topic Re: Denied BoA Unlimited Cash Rewards + Secured Card in Credit Card Applications

Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Fri, 06 Jan 2023 19:48:15 GMT

After reading a thread about a BoA approval, I went onto their website last night. I found they have a pre-qualification page so I used that to see if they have anything for me. Their Unlimited Cash Rewards card came up so I applied and was declinded. That's okay though. I was more surprised that the card came up as something I'd possibly be approved for over being declined for it. Then I applied for their secured card. I read it can graduate in 5-7 months so it would be worth putting up $5K for a short amount of time to come out on the other side with that limit or higher. Nope, that was declined too. I only took one hit on my EX report for those two apps.

I was thinking maybe doing the two apps so close to eachother caused the secured card to be declined so I tried giving them a call this morning. That was interesting! I kept going round and round with the automated messages because I don't have any accounts there. I tried two numbers/departments and multiple options. No way to get to a person without an account. At least none that I found. So, I stopped by a local branch while I was out. They said they wouldn't be able to see why the application was declined. The rep told me to wait to see what the letter says and there may be info about following up with them.

I'm fine if I don't get it but after reading multiple threads here, I thought I'd at least get the secured card. Oh, and can someone put a lock on the garden gate so I stay in there?

Re: Denied BoA Unlimited Cash Rewards + Secured Card

FinStar — Fri, 06 Jan 2023 20:28:13 GMT

@masscredit wrote:
After reading a thread about a BoA approval, I went onto their website last night. I found they have a pre-qualification page so I used that to see if they have anything for me. Their Unlimited Cash Rewards card came up so I applied and was declinded. That's okay though. I was more surprised that the card came up as something I'd possibly be approved for over being declined for it. Then I applied for their secured card. I read it can graduate in 5-7 months so it would be worth putting up $5K for a short amount of time to come out on the other side with that limit or higher. Nope, that was declined too. I only took one hit on my EX report for those two apps.

I was thinking maybe doing the two apps so close to eachother caused the secured card to be declined so I tried giving them a call this morning. That was interesting! I kept going round and round with the automated messages because I don't have any accounts there. I tried two numbers/departments and multiple options. No way to get to a person without an account. At least none that I found. So, I stopped by a local branch while I was out. They said they wouldn't be able to see why the application was declined. The rep told me to wait to see what the letter says and there may be info about following up with them.

I'm fine if I don't get it but after reading multiple threads here, I thought I'd at least get the secured card. Oh, and can someone put a lock on the garden gate so I stay in there?

BoA does not have a pre-qualification or pre-approved portal that would function in the same way as Chase, FNBO, etc. It's a CC recommendation portal, nothing else.

Sounds like you fell for their 'recommendations trap'. In the past, anyone could input things like Kitty Da Fluffens and get several card recommendations for Ms Fluffens.

As far as the garden of paradise, if your recent BK situation wasn't a lesson to be learned so that past habits don't place you back in the same boat, I dunno what is. Sure, a fresh start is always about new beginnings and forging a new financial journey depending on where you are in life. If you're about collecting cards again, then that's your own decision, but you also need to temper expectations and decide how risky or aggressive your approach to rebuilding will be going forward.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Fri, 06 Jan 2023 20:43:35 GMT

@FinStar wrote:
As far as the garden of paradise, if your recent BK situation wasn't a lesson to be learned so that past habits don't place you back in the same boat, I dunno what is. Sure, a fresh start is always about new beginnings and forging a new financial journey depending on where you are in life. If you're about collecting cards again, then that's your own decision, but you also need to temper expectations and decide how risky or aggressive your approach to rebuilding will be going forward.

I'm just working on getting some decent cards under my belt. Preferably unsecured or solid secured cards that will graduate (why I was looking at BoA). My TD Bank card graduated last month and I'm thinking about getting out of my other secured cards soon. I live by not buying things unless I have the money for it and AZEO. I figure one more good card then let it ride. And if I have to start with it being secured then I'll go that route. I think I'm doing pretty good so far. Kind of aggressive but it's been working. This was my first denial.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

FireMedic1 — Fri, 06 Jan 2023 22:56:07 GMT

Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Fri, 06 Jan 2023 23:19:52 GMT

@FireMedic1 wrote:
Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.

