Bank of america business declined.

[Anonymous]

I'll start by saying i am a bank of america platinum honors rewards member. I have one of their personal credit cards. My business and personal accounts are with BOA.
After lurking around these forums for a week or 2. I figured i would apply for more business credit cards because i exclusively use a capital one spark card. I have a 32k limit with them an usually put 20-25k a month on it which shows up on my personal as high utilization.
I put my application for boa business card and was denied instantly. I have a 705CS. Mostly due to the amount of utilization with my spark card.

What is keeping me from getting the boa card?
Any other business cards that dont report to personal? I heard ink. I have chase freedom, so that maybe an option.

Thanks!

[redpat]

Amex, Chase or Citi don’t report.  I suggest  before applying don’t have Capital One report with that high of a balance.  That balance is affecting your low score of 705.  You could pop 20 - 40 points having CO report w/ low util.

[pizza1]

I would be reconning that ASAP! Go into branch, and speak with a Business loan officer, tell them what happened, and also tell them you're gonna transfer all your accounts to USB if thats how they want to treat their personal and business customers. Watch them scramble and make phone calls on your behalf. I would just stand there too and watch them, LOL.. Seriously though, unacceptable. Go into branch as stated.

[shoegal]

Amex, Citi, Chase and banks like PNC, fifth third bank and NFCU. I think your high utilization might be the reason for denial. Did you call to recon?

[Anonymous]

To not have the spark card report as high, do i just need to pay it off a couple days before the new statement comes out? Statement comes out for spark on the 21st. I can pay it on the, say, 19th no problem. I'll try that. 

 I will go into the bank though and talk to them to see what is holding up the process. Ive got all of our business vehicle loans through them as well. I thought this might be a reason for deny as well. They were trying to limit exposure to any 1 single person?

Mike

[Anonymous]

We have both the Cap 1 Spark  and Chase Ink.  We spend a lot on the Chase bonus areas so it works well for us.  I hate Cap 1 showing up on personal.   We have to watch the Cap 1 at statement time to be under 9%

[credit_is_crack]

It’s been about a week since your origal post - did you ever get your letter with reasoning and what happened when you tried to recon, did you recon?

I was thinking about their travel card but after some digging I found their business cards had score requirements in the 740+ space. I know BofA is heavy on relationships so maybe that’s the benchmark for a cold app?

My scores fit their prerequisites, but I’m curious as to what other shenanigans BofA Biz is sensitive too. Any info is appreciated!

[Anonymous]

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@credit_is_crackwrote:
I was thinking about their travel card but after some digging I found their business cards had score requirements in the 740+ space. I know BofA is heavy on relationships so maybe that’s the benchmark for a cold app?

My scores fit their prerequisites, but I’m curious as to what other shenanigans BofA Biz is sensitive too. Any info is appreciated!

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I often sound like a BoA small business commercial.  They have been good to me on the business side.  They were good to me when my scores were in the 600s and have been great to me since my scores are in the 800s.  They have given me adequate lines (I won't say stellar lines).  The rates they gave me often corresponded to my scores at the time of application and there seems to be no way on the business side to get the APR lowered without getting a new card.  They have offered some innovative solutions however such as "extra rewards" to offset the rate should carry a balance.  You don't need a 740 to get one of their business cards and I have never felt there were any shenanigans played with me. 

Make an appointment with a small business rep if you have time, BoA does seem to want to get to know you.  I know we often throw "relationship" around too much on this forum.  But I do feel BoA cares about relationship as long as it benefits them.  Every interaction I have with my small business rep or business underwriter seems to be about what more can they offer to capture 100% of my business if they aren't getting it now.

I hope the OP comes back to us on this. I was frankly surprised at the original post.

[Anonymous]

I Just got the letter today from bank of america and was going to wait until then to march into the bank. TU CS was 722. Denied due to unsatisfactory payment history. I forgot i have a single 30 day late from 31 months ago, Maybe this is the holdup. I will go into bank tomorrow and report back. Ive since paid off all cards that i have in full except one with $50 on it, like the method i read about on here. I will have to wait until the 28th for all cards to report this month for the bump in credit. 

 Ive got over 200k in a CMA at merril lynch that is tied to these accounts to give me the platinum honors at BOA. It definately felt like a kick in the nuts getting denied, but im sure they will recon when i go into branch tomorrow.

Mike

[pizza1]

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@Anonymouswrote:

I Just got the letter today from bank of america and was going to wait until then to march into the bank. TU CS was 722. Denied due to unsatisfactory payment history. I forgot i have a single 30 day late from 31 months ago, Maybe this is the holdup. I will go into bank tomorrow and report back. Ive since paid off all cards that i have in full except one with $50 on it, like the method i read about on here. I will have to wait until the 28th for all cards to report this month for the bump in credit. 

 Ive got over 200k in a CMA at merril lynch that is tied to these accounts to give me the platinum honors at BOA. It definately felt like a kick in the nuts getting denied, but im sure they will recon when i go into branch tomorrow.

Mike

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I would most defintiely be marching into branch with that kind of money parked. I mean, its not a few million, but 200k isnt anything to sneeze at, thats very respectable! I would be sure to tell them that about your account as well, and have the loan officer call on your behalf to the UW. Keep us posted!