topic Re: BofA Cash Rewards Business Mastercard in Business Credit

BofA Cash Rewards Business Mastercard

linux007969 — Sat, 13 Sep 2014 01:54:52 GMT

I applied for the Bank of America Cash Rewards Business Mastercard

I got a pending review by a business credit analyst. I tried calling the backdoor for my personal cards and a nice rep infomed me that she doesn't do those and she gave me the number 1-866-695-6598 and to give them a call on Monday.

I think its quite possible i'll be denied even if i get a nice rep.

I maybe should have waited to build history with my AMEX SimplyCash but i guess i couldnt resist the urge to apply for something else, but i knew i didn't want to apply with chase and get grilled as i have heard happens, and US Bank has that weird ARS fetish.... ..... LOL

Looks like i might get grilled with Bank of America, or maybe if i'm lucky they may approve me but offer to take $500 from my Better Balance Rewards to open the Biz card, which would look bad to see a card decrease twice in 1 year.

Who knows...... I'll just let you all know what happens next week.

Re: BofA Cash Rewards Business Mastercard

trumpet-205 — Sat, 13 Sep 2014 17:03:45 GMT

They'll actually contact you pretty soon.

That's what happens to my World Travel apps when I applied. They contacted me couple hours later and grilled my bussiness, then approved me for $3K.

Re: BofA Cash Rewards Business Mastercard

linux007969 — Mon, 15 Sep 2014 12:30:18 GMT

The verdict is in............. I'm approved for $3.5k!!!!!!!!!!!!!!!!!

I called up early this morning right after 8am and i got a very nice guy and he asked me a ton of questions. I had to tell him alot of information, down to how many clients i had, how much my rates are that i charge, how much my net profits are, I had to explain to him how i'm not making much from this business yet, and saving up, and want to build some business credit so i can get a small business loan someday so i can open my own store in the future!

I even had to give amounts of money i had in the bank, as far as my various checking, savings, & roth ira accounts.He then asked me how much i plan on runing through the card per year and i was like $2400 to $3500. I even noted how i have personal credit cards with bank of america and he said i have been doing very well and was happy to recommend approval for $3.5k and I will recieve the card within 5 to 7 business days.

I was very nervious i was shaking while i was talking to him, I didn't want to mess it up, and was scared i would be denied or have to take $500 from my better balance rewards but thankfully that wasn't the case and i was approved.

Re: BofA Cash Rewards Business Mastercard

myjourney — Mon, 15 Sep 2014 19:48:50 GMT

Congrats

Wow they grilled you with questions

Re: BofA Cash Rewards Business Mastercard

linux007969 — Wed, 17 Sep 2014 00:41:45 GMT

@myjourney wrote:
Congrats
Wow they grilled you with questions

Ya the guy sure did. As he was inputting things he mumbled something about discrepancies but he then said everything is ok and then thats when he asked for what i had in my various checking, savings & roth ira accounts.

It was strange that i got approved cuz they pulled transunon which has a ton of inquaries (14) some may be aged enough to come off soon later this year, and some are from them when i was trying for increases on my personal cards, and speaking of personal cards, their analysts were saying one time that basically my income is not enough for an increase and i have reached the exposure limit for my income, so i wonder how i got approved for anymore credit from bank of america, since business cards are a PG, then I should have been denied or would have had to take from my better balance rewards to open it.

So I guess i got the nicest rep after all!

I logged into my online banking today and my business card is listed already, its labled as "Corp -" after the dash is 4 numbers, and then when i open it up, under where it has the area for transactions, it has my full name, and under that is sets of X with another set of 4 numbers at the end but is different than the ones after Corp. So i wonder why its different and not the same? I guess i'll have to see when i get my card and see where the numbers match up.

Re: BofA Cash Rewards Business Mastercard

trumpet-205 — Wed, 17 Sep 2014 22:05:25 GMT

I believe Corp lists your aggregated balance across all of your business CC (and possibly business checking account).

Re: BofA Cash Rewards Business Mastercard

linux007969 — Wed, 17 Sep 2014 23:42:55 GMT

@trumpet-205 wrote:
I believe Corp lists your aggregated balance across all of your business CC (and possibly business checking account).

I logged in today and saw both a corp and the business mastercard, both on the main accounts page, so i called the number for small business credit cards and since i had the last 4 of my account showing i was able to access the system and get to a rep.

The nice guy who answered the phone said it was good i called before i got the card so i can learn things ahead of time.... He said the Corp is the Unbrella of the account and it keeps the balance for the billing cycle and payments are made to that account, the other thats the actual card, keeps a 30 day running total from begining of the calendar month till end (example 1st to 31st) not the same as the billing cycle dates, so i can be confusing, so it was good i called. So ya when checking my balance i want to check my Corp more, but for recent transactions i can check the business mastercard listing. Confusing but i will get the hang of it.

Re: BofA Cash Rewards Business Mastercard

B335is — Mon, 22 Sep 2014 04:56:00 GMT

Congrats I'm glad you got it! I heard BoA is a real stickler for making sure everything is just so when it comes to Business apps.

Re: BofA Cash Rewards Business Mastercard

Bunnylocks — Tue, 11 Nov 2014 01:18:00 GMT

Do you mind sharing what your TU score was when your applied?

Also, does anyone know if it's standard for BOA to pull TU for their business products?