App with thin file: Chase approved after 2 months's waiting, BoA denied for having enough credit!

[Anonymous]

This sounds good to me. I will be waiting and report updates later.  Thanks!

[Anonymous]

From the robo lady, "your application is being reviewed. You will be noticed in writing in 7-10 business days regarding our decision..." What does this mean now? Normal or going downward? 

BTW, I think my Citi card seems to report to the bureaus either tomorrow or the coming business day -- next Monday. The statement is actually cut tomorrow.

[OmarGB9]

Not promising. But doesn't necessarily mean a denial either.

Whatever you do, don't call!

[Anonymous]

So, I got two physical letters from Chase and BofA today:

1) The letter from Chase just asked me to verify my physical address in order to continue the review process. It does not point out what exact documents I should mail to them. I guess any bank statement should work for verifying address?

2) BofA sent me the denial letter as expected. The EX score they pulled on Jan 12 is 751 with limited length of time accounts have been established, lack of recent installment loan information and too many inquiries last 12 months (should be 4 in total). However, this letter states that the reason for their credit decision are given separatedly from the key factors that adversely affected my credit score. The key reason they denied me is that "the amount of credit extended to you by us and/or our affiliates is adequate." I never seen this before, but I have a BBR card with $3500 CL (~6 months old) and a travel rewards with $3500 CL (3-year old) from BofA already. My annual income reported to them is 35k. What should I argue if I call BofA for recon?

My plan is:

1) Call BofA for recon ASAP. Not sure about what should I say though. Can I just honestly tell them I find the bonus is easy to get and I was looking forward to another BBR card?

2) Mail a bank statement from other banks to Chase to show my address is what I submitted. In fact, I used my business address for all of my cards as I am keeping moving around. I am going to move to a new apartment next month. 

Thoughts? 

Thanks for following up!

[FinStar]

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@Anonymous wrote:

So, I got two physical letters from Chase and BofA today:

1) The letter from Chase just asked me to verify my physical address in order to continue the review process. It does not point out what exact documents I should mail to them. I guess any bank statement should work for verifying address?

2) BofA sent me the denial letter as expected. The EX score they pulled on Jan 12 is 751 with limited length of time accounts have been established, lack of recent installment loan information and too many inquiries last 12 months (should be 4 in total). However, this letter states that the reason for their credit decision are given separatedly from the key factors that adversely affected my credit score. The key reason they denied me is that "the amount of credit extended to you by us and/or our affiliates is adequate." I never seen this before, but I have a BBR card with $3500 CL (~6 months old) and a travel rewards with $3500 CL (3-year old) from BofA already. My annual income reported to them is 35k. What should I argue if I call BofA for recon?

My plan is:

1) Call BofA for recon ASAP. Not sure about what should I say though. Can I just honestly tell them I find the bonus is easy to get and I was looking forward to another BBR card?

2) Mail a bank statement from other banks to Chase to show my address is what I submitted. In fact, I used my business address for all of my cards as I am keeping moving around. I am going to move to a new apartment next month. 

Thoughts? 

Thanks for following up!

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Contact Chase to find out exactly what they need.  Don't assume as this can delay the processing of your application if the documents you send are not acceptable.

For BOA, not sure whay you could "argue".  It's possible they feel the've extended the max they can offer given your income and other factors.  Don't take it personal.  Instead, you can try contacting them and see if maybe you can reduce some CL to get this one approved?  If they accept, great.  Otherwise, just a business decision, nothing lost.

[Anonymous]

@FinStar Thank you for your response. 

For the address verification. I thought no one would be interested in this post while waiting for hours. I have mailed a bank statement to Chase this evening, which is the only document that I can find at hand to verify my address. I don't have utility bills, no lease so far, driver's license doesn't match, nothing else is using my current business address... My employment docs may match but does not indicate this is my "resident" address. Or, should I just tell them I haven't moved to a new place and I was using a business address? Maybe I will wait for a week and call the verification department to see if they have any questions. Hope this is an approval!!!

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@FinStar wrote:

Contact Chase to find out exactly what they need.  Don't assume as this can delay the processing of your application if the documents you send are not acceptable.

For BOA, not sure whay you could "argue".  It's possible they feel the've extended the max they can offer given your income and other factors.  Don't take it personal.  Instead, you can try contacting them and see if maybe you can reduce some CL to get this one approved?  If they accept, great.  Otherwise, just a business decision, nothing lost.

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For BoA, I will make a phone call tomorrow evening or so to see if it works if I move some CL from my first BBR to the applied one. Thanks for the idea! 

Hopefully both will be approved in the end! I feel a little positive about the apps now. Shouldn't I?

[Anonymous]

Tried to call in the recon line of BoA, but the line was closed They only work in normal business hours. Will try again tomorrow maybe. 

[Anonymous]

So I just called in to the BoA recon line, and a lady answered my phone. She told me they think I have enough credit accounts from them based on my income and other factors, and nothing about my credit history or credit limit. So, she cannot let me open another new card for now. Never heard of this reason, but this is fine.

Waiting for Chase now...

[Anonymous]

10 days after I mailed my address verification material (bank statement) to Chase, I just called the verification department. Chase haven't updated my address based on my mail or they may haven't received my mail. My phone call was transfered to two analytists. At the end, the CSP suggested me to call back at the middle of next week. Really a long wait... 

Anyone thinks this verification thing is a positive sign for approval? 

[Anonymous]

I got a change of status when I call the Chase auto lady a few min ago! 

The robo lady said "We have received your app on Jan 12th, 2016. You will be notified in writing in about approximate 2 weeks. This is the most updated information regarding the status of your application." I guess I don't bother to call the verification department any more...