topic Re: Update on BofA Application in Credit Cards

Update on BofA Application

Anonymous — Mon, 12 Aug 2013 14:02:56 GMT

Ok so as I told you all I thought I got declined, but I called the reconsideration number today and she told me because I am under the age of 21, I have to fill out the physical application and provide my signature. Something tells me this means I will likely be approved because why else would they go through this? Also is this normal? I've never had any other company do this to me.

Re: Update on BofA Application

CreditExpressNJ — Mon, 12 Aug 2013 14:20:45 GMT

careful its not another hard pull if it is i'd just call this a lost.... because i never heard of a person having to be 21+ to have a credit card ...but then again you are dealing with BofA known for going to infinity and beyond for the simplest thing.

Re: Update on BofA Application

09Lexie — Mon, 12 Aug 2013 16:46:08 GMT

They are referring to the Card Act of 2009.

Ensures Adequate Safeguards for Young People

• Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended;

• Limits prescreened offers of credit to young consumers;

• Prohibits increases in the credit limit on accounts where a parent, legal guardian, spouse or
other individual is jointly liable unless the individual who is jointly liable approves the increase;

• Increases protections for students against aggressive credit card marketing, and increases
transparency of affinity arrangements between credit card companies and universities.

Re: Update on BofA Application

broseph23 — Mon, 12 Aug 2013 18:58:46 GMT

I got my alaska airlines card when I was still 20, didn't get required to fill out a paper app, thats weird. Bank of America is just stupid. Their customer service reps and EO reps are awful, unfriend;y, and quite frankly, very uneducated. They do things like its the 1800s, ie- taking 2 months to do a visa signature upgrade, or 6 weeks to "proccess" a card DESIGN CHANGE, not a new card, just a new design. They take weeks and months to do things that chase, amex, and other lenders can do in a matter of minutes. That being said, Bank of america has some of the nicest credit anlayists I have ever talked to. Those are the only people in BOA that really know what their doing and are very helpful.

Re: Update on BofA Application

CollegeStudent530 — Mon, 12 Aug 2013 20:06:48 GMT

When I applied for BofA Better Balance Rewards card.. I did not have to fill out a paper application. I am only 20 years old too.

Re: Update on BofA Application

09Lexie — Mon, 12 Aug 2013 20:09:54 GMT

Maybe they are starting to follow the rules. Most of apps are submitted online by those under 21- I honestly didn't think lenders were actually abiding by the Act

Re: Update on BofA Application

Anonymous — Mon, 12 Aug 2013 23:26:45 GMT

So I actually went in and spoke to a banker at BofA today. She said she had never heard of such a thing. So she called the credit center herself and they told her the same thing. She said they said it was a federal law passed in 2009 before they give a STUDENT under the age of 21 credit. The banker feels that I have a really good chance of getting it since they want to go through the trouble of sending me the application and having me fill it out.

Re: Update on BofA Application

09Lexie — Mon, 12 Aug 2013 23:59:30 GMT

They are referring to the information I posted earlier. The 2009 Card Act. For whatever reason, they are making sure your app complies with the law.

Re: Update on BofA Application

Anonymous — Tue, 13 Aug 2013 00:04:50 GMT

I guess thats a good sign. Haha.

Re: Update on BofA Application

myjourney — Tue, 13 Aug 2013 00:27:07 GMT

@09Lexie wrote:
They are referring to the Card Act of 2009.

Ensures Adequate Safeguards for Young People

• Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended;

• Limits prescreened offers of credit to young consumers;

• Prohibits increases in the credit limit on accounts where a parent, legal guardian, spouse or
other individual is jointly liable unless the individual who is jointly liable approves the increase;

• Increases protections for students against aggressive credit card marketing, and increases
transparency of affinity arrangements between credit card companies and universities.

Lexie hit the nail on the head

Re: Update on BofA Application

djc1puno — Tue, 13 Aug 2013 00:35:41 GMT

Just what lexie said

Re: Update on BofA Application

HiLine — Tue, 13 Aug 2013 02:35:06 GMT

@09Lexie wrote:
They are referring to the Card Act of 2009.

Ensures Adequate Safeguards for Young People

• Requires issuers extending credit to young consumers under the age of 21 to obtain an application that contains: the signature of a parent, guardian, or other individual 21 years or older who will take responsibility for the debt; or proof that the applicant has an independent means of repaying any credit extended;

• Limits prescreened offers of credit to young consumers;

• Prohibits increases in the credit limit on accounts where a parent, legal guardian, spouse or
other individual is jointly liable unless the individual who is jointly liable approves the increase;

• Increases protections for students against aggressive credit card marketing, and increases
transparency of affinity arrangements between credit card companies and universities.

Thanks for posting this, Lexie! Wow the law really makes it hard for under 21 folks to build credit. Imagine not being able to get a credit limit increase ...

Re: Update on BofA Application

09Lexie — Tue, 13 Aug 2013 02:47:29 GMT

@HiLine

Supposedly its to protect those who are inundated with offers ESP those on the college campus. I can remember on UCLA's campus they were lined up everywhere.
Coming to this forum, I'm struck by how many young people have not been stopped. ESP regarding the infinite amount of questions regarding HHI or scholarship as income. If these lenders are getting the 'proof' it's not abundantly apparent to me.

Re: Update on BofA Application

HiLine — Tue, 13 Aug 2013 02:55:51 GMT

Agreed, Lexie. Though I would expect an 18 year old to be responsible for his/her own life, there is not nearly enough credit education for pre-college kids...

Re: Update on BofA Application

09Lexie — Tue, 13 Aug 2013 03:32:57 GMT

I agree.

Re: Update on BofA Application

CollegeStudent530 — Tue, 13 Aug 2013 04:40:38 GMT

Have them listen to Credit Score/Credit Card podcasts!