topic Re: BankAmericard application under review with BOA in Credit Card Applications

BankAmericard application under review with BOA

Superduper2014 — Fri, 19 Jul 2019 17:54:51 GMT

Girl friend's application for zero fee bal transfer Americard under review.

This was yesterday and today after checking the online status it remains the same.

Any sense for how long these reviews are taking with BOA? Should we call to expedite the process?

We requested a balance transfer in the application, but she needs to know if this will be approved asap so that she can request a bal tr offer from her existing cap one if BOA won't approve her.

Deadline to pay off her balance is August 6th, so just 2 weeks away!

Suggestions appreciated! Thanks

Your application is in review.

"Thanks for choosing Bank of America. We're carefully reviewing your application and need to check a few more things. We appreciate your patience.

You can check back at any time to see if there has been an update on the decision. We'll also send you a letter in the mail after we've completed processing your application. If we have any questions, we'll call you.

We were unable to provide an instant decision on your application, so it’s under additional review by one of our credit analysts. A credit decision is typically made in 10-15 business days. Your application status is updated on a daily basis."

Re: BankAmericard application under review with BOA

FinStar — Fri, 19 Jul 2019 18:19:46 GMT

Pending applications can take up to 10 business days (or longer) depending on the UW review.

Generally, not much that can be done to expedite the process unless it's something that may require verification or other information. Your girlfriend can try reaching out to UW and see whether anything else is needed. Otherwise, it just goes through its motions.

Re: BankAmericard application under review with BOA

Superduper2014 — Fri, 19 Jul 2019 23:30:10 GMT

I understand.

Does this mean that they have not pulled credit yet?

I will have her call, but if they say she has to wait, could we cancel the application or we should give it some time to play out?

This was the 3rd back up plan and it seems like it may not even work if they happen to make her wait and then not approve.

Capital one offers to do a bal transfer, but how long would it take cap one to pay off another lender if you request the balance transfer online? We could wait on BOA until whatever time it takes Cap one in average to pay off another card.

thanks

Re: BankAmericard application under review with BOA

kdm31091 — Sat, 20 Jul 2019 00:11:20 GMT

@Superduper2014 wrote:
I understand.

Does this mean that they have not pulled credit yet?
I will have her call, but if they say she has to wait, could we cancel the application or we should give it some time to play out?

This was the 3rd back up plan and it seems like it may not even work if they happen to make her wait and then not approve.

Capital one offers to do a bal transfer, but how long would it take cap one to pay off another lender if you request the balance transfer online? We could wait on BOA until whatever time it takes Cap one in average to pay off another card.

thanks

The credit pull happens automatically as soon as you submit the application. A human is going to review your application (hence the wait for review) but the credit pull is an automatic thing and happens instantly. There's no way to cancel the application once it is submitted. It has to finish the process whether approved or denied. Even if you could "cancel" it and have it not reviewed, there is no point since the hard pull will remain regardless.

It's not necessarily a bad sign. The application is just in a manual review which can take a week or so in business days. You can call but I always think pushing for a decision rarely works in your favor. If there is no verification or anything needed I would just let it take its course and you'll have the decision soon.

Re: BankAmericard application under review with BOA

ficomember — Sat, 20 Jul 2019 14:44:30 GMT

I’d call them. This happened to my BoA Alaska business card. Called them the agent just had to verify me by asking security questions. Then she transferred me back to reconsideration line and was told it all looked good and expected to receive my card. They probably just need to transfer you to fraud or security department to verify you. This can speed up process instead of waiting around in my opinion. Good luck!

Re: BankAmericard application under review with BOA

CreditInspired — Sat, 20 Jul 2019 16:14:06 GMT

@Superduper2014 wrote:
Girl friend's application for zero fee bal transfer Americard under review.
This was yesterday and today after checking the online status it remains the same.
Any sense for how long these reviews are taking with BOA? Should we call to expedite the process?