Yeah, I know you're right. I have more than enough cards as a good foundation for my rebuild. But I'm still surprised I was declined for their secured card.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

FinStar — Fri, 06 Jan 2023 23:34:51 GMT

@masscredit wrote:
@FireMedic1 wrote:
Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.
Yeah, I know you're right. I have more than enough cards as a good foundation for my rebuild. But I'm still surprised I was declined for their secured card.

I'm fairly certain they'll provide you with the reason(s) and perhaps you can share them with the community so others can learn from your experience.

An item to keep in mind, regardless if a financial institution offers a secured type of product whether building/rebuilding, it's still subject to each financial institution's UW criteria, regardless if you have the funds to secure the card. FIs of any size still take losses on secured products which is why some institutions can be selective even if going the secured route. Folks have reportedly been denied for secured cards from Discover, US Bank, ELAN, Citi, etc.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Sat, 07 Jan 2023 15:53:48 GMT

@FinStar wrote:

I'm fairly certain they'll provide you with the reason(s) and perhaps you can share them with the community so others can learn from your experience.

An item to keep in mind, regardless if a financial institution offers a secured type of product whether building/rebuilding, it's still subject to each financial institution's UW criteria, regardless if you have the funds to secure the card. FIs of any size still take losses on secured products which is why some institutions can be selective even if going the secured route. Folks have reportedly been denied for secured cards from Discover, US Bank, ELAN, Citi, etc.

I'll definately post the reasons they provide and will probably follow up with them if the door is cracked open a little. I've read good things about BoA and wouldn't mind starting a relationship with them.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

Horseshoez — Sat, 07 Jan 2023 23:36:06 GMT

My post-Chapter 13 discharge situation with BofA was kinda-sorta the same.

When my discharge came through I waited six weeks or so for the dust to settle, and applied for a BofA secured credit card, denied, I appealed, and got denied again. What really irked me was both times the denial reasons came back claiming I was A) "About to file for bankruptcy", and B) I'd applied for one of their "Premium Rewards" credit cards.

Needless to say, the second denial was the last straw; I closed all eight of our accounts and moved them across the street (literally) to a TDBank branch; TD was not only happy to have our new business, but they also happily approved me for one of their secured cards with a $5,000 limit; in the 30(ish) months since I got that TDCash card it graduated to unsecured after 6-months and has since grown to a limit of $11,500. In my case, I'm glad BofA is in the rearview mirror.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

Jeffster1 — Sun, 08 Jan 2023 03:10:33 GMT

@masscredit wrote:
@FireMedic1 wrote:
Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.
Yeah, I know you're right. I have more than enough cards as a good foundation for my rebuild. But I'm still surprised I was declined for their secured card.

@masscredit I completely understand what you were trying to do. It's risky and not everyone will agree with it, but it could bring rewards.

The day after my DC, I received an invite for the OLLO Rewards Visa. I took it. Within a few days I was pre-approved for Cap One Platinum. And a few days after that, approved for the (now discontinued) Jasper MC. I had never considered a secured card but read about the the BofA CCR Secured. I applied and got it just under 2 months post-DC. I already had a relationship with BofA dating back 17 years but had closed my accounts there in 2013 to consolidate at WF. Before my BK filing, I had re-opened checking and savings at BofA. 3.5 years later, after DC, I really think this helped me get my secured card. I'm not sharing this to make you feel bad but to share that I believe it to be a great card to have and worth the risk. Perhaps you can contact the BofA Exec Offices. I do not know the details of your situation but wanted to suggest that.

