topic Re: Officially done with Bank of America in Credit Card Applications

Officially done with Bank of America

vic6string — Wed, 11 Aug 2021 18:12:09 GMT

I'm not usually one to vent here, but B of A has finally pushed the last button. I have had an account with them for about 20 years (checking and savings). They wouldn't give me a credit card after a BK...that's fine. I get that. About 5 years after the BK I get a pre-qualify notice from them. I should have known better, but I applied and got the rejection (due to BK showing...nothing else listed on the rejection letter). Ok, that one is one me. So since then whenever I check the prequal site, I get nothing. My BK just fell off all 3 reports. It's gone. They were not one of the creditors that got burned, nor was any bank that they have merged with in the last decade or so. I try the prequal site and it gives me the card I want. I figure that as a LONG time customer with avg FICO scores around 780-800 and NO MORE BK showing, it should be safe now. Wrong again. At this point I am done with them. Their customer service has always been awful, and it appears that direct deposting 2 paychecks totalling well over $150k yearly for years means nothing to them, so I guess it's time to take my accounts elsewhere. If you read this whole thing, I'm sorry I took a couple of minutes of your time without giving you anything really useful, but I needed to vent somewhere!

Re: Officially done with Bank of America

Jccflat — Wed, 11 Aug 2021 18:41:39 GMT

Thanks for sharing u saved me a inquiry I was thinking to give Bofa a shot in the near future now I won't I did include them

I am over five years bk7 and have over 260k in available credit by now including Citibank that opened the doors for me last week with approval of the costom cash card

but I do remember form the last Bofa was always nasty they close Acct with no notice

Re: Officially done with Bank of America

SoCalGardener — Wed, 11 Aug 2021 19:01:02 GMT

@vic6string wrote:
I'm not usually one to vent here, but B of A has finally pushed the last button. I have had an account with them for about 20 years (checking and savings). They wouldn't give me a credit card after a BK...that's fine. I get that. About 5 years after the BK I get a pre-qualify notice from them. I should have known better, but I applied and got the rejection (due to BK showing...nothing else listed on the rejection letter). Ok, that one is one me. So since then whenever I check the prequal site, I get nothing. My BK just fell off all 3 reports. It's gone. They were not one of the creditors that got burned, nor was any bank that they have merged with in the last decade or so. I try the prequal site and it gives me the card I want. I figure that as a LONG time customer with avg FICO scores around 780-800 and NO MORE BK showing, it should be safe now. Wrong again. At this point I am done with them. Their customer service has always been awful, and it appears that direct deposting 2 paychecks totalling well over $150k yearly for years means nothing to them, so I guess it's time to take my accounts elsewhere. If you read this whole thing, I'm sorry I took a couple of minutes of your time without giving you anything really useful, but I needed to vent somewhere!

Why was it declined? What reason(s) did they list? Are the reasons legitimate?

I've had a 30-year relationship with BofA that couldn't be more diametrically opposed to yours! They've treated me like gold, their CSRs have always been super-helpful and friendly on the phone, and they always thank me for my long-term association with them. When I was hospitalized for six months, they bent the rules and did things for me over the phone that normally must be done in person.

The branch I go to....well, did go to (it just closed permanently due to the pandemic) was extremely good, too. They addressed me by name and were never anything but friendly and helpful. I'm sorry your experience was so different. For me, BofA is it. I get offers weekly from Chase, Citi, and many other banks to open checking/savings/CDs with them, and I just shred them, as I have no interest in leaving BofA. Just goes to show: YMMV.

Re: Officially done with Bank of America

Taurus22 — Wed, 11 Aug 2021 19:05:18 GMT

Sorry about your experience. But the positive thing is.....there are a lot of lenders out there. Just as a FYI, if your income is at that level, CU's often reward you much better in the long term. Might be a consideration for you. Many CU's have much better dividends on checking/savings as well.

Re: Officially done with Bank of America

CreditCuriosity — Wed, 11 Aug 2021 19:19:06 GMT

Have you been opening alot of accounts recently being CC accounts? would also like to know the reason you can call UW and find out or wait for the letter. I only have about 7kish parked in a Merrill account and have both personal/business card with them, granted never a BK. Would like to know the reasons as well as never had an issue with them also pre-qualified with solid aprs on all their cards now as well, but cannot apply due to house being built as would love to get the premium rewards bonus.

Re: Officially done with Bank of America

Trini88 — Wed, 11 Aug 2021 19:51:20 GMT

I absolutely get it. My credit report is completely clean, all credit scores in the 750s, been a customer with them over 15years and the only card they would give me was their secured Americard lmao.

