BOFA is not BK friendly

[credbuilder84]

Im 6 months post 13-discharge. FICO in the 650s and went on app spree. Approved for Ollo, Cap1, MerrickBank. Denied for BOFA Secured. They were IIB for $300. 

I call the backdoor number and he tells me denied because of IIB and there is no clear timeframe when I will be eligible again. I asked if I pay the chargeoff balance would it help? He doesnt know.

I dont know if having a banking relationship with them factors at all. I have 30k+ in a checking account  (10yrs) with them  I thought it would help but I guess not. Maybe time to move my money to another bank that will give me credit.

Should I recon again?

[blindambition]

Sorry about the denial!! Chase, Citi, BofA, US Bank, Amex, and WF aren't BK friendly, especially if they were burned. The blacklist could last an indeterminate amount of time. Depending on how much they were burned.

Amex is at least 5.5 years, and Chase is not even an option while BK is on reports.

Id suggest time in the garden... let new cards age and grow.

[Horseshoez]

@credbuilder84, I didn't even burn BofA in my Chapter 13 while at the same time having both checking and savings accounts with them for myself, wife, and children.  After my discharge last year I applied for a BofA secured card and was denied for the following two reasons, both of which were fabrications:

• BofA claimed I was either in an active bankruptcy or was "about to file for bankruptcy".
• BofA claimed I had applied for their Platinum Plus Mastercard.

I appealed the denial by sending proof of my discharge and to correct the assertion I'd applied for a fairly high end card instead of the secured card I'd actually applied for; I was denied a second time.  That was enough, all of the sudden, all 8 of the accounts my family and I had with them were closed and we literally walked across the street to TDBank and put our money there.  The only question which hit me after all of this transpired was, "What the heck too me so long to drop-kick BofA and move over to TDBank?"  The ease and cost of doing business with TD is literally superior in every metric compared to BofA, and they were more than happy to give me a secured card with a $5,000 limit, which they graduated 6-months later to an unsecured Signature Visa.  Don't get no better than that.

[CH-7-Mission-Accomplished]

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@credbuilder84 wrote:

Im 6 months post 13-discharge. FICO in the 650s and went on app spree. Approved for Ollo, Cap1, MerrickBank. Denied for BOFA Secured. They were IIB for $300. 

I call the backdoor number and he tells me denied because of IIB and there is no clear timeframe when I will be eligible again. I asked if I pay the chargeoff balance would it help? He doesnt know.

I dont know if having a banking relationship with them factors at all. I have 30k+ in a checking account  (10yrs) with them  I thought it would help but I guess not. Maybe time to move my money to another bank that will give me credit.

Should I recon again?

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I got in 3 years post Ch-7 discharge with a $500 secured card (after burning them for $5K.).  The card graduated some time later -- I want to say 6 months -- and I asked for a CLI from the $500 and a product change to the Alaska Air card and I told them I wanted the 40K Alaska Air miles sign-up bonus.   They increased my credit limit to 5K, gave me back my 500 bucks and did the PC and also gave me the 40K bonus.   I will tell you though that every time I have asked for a CLI in the past 4 years it has been denied due to burning them.   So I'm stuck at a 5K limit.   I can live with that.

If I were you, I would write a one-page letter to the CEO of BofA, explain what happened, ask for reconsideration to be allowed to open a secured card for $500 and enclose a cashier's check for the $300 loss amount and under memo write "pay BOA amt of Ch 13 loss."   I bet you will blow them away.    But if you really don't care about banking with BofA (I personally hate them), then just go elsewhere.   Credit unions are your best friend -- commercial banks are not.

[credbuilder84]

Wow thats a great idea and I will try that.

As much as everyone hates BOFA, they have been the most convenient to use for me atleast. I have a business checking relationship with them and I do all of my business transactions with BOFA exclusively.  Yes, I can move to a different bank, but its not as easy as closing a personal account and opening new. Reason I have kept banking with them is because they have shown me the best customer service of all the national banks Ive been with.

I may have an unpopular opinion but they have been excellent to bank with. Sucks they are not extending credit but that is my fault.

Ive heard a lot of complaints of BOFA with people irl and the one thing ive noticed about all of them is that they are always having money issues. If youre always broke and going negative, national banks are not your friend. Thats just my anecdotal experience. Roast me.

[credbuilder84]

They are definitely not an overall excellent bank. I was just basing my experience through their customer service. CS is one those things where YMMV.

[jmw1]

If you BK but did NOT burn BofA, they will welcome you back after a long while.  Credit limits will always be low. There seems to be a maximum $5k wall for anyone who BK or had closure by BofA due to lates even if you are top tier Preferred Rewards.

$30k to BofA is nothing. It's the lowest tier of Preferred Rewards. They don't care if you've been with the bank for 30 years.

I would move elsewhere to someone who wants your business a lot more. If you use someone who has ATM rebates, you can still use BofA's premium ATMs where you can pick $100, $50, $20, $10, $5, and $1 bills. That's the only thing I really like about BofA.

[credbuilder84]

Thats unfortunate with the card limit. I might have to start looking for another bank. 

[Anonymous]

I'm 3 months post-DC and I also got a secured card with TD Bank. Ironically, I work for them. I saw BOA has a new secured card which I've app'd for but it was denied. So I'm rather disappointed to be honest. 

[millionsofmiles]

I was approved for a $5000 BofA Cash Rewards Secured  2 months post-Chapter 13 discharge. Their service has been far superior to any of my other banks, including TD. I suspect that some who post here claiming a spotless history with BofA but a subsequent denial are perhaps not telling the whole story.