BOA Cash Rewards - Denied

[susantrexel]

I have had  an offer for the Cash Rewards card sitting in my account for months. I have not applied for any new cards in the last year or so because I was trying to get a mortgage. I finally closed this week! But my mortgage hasn't hit my reports. I went into BOA to wire funds for closing and my rep mentioned the credit card offer. 0% APR for 15 months and 3% cash back. The same offer I see when I log in.

I went to apply today, (I actually saw a couple of other offers a regular card and a travel card). I thought for sure I would be approved but I got a message saying the couldnt approve and would send me a denial letter. I have a lot of inquiries from mortgage companies. All my accounts are in good standing. My FICO score for credit cards is just at 700, all 3 bureaus are at around that within 5 points.

*One thing is that I wonder if I am on a blacklist for BOA credit cards. I had a credit card I got in the mid 90s that had a lot of lates and over the limit charges. Never charged off. I only paid off that card in early 2016, about 5 years ago. 

[FinStar]

Sorry to hear about the outcome @susantrexel.   

I'd suggest waiting for the letter to determine what reasons they provided.  Aside from the possibility of a prior BoA relationship, any other lates within the past 2 years with any loans or other tradelines?

When you applied, did you do this through your offers tile located within your account profile? 

[susantrexel]

yes when I applied I used the offer link that said my bank rep's name.

I think the last late pay I had was in April 2019 for student loans. My credit usage right now is about 40% a little high but no late payments on any of my credit card accounts currently. I do have a high student loan balance. My last cards I got were I think in April 2020 or possibly March. I got 2 then a Citibank and Amex. 

I don't need this BOA line or anything. I actually have some decent savings in BOA right now too and should show a yearly average balance. I just assumed since I was getting this offer and my 20+ year BOA account which has always been in good standing, that I would be approved. I can't wait to read the denial reasons.

[FinStar]

Ok gotcha.  Often times the online profile offers can be reliable to some extent.  We've seen some folks get approved while others do not.  But, I'm definitely curious so definitely provide us with an update once you receive the letter.

[cashorcharge]

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@FinStar wrote:

Ok gotcha.  Often times the online profile offers can be reliable to some extent.  We've seen some folks get approved while others do not.  But, I'm definitely curious so definitely provide us with an update once you receive the letter.

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Sorta related but....I had to recon my 3 CLI's requests last year. System denials... but called and got each one approved...nothing major, just answering some questions and clarifying some facts. I have no baddies and my scores exceed 800. Once you get that letter, it's worth a call to their underwriting team. They won't HP you again and it may work in your favor. Doesn't hurt to call...

[FinStar]

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@cashorcharge wrote:

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@FinStar wrote:

Ok gotcha.  Often times the online profile offers can be reliable to some extent.  We've seen some folks get approved while others do not.  But, I'm definitely curious so definitely provide us with an update once you receive the letter.

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Sorta related but....I had to recon my 3 CLI's requests last year. System denials... but called and got each one approved...nothing major, just answering some questions and clarifying some facts. I have no baddies and my scores exceed 800. Once you get that letter, it's worth a call to their underwriting team. They won't HP you again and it may work in your favor. Doesn't hurt to call...

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Right.  Doesn't hurt to explore that option, but CLI denials are treated differently than new CC originations, even if system-driven.  For one, successful reconsiderations used to be somewhat the norm (similar to Barclays denials) on these (and other) forums as far as new CC applications go.  UWs aren't given the capability to override many system decisions these days which is why we see very few (if any) successful reconsiderations with BoA.

[cashorcharge]

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@FinStar wrote:

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@cashorcharge wrote:

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@FinStar wrote:

Ok gotcha.  Often times the online profile offers can be reliable to some extent.  We've seen some folks get approved while others do not.  But, I'm definitely curious so definitely provide us with an update once you receive the letter.

---

Sorta related but....I had to recon my 3 CLI's requests last year. System denials... but called and got each one approved...nothing major, just answering some questions and clarifying some facts. I have no baddies and my scores exceed 800. Once you get that letter, it's worth a call to their underwriting team. They won't HP you again and it may work in your favor. Doesn't hurt to call...

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Right.  Doesn't hurt to explore that option, but CLI denials are treated differently than new CC originations, even if system-driven.  For one, successful reconsiderations used to be somewhat the norm (similar to Barclays denials) on these (and other) forums as far as new CC applications go.  UWs aren't given the capability to override many system decisions these days which is why we see very few (if any) successful reconsiderations with BoA.

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Thanks for that added context @FinStar.  I have/had not applied for a NEW BofA account so that makes sense.  My only experience was through CLI's and their underwriting team.  Thanks!

[DotaK]

BOA cares about inquires!

[Harvey26]

@susantrexel I would reach out to the recon line I know back a couple months ago when I tried to recon they stated limited deposits and the inqurires are just from mortgages I think you might have a postive shot at an approval.

[Anonymous]

My take on it would be a lot of "little things" rather than just 1 big thing or single reason.  It sounds like you've got some recent inquiries, late payments within the last 2 years, elevated utilization and iffy history with BoA, even if in the distant past.  I would say the combination of all of those things was simply enough to result in the denial.  Lowering your utilization is the only thing you can take care of on your own, where the other factors simply need the passage of time to improve.  As others have stated upthread, I'm curious to hear the denial reason(s) provided when you receive your letter.