topic Re: B of A in Credit Cards

B of A

Anonymous — Sun, 04 May 2008 16:21:25 GMT

Hello All

Yesterday I went to B of A to open a checking account with saving

Since i do use my ATM debit card, I got the one were they put the change in the saving account

and they match it up to $ 250.00 . not bad for using that

but this morning i got a SW and they pulled my EX and TU report

Bummer

does that mean they checked to see if they can give me a CC?

Thank you alll

I did Send GW to Capital One and Aspire last nite to remove 1000000000000000000

lates from these guys

Re: B of A

Anonymous — Sun, 04 May 2008 16:23:33 GMT

BofA pulls hard inquiries for opening a checking account.

If they were seeing if you qualify for a CC, but you didn't apply for one, legally they would have had to pull a soft, not a hard.

Re: B of A

Anonymous — Sun, 04 May 2008 16:25:59 GMT

Hi ohboy,

It's pretty standard these days for banks to pull credit reports

when you open checking/savings accounts. You might look into

whether or not they'd be willing to use the same hard inquiry to

qualify you for credit cards, LOC's, etc. But no, they didn't pull

your reports just to issue you a cc. It's just standard policy.

Thanks for posting!

CanDo

"The right attitude is everything"

Re: B of A

Anonymous — Sun, 04 May 2008 18:55:05 GMT

It's my understanding that banks are able to do this because of the overdraft protection associated with some checking accounts (maybe some savings accounts too?). I specifically asked for no overdraft protection when I opened my last two checking accounts so I wouldn't get the inquiries.

Re: B of A

MidnightVoice — Sun, 04 May 2008 19:02:18 GMT

They will probably say that they are willing to extend you credit so when you buy a cup of coffee and it puts you 2 cents overdrawn they will honor the transaction so they can charge you $30 for the privilege.

Hence they have PP to rip you off twice, once with an inq and once with usury.

Message Edited by MidnightVoice on 05-04-2008 02:02 PM

Re: B of A

Anonymous — Sun, 04 May 2008 19:02:37 GMT

I wouldn't fret about it too much. Inquiries are minor, and fade rather quickly. In the meantime, you're establishing a relationship with a bank than can and does give out credit cards that can start subprime and evolve into prime if you treat them well.

Re: B of A

Anonymous — Sun, 04 May 2008 19:09:44 GMT

FWIW, when I financed my car with BOA they used the same inquiry to offer me a CC.

Re: B of A

unknown_entity — Sun, 04 May 2008 23:45:00 GMT

I recently opened a BofA checking account and when I called in after I got the approval email for the checking account, they told me I was approved for a $2000 Visa. I had recently applied for and was denied for a BofA card too. Dropping a few hundred into a checking account seems to gain their favor....lol.