topic Re: BofA Constant Denials in Credit Card Applications

CLI DENIAL BOFA

Mike1014805 — Sun, 14 Aug 2022 17:29:14 GMT

I've had my BofA Cash Rewards card for 9 years now. Opened it in 2013 right after I got out of college. Got approved for 500 dollars and increased it to 2000 within 6 months of opening it. However, 9 years later and I'm still stuck at 2,000.

Since then I've opened the following cards (w/limits included)

- Amex Blue Cash: $15,000

- Capital One Venture: $7,500

- Costco Anywhere Visa: $5,600

- JetBlue: $5,000

- Chase Amazon: $3,500

- Discover 5%: $3,000

- Kohls: $2,500

- Chase Freedom: $2,000

- Dell Financial: (oldest credit): $1,500

- Target: $1,200

- Discover It: $1,000

I'm sick of bank of america and their fees to begin with. And 6 of those cards I've gotten approved for in the last 12 months.

I've been asking for credit line increases every 6 months, and the reason is always the same: "there is a delinquency on your report that is either too new or unkown." And I've called a few times to talk to someone. They say that they don't control what the credit agencies report. However, bank of america is the only one who sites this as being a reason.

Anyway:

1. Is it worth closing the account? I know it'll drop my available credit, but not by much...

2. Has anyone else experienced this with them saying something similar about their credit reports?

3. Is there a work around for this with bofa, because I don't want to bank with a company that doesn't trust me.

Re: CLI DENIAL BOFA

coldfusion — Sun, 14 Aug 2022 17:40:53 GMT

Is there a delinquency on your report?

If you aren't happy with them don't be shy about closing the account. Too many decent cards out there to feel beholden to an issuer you believe doesn't value you.

Re: CLI DENIAL BOFA

Mike1014805 — Sun, 14 Aug 2022 18:01:00 GMT

@coldfusion wrote:
Is there a delinquency on your report?

If you aren't happy with them don't be shy about closing the account. Too many decent cards out there to feel beholden to an issuer you believe doesn't value you.

Not that I know of. The fact that I got approved for 8 new cards in only 12 months proves the opposite of what BofA is saying. I'm just worried about how closing a 9 year old card might affect my credit length history.

Re: CLI DENIAL BOFA

arifjk — Sun, 14 Aug 2022 19:24:20 GMT

If you don't want to keep BofA, you can close it. The age will not matter for the next 10 years. Once you close it, wait until the number of inquiries and new accounts reporting to the CRA go down and age first. Then apply BofA again, with low number of inquiries and better AAoA, they will give you a better SL. That's what happened to me.

Re: CLI DENIAL BOFA

OmarGB9 — Sun, 14 Aug 2022 22:52:47 GMT

@Mike1014805 wrote:
@coldfusion wrote:
Is there a delinquency on your report?

If you aren't happy with them don't be shy about closing the account. Too many decent cards out there to feel beholden to an issuer you believe doesn't value you.
Not that I know of. The fact that I got approved for 8 new cards in only 12 months proves the opposite of what BofA is saying. I'm just worried about how closing a 9 year old card might affect my credit length history.

Don't worry about age. It'll continue to report for up to 10 years, so feel free to close. The only thing that may affect you is the loss of $2k in available credit, but that's only if you have high utilization on other cards. If that's not the case, then you'll be fine.

Re: CLI DENIAL BOFA

AndySoCal — Mon, 15 Aug 2022 02:36:40 GMT

@Mike1014805 I would ask B of A for a copy of the credit report that they used for the CLI or which credit bureau was used. If they wont supply the credit report get it from Annualcreditreport.com. See if you can find what the derogatory account is. Also, if you close you banking relationship with B of A I would research what bank or credit union would better serve your banking needs before closing the account. I suggest a credit union or an internet bank because they tend to be are less fee happy.

