topic BOFA Alaska Biz Card Decline or Approval? in Business Credit

BOFA Alaska Biz Card Decline or Approval?

Anonymous — Thu, 30 Jan 2020 20:39:46 GMT

A few days ago when Alaska started the 20k to Fiji/Aus/NZ promo I decided on a whim to apply for the Alaska Air Business card. I do have a history with BOFA. I previously had both a BOFA Business Visa (MC?) 10 or so years ago along with a business checking account. My business went under but I think my Visa had a $0 balance at the time. If not there might have been a small loss for them. I restarted this business and have been doing fine for 6 years. A foreclosure that will fall off in 3 months is the only negative on my report. Anyway, I applied, thinking whatever I'm not going to have anymore INQs until the second half of the year anyway. I got an instant "sorry we were unable to approve you" and went on with my life. Until yesterday, when I received an email from them that said they needed more information to process my application and asked for Proof of Business Ownership, Verification of Legal Structure, 2 most recent accountant prepared business statements/tax returns, 2 most recent personal tax returns. I have questions. First, does that mean it's pending approval? I mean why would they want this information when it appeared to be an instant decline? Second, it said I should log onto my account to upload this documentation. Does that mean my old account information is still active? If so they already have most of this information. Third, I run a sole proprietorship and I live in a state that does not require most of the documentation they are asking for. All I can give is my personal tax return, which will indeed show the correct revenue amount for the business but I used cash flow for income instead of taxable income. My business generates huge amounts of tax deductions that are no where near the actual cost, so my taxable income is half my cash flow. Will that have an effect on approval? Sorry, a lot of questions here, I'm just a bit surprised and confused, lol.

Re: BOFA Alaska Biz Card Decline or Approval?

FinStar — Thu, 30 Jan 2020 22:57:27 GMT

It's in a conditional pending state provided that the required documents meet their UW guidelines.

You'd need to speak to them to explain your current business structure as a Sole Proprietor. It's likely your User ID might be dormant if you have not accessed the BoA website in a while.

They'll still require POI or your tax documents to be reviewed.

Re: BOFA Alaska Biz Card Decline or Approval?

Random_idiot — Thu, 30 Jan 2020 23:26:18 GMT

They will decline you. If you call them, they wont even look at your app and say to hand in your personal tax returns.

Once you do, you will get a decline statement.. based on what the real reason is. Either way, you'll still get the denial letter stating why.. so up to you, OP.

Re: BOFA Alaska Biz Card Decline or Approval?

FinStar — Thu, 30 Jan 2020 23:52:11 GMT

The only thing I would add OP, the BoA Alaska Biz CC is usually one of the toughest to qualify for depending on the profile.

I almost went for a 2nd one, but decided to pass 😁. I already have plenty of BoA CCs (personal and biz), but the SUB was tempting.

Re: BOFA Alaska Biz Card Decline or Approval?

randomguy1 — Fri, 31 Jan 2020 15:02:54 GMT

I concur, I have read data points on how tough this is to qualify for. I won't even think about touching it until establishing a business checking account and gardening for 6 months.