Bank of America Adverse Action

[Anonymous]

I went to log into my account and it says no user ID found. I called the number and the automated service says my card was closed. I end up getting transfer to the credit department and they say I have to send in business docs and ownership status. Faxed it in. Called to see if they received it and now they want two years personal and business tax returns. I understand it's their prerogative to request this information if they want but they said the approval was by mistake and this information should of been sent in before I was approved. (Approved in September). To me that much financial paperwork for a CC with a 6K limit is too much for me. What's everyone's thoughts?

[Anonymous]

Let it go and get another card.  I helped my workplace sign up for a Cap One business card and they never asked to verify any financial info.  They did ask how much gross revenue we made and the profit.  I input that into the online application and we were approved.

[simplynoir]

It doesn't matter what we think because we all have different tolerances as to what is acceptable as far as what banks can ask for to use their lending products. I admit that BofA asking for this six months after approval looks really bad on their part which would lean me towards not using the card anymore provided I have alternatives already in place

[gingerflower]

@JJ750 Sorry for the closure with Bofa Business  Cc. In the first place Bofa should have asked for all documents  b4 approval.  Looks bad on their part approved and 6 months later closed.

[Anonymous]

They even revoke online access to download statements or make a future payment. I thought this is a little much, and was looking to see if anyone had a similar experience. As far as business cards, I have CIC and Amex Bonvoy. So having Boa was nice for a third. Any recommendations on other business cc would be great. 

[Anonymous]

We have heard similar things before on BoA.

I did look at your prior posts.

Did you use your SSN or an EIN?

Can't say for sure, but this probably isn't helping any fraud algorithms for cards you have opened in the last year, especially if you used your SSN

https://ficoforums.myfico.com/t5/General-Credit-Topics/Someone-used-my-SS-to-open-a-paypal-account/m...

That being said, if you have a legitimate business that needs access to credit, providing BoA with your tax returns can be fruitful.  I did it to get a line of credit.  It was worth it.

[Anonymous]

@Inverse I used my EIN. 
In reference to my PayPal post everything is frozen and doesn't seem like anyone else has tried to open anything. We'll see how that goes. 

[SouthJamaica]

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@Anonymous wrote:

I went to log into my account and it says no user ID found. I called the number and the automated service says my card was closed. I end up getting transfer to the credit department and they say I have to send in business docs and ownership status. Faxed it in. Called to see if they received it and now they want two years personal and business tax returns. I understand it's their prerogative to request this information if they want but they said the approval was by mistake and this information should of been sent in before I was approved. (Approved in September). To me that much financial paperwork for a CC with a 6K limit is too much for me. What's everyone's thoughts?

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I have a very low opinion of them. They abruptly closed all 5 of my accounts one day, totalling over $100K in credit limits, and never gave me an actual reason. My credit history with them, and with everyone else, has been unblemished.

[Anonymous]

BoA has been good to me, but I have business needs for banking services and business credit other than credit cards.  I wouldn't jump through hoops for a $6K card unless you have BoA rewards and can use it to get substantial cashback

[SouthJamaica]

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@Anonymous wrote:

BoA has been good to me, but I have business needs for banking services and business credit other than credit cards.  I wouldn't jump through hoops for a $6K card unless you have BoA rewards and can use it to get substantial cashback

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They were good to me, too.

Until they weren't.