topic Re: Bank of America pre-approved does mean approved!! in Credit Cards

Bank of America pre-approved does mean approved!!

smvmny — Tue, 27 Jan 2009 07:47:51 GMT

I'm a long time lurker, and this is my first post. But I figured this was worth posting about.

About 3 weeks ago I got a pre-qual letter from BofA 0% for 15 months, but I didnt need it so I tossed the letter. A couple of days ago I was bored so I hit the BofA pre-approval site. Came up w/ 3 cards each with a 4k limit. I was a bit wary about apping, since I know that pre-approved doesnt mean approved. Or so I thought. I began an online chat w/ a CSR and she told me I was guaranteed to get any card with the 4k limit. Of course I didnt belive her so I saved the chat just in case. That was Saturday and I just called today (monday) and the csr on the phone said sure enough I was approved just like the online lady said. I guess with BofA pre-approved does mean approved!!!

Here is the CSR online Chat:

Carla: Hello, thank you for joining Bank of America online chat. I am here to assist you in selecting new accounts that fit your needs. How can I assist you today?

Carla: Hi, how are you tonight?

you: good, and you?

Carla: Great, Thank You. How can I help you tonight?

you: well, I did the pre-approval thing on the website and it comes up with 3 cards all w/ 4,000 limits. Am I guaranteed those limits?

Carla: Yes, you are.

Carla: You can also pick another card not there, and still be approved for that amount, this just gives you an idea and what you will get.

you: and since it is pre-approved is it guaranteed acceptance

Carla: Yes, it is.

you: I just want to make sure because I dont want an inquiry if it will not be approved

Carla: I do understand.

you: Do you know, what the requirements that I met in order to be pre-approved for these specific offers?

Carla: I am sorry I only have the requirements to apply online sorry. It is based on you application information and credit history.

you: I see, well I just wanted to make sure it was all guaranteed, again as I do not want an inquiry if it is not.

Carla: I understand, it does a soft pull on your credit, to let you know what you can be approved for, and then the inquiry after you apply, but it is quaranteed.

Carla: Would you like the link to the card?

you: Well thank you Carla for the information. Yes, send the link.

Carla: Which of the three did you want?

you: The Visa

Carla: The Visa Signature, sorry I don't see any of your information, so I have to know the exact card.

you: The Financial Rewards Visa, sorry for being vauge.

Carla: That is alright, didn't want to get you the wrong card.

Carla: Please click here to apply for the Financial Rewards Visa card.

you: Thank you.

Carla: You're welcome, let me know if you have any further questions.

you: OK, I finished the application and it said I would receive information regarding the offer within 10 days. Is that normal?

Carla: Actually yes, that is the time it takes to get the card to you and also the welcome package to you.

you: Great, well again I appreciate your help.

Message Edited by smvmny on 01-26-2009 11:47 PM

Re: Bank of America pre-approved does mean approved!!

Anonymous — Tue, 27 Jan 2009 11:11:45 GMT

Although it would be nice if it were true, but the fact is that it is not. Many have been approved through the pre-approval and denied after applying.

Happened to me.

Re: Bank of America pre-approved does mean approved!!

smvmny — Tue, 27 Jan 2009 18:54:47 GMT

That is what I thought too, which is why I made sure the CSR put it in writing. For reference here are my other cards/limits:

Wells Fargo 2000

Chase 2000

Amex 1000

Capital one 500 $19AF (will be closing that one as soon as BofA is received)

FICO as of 01/21 658

Re: Bank of America pre-approved does mean approved!!

Anonymous — Tue, 27 Jan 2009 19:33:42 GMT

Do you know which CRA they did the hard pull on?

Re: Bank of America pre-approved does mean approved!!

Anonymous — Tue, 27 Jan 2009 23:48:42 GMT

Some card products have a minimum credit limit (e.g. $5k starting point for a Sig). You might have fallen into some weird loop, where they couldn't approve you with the $4k limit, even if they pre-approved you.

I'm sorry to hear this happened to you. The BoA link is usually reliable, as long as there's not been any significant negative change to your CRs since their soft pre-app pull.)

BofA pulls EX,usually, I think.

Re: Bank of America pre-approved does mean approved!!

