I decided to apply on 12/27 (last app for 2019 & gardening for a year) for the Cash Rewards card, and got declined. I called in today to see what was the reason, and they mentioned my charge off from back in 2006 but was settled for less than the full amout. That was over 14 years ago! They also metioned my bankrupcy from 2016. I explained that my bankrupcy did not include BOA. I then proceed to ask for the secured card reestablish a relationship with BOA, and I was told I would have to apply for that.
After I got off the phone, I applied for the secured card. I got declined for that also. I called the recon line, they informed me that was a no go also. I mentioned that I was a BOA customer for 19 years, and I'm trying to reestablish a relationship with their credit products. I was told by the women that I would only able accepted for a secured card if I got a co-signer.
I'm going to close my saving account with them. I kept it open when I moved my checking to Chase, so I would still have a relationship with them. I see that keeping it open is futile. I'm basically been blacklisted.
Sorry to hear about the denial outcome, but based on recent posts, I would honestly just let things chill for a bit. That said, the progression toward rebuilding post-BK can vary from individual to individual, but it's likely more denials may be incurred if the trend continues.
It's unfortunate you didn't take the secured card opportunity as that would've opened the door just a bit. Then again, there's been folks who have obtained the card, then it unsecured and no further growth due to the presence of BK (profile-dependent of course).
In the past BoA was a bit more lenient toward reconsiderations, but not so much in the last year or so, even if a banking relationship exists.
I called the recon line again to get clarification, and they informed me that they declined me simply for the bankrupcy. When I asked the CSR how old the BK has to be to reapply, she had no answer. She just said I had not established enough credit history since the BK, so BOA is not BK friendly either even for a secured card.
Obviously not the advice you're asking for, but I'm genuinely curious given all of your other posts - what is the rush?
I'm trying to dump the subprime cards that I have and replace with non-subprime cards. I thought being a BOA customer that I would be borderline. I thought that if I could just get in with a secured card then I could product change for the Cash Rewards card. I have to get rid of the following cards:
Credit One Visa 1,700
Credit One Mastercard 850
Fortiva Mastercard 2,000
I just closed Indigo 300. No more apps for me as I plan to garden now for a year now and get my UTL down and get my scores up. I also plan to continue to get CLI's with 4 of my accounts (Savor, Venture, Rooms to Go and Amazon Prime). I don't want to close any more accounts until I have replacements (or replacments via CLI on existing accounts) to cover my UTL I would lose if I would close those subprime cards.
What is the rush to get rid of them? Do you annual fees hitting soon? I just think it's a bit premature to end a 19 year banking relationship because a bank is being rightfully cautious. My credit union turned me down for a card. Spoke with a loan officer who spoke to UW, going to try again in a year, but I wouldn't end a relationship over it. If you're 5 years post discharge and they're still not letting you back, then I'd understand, but you're still pretty fresh with high inquiries.
I'm not going to end the relationship. I was just frustrated by the three recent denials, and being a customer of BOA for 19 years and not getting any slack from them. I'm actually using the savings account for the money I owe Amex. I owe them 2,459 when IIB. I'm only putting 100 dollars into that account each month for the next 2 years (BK will be 5 years old), so I can get back with them. I'll try with again with BOA then. Which credit union are you with? I want to get with Alliant (Visa Signature) and Pen Fed eventually.
Alliant. Very happy with them. Joined about 2 months ago and they almost gave me their middle rewards card with the bk, but my inqs spooked them. Loan officer was really nice and helpful, I got detailed feedback on what they'd like to see. We moved most of our family banking there. I'm buying a car in a year and they've been very informative about what they are looking for so I feel confident after a year of gardening I'll be in good shape. I could get approved now with a decent rate, but I'm simply not ready to purchase yet and I'm sure things will improve being 12 months inq free. Then the plan is in jan 2021 car, their visa, pp mc, and back to the garden until Jan 2023 for amex and probably the 2.5% cb from Alliant unless Ollo hits me up for theirs.
How many inqs did you have? I plan to be inq free for 12 months when I come out of the garden. Yeah I currently have the same Ollo card as you, but I haven't received the invite for the 2.5% cb card. I wish you luck with your plan.
BoA is more of a relationship type of bank. A good and healthy relationship can overcome a multitude of things. I'm an example of such. I was approved for 3, yes 3 different BoA cards...2 of them while I was still in BK13.
Yep, you read it right. I was in my 4th year of a 5 year BK13 and was approved for 2 cards during that time. Cash Rewards and Travel Rewards. My BK13 is still alive and well on my report for a few more months and then it'll fall off but post BK13 discharge I applied for and was approved for the Alaska Airlines VS card as well.
Now I do have most of my banking with them and have been with them without blemish for a 22 years. I have to believe that is the ONLY reason they turned a blind eye to me being in a BK13 and approving me for 2 cards and then an additional post discharge.
So yea...relationship with them can overcome a multitude of things. And of the 3 approvals, all were instant...no need for review or recon and my scores at the time of approval while in the BK13 were mid to high 600's.
I think you are so right about a good relationship......they seem to look longterm and who can blame them. I have 3 cards with them with heavy use and they have been great so far. I started off with a 1K line after recon 3-4 years ago, now my total line is over 50K.