topic Re: Wasted Inquiry on BOA! Now What? in Credit Cards

Wasted Inquiry on BOA! Now What?

theNavigator — Sun, 07 Jun 2009 02:59:10 GMT

In my thread need advice, I don't know what now. So depressed and disappointed by this. No inquiry in almost a year to get denied. I even spent $5 to send priority a re-consideration letter. What bull**bleep**! I have around a 670 and I have nothing that bad on my credit report. They said didn't have enough revolving credit etc etc bull**bleep**! Now what card should I try for? I really wanted another regular decent credit card. Now I'm lost at what I should do.

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Sun, 07 Jun 2009 03:35:35 GMT

Just be cool champ...keep an eye on the mail. In about a week to 10 days it will show up. World Points rewards card. No need to get all bent out of shape about it. As long as you have no baddies on your credit reports that card will be in the mail. Thank me later...

King

Re: Wasted Inquiry on BOA! Now What?

theNavigator — Sun, 07 Jun 2009 15:27:28 GMT

What do you mean? They sent me another denial letter after I sent them a reconsideration letter. I don't see how they'd still send me a card. It's bull**bleep**. Now I'm pissed off but trying to forget about it.

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Sun, 07 Jun 2009 16:28:26 GMT

I took the time to go back and read your other post (need advice) And you next option is the fully secured card have you look into that at all?That should be your next move...

Re: Wasted Inquiry on BOA! Now What?

theNavigator — Sun, 07 Jun 2009 18:09:26 GMT

I could always do that, but I don't feel I should need to. People on here have obviously bad credit and got approved for the partially secured. I think BOA is going under and in a bad place now, which is why they denied me credit. Nothing else makes much sense to be honest. Must be because of the economy and stuff. IDK

Re: Wasted Inquiry on BOA! Now What?

llecs — Sun, 07 Jun 2009 18:18:50 GMT

theNavigator wrote:
I have around a 670 and I have nothing that bad on my credit report.

BofA usually pulls EX. Did they pull EX with you? You can only guess on your EX FICO, but we we could get that score, I was initially turned down for an unsecured CC with an EX FICO of 664.

Re: Wasted Inquiry on BOA! Now What?

smallfry — Sun, 07 Jun 2009 18:19:28 GMT

BofA goes under then so does Citi and Wells Fargo. I doubt any are allowed to go under.

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Sun, 07 Jun 2009 20:41:34 GMT

@theNavigator wrote:
What do you mean? They sent me another denial letter after I sent them a reconsideration letter. I don't see how they'd still send me a card. It's bull**bleep**. Now I'm pissed off but trying to forget about it.

They did my wife the same way...got the denial letters and all, but that card showed up in about 10 days. Doesn't mean they will give it to you, it's just the same thing happened to my wife, so you gotta keep hope alive.

King

Message Edited by 74king on 06-07-2009 01:41 PM

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Mon, 08 Jun 2009 11:45:06 GMT

I'm really sorry that it didn't work out with BoA right now. But, don't be discouraged-- it's always darkest before the dawn. Before you know it, credit frustration will turn to credit fruition!

Do you still have the denial letter? What reasons, exactly (can you reprint them?) did BoA give in your denial letter. You mentioned 'not having enough revolving credit' and "etc...", but that's a little vague. You also mentioned having a paid collection-- was that, by chance, paid recently (within the last 12 months)? How old are your other accounts? What BoA card did you apply for? I'm not trying to overly pry, but it's easier to give some thought to 'what next' if we have a little better understanding of what *exactly* went wrong with this app. You might get more 'been there/done that' perspective on what to & what *not* to do next.

Do you know what your Equifax FICO score is? You might want to consider establishing a relationship with a credit union and applying for credit products with them. You may find, as many of us have, that the overal financial stability of credit unions are stronger than that of most banks right now-- they're still lending, generously.

And, if it's BoA, specifically, that you really want to establish a relationship with, you can go the fully secured route. I understand, however, that you now have to go into a bank branch directly to apply for the fully secured card. The nice thing about this option is that you can determine whatever credit line you like. AND, in 9-12 months, it'll unsecure the same as the partially secured card.

Re: Wasted Inquiry on BOA! Now What?

theNavigator — Tue, 09 Jun 2009 02:50:45 GMT

Yes, I did pay that collection back in October of 08. Basically my accounts are on the younger side, as I'm only 21 years old. I guess it just didn't fit their critiera. My scores are between 658-668 I believe my equifax was the highest at 668. I am just disappointed, and the bank was no help what so ever. I think I may just take business elsewhere, not even worth it now.

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Tue, 09 Jun 2009 03:50:23 GMT

Yeah, BoA can be a little unforgiving about recent collection activity, and new accounts, especially so these days.