Creditaddict — Wed, 28 Jan 2009 00:15:49 GMT

@Anonymous wrote:
Some card products have a minimum credit limit (e.g. $5k starting point for a Sig). You might have fallen into some weird loop, where they couldn't approve you with the $4k limit, even if they pre-approved you.

I'm sorry to hear this happened to you. The BoA link is usually reliable, as long as there's not been any significant negative change to your CRs since their soft pre-app pull.)

BofA pulls EX,usually, I think.
the person posted they got the card!

Re: Bank of America pre-approved does mean approved!!

score_building — Wed, 28 Jan 2009 00:30:30 GMT

congrats, and nice starting cl, double your highest up till now, awesome! i was approved at 2k and 3k and the cards grow, which is nice.

it does seems a bit curious that the csr would use the G word about preapprovals...are you also saying that you received a letter from boa indicating that a pre approval offer is guaranteed for approval?

several have mentioned that a preapproval was subsequently denied upon live app. and it seems to generally be the case that while the odds of a preapp leading to approval may be greater, it can be denied if the candidate doesn't meet lender criteria upon a more in depth review of credentials.

@smvmny wrote:
That is what I thought too, which is why I made sure the CSR put it in writing. For reference here are my other cards/limits:

Wells Fargo 2000
Chase 2000
Amex 1000
Capital one 500 $19AF (will be closing that one as soon as BofA is received)

FICO as of 01/21 658

Re: Bank of America pre-approved does mean approved!!

smvmny — Wed, 28 Jan 2009 02:33:14 GMT

I think they pulled EX on me since there was no alert on ScoreWatch.

My EQ is 658, will pull the rest of my reports in a few days to see who they pulled for sure.

I got a Pre-Qual letter from them for the platinum MC, but it had no rewards and in general I dont respond to pre-quals. I got the pre-approval once I went on the BofA site. I was a bit shocked that the CSR said "guaranteed" but glad also. I figured if I wasn't approved I could use the transcript as leverage to either get approved or have the inq removed.

Re: Bank of America pre-approved does mean approved!!

tempusfugit123 — Wed, 28 Jan 2009 06:02:24 GMT

Ive recieved several preapprovals and have never been approved for the card that I was offered. I got a basic Platinum Visa with a $500 limit and %59 AF

Re: Bank of America pre-approved does mean approved!!

Anonymous — Wed, 28 Jan 2009 09:19:34 GMT

I too, have been pre-approved or so I thought.

Only to have been denied when I applied.

I would never have even tried for a BOA cc if I had not received a pre-approval offer in the mail.

After I was denied I did call BOA to find out why I was denied but I was given the you will need to wait for a letter that explains it BS.

The CSR even asked if I wanted to re-apply, thinking I would be denied again and have another inquiry on my CR I politely declined. Now, I wish I had because I might have been able to get the 99/500 offer.

They pulled TU

Message Edited by mainemedic on 01-28-2009 01:19 AM

Re: Bank of America pre-approved does mean approved!!

Itsmeagain — Wed, 28 Jan 2009 09:45:39 GMT

I was recently approved for their "Platinum Plus" card . . .

5,000 and 0% BT's for 15 mo.

They pulled Ex and TU.

Re: Bank of America pre-approved does mean approved!!

Anonymous — Wed, 28 Jan 2009 10:32:05 GMT

I'm wondering if I should apply again as my TU score is at 713

When I last applied it was at 622

Re: Bank of America pre-approved does mean approved!!

MsKiwi — Wed, 28 Jan 2009 10:59:59 GMT

@Anonymous wrote:
I'm wondering if I should apply again as my TU score is at 713

When I last applied it was at 622

That's a nice increase main. I'd say IF this is a card you realy want, then yes app with that score. How's your EX looking? I see the previous oster said they pulled TU & EX. Might as well cover all bases. If it were me I would feel safe apping providing there are no baddies on your reports. It does seem that banks are looking at history even more now as well as score. Good luck and let us know what happens.

Re: Bank of America pre-approved does mean approved!!

oracles — Wed, 28 Jan 2009 15:30:38 GMT

@Anonymous wrote:
I'm wondering if I should apply again as my TU score is at 713

When I last applied it was at 622

When did you last apply?

