topic Re: Check out page two! More BS reasons. in Credit Card Applications

BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 12:51:36 GMT

BOA turned down my friend because he was, "enrolled in a consumer credit counselling service..." They reference Experian but no where on his report is anything about it. What can be done? BTW his FICO 8 score is 810! He should be golden. Where are they pulling this from and how do I block it? It's not even accurate.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 13:29:51 GMT

I would have your friend contact Bank of America to have them reconsider his application.

This is certainly strange because even if your friend were in credit counseling program, it would not show up on his credit report.

To be safe, I would have your friend pull up his credit reports from annualcreditreport.com.

Keep us posted.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 14:48:13 GMT

Like I said. I pulled them and there's no metion of credit conselling.

@Anonymous wrote:
I would have your friend contact Bank of America to have them reconsider his application.

This is certainly strange because even if your friend were in credit counseling program, it would not show up on his credit report.

To be safe, I would have your friend pull up his credit reports from annualcreditreport.com.

Keep us posted.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 14:54:11 GMT

@Anonymous wrote:
Like I said. I pulled them and there's no metion of credit conselling.
@Anonymous wrote:
I would have your friend contact Bank of America to have them reconsider his application.

This is certainly strange because even if your friend were in credit counseling program, it would not show up on his credit report.

To be safe, I would have your friend pull up his credit reports from annualcreditreport.com.

Keep us posted.

Have BOA reconsider his application. Does he have any other accounts with BOA? What is his credit like? Scores are not everything to lenders.

Re: BOA declines a 810 credit score! What to do?

mattmyFIC0 — Thu, 02 Aug 2018 14:54:56 GMT

If your friend was enrolled in credit counseling program and BofA was included they will probably still have a record of that in their internal records even if it is gone from your friends reports.

I doubt the reason came out of nowhere...

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 14:56:05 GMT

@mattmyFIC0 wrote:
If your friend was enrolled in credit counseling program and BofA was included they will probably still have a record of that in their internal records even if it is gone from your friends reports.

I doubt the reason came out of nowhere...

I agree with you here. I was suspecting the same but was afraid to inquire.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 17:19:46 GMT

I would still request a recon, depending on how long ago the credit counseling program was completed. I'm pretty sure that, like most other derogatories other than BK, it should fall off the reports after 7 years, which isn't "recent" or "current" by any reasonable standard. Also, re-analyze the credit reports closely to look for any other derogatories. While score isn't everything, with a 810 score, there shouldn't usually be that much in the way of derogs to hold back the overall profile.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 17:25:28 GMT

If you look at the wording of the letter it hints that it could be for idecript reasons like "economic trends." He's on some sort of black list and it's not showing on the reports. I've never seen this before. Is there a better place to post this to?

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 17:26:37 GMT

We were getting ready for an app spree. Can't do that now.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 17:29:14 GMT

He never did a conselling program BTW. All he remebers is something was written off due to fraud. That's all.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Thu, 02 Aug 2018 17:41:29 GMT

He has two BOA accounts and never had any issues with them.

Re: BOA declines a 810 credit score! What to do?

coldfusion — Sat, 04 Aug 2018 00:23:20 GMT

@Anonymous wrote:
BOA turned down my friend because he was, "enrolled in a consumer credit counselling service..." They reference Experian but no where on his report is anything about it. What can be done? BTW his FICO 8 score is 810! He should be golden. Where are they pulling this from and how do I block it? It's not even accurate.

Did your friend get a complete hard copy of his credit report mailed to him directly from Experian?

Have your friend request hard copies of their LexisNexis and ARS consumer reports as well as their individual TU, EQ, and Innovis credit reports mailed out. They want hard copies of the individual reports and NOT a consolidated report.

In the meantime while waiting for the reports, have them recon with BoA. It should take about 10-14 business days to get all the reports in the mail.

If there are errors in the reports, start disputing.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Sat, 04 Aug 2018 00:27:52 GMT

If your friend already has two accounts with Bank of America then they would have a very extensive profile of him/her, including items that would not appear on a credit report. The mistake you're making is assuming that banks only consider credit scores but they look at much more than that.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Sat, 04 Aug 2018 17:26:44 GMT

@AnonymousAlso, re-analyze the credit reports closely to look for any other derogatories. While score isn't everything, with a 810 score, there shouldn't usually be that much in the way of derogs to hold back the overall profile.

A profile capable of producing an 810 FICO 8 score is not going to contain derogs.

As Maized suggested above, this is a great example of score always being secondary to actual data. Two identical scores can come from two completely data sets that are viewed as being dramatically different.

Re: BOA declines a 810 credit score! What to do?

woodyman100 — Sat, 04 Aug 2018 21:35:01 GMT

Google “list of credit reporting bureaus”

When you’ve done that, sit back, relax and take a deep breath because “they” know EVERYTHING.

I have frozen everything that I think I can freeze and info still pops up during verifications that astounds me!

Re: BOA declines a 810 credit score! What to do?

AverageJoesCredit — Sat, 04 Aug 2018 22:07:29 GMT

Also of note not everyone's score is treated the same. If I had an 810, I'm pretty sure someone like Woody or Gmood's 810 would beat mine everyday of the week and twice on Sunday due to other factors like income , file thickness ,etc.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Sun, 05 Aug 2018 08:48:17 GMT

That's exactly right. It's been documented on this forum that people with 2 years of credit history (AoOA 2 years) and just 4-5 total accounts have been able to achieve 800+ scores. Contrast that with someone who has 20 years of credit history, 20 accounts, etc. that has an identical 800+ score and you can see the glaring difference between profiles that isn't evident when looking at score alone.

Re: BOA declines a 810 credit score! What to do?

Anonymous — Sun, 05 Aug 2018 12:26:21 GMT

@Anonymous wrote:
BOA turned down my friend because he was, "enrolled in a consumer credit counselling service..." They reference Experian but no where on his report is anything about it. What can be done? BTW his FICO 8 score is 810! He should be golden. Where are they pulling this from and how do I block it? It's not even accurate.

As someone who has a >25 year banking relationship with BofA,

if your friend has an 810 FICO and two BofA accounts in good

standing but BofA still declines him for a Platinum Plus Mastercard,

then what BofA is telling your friend is they no longer want his business.

I went thru a similar BofA situation. I don't have an 810 FICO, but I did

apply for a BofA secured card and instructed them to withdraw the money

from my BofA checking account upon approval. I have literally deposited

hundreds of thousands of dollars of my own money into my BofA account.

But I was still declined even though I'd be giving BofA my money to eliminate their

risk. I've already done a reconsideration. No dice. So instead of banging my head

against BofA's wall, I'll be calling USAA first thing tomorrow morning.

To paraphrase Maya Angelou: When someone shows you who they

really are, believe them. So what should your friend do? Just move on.

The best way for your friend to get BofA's attention is for him to get a

Pen Fed Amex Pathfinder card, for example. There's no need for him

to beat his head against BofA's wall when there's so much money on

the other side of that wall waiting for him to scoop up. BofA isn't worth

the aggravation or your friend wasting his time. Banks don't understand

English. They understand money. So your friend should take his money

(and his time) to wherever they are best treated. Obviously, it's not BofA...

Re: BOA declines a 810 credit score! What to do?

Anonymous — Sun, 05 Aug 2018 18:01:55 GMT

They like BOA because he gets zero interest zero transfer fees. I find that hard to believe however. We'll call Monday.

Re: BOA declines a 810 credit score! What to do?

AverageJoesCredit — Sun, 05 Aug 2018 18:06:04 GMT

How are they getting $0 bt fees , Boa are usually 3% , unless its targeted?