topic Re: Who has a BofA forgiveness storie? in Credit Cards

Who has a BofA forgiveness storie?

Anonymous — Sun, 07 Apr 2019 20:06:33 GMT

If you have a (Bank of America acc. that was CO from years ago), was Blacklisted and got back in. Please help I want to hear your storie.

1. What card you get ?

2. Your journey on getting back in, how did it go?

Im interested in the $200 bonus on Cash Rewards but have CO from over a decade ago. Reading through the treads ,my chances are not looking good

Re: Who has a BofA forgiveness storie?

iheartwings — Mon, 08 Apr 2019 00:18:05 GMT

I think it may very well be a YMMV.

I burned BoA in a BK7 in 2007. In June 2016 (with my BK7 still reporting on all 3 reports), I applied for the Cash Rewards and somehow got approved for $2,000 SL. I used it for small purchases and PIF. My BK had fallen off all reports, but BoA wouldn't even give me an option to try to increase my CL so that I could use it for more than just small purchases. I had plenty of cards with better limits who wanted my business, so I ended up just closing the account in April 2017. I didn't miss them, though they apparently miss me enough to keep sending me flyers to open a checking account with them.

When Alaska Airlines offered a targeted 40k SUB for their Mileage Plus Visa in September 2018, I went for it because I figured I could work on earning miles so I could eventually get to Fiji. My reports were clean with scores in the 800s. My application was declined. I called for reconsideration, and they cited my previous BK with them for the decline without any opportunity to do reconsidering.

So, apparently I am still on their blacklist. It's business, so I get it, though I never did quite understand the core card approval, cobrand decline.

Re: Who has a BofA forgiveness storie?

zerofire — Mon, 08 Apr 2019 21:22:29 GMT

BoA can offer you little pieces of redemption if you ask nicely. They offered the 2k card because that would show them that you were worth working with into the future even though you were hazardous. However you closed the account before they were able to properly consider you profitable so your spark died. Then when you applied for a co-branded card things got messy as it was no longer just BoA being nice but Alaska also not liking BK's while the interest is high for that card. In the end BoA was not able to have any say which results in a decline by order of Alaska. Also BoA will generally not do any CLI's for as long as you live or a very long time after you include them in a BK. They do not like it.

I have had a similar problem with Chase and the AARP card but it was reversed. Chase would look at my profile and say "meh, he is average" while AARP would look at it and say "how much credit can we shovel on him".

Re: Who has a BofA forgiveness storie?

SBR249 — Mon, 08 Apr 2019 22:32:39 GMT

@zerofire wrote:
BoA can offer you little pieces of redemption if you ask nicely. They offered the 2k card because that would show them that you were worth working with into the future even though you were hazardous. However you closed the account before they were able to properly consider you profitable so your spark died. Then when you applied for a co-branded card things got messy as it was no longer just BoA being nice but Alaska also not liking BK's while the interest is high for that card. In the end BoA was not able to have any say which results in a decline by order of Alaska. Also BoA will generally not do any CLI's for as long as you live or a very long time after you include them in a BK. They do not like it.

I have had a similar problem with Chase and the AARP card but it was reversed. Chase would look at my profile and say "meh, he is average" while AARP would look at it and say "how much credit can we shovel on him".

I'm not sure that's how that works. Alaska isn't in the business of lending or underwriting credit. They enter into a cobranding relationship with a bank precisely so that the bank can bring their financial expertise and infrastructure to the table while Alaska brings their travel rewards and expertise. While both partners on such cobranding ventures typically negotiate on the underwriting standards, it is usually the lender that argues for stricter underwriting standards since they are the ones that generally solely finances the product and undertakes to shoulder the risk.

In this case I don't think it was Alaska that declined the app. Rather I think it's because the cobranded card may be considered by BoA to be a higher tiered card with stricter underwriting standards, likely because it offers better rewards. So while BoA might have offered a bucketed core card with mediocre rewards as a rebuilder card, they balked at offering a more premium card due to various credit-related reasons.

Re: Who has a BofA forgiveness storie?

AverageJoesCredit — Mon, 08 Apr 2019 22:50:34 GMT

Zero, nothing wrong with being Average...the problem comes when you are average AND poor

Re: Who has a BofA forgiveness storie?

zerofire — Tue, 09 Apr 2019 01:25:47 GMT

@SBR249

I think we are getting the same interpretation by just mixing ingredients in a different order. Regardless I think that Alaska stated that we want x type of customer on our cards to BoA and then BoA made up some numbers that should have found that kind of customer. Then Alaska looked at the numbers and approved them. Somewhere in there BK's were agreed to not be allowed as I have never heard of anyone get an Alaska card while burning BoA. Remember some companies like Walmart can squish their lender very hard. Synchrony for example had a sky high 9% charge off rate and a jaw dropping 600 Fico minimum. All of this was while Walmart wanted lower still and Synchrony wanted higher.

@AverageJoesCredit

(facepalm) I completely forgot about you over there in the shadows. You must be a gene as you always show up whenever someone says "Average". Yes being poor is...uncomfortable.