Re: Officially done with Bank of America

AverageJoesCredit — Wed, 11 Aug 2021 20:40:44 GMT

@vic6string wrote:
I'm not usually one to vent here, but B of A has finally pushed the last button. I have had an account with them for about 20 years (checking and savings). They wouldn't give me a credit card after a BK...that's fine. I get that. About 5 years after the BK I get a pre-qualify notice from them. I should have known better, but I applied and got the rejection (due to BK showing...nothing else listed on the rejection letter). Ok, that one is one me. So since then whenever I check the prequal site, I get nothing. My BK just fell off all 3 reports. It's gone. They were not one of the creditors that got burned, nor was any bank that they have merged with in the last decade or so. I try the prequal site and it gives me the card I want. I figure that as a LONG time customer with avg FICO scores around 780-800 and NO MORE BK showing, it should be safe now. Wrong again. At this point I am done with them. Their customer service has always been awful, and it appears that direct deposting 2 paychecks totalling well over $150k yearly for years means nothing to them, so I guess it's time to take my accounts elsewhere. If you read this whole thing, I'm sorry I took a couple of minutes of your time without giving you anything really useful, but I needed to vent somewhere!

I think your biggest problem here is trying to rely on a Boa prequal site that is notoriously useless. No one can judge where they stand based off it. If you like cash back they'll recommend their cashback, like travel, their travel card. Its like aaking for apples only to find out they serve oranges

Re: Officially done with Bank of America

Yasselife — Wed, 11 Aug 2021 21:59:16 GMT

@vic6string I wouldn't take it personal if I were you, I can understand the emotion but it's always best to base our decisions on cold logic. BankOfAmerica is a great bank and eventually you'll get its cards which they're also great.
Stay positive.

Re: Officially done with Bank of America

SoCalGardener — Wed, 11 Aug 2021 22:12:48 GMT

@Trini88 wrote:
I absolutely get it. My credit report is completely clean, all credit scores in the 750s, been a customer with them over 15years and the only card they would give me was their secured Americard lmao.

Why? What reason(s) did they give you for declining a regular card? (I'm assuming they did--otherwise, how would you know that secured was your only option?) Were the reasons valid? Saying your credit report is "completely clean" doesn't tell the whole story--what about your utilization percentages, both on individual cards and overall? And what's your debt-to-income ratio? Had you applied for a lot of cards when you were declined? And so on....

Re: Officially done with Bank of America

Horseshoez — Wed, 11 Aug 2021 22:33:12 GMT

@vic6string wrote:
I'm not usually one to vent here, but B of A has finally pushed the last button. I have had an account with them for about 20 years (checking and savings). They wouldn't give me a credit card after a BK...that's fine. I get that. About 5 years after the BK I get a pre-qualify notice from them. I should have known better, but I applied and got the rejection (due to BK showing...nothing else listed on the rejection letter). Ok, that one is one me. So since then whenever I check the prequal site, I get nothing. My BK just fell off all 3 reports. It's gone. They were not one of the creditors that got burned, nor was any bank that they have merged with in the last decade or so. I try the prequal site and it gives me the card I want. I figure that as a LONG time customer with avg FICO scores around 780-800 and NO MORE BK showing, it should be safe now. Wrong again. At this point I am done with them. Their customer service has always been awful, and it appears that direct deposting 2 paychecks totalling well over $150k yearly for years means nothing to them, so I guess it's time to take my accounts elsewhere. If you read this whole thing, I'm sorry I took a couple of minutes of your time without giving you anything really useful, but I needed to vent somewhere!

Last year my profile was very similar to yours with the exception of the fact my Chapter 13 had just been discharged a few months earlier; BofA declined my application for a secured credit card, and upon appeal, declined again. Needless to say, I am no longer a BofA customer.

Re: Officially done with Bank of America

Mr_Mojo_Risin — Wed, 11 Aug 2021 22:49:41 GMT

Where else would you rant about a bank or credit card if not myFICO lol.

Seriously though, I appreciate your post, I like to read everyone's experiences with all banks/lenders.

Your post can be useful.

Re: Officially done with Bank of America

vic6string — Wed, 11 Aug 2021 23:16:39 GMT

@CreditCuriosity wrote:
Have you been opening alot of accounts recently being CC accounts? would also like to know the reason you can call UW and find out or wait for the letter. I only have about 7kish parked in a Merrill account and have both personal/business card with them, granted never a BK. Would like to know the reasons as well as never had an issue with them also pre-qualified with solid aprs on all their cards now as well, but cannot apply due to house being built as would love to get the premium rewards bonus.

