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BOFA Application Result

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Valued Contributor

Re: BOFA Application Result

So the denial letter from BofA is valid.




Message 21 of 31
Regular Contributor

Re: BOFA Application Result


@IrishGuy77 wrote:
Becuase I didnt had credit and I had 19 collections sitting for 7 yrs and 4 re posted and I fought and cleanned up and that time the score was bad so I left it alone til last year I decided to use Self Lender to built some history. That is where I landed these cards.

Is it possible some of those collections are still reporting? Large bank core cards are usually tougher to get and they'll require next to no collections/public records


Goal Score:725

[ Chase Sapphire Reserve - $22400 ]
[ BofA BankAmericard - $16000 ]
[ AmEx Blue Cash Preferred - $16000 ]
[ Cap. One QS - $7800 ]
[ Cap. One QS - $7000 ]
[ Discover IT - $4500 ]
[ AmEx EveryDay Preferred - $2000 ]
Message 22 of 31
Established Contributor

Re: BOFA Application Result

Major banks are not a fan of collection accounts/charge offs/etc. Discover has given you a decent credit line for where you're at with your current stats. Gardening will serve you two fold. Letting the bad stuff go further and further into the past while showing positive history with your current line up.

 

Have you tried to get PFD's on your reporting collections?

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($67.6K), Paypal credit ($7.8K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 23 of 31
Regular Contributor

Re: BOFA Application Result

The collections was removed months ago and I checked my CR yesterday, it shows zero collections and public records. Even I have 100% ontime payment history.
Message 24 of 31
Valued Contributor

Re: BOFA Application Result


@IrishGuy77 wrote:
The collections was removed months ago and I checked my CR yesterday, it shows zero collections and public records. Even I have 100% ontime payment history.

Ok, so what's the next step and plans for the future?

 

a.) garden and focus on CLI's

b.) apply for more cards

500K+ TCL / 800+ FCOs
Message 25 of 31
Established Contributor

Re: BOFA Application Result


@IrishGuy77 wrote:
The collections was removed months ago and I checked my CR yesterday, it shows zero collections and public records. Even I have 100% ontime payment history.

What are your current balances on your accounts? With all the negatives gone, something is weighing your scores down. A 14 year AAoA is solid! You've got enough cards that with no baddies and that AAoA, you should be in the upper 700's unless you're carrying high balances.

 

Also curious, does Bread Financing show as a loan or a revolving account. I haven't heard of that one before. If it's a loan, then it should be helping you with your credit mix, even further boosting your profile.

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($67.6K), Paypal credit ($7.8K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 26 of 31
Valued Contributor

Re: BOFA Application Result


@IrishGuy77 wrote:
The collections was removed months ago and I checked my CR yesterday, it shows zero collections and public records. Even I have 100% ontime payment history.

Banks don't just look at your credit report when making lending decisions.  If you burned BofA or one of its affiliates in the past, you will find it difficult to obtain credit from them even though the derogatory is no longer on your credit report.  Banks can keep their internal records of your relationship with them for as long as the choose.





Message 27 of 31
Contributor

Re: BOFA Application Result

Also reading by the rejection letter you applied for WMC and your highest limit is already only 5k w Discover.
I have had a bank account with BofA 30plus years and a trading account fir some time and scores in 700s and im gun shy.
Message 28 of 31
New Contributor

Re: BOFA Application Result

I’m sorry your application was denied.

I am sure you will get some great cards in the future. Just hang in there.
Message 29 of 31
Regular Contributor

Re: BOFA Application Result

If you had 19 collections then I hope you learned your lesson and figured out the proper way to use credit now that you are back in the game. As someone who’s messed up his credit twice I would make sure you have a better understanding so that doesn’t happen again.




Message 30 of 31
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