Re: Who has a BofA forgiveness storie?

SBR249 — Tue, 09 Apr 2019 01:39:07 GMT

@zerofire wrote:
@SBR249
I think we are getting the same interpretation by just mixing ingredients in a different order. Regardless I think that Alaska stated that we want x type of customer on our cards to BoA and then BoA made up some numbers that should have found that kind of customer. Then Alaska looked at the numbers and approved them. Somewhere in there BK's were agreed to not be allowed as I have never heard of anyone get an Alaska card while burning BoA. Remember some companies like Walmart can squish their lender very hard. Synchrony for example had a sky high 9% charge off rate and a jaw dropping 600 Fico minimum. All of this was while Walmart wanted lower still and Synchrony wanted higher.

I would still say that it's unlikely that it was Alaska that argued for the BK restriction. Typically, airlines like Alaska gets a cut of the revenue from these deals when BoA buys miles in bulk from Alaska to dole out and maybe BoA will sweeten the pot by given Alaska a fixed amount per cardholder as well for being able to advertise this as an Alaska branded card. That means that airline or retail partners like Alaska would have a vested interest in maximizing the number of approved cardholders. Hence, Walmart leaning on Synchrony to approve riskier borrowers despite their already high default rates. Lenders like BoA on the other hand, while they certainly benefit from more customers and the AF, they must also solely shoulder the risk of financing all of these CLs so they have a vested interest in keeping lending standards relatively high in contrast to their partner who would like to see as many people approved as possible. So I don't really see the BK restriction coming from Alaska's side rather than the BoA side. As I mentioned before, BoA could simply see this as a more premium tier card. So while it may be willing to extend credit on a low-CL bucketed "rebuilder" card, it may not be willing to approve a premium tier card for someone with a BK on their internal file.

Re: Who has a BofA forgiveness storie?

Anonymous — Tue, 09 Apr 2019 02:28:34 GMT

I burned BoA back in 2010. I used to be auto declined with no HP, just now I filled out the application for Cash Rewards and got the unable to offer a card verbiage after lots of spinning. All three bureaus are frozen so I am guessing I am off the blacklist because it actually did take time to process the application which suggests they tried to pull me.

I have no interest in having a relationship with BoA but seeing this thread inspired me to test and see if it was the instant denial I got a few years ago. I’ll post when I get the letter.

Re: Who has a BofA forgiveness storie?

Anonymous — Wed, 10 Apr 2019 15:48:42 GMT

WoW...from reading these post...its not looking good for me🤔 to burn a inquiry...or not to burn? LoL

Re: Who has a BofA forgiveness storie?

Anonymous — Sat, 13 Apr 2019 22:40:56 GMT

FWIW, I got my letter from BoA today.

Just says to unfreeze both TransUnion and Experian and call them to continue with the application.

That sounds somewhat promising although it could very easily still be let’s HP you and deny.

That letter sure got here quick though!

Re: Who has a BofA forgiveness storie?

Anonymous — Sun, 14 Apr 2019 04:44:39 GMT

@Saeren

Good info thks ...will you be going for it?

Re: Who has a BofA forgiveness storie?

Anonymous — Sun, 14 Apr 2019 05:43:42 GMT

@Anonymous wrote:
@Saeren

Good info thks ...will you be going for it?

Maybe I will try later this year but I’m firmly in the garden so I can go for Cash+ this summer.

I have a long list of lenders I would rather have than BoA but my grudge for their pre-CARD Act shenanigans that ultimately forced me to have to file BK is lessening, I just am not impressed with their offerings right now. Better cards with better SUBs from better financial institutions.

Re: Who has a BofA forgiveness storie?

Anonymous — Sun, 14 Apr 2019 17:18:58 GMT

It's spelt "story" for future reference.

Re: Who has a BofA forgiveness storie?

Anonymous — Mon, 15 Apr 2019 00:39:16 GMT

Is it considered a charge off if BOA closed you account after being 90 days late? They closed my account at 90 days, however after that I started to just pay the minimum payment through my BOA app until I cleared the account to zero. I'm not sure if i technically "burned" them because I still was paying them after they closed my account

Re: Who has a BofA forgiveness storie?

Anonymous — Mon, 15 Apr 2019 01:04:33 GMT

@RutgersGrad15

I don't believe you have a charge off ...you may be in hot water with them though. But you can always try to have them remove any baddies from CR later if your up for it

Re: Who has a BofA forgiveness storie?

Anonymous — Mon, 15 Apr 2019 01:50:33 GMT

Would they move those though? I actually was late on those payments lol

@Anonymous wrote:
@RutgersGrad15

I don't believe you have a charge off ...you may be in hot water with them though. But you can always try to have them remove any baddies from CR later if your up for it

Re: Who has a BofA forgiveness storie?

Anonymous — Mon, 15 Apr 2019 05:07:41 GMT

@RutgersGrad15

You still have a financial relationship with them....yes

If not I dont see it happening...but someone here may have a BofA testimony that says other wise