We requested a balance transfer in the application, but she needs to know if this will be approved asap so that she can request a bal tr offer from her existing cap one if BOA won't approve her.
Deadline to pay off her balance is August 6th, so just 2 weeks away!

Suggestions appreciated! Thanks

Your application is in review.
"Thanks for choosing Bank of America. We're carefully reviewing your application and need to check a few more things. We appreciate your patience.
You can check back at any time to see if there has been an update on the decision. We'll also send you a letter in the mail after we've completed processing your application. If we have any questions, we'll call you.
We were unable to provide an instant decision on your application, so it’s under additional review by one of our credit analysts. A credit decision is typically made in 10-15 business days. Your application status is updated on a daily basis."

Go ahead and call. You have nothing to lose. Also, even if GF is approved, please know that the BT itself can take up to 2 weeks.

Re: BankAmericard application under review with BOA

Superduper2014 — Sat, 20 Jul 2019 16:24:17 GMT

@ficomember wrote:
I’d call them. This happened to my BoA Alaska business card. Called them the agent just had to verify me by asking security questions. Then she transferred me back to reconsideration line and was told it all looked good and expected to receive my card. They probably just need to transfer you to fraud or security department to verify you. This can speed up process instead of waiting around in my opinion. Good luck!

Yes, thanks for sharing. Will do.

Is there a particular phone number she needs to call to have better chances?

Should we wait until monday?

Re: BankAmericard application under review with BOA

Anonymous — Sat, 20 Jul 2019 17:04:00 GMT

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/td-p/408066

BofA: 866-618-4585 (Sr Credit Analyst) ~corymcdd88

This should be a one stop shop from verifcation to approval as well.

Re: BankAmericard application under review with BOA

Superduper2014 — Sat, 20 Jul 2019 17:09:48 GMT

@Anonymous wrote:
https://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/td-p/408066

BofA: 866-618-4585 (Sr Credit Analyst) ~corymcdd88

This should be a one stop shop from verifcation to approval as well.

Ha! I was just replying to your email.

Thanks for the info on this topic! Appreciate it

Re: BankAmericard application under review with BOA

Anonymous — Sat, 20 Jul 2019 17:34:33 GMT

It's the exact same way with US Bank. Everything with them is manually reviewed. Even CLI's. I've had their Plat card with a $300 limit for five years and bank with them too. I asked in the branch one day why I dont get CLI's and they said I need to request one and handed me a very long form to fill out to request it.

Re: BankAmericard application under review with BOA

Anonymous — Sat, 20 Jul 2019 17:39:18 GMT

@Anonymous wrote:
It's the exact same way with US Bank. Everything with them is manually reviewed. Even CLI's. I've had their Plat card with a $300 limit for five years and bank with them too. I asked in the branch one day why I dont get CLI's and they said I need to request one and handed me a very long form to fill out to request it.

https://www2.usbank.com/cgi_w2/cfm/credit/usb_cards/manage/usb_card_chg_main.cfm?Page=Limit

Re: BankAmericard application under review with BOA

Superduper2014 — Tue, 23 Jul 2019 16:49:56 GMT

UPDATE:

Application denied.

"Unfortunately, we're unable to approve your credit card application at this time.

A letter has been mailed explaining the reasons for our decision which entitles you to a free copy of your credit report.

As a result of our decision, any balance transfer requests included with your credit application will not be processed."

She was not able to call them yesterday, but today I checked the status online and found out it was denied.

Is there any chance to change this outcome by calling them and if so, is there a recon number for BOA?

Her fico scores are 720, no lates, nothing wrong with her reports.

Thanks

Re: BankAmericard application under review with BOA

Anonymous — Tue, 23 Jul 2019 17:03:06 GMT

Depends on the reasons you get on the letter but, you can always call before it arrives.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/td-p/408066

BofA: 800-354-0401 (Recon) - app100

BofA: 866-618-4585 (Sr Credit Analyst) ~corymcdd88 -- I would use this one personally, less run around since they can make decisions on the spot

Re: BankAmericard application under review with BOA

CreditInspired — Tue, 23 Jul 2019 17:49:43 GMT

@Superduper2014 wrote:
UPDATE:
Application denied.
"Unfortunately, we're unable to approve your credit card application at this time.
A letter has been mailed explaining the reasons for our decision which entitles you to a free copy of your credit report.
As a result of our decision, any balance transfer requests included with your credit application will not be processed."

