Bank Of America Pre Qualifyl a Joke

Anonymous · ‎07-20-2017

Applied for Bank of America Card so that I could make a large buisness purchase that I need a few months to pay completely.

According to the site I was pre-qualified for multiple cards but chose the one with the longer 0% interest terms.

To be double sure I was in good standing (though none of my scores are over 700 yet - even though I only have 1% debt) I hit the CLI button on Capital One and immediately received a 3k line increase.

Pushed the apply button on BOA and was immediately rejected. So...as they say TAKE THE pre-approval with a grain of salt.

it will hit my scores BUT since i'm not looking to apply for anything else in the next few months, i'll be fine. Maybe just wait until i'm in the 700's before i go fourth. Looking forward to seeing what their rejection letter says.

Anonymous · ‎07-20-2017

Did you have an actual prequalified mailer, or were you just using the "check for customized offers" link? The link is useless. Frankly even "preapproved" isn't a guarantee.

Anonymous · ‎07-20-2017

Bank of America is pretty picky. I had the 99/500 card and asked for credit limit increase and I have 710 TU FICO 8 and it went to review and they came back and only gave me 1000 credit limit. I have been a customer with them for 20+ years with a huge direct deposit.

Anonymous · ‎07-20-2017

I went on to pre qualify site and yeah I knew t was a crap shoot but wanted to post so anyone with similar scores and bankruptcy less than 4 years would know.

DaveInAZ · ‎07-20-2017

It's worth call to ask for reconsideration, I've always had good results calling 800-824-5895.

BofA's "pre qualify site" is not a pre-qual site, it's a marketing site to get people to app for cards.

When an alleged "pre-qual site" says "We rcommend", that is not a pre-approval, it's marketing.

When an alleged "pre-qual site" quotes you a wide range in interest rates, like from 12.xx to 22.xx%, that's not a pre-approval, a pre-approval will quote you an exact APR.

I bank with BoA and when logged into my online banking and go to the Offers menu I get the same "pre-qual", they know it's me and they no my credit score (free TU Fico every month) and I still get the same "Dave, We Recommend", with a wide range of APRs. My BK is 7 years old but I get rejected for anything I app for because I included 1 card BoA had acquired from another lender. I have a BoA Cash Rewards card with $1800 CL, but by first getting a secured card, calling that # to get it unsecured at 8 months, got an auto CLI, and got the card upgraded to Cash Rewards by calling that #.

Anonymous · ‎07-20-2017

Thanks. You make a great point about when the provide you with a wide range. I'll note that for the future. I'll wait for the letter to see what they say and then i can call the number you posted...but i'd like to know if it's the bankruptcy as if that's the problem, no call is going to change their mind i presume.

Anonymous · ‎07-20-2017

@Anonymous wrote:
Thanks. You make a great point about when the provide you with a wide range. I'll note that for the future. I'll wait for the letter to see what they say and then i can call the number you posted...but i'd like to know if it's the bankruptcy as if that's the problem, no call is going to change their mind i presume.

What month did you file BK in 2014?

Anonymous · ‎07-20-2017

@Anonymous wrote:
@Anonymous wrote:
Thanks. You make a great point about when the provide you with a wide range. I'll note that for the future. I'll wait for the letter to see what they say and then i can call the number you posted...but i'd like to know if it's the bankruptcy as if that's the problem, no call is going to change their mind i presume.

What month did you file BK in 2014?

Nevermind, I see it in your signature..

Anonymous · ‎07-21-2017

I included a secondary mortgage from BoA in my 2014 BK, so I'm pretty sure that I'll have a hard time of it getting a card from them. At that, from other people's experiences, it seems that BoA is actually more forgiving than Chase, which has recently tightened up its policies even more; IIRC Chase's new policy is that even if you didn't include one of their cards in a BK, you can't apply to them if it's still active on your report.

Anonymous · ‎07-21-2017

@Anonymous wrote:
I included a secondary mortgage from BoA in my 2014 BK, so I'm pretty sure that I'll have a hard time of it getting a card from them. At that, from other people's experiences, it seems that BoA is actually more forgiving than Chase, which has recently tightened up its policies even more; IIRC Chase's new policy is that even if you didn't include one of their cards in a BK, you can't apply to them if it's still active on your report.

The OP from that thread got approved by calling in for reconsideration again; the CSR at Chase misinformed him