topic Re: BoA prequal question in Credit Cards

BoA prequal question

Anonymous — Mon, 04 Feb 2019 04:16:59 GMT

Just a curiosity here that I meant to ask a few months ago - on the BoA prequal page, after filling out the required information, if you prequalify for one or more cards, what’s the verbiage that shows up? Is it something like “You are pre-qualified for the _______ card”? I ask because a few months ago I did it for kicks and after it computed, it came up saying “We recommend BoA Cash Rewards Credit Card” which didn’t sound like a preapproval, but rather a “you don’t prequalify but try this one anyway” kind of message. Is that correct, or is this how BoA lets you know that you’re preapproved?

Again, this is more for giggles and just to know. I checked this in November and saw what looked like a generic No, so I apped with AmEx instead. I won’t app again for anything until probably summer and have no cards in particular in my sights, but it’s one of those things that I just want to know I guess. Anyone?

Re: BoA prequal question

Anonymous — Mon, 04 Feb 2019 04:29:42 GMT

I read on a thread recently about this. It’s definitely not a pre-approval. Just a (kind of deceptive, IMO) way to get you to apply. You still could be approved though. I have zero experience with BOA though. I’m sure others could answer.

Re: BoA prequal question

Anonymous — Mon, 04 Feb 2019 04:49:19 GMT

@Anonymous wrote:
Just a curiosity here that I meant to ask a few months ago - on the BoA prequal page, after filling out the required information, if you prequalify for one or more cards, what’s the verbiage that shows up? Is it something like “You are pre-qualified for the _______ card”? I ask because a few months ago I did it for kicks and after it computed, it came up saying “We recommend BoA Cash Rewards Credit Card” which didn’t sound like a preapproval, but rather a “you don’t prequalify but try this one anyway” kind of message. Is that correct, or is this how BoA lets you know that you’re preapproved?

Again, this is more for giggles and just to know. I checked this in November and saw what looked like a generic No, so I apped with AmEx instead. I won’t app again for anything until probably summer and have no cards in particular in my sights, but it’s one of those things that I just want to know I guess. Anyone?

Bank of America doesn't do pre-qualifications or pre-approvals. I confirmed this with a CSR. I've even had it where the offer shows up in my account as a link. This is STILL not a pre-qual or pre-approval. The recommendations are just that.

Re: BoA prequal question

Anonymous — Mon, 04 Feb 2019 05:03:51 GMT

Gotcha, that’s kind of what it looked like. Thank you both 👍

Re: BoA prequal question

Meanmchine — Mon, 04 Feb 2019 06:13:34 GMT

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Re: BoA prequal question

xaximus — Mon, 04 Feb 2019 16:40:58 GMT

Generally, prequals are "recommendations" or possible with one's CR. It's an SP to see if you're "qualified or not". Generally, its best to take any prequal with a grain of salt as it's not a guarantee. There are a few instances where it is (Chase comes to mind). It's far safer to list out your CR and get an idea with DP's to know if you may or may not have a chance. With all due respect, with your scores being in the low 600's, I would be inclined to go with a denial. Generally, BoA prefers scores in the mid 600's and above. Even that would be a low SL.

Re: BoA prequal question

Anonymous — Mon, 04 Feb 2019 16:45:32 GMT

Xaximus, I agree. I’m certainly not apping for it - I don’t have any interest in it now since I got in with AmEx. It was more of a lingering question from November lol.

Re: BoA prequal question

FinStar — Mon, 04 Feb 2019 16:52:46 GMT

@Anonymous wrote:
@Anonymous wrote:
Just a curiosity here that I meant to ask a few months ago - on the BoA prequal page, after filling out the required information, if you prequalify for one or more cards, what’s the verbiage that shows up? Is it something like “You are pre-qualified for the _______ card”? I ask because a few months ago I did it for kicks and after it computed, it came up saying “We recommend BoA Cash Rewards Credit Card” which didn’t sound like a preapproval, but rather a “you don’t prequalify but try this one anyway” kind of message. Is that correct, or is this how BoA lets you know that you’re preapproved?

Again, this is more for giggles and just to know. I checked this in November and saw what looked like a generic No, so I apped with AmEx instead. I won’t app again for anything until probably summer and have no cards in particular in my sights, but it’s one of those things that I just want to know I guess. Anyone?
Bank of America doesn't do pre-qualifications or pre-approvals. I confirmed this with a CSR. I've even had it where the offer shows up in my account as a link. This is STILL not a pre-qual or pre-approval. The recommendations are just that.

@Anonymous - IME, that's not been the case; but I seldomly rely on these kinds of DPs as relayed by a representative whether by phone or chat. I have received both pre-selected and pre-approved mailers from BoA. Additionally, I had a pre-approval offer (not pre-selected) through my online offers portal that I was able to get approved for a while back. To my understanding, a variety of their pre-approval offers are usually based on the type of relationship that one has with BoA/Merrill

I would say let's not quote 'absolutes' bases on a one-time conversation (let alone 2 exchanges), since more often than not, representatives may not be fully informed.

I would agree, though, the "Check for offers" online is simply a marketing conduit for specific recommended products, which are neither pre-selected nor pre-approved offers.

Re: BoA prequal question

Anonymous — Mon, 04 Feb 2019 16:58:23 GMT

@FinStar wrote:
@Anonymous wrote:
@Anonymous wrote:
Just a curiosity here that I meant to ask a few months ago - on the BoA prequal page, after filling out the required information, if you prequalify for one or more cards, what’s the verbiage that shows up? Is it something like “You are pre-qualified for the _______ card”? I ask because a few months ago I did it for kicks and after it computed, it came up saying “We recommend BoA Cash Rewards Credit Card” which didn’t sound like a preapproval, but rather a “you don’t prequalify but try this one anyway” kind of message. Is that correct, or is this how BoA lets you know that you’re preapproved?

Again, this is more for giggles and just to know. I checked this in November and saw what looked like a generic No, so I apped with AmEx instead. I won’t app again for anything until probably summer and have no cards in particular in my sights, but it’s one of those things that I just want to know I guess. Anyone?
Bank of America doesn't do pre-qualifications or pre-approvals. I confirmed this with a CSR. I've even had it where the offer shows up in my account as a link. This is STILL not a pre-qual or pre-approval. The recommendations are just that.
@Anonymous - IME, that's not been the case; but I seldomly rely on these kinds of DPs as relayed by a representative whether by phone or chat. I have received both pre-selected and pre-approved mailers from BoA. Additionally, I had a pre-approval offer (not pre-selected) through my online offers portal that I was able to get approved for a while back. To my understanding, a variety of their pre-approval offers are usually based on the type of relationship that one has with BoA/Merrill

I would say let's not quote 'absolutes' bases on a one-time conversation (let alone 2 exchanges), since more often than not, representatives may not be fully informed.

I would agree, though, the "Check for offers" online is simply a marketing conduit for specific recommended products, which are neither pre-selected nor pre-approved offers.

Are you sure it wasn't just that you applied and you happened to get approved, instead of it being a pre-approval? I have had a link on my portal for an offer for several months now (right under my checking account) and was told that it wasn't a pre-approval or prequalification.

Re: BoA prequal question

FinStar — Mon, 04 Feb 2019 17:13:09 GMT

I'm 100% positive in my case. I've banked with BoA (including M&As with NationsBank, Merrill and MBNA) for quite a long time so I knew what that pre-approved offer represented. I also have a business and investment/brokerage relationship with them.

I even recall having a pre-approved (not recommended, not pre-selected) offer for the BBR when that was available long ago, but I ended up not taking that one.