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Bank of America Business Advantage Decline

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jdsinm
Established Member

Bank of America Business Advantage Decline

Throwing this out for data points.

 

They pulled TU personal with a cali address

No idea if they pulled bus credit

No inquiries when pulled

Sole P using EIN (but clearly sense it dinged my personal TU, they checked that too)

753 listed score on letter back to me

3 year plus old business

13% overall credit card usage/ 14 accounts (personal)

0% overall credit usage with them

3 outstanding loans/revolving credit (no auto or home)

Income in solid 6 digit area

Credit age 9.5 years 

Have a single cash rewards card with them. Probably around 15 years old as i product changed some time in the past to this.

Had been carrying a substational balance for about a year, paid off to $0 about 30 days ago. It has a very generious limit.

No other accounts with them.

 

Applied via website on 3/21. Immedite decline. Waited for letter for reason.

It does offer the "consider a secure card" boiler plate language. (am i going to take another inquiry hit and let you sit on my cash at basically no interest for a year? Nah)

The only reason listed is "you have limited deposit and investment balances with us and/or are afflites."

 

So I will probably try to recon to get more info about that reason listed, it seems a stretch. 

 

My personal feeling is i am close to tapping on the maximum exposure limit and that may be more a reason. Or maybe it has something to do with my using the EIN. 


If i do recon, ill update the post.

 

 

 

 

 

 

 

Message 1 of 3
2 REPLIES 2
Kasuito39
Frequent Contributor

Re: Bank of America Business Advantage Decline

Thanks for sharing the DPs and good luck with the recon. Last year I encountered the same and they offered the secured version with a minimum deposit of $1000 which i'm still contemplating on doing. 

Message 2 of 3
babygirl1256
Senior Contributor

Re: Bank of America Business Advantage Decline

Gosh . . . hopefully recon will grant the approval. Thanks for the DPs and I'm batteled with Bank of America for $429.00 charge-off for a credit card that I co-signed on. I paid it off in 2019 when I found out about it but they wouldn't budge on a removal . . . the negative reporting will purge in December 2022 so I'm happy . . . but . . . for that reason, I stay away from BOA.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 3 of 3
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