She was not able to call them yesterday, but today I checked the status online and found out it was denied.

Is there any chance to change this outcome by calling them and if so, is there a recon number for BOA?
Her fico scores are 720, no lates, nothing wrong with her reports.

Thanks

Can you provide more DPs:

AAOA

AoYA

UT (aggregate and individually)

# of inquiries in last 6 months, 12 months

Income

3 FICO scores

Re: BankAmericard application under review with BOA

Superduper2014 — Tue, 23 Jul 2019 17:56:47 GMT

@Anonymous wrote:
Depends on the reasons you get on the letter but, you can always call before it arrives.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/td-p/408066

BofA: 800-354-0401 (Recon) - app100
BofA: 866-618-4585 (Sr Credit Analyst) ~corymcdd88 -- I would use this one personally, less run around since they can make decisions on the spot

Alright thanks for the number.
We called the Sr Credit Analyst one and got to talk to someone we could "barely" understand.

They told us she was denied because she had a collection with them for a credit card back in 2008.

We asked if they could reconsider since it has been more than 10 yrs and she has no collections, no hard inquiries in past 2 years, ficos above 720 on all three, good salary etc...

She said ok let me do the reconsideration and asked basic application questions again and had us wait for a few minutes.

Came back and said still no because of 2008 collection. Sounds pretty petty of them since that was so long ago and there is nothing on her current file needs to fall off or anything derogatory.

Not sure if they even pulled another credit report? It was a chore just to make up what the lady was saying so not sure if we should even call back and try another person at this point... bummer. thoughts?

Re: BankAmericard application under review with BOA

Anonymous — Tue, 23 Jul 2019 18:03:17 GMT

2008 or 1908 it's still a collection. They want their money... even beyond SOL they can still deny based on their records. Things can come back to haunt ya if you don't pay them off.

Scores are something, but they're not eveyrthing. Especially when you burned a bank back in the day. There are people that have burned banks 20+ years ago and still can't get approved until they fix it.

Did you know about her collection prior to the denial?

Re: BankAmericard application under review with BOA

Anonymous — Tue, 23 Jul 2019 18:05:04 GMT

They took a loss, it's hardly petty. Some banks are forgiving, others have very long memories.

Re: BankAmericard application under review with BOA

FinStar — Tue, 23 Jul 2019 18:08:12 GMT

Sorry to hear about the outcome on DW's application OP. Unfortunately, calling back will get the same results as notes are usually documented during the reconsideration process.

Re: BankAmericard application under review with BOA

Superduper2014 — Tue, 23 Jul 2019 18:24:20 GMT

If she would have settled for less than what she owed or it would have been sold to a collection agency then, I would have never suggested she applied. It never went to a collection agency, it was never sold to a collector and they didn't take a loss becuase she paid them in full.

At that time we were too ignorant, young and scared during the financial crisis to know you could settle for less than owed.

Because of that I didn't think it would be an issue with them having been over 10 years and the fact they didn't take a loss, plus having such a clean credit report with nothing bad on it to fall, high scores, good salary, etc ..

Oh well, this is a good data point after all.

Now on to plan C and calling it a day on her side.

Will do a bal transfer with Cap one at 2% transfer fee for 12 months. That will give her time to bring the bal down.

Re: BankAmericard application under review with BOA

kdm31091 — Tue, 23 Jul 2019 18:52:34 GMT

As with many banks, recon with BOA is becoming relatively hard. Typically they will just run your application through the system again and without any changes in your credit (i.e. an error being made on the original app), the decision is unlikely to change. They entertain recon requests, but it's not that common to see a denial overturned especially more recently. Repeated calls are highly unlikely to change anything.