Do you absolutely have a need for more credit right now? If the answer to that is 'no', I'd strongly suggest that you try goodwilling that paid collection off, or letting it age to at least 1 year if goodwill doesn't work. That'll give your newer accounts some more time to age as well. Let time dilute the impact of the bad (or hopefully goodwill will work and eliminate it), then establish a relationship with a credit union. You'd probably be okay to just do so now, but I think you'd see better results if you could take a little time.

Good luck!

@theNavigator wrote:
Yes, I did pay that collection back in October of 08. Basically my accounts are on the younger side, as I'm only 21 years old. I guess it just didn't fit their critiera. My scores are between 658-668 I believe my equifax was the highest at 668. I am just disappointed, and the bank was no help what so ever. I think I may just take business elsewhere, not even worth it now.

Re: Wasted Inquiry on BOA! Now What?

Creditaddict — Tue, 09 Jun 2009 19:10:10 GMT

why not call credit and speak with someone vs a letter.

it's easier to explain things over the phone and get instant decisions

Re: Wasted Inquiry on BOA! Now What?

theNavigator — Tue, 09 Jun 2009 19:41:01 GMT

Yeah, they wouldn't PFD after I paid it. And I don't really "need" it but it would be nice. Blah.

Re: Wasted Inquiry on BOA! Now What?

theNavigator — Wed, 10 Jun 2009 18:44:25 GMT

I got a pre-approval for DISCOVER MORE.

What are the chances of me actually getting this card then? Is it worth a shot, or should I just give up as a lost cause and not try to blow another inquiry on some BS? I may have even thrown away that pre-approval letter too. UGH. Would I have a better chance at that and talking with a representative over the phone who can manually review my information and get me approved or what? How is Discover towards age of accounts and scores etc..

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Thu, 11 Jun 2009 02:41:54 GMT

There is more to obtaining credit that just a FICO score. You have a recent, paid collection. Does it report as paid on your EX report? What else is on that report? You have a short and most likely thin credit file with a baddie reporting. If I were you I would get a fully secured card from BofA now, which will be coverted into a regular, very nice credit card for you within a year if you take good care of it. The alternative is probably going to be a subprime card which you will very soon regret having app'ed for,

Slow down. Be patient. It takes years to develop good credit.

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Thu, 11 Jun 2009 02:48:24 GMT

@theNavigator wrote:
I got a pre-approval for DISCOVER MORE.

What are the chances of me actually getting this card then? Is it worth a shot, or should I just give up as a lost cause and not try to blow another inquiry on some BS? I may have even thrown away that pre-approval letter too. UGH. Would I have a better chance at that and talking with a representative over the phone who can manually review my information and get me approved or what? How is Discover towards age of accounts and scores etc..

Discover is considered a credit stickler. The normal score threshhold for approval with them is 690 with no recent or unresolved baddies. It does not seem to me that you are a likely candidate for approval. I can't recall any non-student applicant being approved for a Discover card with a similar score to yours. I would save that INQ and go back to BofA. They will probably use it in the process of getting you that secured card.

Re: Wasted Inquiry on BOA! Now What?

Anonymous — Thu, 11 Jun 2009 05:55:08 GMT

creditwherecreditisdue wrote:
Discover is considered a credit stickler. The normal score threshhold for approval with them is 690 with no recent or unresolved baddies. It does not seem to me that you are a likely candidate for approval. I can't recall any non-student applicant being approved for a Discover card with a similar score to yours. I would save that INQ and go back to BofA. They will probably use it in the process of getting you that secured card.

Well said and i agree.Dont go after Discover right now....

Re: Wasted Inquiry on BOA! Now What?

theNavigator — Thu, 11 Jun 2009 12:53:49 GMT

Okay, I won't do that then. Well What should I do if I do decide to do this secured card and start off with $300.00

The banks around here are awful and were rude as hell to me. And they apparently don't have anybody on the phones helping anyone out?

I had a loan for several thousand I paid off within a year. And a few credit cards. Yeah, I'm guessing that collection was no help, but I wasn't even aware of it until I checked my credit. It wasn't for a whole lot I tell you that. When you pay off a loan that is over $5000 in one year and have a paid collection for $140 it doesn't quite look right now does it? But that's the stupid game these people play it's annoying. About to say forget about it and just leave my stuff the way it is and forget about credit for awhile. BOA is really annoying. And it's even more annoying to see people with awful credit getting approved for things yet they pick on someone like me. My credit is flawless in every area, besides that little collection that I did PAY in order for it to look good in my favor but apparently it doesn't... Not sure what route I'll take, but I tossed the discover stuff I won't do that, you guys seem to know what you're talking about. I just don't get it.