You might have to wait if you have applied recently.

I would call and do it over the phone instead of on the internet.

this way you can speak to a CSR and find out what they will pull and see if you are eligible to apply again.

Also if you get denied, you can ask for a recon at that time.

Re: Bank of America pre-approved does mean approved!!

Anonymous — Thu, 29 Jan 2009 00:22:06 GMT

@oracles wrote:

When did you last apply?

You might have to wait if you have applied recently.

I would call and do it over the phone instead of on the internet.

this way you can speak to a CSR and find out what they will pull and see if you are eligible to apply again.

Also if you get denied, you can ask for a recon at that time.

It was just about a year ago.

As for my EX it has a CO from 2002 which is supposed to be gone this month but so far hasn't dropped yet

Another issue might be that my history is short. Because I've had to start over with my credit all my accounts are fairly new with my oldest one about 1 1/2 years. So it just might be worth it to wait eventhough I'd like to have a BOA CC

Message Edited by mainemedic on 01-28-2009 04:22 PM

Re: Bank of America pre-approved does mean approved!!

pattycake — Thu, 29 Jan 2009 05:38:58 GMT

I got a preapproval letter last March, ignored it, got another one and filled out the online app. It then gave me the "need more time" message, so I called the CSR a few days later. She said they couldn't help me, then offered me a card with a CL of $500. I took it, since it was at 0% for 12 months, then asked for a CL of $2K online. I was approved, and the 0% ends in April.

Re: Bank of America pre-approved does mean approved!!

smvmny — Thu, 29 Jan 2009 20:33:07 GMT

Hi all, Just got a SW alert that my FICO went up 39 points. I think the extra $4000 of available credit really helped or I am finally rebounding from being re-bucketed. I'm now at 697, which is one point shy of where I was in Sep 2007 before I was re-bucketed. These boards have been a lot of help for me. Thanks to everyone who contributes.

Here is the SW alert:

Your FICO® score went up on a day when there were no credit alerts on your Equifax Credit Report™. This can happen if:

The balances on one or more of your credit accounts decreased. In general, less debt is better for your score.
The credit limit on one or more of your credit accounts increased. Larger credit limits tend to help your FICO® scores if your balances remain the same.
Negative information on your credit report, such as a bankruptcy, collection, or record of a late payment, was removed because it was more than 7 years old (or 10 years old in the case of a bankruptcy).
Negative information on your credit report is not harming your FICO® score as much as before because it is now older. Past negative credit behavior, like missing payments or defaulting on loans, are offset over time by more recent history of credit responsibility.

Re: Bank of America pre-approved does mean approved!!

Anonymous — Fri, 30 Jan 2009 03:43:49 GMT

I think pre-app is based on credit report pulled months ago. Pre-app seems to mean that had you applied on the day they pulled your credit report, you would've been approved, but not necessarily today. I applied once last year, was declined, and ended up with a hard inq, so now I have to wait until next month to apply for another 0% card and move balance onto new card.

Re: Bank of America pre-approved does mean approved!!

Anonymous — Sat, 28 Feb 2009 06:19:32 GMT

I applied for a pre-approved Financial Rewards Visa with a $8K CL two weeks ago and got the usual 'Congratulation! You will receive your new card in 10 days" message.

Just checked the pre-approved site again awhile ago and guess what, I am pre-approved again with the same cards (BOA Accelerated Cash AMEX card, Financial Rewards Visa, MC Platinum Plus Card). But this time the CL is $9K Is the normal for BOA to keep giving out pre-approved offers?

Re: Bank of America pre-approved does mean approved!!

Red1Blue — Sat, 28 Feb 2009 06:45:47 GMT

@Anonymous wrote:
I applied for a pre-approved Financial Rewards Visa with a $8K CL two weeks ago and got the usual 'Congratulation! You will receive your new card in 10 days" message.

Just checked the pre-approved site again awhile ago and guess what, I am pre-approved again with the same cards (BOA Accelerated Cash AMEX card, Financial Rewards Visa, MC Platinum Plus Card). But this time the CL is $9K Is the normal for BOA to keep giving out pre-approved offers?

Congrats. You are one of those blessed ones.