Re: CLI DENIAL BOFA

coldfusion — Mon, 15 Aug 2022 07:45:18 GMT

@AndySoCal wrote:
@Mike1014805 I would ask B of A for a copy of the credit report that they used for the CLI or which credit bureau was used. If they wont supply the credit report get it from Annualcreditreport.com. See if you can find what the derogatory account is. Also, if you close you banking relationship with B of A I would research what bank or credit union would better serve your banking needs before closing the account. I suggest a credit union or an internet bank because they tend to be are less fee happy.

The issuer doesn't provide copies of the credit report, they only tell you which CRA they pulled the report from that was used to make the credit decision. You'd be entitled to get a free copy of your consumer report directly from the CRA due to the adverse action (i.e. the denial of credit based on information in the credit report).

Re: CLI DENIAL BOFA

GatorGuy — Mon, 15 Aug 2022 17:46:44 GMT

You say nothing about whether that there is actually a deliquency on your report.

How much do you use the card?

Whenever a lender denies you for credit they are required to give you *a* reason for denial and it may not be the only reason. I have no personal experience with BOA but if you aren't using the card much then they may not want to extend further credit.

Also, all those new accounts can make it look like you are a credit risk seeking out so much new credit. Sometimes that hurts rather than helps.

Re: CLI DENIAL BOFA

Mike1014805 — Mon, 15 Aug 2022 18:54:11 GMT

@GatorGuy wrote:
You say nothing about whether that there is actually a deliquency on your report.

How much do you use the card?

Whenever a lender denies you for credit they are required to give you *a* reason for denial and it may not be the only reason. I have no personal experience with BOA but if you aren't using the card much then they may not want to extend further credit.

Also, all those new accounts can make it look like you are a credit risk seeking out so much new credit. Sometimes that hurts rather than helps.

I have no delinquencies on my report. I've been approved for 8 new accounts within the last 12 months alone. Some with pretty decent limits, seeing as I went from having no credit available, to a decent amount. I've had no issues getting CLIs on my new accounts either. For example, I got a $1,500 limit increase on my Costco Visa Card after having it for only 2 months. Same with Amex, they increased my limit from $5,000 to $15,000 after 90 days. Both accounts I opened in April of this year (2022).

As for BofA, I've tried everything: carrying a balance and paying it off, paying it off in full, using it heavily, using it sparingly, not using for a few months and then using it. I've called BofA and asked what this delinquency is and they can't answer me, it just says that's the main reason for a denial. I've been getting the same reason for denial by the way, since about 2016. I've already decided to cancel the card because $2,000 in loss of credit won't do anything really.

Re: CLI DENIAL BOFA

lowspender — Wed, 17 Aug 2022 04:34:26 GMT

@Mike1014805 wrote:
I've been asking for credit line increases every 6 months, and the reason is always the same: "there is a delinquency on your report that is either too new or unkown."

Definitely seems to be confusion on BoA's end with your reports- they increased my limit after a year with them- was it always 6 months in-between, never 3? Some people have to wait longer, not many dp's on why, exactly. Not sure myself whether your denial restarts your cli clock, or if must only complete. E.g- apply for cli and be denied, try again in 3 months, then again in 3 months- if you had to wait 6 months to be approved, does this satisfy that, or have you reset your counter twice? Is that not something you experimented with, the last 9 yrs? I agree, very long time to not have a limit increase, healthy to move on and try again with them later.

Re: CLI DENIAL BOFA

coldfusion — Wed, 17 Aug 2022 08:06:21 GMT

While it doesn't explain the 6 years worth of denials BoA's adoption of the 2/3/4 and more recently the 3/12+7/12 rules does show they've trended toward a more overt sensitivity to new accounts.

BofA Constant Denials

Mike1014805 — Fri, 26 Aug 2022 00:39:58 GMT

So I mentioned this about 2 weeks, so I apologize in advanced for the redundency. I was trying to find a way to delete or edit the post location on this site. But I can't figure out how to, or if it's possible. Anyway, I decided to post in the General Credit Card Forum area on here. I was curious about a few things, and will include as much information as possible.