Only one new account in the last couple of years...about 6 or 7 months ago. I really don't feel like calling to ask, so I will wait for the letter, but the last time I applied the only reason listed was the BK, and my profile has only gotten better since then with the BK no longer showing.

Re: Officially done with Bank of America

vic6string — Wed, 11 Aug 2021 23:20:41 GMT

@Yasselife wrote:
@vic6string I wouldn't take it personal if I were you, I can understand the emotion but it's always best to base our decisions on cold logic. BankOfAmerica is a great bank and eventually you'll get its cards which they're also great.
Stay positive.

I figured it was "cold logic" that the previous rejection wa based on the BK that no longer exists, and the pre-qual no longer says "there is nothing, but try this", it actually says "try this". Recieving two emails from them pitching the card within days of the BK dropping off my reports also seemed like a good sign seeing as I never get cold emails from them.

Re: Officially done with Bank of America

tempelhof1 — Wed, 11 Aug 2021 23:28:32 GMT

Don't feel too bad. There are other banks out there. I know what you are going through as well. I did burn FBNA? in BK while I was employed with BofA in 2013. I tried for years to get a card while working there and while working at Merrill. Always shot down! Even as an employee!

One of the reps even had the nerve to tell me on when I asked for recon that me paying off my car lease early and turning it in was a negative since the credit report showed that it was paid off before the lease ended, LOL! That was the final straw.

Re: Officially done with Bank of America

barca — Wed, 11 Aug 2021 23:42:12 GMT

@vic6string - don't take it personal .

this banking stuff is like rolling a dice. Some banks will like you, some will love you and some will hate you.

I burnt BOA over 30K during the last recession. (student loan about 20k was forgiven, auto loan was settled for less, burnt a couple of cards.)

Yet, BOA treat me like a rock star...

cash card = $99, 900 credit line

auto loan = 65K

thank you for been a customer since 2005 is how they greet me like a king.

I burnt discover for like 11K.

Discover refuse to increase my credit line above 5K

they even refuse to prequalify me for personal loan ("status of previous credit card statement blah blah blah)

As an aside, the BOA prequalification is solid if you are an existing customer.

How do I know?

if I freeze my credit report and I click on the "terms and conditions" I get APR range.
if I unfreeze my credit report and I click on the "terms and condtions", I get a solid APR

Re: Officially done with Bank of America

Yasselife — Wed, 11 Aug 2021 23:50:13 GMT

@tempelhof1 You could also see it from their perspective; even though you had a BK, BanfOfAmerica hired you as an employee.

Re: Officially done with Bank of America

Trini88 — Thu, 12 Aug 2021 00:28:26 GMT

Let's see. They were the 1st ever card I tried to apply for, obviously denied for not having any credit history even though at the time I was with them 13 years. Tried a year later, denied for having too little accounts. My 3rd denial was something along the lines about my relationship with them which I didn't get....I had 15 years with them, said forget it and applied and got the secured card easily. I always pay in full, I have no negatives, I didn't even have a car so no debt to income ratio used, nothing. The denials were never about too many accounts and never about too many inquiries. It was 1st no history, 2nd too little accounts, 3rd something about my relationship with them. Side note and I have never in my life overdrawn my account with them, owed them, nothing, I saw that I could convert the Americard into a cash rewards later down the line so I settled. I even spoke to a rep last month about early graduation with my card and the rep noted my stellar history with them but nope, denied, I was a month early.

Re: Officially done with Bank of America

tempelhof1 — Thu, 12 Aug 2021 00:50:39 GMT

They hired me before to my BK filing. They did keep my employed. I made great friends there who I still keep in touch with today.

Re: Officially done with Bank of America

GatorGuy — Thu, 12 Aug 2021 16:16:49 GMT

Thanks for sharing your experiences. I have no relationship with BOA but they were high on my list for future apps and expanding into.

They have some interesting cards that may be useful to me but the main thing has been needing to transfer $100k into a brokerage account to maximize their rewards.

Re: Officially done with Bank of America

SoCalGardener — Thu, 12 Aug 2021 16:22:45 GMT

@GatorGuy wrote:
Thanks for sharing your experiences. I have no relationship with BOA but they were high on my list for future apps and expanding into.

They have some interesting cards that may be useful to me but the main thing has been needing to transfer $100k into a brokerage account to maximize their rewards.

I had a Merrill Lynch account through them for many years, and highly recommend it.

FWIW, BofA has been in my family for generations, and I can't think of a single instance where anyone was unhappy with them. I realize we all have different experiences, and the people posting about how awful BofA is certainly have the right to their own opinion, but in five generations of my family, spanning coast-to-coast, we've all been perfectly happy with it and never left.