The week following my BofA CCR approval, I applied for the TD Bank Cash+ Secured. They make (made) you fund in person so I fortunately has a business trip to a city TD serves. No complaints about TD but they, and their card, are, in my opinion, also-rans. I know if I had to choose between BofA and TD, the choice of BoA will win out every time. Both cards graduated the same month...something like 7 months later, I can't recall. I also keep substantial checking and savings accounts at TD but nowhere near the size of my BofA accounts. I plan on staying with both.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Sun, 08 Jan 2023 16:09:55 GMT

@Jeffster1 Thanks for the info! I'm going to see what the denial letter says so I know which way to go if I try to pursue it more. At this point, I've already taken the inquiry on my EX so I midas well exhaust all options if there are any. For my rebuild, I figured I'd do what I had to to get a few secured cards with decent limits. Thought that would give me a boost and possibly avoid cards with toy limits. I read @Horseshoez posts about getting a secured card from TD Bank. At that time, DCU was my main bank. I had been with them for years. They are located in my state but the closest branch is 45 minutes away. It's rare that I need to go into a branch but it was inconvenient when I wanted to deposit cash. Had to find an affilliated bank locally. So, I figured I was going to have a fresh credit start so I'd change up my banking. Moved it all over to TD and funded a secured card with a $5K limit. This card became insecured a few weeks ago. It feels good to be back to having a big boy card with a decent limit. And now, 6 months after DC, I've been approved for a number of unsecured cards in the $2500-$5000 range.

Another thing about TD Bank, I mentioned I hardly go into a branch. I've made more branch deposits in 6 months than I made at DCU in 6 years. It's nice to have them in my area. There are also a number of BoAs around here too.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

hackersmovie — Sun, 08 Jan 2023 23:11:18 GMT

@masscredit just my 2 cents....

I was DC BK7 3/22 - Around 6/22 I moved all my personal checking/savings to BofA and investments to Merrill. Around 7/22 I moved all my business checking to BofA. 11/22 I applied for the Business Advantage Unlimited and got approved for $6,500. The same day, immediately after that approval I applied for the Customized Cash on the personal side and was approved $3,500.

This is not to brag or anything but, it definitely shows that BofA is a RELATIONSHIP bank. The more you bank with them the more they give back. I don't know if it's in the cards for you but, to increase your chances moving forward get some cash flowing through a couple BofA accounts.

Side note: I recently had a meeting with my local BofA business banker and he openly said that the more we "hold in an account" the more BofA is willing to lend. This was in reference to me asking about a BLOC.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

AyaMai — Wed, 11 Jan 2023 04:06:52 GMT

They did the same for me two years, declined for both secured and unsecured and got dinged for two inquires. They are my bank, never going to apply for their credits, since they I have no use for them at the present and future.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

Jeffster1 — Wed, 11 Jan 2023 04:39:03 GMT

@hackersmovie wrote:
@masscredit just my 2 cents....

I was DC BK7 3/22 - Around 6/22 I moved all my personal checking/savings to BofA and investments to Merrill. Around 7/22 I moved all my business checking to BofA. 11/22 I applied for the Business Advantage Unlimited and got approved for $6,500. The same day, immediately after that approval I applied for the Customized Cash on the personal side and was approved $3,500.

This is not to brag or anything but, it definitely shows that BofA is a RELATIONSHIP bank. The more you bank with them the more they give back. I don't know if it's in the cards for you but, to increase your chances moving forward get some cash flowing through a couple BofA accounts.

Side note: I recently had a meeting with my local BofA business banker and he openly said that the more we "hold in an account" the more BofA is willing to lend. This was in reference to me asking about a BLOC.

True. I'm a Platinum Honors member and have found BofA to be generous. Definitely a relationship bank. I opened my checking and savings with them in 2017, and I had two credit cards with them from 2004 until 2013 when I closed them during a time when I was focusing on cutting my number of cards. BofA considers me an 18 year customer, just like Amex, despite the gap.

After I finish gardening, I might look at getting a second BofA card. I have been really happy with the CCR which began as a secured card two months after my 13 DC. It graduated quickly.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Fri, 13 Jan 2023 20:48:09 GMT

I received my letters today. The reasons provided are -

We're sorry - we can't approve your request for our Bank of America Customized Cash Rewards Platinum Plus Visa.

We carefully reviewed your application along with economic and loss trends and the credit report (s) provided by the credit reporting agency (ies) listed below. We also considered your relationship with us and, unfortunately, we weren't able to approve your request because of the following reason(s) :

One or more of your accounts has been included in a bankruptcy or we've received notification of your intent to file for bankruptcy.