So I opened my Bank of America Custom Cash Rewards Card back in 2013 right after I graduated from college. I got approved for $1,000 and then 6ish months later I got an increase to $2,000. Not a bad increase for someone who had no credit history prior. Well, I've been STUCK at this limit now for 9 years. Fast forward to 2021/2022 and in the last 10 months or so I went an app spree and got approved for 8 new credit cards. Along with decent credit increases as well.

Here is a list of all of my credit cards, their ages and limits

DELL FINANCIAL SERVICES | 10 yrs | $1500
KOHLS DEPARTMENT STORE | 9 yrs | $3000 (started out w/$300)
BANK OF AMERICA | 9 yrs | $2000
DISCOVER CASH BACK | 3 yrs, 10 mos | $3000 (started w/$200 deposit then graduated to $3000)
CAPITAL ONE VENTURE | 10 mos | $7500 (started w/$5,00 then got 2 increases in 4 months)
AMAZON VISA | 10 mos | $3300
TARGET CREDIT | 8 mos | $1200
BARCLAYS JETBLUE+ | 8 mos | $5,000 (started with $2,000)
AMERICAN EXPRESS | 6 mos | $15,000 (started w/$5,000)
CHASE FREEDOM UNLIMITED | 5 mos | $2,000 (started w/$1,300 got increase at 2 months)
DISCOVER BANK | 5 mos | $1,000
COSTCO VISA | 5 mos | $5600 (started w/$4,100 got increase at 2 months)

Here's my issue/why I mentioned my entire credit history (and specifically want you to focus on the last 10 months or so). I have applied for a CLI request from BofA for the last 9 years, and I'm always getting denied. And it's always the SAME reason, "Your credit report shows one or more delinquency that is either too current or unknown. Based on the information from your report, we are unable to approve your request." When I've asked what delinquencies they're talking about, they tell they aren't able to say over the phone. And when I ask for a copy, they tell me I can request a copy of my credit report for free from Transunion or https://www.annualcreditreport.com. So I am at a loss now with this bank. It's especially frustrating because other major banks have all approved me for cards (w/decent limits) so I know whatever Bank of America is telling me isn't true.

I've even tried the following things when requesting an increase:

Wait 6 months and try again
Carry a balance and pay it off immediately
Carry a high balance month to month
Carry no balance at all
Not use the card for a month or two
Call Customer Service/Speak w/reconsideration department
Ask to see if I have an upgrade offer to a new card
Request a copy/explanation of my credit report for this "delinquency"
Explained that I've gotten 8 new accounts w/much higher limits

I'm at a point where I just want to close my account. It's one of my oldest accounts, but I don't plan to open any new cards in the near future. I have all the cards I need/want right now. I'm just tired of feeling like Bank of America doesn't trust me.

So here is my "tl/dr" option for you:

After being a loyal member for so long with BofA and stuck at $2,000 for 9 years now. Should I:

Close my account and let my Credit Age drop?
Sock draw it permanently and just let it close on its own?
Use it for a miscellaneous purchase card, like coffee or takeout?
Keep trying for an increase every 90/180 days?
Close the card and apply for a new one in 3 months after I do?
Close all accounts and walk away from Bank of America at this point?

Re: BofA Constant Denials

AndySoCal — Fri, 26 Aug 2022 01:53:55 GMT

@Mike1014805

You need to get the credit report from Trans Union. Review the credit report to make sure nothing on the credit report is derogatory. I would leave the Bank of America account alone. I posted the same advice on your other post on the forum.

Re: BofA Constant Denials

Remedios — Fri, 26 Aug 2022 02:09:46 GMT

Nearly identical threads have been merged.

Please avoid cross-posting, instead any additional pertinent info can be added to the existing thread

Re: BofA Constant Denials

xenon3030 — Fri, 26 Aug 2022 05:02:27 GMT

It is better to check your credit report and Fico8 scores across three bureaus and do self-assessment (Discover provides monthly Fico8 from TU). Without providing details, I am not sure how the poeple can guide you to solve the issue. Do you carry high balance? What is the DTI ratio? How many new inquiries do you have?