topic Re: BofA Premium Rewards decline in Credit Card Applications

BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 16:52:44 GMT

Just thought I would share my experience since this board has been a great help to me. I just applied for the Premium Rewards card and was denied with a 803 Experian, 2% utilization, no negatives, 90k income, and about 20 years of banking history with them (including an Merrill account). I thought I would be a slam dunk, but I guess this card is as hard to get as they have said. Oh well, I didn't need it any way.

Re: BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 16:56:11 GMT

Sorry that the application didn't go in your favor. What were the reasons given for the denial?

Re: BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 16:56:47 GMT

Welcome to the PR denied club!

Re: BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 16:59:32 GMT

I believe it said that I will get a letter. I post an update when I get it.

Re: BofA Premium Rewards decline

CreditCuriosity — Wed, 16 Oct 2019 17:15:36 GMT

Thanks for DP.. Yes a very hard card to get indeed. Have alot of new accounts in the last few years? Solid score, good overall income and a long relationship with them.

Re: BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 17:26:32 GMT

0 new in past 12 months, but I am about 6/24, which might be part of it.

Re: BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 17:49:04 GMT

@Anonymous wrote:
I believe it said that I will get a letter. I post an update when I get it.

Yes, you'll get the adverse action notice in a few days; I assumed you had already received it. Scrolling through your posting history I noticed you mentioned one or two charge offs with BofA a few years ago; do these still appear on your credit report? And even if they don't, BofA will have their internal records so I'm wondering if that could have played a part in the denial.

Re: BofA Premium Rewards decline

CreditCuriosity — Wed, 16 Oct 2019 18:11:23 GMT

@Anonymous wrote:
@Anonymous wrote:
I believe it said that I will get a letter. I post an update when I get it.
Yes, you'll get the adverse action notice in a few days; I assumed you had already received it. Scrolling through your posting history I noticed you mentioned one or two charge offs with BofA a few years ago; do these still appear on your credit report? And even if they don't, BofA will have their internal records so I'm wondering if that could have played a part in the denial.

interesting catch.. be interested if this is the case or the 6/24... guessing the bad prior relationship as browsed his posts just now since you mentioned it and betting that is it. Please keep us informed though when the AA letter comes of reason/reasons. thanks

Re: BofA Premium Rewards decline

Anonymous — Wed, 16 Oct 2019 18:11:09 GMT

I paid them off in full about 3 years ago and they no longer report, but BofA could still have memory of it.

Re: BofA Premium Rewards decline

CreditCuriosity — Wed, 16 Oct 2019 18:12:09 GMT

@Anonymous wrote:
I paid them off in full about 3 years ago and they no longer report, but BofA could still have memory of it.

Oh they certainly have an internal DB of these accounts even if not on report. Still be curious if that is the main reason

Re: BofA Premium Rewards decline

coldfusion — Thu, 17 Oct 2019 01:49:34 GMT

@CreditCuriosity wrote:
@Anonymous wrote:
I paid them off in full about 3 years ago and they no longer report, but BofA could still have memory of it.
Oh they certainly have an internal DB of these accounts even if not on report. Still be curious if that is the main reason

I wonder if OP is a Preferred Rewards client, and if so at which tier.

They have history of me going back to when my account was with BayBank Boston.

Re: BofA Premium Rewards decline

Meanmchine — Thu, 17 Oct 2019 03:53:30 GMT

@coldfusion wrote:
@CreditCuriosity wrote:
@Anonymous wrote:
I paid them off in full about 3 years ago and they no longer report, but BofA could still have memory of it.
Oh they certainly have an internal DB of these accounts even if not on report. Still be curious if that is the main reason
I wonder if OP is a Preferred Rewards client, and if so at which tier.

They have history of me going back to when my account was with BayBank Boston.

Ive had my BoA checking account which goes back to the Nations Bank days. This card is on my wish list too

Re: BofA Premium Rewards decline

Anonymous — Thu, 17 Oct 2019 11:21:14 GMT

What else does BoA want for that card? Not like you can do much better.

Higher income maybe?

Re: BofA Premium Rewards decline

Anonymous — Thu, 17 Oct 2019 14:14:04 GMT

They showed pre-aproval for Bank of America Cash Rewards and I applied and denied. Tried to recon, nope. I submitted a complain with CFPB since I wasted a hard pull and to their credit I was over 5/24. It is getting hard to get approved for churners.

Re: BofA Premium Rewards decline

Anonymous — Thu, 17 Oct 2019 14:42:11 GMT

everyone is saying that there's a new rule, can't have more than 2/12 unless you have a bank acct with them. do you know what report and score version they pulled for you?

i'm gonna app for the CR in a few days. i'm at 3/12 but my third card isn't reporting yet! they'll be able to see the inq for the 3rd and i'm hoping that they won't care about it.

Re: BofA Premium Rewards decline

Aim_High — Thu, 17 Oct 2019 16:13:33 GMT

@Anonymous wrote:
What else does BoA want for that card? Not like you can do much better.
Higher income maybe?

The likely reason was highlighted in message #7 of this thread, previous charge offs.

This is is very much a relationship card, but OP did have banking with them. Except for COs, probably would have been approved with those DPs.

Message #7 link;

https://ficoforums.myfico.com/t5/Credit-Card-Applications/BofA-Premium-Rewards-decline/m-p/5776363#M244643

Re: BofA Premium Rewards decline

coldfusion — Thu, 17 Oct 2019 20:57:59 GMT

@Anonymous wrote:
They showed pre-aproval for Bank of America Cash Rewards and I applied and denied. Tried to recon, nope. I submitted a complain with CFPB since I wasted a hard pull and to their credit I was over 5/24. It is getting hard to get approved for churners.

The CFPB dismisses as frivolous those complaints made simply because one was denied credit when there was no evidence of a violation of any regulations.

BoA gives what are in reality recommendations to apply as well as preapprovals. However, even with valid preapprovals in hand the aggregate odds across US issuers are in the order of 10% that an application based upon a true preapproval will be denied.

Can't blame issuers for cracking down on churners and bonus chasers as they aren't likely going to be profitable clients.

Re: BofA Premium Rewards decline

coldfusion — Thu, 17 Oct 2019 20:59:49 GMT

@Anonymous wrote:
everyone is saying that there's a new rule, can't have more than 2/12 unless you have a bank acct with them. do you know what report and score version they pulled for you?

i'm gonna app for the CR in a few days. i'm at 3/12 but my third card isn't reporting yet! they'll be able to see the inq for the 3rd and i'm hoping that they won't care about it.

I understood it was 3/12 but 7/12 if you have an account.

BoA is not intrinsically sensitive to inquiries; it's profile dependent.

Re: BofA Premium Rewards decline

Anonymous — Thu, 17 Oct 2019 23:07:36 GMT

they're calling it the 3/12 and 7/12 rule, but if you have that many you get denied

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/

Re: BofA Premium Rewards decline

Anonymous — Sat, 19 Oct 2019 22:29:14 GMT

I got the decline letter today. It was the charge offs from early 2012. They were paid in full and no longer on my credit report, but I guess they have a long memory. Oh well, it is probably a good thing since I didn't need the card and I should wait to be under 5/24 for the Chase cards I really want.