There is a small paragraph that says - Let us know if you have questions or if your credit repot has been updated and you’d like your application to be reconsidered by writing to - then their address.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

Horseshoez — Fri, 13 Jan 2023 21:07:08 GMT

@masscredit, wow, exactly the same B.S. letter I got three years ago; right down to the same (incorrect) credit card I applied for.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

FinStar — Fri, 13 Jan 2023 21:29:11 GMT

@masscredit wrote:
I received my letters today. The reasons provided are -

We're sorry - we can't approve your request for our Bank of America Customized Cash Rewards Platinum Plus Visa.

We carefully reviewed your application along with economic and loss trends and the credit report (s) provided by the credit reporting agency (ies) listed below. We also considered your relationship with us and, unfortunately, we weren't able to approve your request because of the following reason(s) :
One or more of your accounts has been included in a bankruptcy or we've received notification of your intent to file for bankruptcy.

There is a small paragraph that says - Let us know if you have questions or if your credit repot has been updated and you’d like your application to be reconsidered by writing to - then their address.

Was BoA (or prior iterations such as FIA, MBNA, etc), IIB? I recall you had stated about 14 creditors were IIB...such as Discover, PENFED, NFCU, CBNA, JCP, Lowes, Barclays, Capital One, etc.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

FinStar — Fri, 13 Jan 2023 21:43:52 GMT

@Horseshoez wrote:
@masscredit, wow, exactly the same B.S. letter I got three years ago; right down to the same (incorrect) credit card I applied for.

@Horseshoez

You do realize that BoA has 2 secured rewards cards for a few years, right? The 99/500 is also a separate offering that eventually graduates to a rewards product. All, you have to do is look at their website. The denial language simply defaults to the Platinum version of the core secured product btw.

Moreover, BoA (or any lender) isn't required to lend to just about anyone who doesn't fit their lending or UW criteria. Not every financial institution will be a good fit for everyone.

Bank of America® Customized Cash Rewards Secured

Bank of America® Unlimited Cash Rewards Secured

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Fri, 13 Jan 2023 21:43:05 GMT

@FinStar wrote:

Was BoA (or prior iterations such as FIA, MBNA, etc), IIB? I recall you had stated about 14 creditors were IIB...such as Discover, PENFED, NFCU, CBNA, JCP, Lowes, Barclays, Capital One, etc.

Nope. The last time I had any interaction with BoA was in 2009. I had a checking account that was cleaned out because I was behind in child support payments. I received no notification. DOR just emptied it. I closed the account after that.

Something they mentioned in the letter was - We also considered your relationship with us . I wonder if I "lost points" because I don't have any accounts with them. It was mentioned earlier that is something they like to see.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

FinStar — Fri, 13 Jan 2023 21:52:18 GMT

@masscredit wrote:
@FinStar wrote:

Was BoA (or prior iterations such as FIA, MBNA, etc), IIB? I recall you had stated about 14 creditors were IIB...such as Discover, PENFED, NFCU, CBNA, JCP, Lowes, Barclays, Capital One, etc.
Nope. The last time I had any interaction with BoA was in 2009. I had a checking account that was cleaned out because I was behind in child support payments. I received no notification. DOR just emptied it. I closed the account after that.

Something they mentioned in the letter was - We also considered your relationship with us . I wonder if I "lost points" because I don't have any accounts with them. It was mentioned earlier that is something they like to see.

It's unlikely that would have helped, if anything. Now, if you had substantial assets on deposit and/or investments with BoA or ML, maybe. But, we're talking north of $50K, so it's doubtful the needle would've moved even if you had $1K or $5K parked.

Admittedly, you mentioned you didn't need the CC, so it's all up to you whether you want to even go through the reconsideration hoops for a secured CC given that you already have other secured and unsecured products. That decision obviously rests with you.

Re: Denied BoA Unlimited Cash Rewards + Secured Card

masscredit — Fri, 13 Jan 2023 22:28:07 GMT

@FinStar wrote:
Admittedly, you mentioned you didn't need the CC, so it's all up to you whether you want to even go through the reconsideration hoops for a secured CC given that you already have other secured and unsecured products. That decision obviously rests with you.

I've come this far, I'll probably send them a letter to see what they say. I've never done that before. It's really no big deal if I don't get it though.