symatecs of it, is taboo to even mention. Please keep this in mind moving forward.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 21:07:12 GMT

But could someone explain to my why/how this is even misleading? I don't understand it. I agree that no one should advocate for putting misleading information on an app. But how is it misleading to put down that you are a part time employee when you are in fact a part time employee? I'm not telling anyone to put down anything that isn't true.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 23:12:45 GMT

This has happened to me as well - applied for the Travel Rewards in branch, was instantly approved, had the card mailed, and got a call saying that I was approved by mistake. I did get a consolation CLI on my existing BoA credit card so I wasn’t too livid, although my banker had a rather heated discussion with the phone supervisor and tried everything she could, from what I could tell.

The fact is that BoA has a hard limit on undergraduates’ credit card accounts - they will allow you to have one, no more. Graduate students can have two. This includes all co-branded cards as well. It’s a stupid rule if you ask me, but they do enforce it - even with a part time job, if you’re a full time student (12 credit hours or more per semester). Branch bankers often don’t know about this rule - which is why I applied in the first place - and some phone reps don’t know about this either, but I have confirmed this rule with multiple branch managers and through escalated calls. Doesn’t seem like a way to bypass it, unfortunately.

Additional note: I have been a BoA customer for 8 years, and for 4 as a Preferred Rewards client (Platinum). They did not budge and I have moved my credit spend on Chase and Amex since.

Re: BOA Travel Rewards Denial

Anonymous — Thu, 19 Oct 2017 23:15:21 GMT

Also, I’m pretty sure BoA asked you if you are a student. I listed my part-time job on my app the time I got denied, but I recall the app having an additional checkbox for student. So I don’t think BoA will approve you even if you go in saying you’re employed part-time, because you’d have to flat out lie and tell them you’re not a student in addition to that information. Look elsewhere.

Re: BOA Travel Rewards Denial

BronzeTrader — Thu, 19 Oct 2017 23:45:30 GMT

There is really nothing new here. If you are a college age person, like 18 to 22, BA is very cautious and won't approve easily.

If you have a part-time job, bring your W-2, two months of pay statement, go to a local branch. They will reconsider and probably approve you for a new card.

Banks want some proof of income with folks with thin files.

Re: BOA Travel Rewards Denial

Anonymous — Fri, 20 Oct 2017 17:19:45 GMT

Appreciate the input. It looks for now as though my efforts are better focused on growing my credit elsewhere. I've always been hesitant to go with Chase, since they seem to be one of the more sensitive banks, and I'm carefully growing my two Amex cards. Back to the garden for me.

Re: BOA Travel Rewards Denial

BronzeTrader — Fri, 20 Oct 2017 17:38:57 GMT

Most of the banks ask for proof of income of young people. Quite some people fake their income. It is nothing new. Just do not do that and get into credit card troubles.

Re: BOA Travel Rewards Denial

Meanmchine — Sat, 21 Oct 2017 04:11:10 GMT

FYI, all credit bureaus record all your employment history. A casual review of your reports would show that you recently changed your "profession"