Bank of America - BankAmericard Denial

[fittiger]

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@Remedios wrote:

You said your utilization was 22%, so 22% of what?

The only reason I'm asking is BoA uses not just percentages but also raw dollar amount (it's not unique to them, but them and chase do pay more attention to raw dollar amounts than most other lenders) 

If your TCL happened to be $30K, 22% is not the end of the world.

If it's $100K/$200K$300K, 22% is a big chunk of money

Of course your denial could be totally unrelated to utilization but I'd describe BoA as *Voted least likely to give high(ish) limit with high utilization* 

Perhaps you should check WF, Reflect I think. Lengthy 0% promo/BT, you don't have recent apps so it might work. They have prequal page now. 

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I have 5 open revolving accounts plus Amex Gold card. 

My uti is based on $19k of 35k limit on one card, rest are $0 except Gold card, $2389. 

I just checked WF, approved for 14k. 

[OmarGB9]

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@fittiger wrote:

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@Remedios wrote:

You said your utilization was 22%, so 22% of what?

The only reason I'm asking is BoA uses not just percentages but also raw dollar amount (it's not unique to them, but them and chase do pay more attention to raw dollar amounts than most other lenders) 

If your TCL happened to be $30K, 22% is not the end of the world.

If it's $100K/$200K$300K, 22% is a big chunk of money

Of course your denial could be totally unrelated to utilization but I'd describe BoA as *Voted least likely to give high(ish) limit with high utilization* 

Perhaps you should check WF, Reflect I think. Lengthy 0% promo/BT, you don't have recent apps so it might work. They have prequal page now. 

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I have 5 open revolving accounts plus Amex Gold card. 

My uti is based on $19k of 35k limit on one card, rest are $0 except Gold card, $2389. 

I just checked WF, approved for 14k. 

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Maybe that spooked them. $19k in raw dollars is a decent chunk of money. Also, $19k/$35k = 54.28% individual utilization. Fairly high for one card.

[fittiger]

I wouldn't be entirely shocked if that is reason; however the instant denial based on that is a bit surprising. 

[fittiger]

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@FinStar wrote:

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@fittiger wrote:

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@FinStar wrote:

Once you receive the letter, feel free to share the reason(s) why the application was denied.

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Will do.

Off topic, I love the pole-dancing bunny

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Since your DPs seems fairly solid based on what you shared upthread, I'm definitely curious about the reason(s) they cited. I'm assuming no recent address changes or major changes in your CR profile? Also, no prior negative history with BoA or any of its predecessors, right?

Oh and that's a self-rotating pole...bunny is merely engaged in angular momentum due to motion of the pole 😀  well, that's what I was told 😬

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I got my BoA letter today, and I'm still preplexed as to what they are telling me. So the letter states "in order to process your application" they want to verify my SSN and income and stipulates that I must provide form ssa-89 to allow SSA to "release social security number verification" and a recent pay stub. It also indicateds I should list Corelogic as their agent for this release.  So is this legit?

The reasons listed on the disclaimer page that were "key factors that adversly affected your credit score" (listed as Fico 805 TU):

- proportion of balances to credit limits on revolving accounts is too high (ok)

- too many accounts with balances (this is absurd)

- amount owed on revolving accounts is too high (understood)

- length of time revolving accounts have been established (average is 8+ years)

- too many inquiries last 12 months (1 when this was pulled)

What I don't get is, I'm almost positive it said I was denied or they couldn't extend credit or something to that affect.  So does this mean that the app wasn't denied?  I don't want to consider sending this and end up getting a crap account or denied.

Why would they need me to send in that SSN verification form, is that common?  Is it reasonable? I've never heard of it. I don't have a problem sending in a pay statement.

I'm just really usure if I want to go to the hassle or if it is a privacy concern.

[FinStar]

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@fittiger wrote:

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@FinStar wrote:

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@fittiger wrote:

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@FinStar wrote:

Once you receive the letter, feel free to share the reason(s) why the application was denied.

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Will do.

Off topic, I love the pole-dancing bunny

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Since your DPs seems fairly solid based on what you shared upthread, I'm definitely curious about the reason(s) they cited. I'm assuming no recent address changes or major changes in your CR profile? Also, no prior negative history with BoA or any of its predecessors, right?

Oh and that's a self-rotating pole...bunny is merely engaged in angular momentum due to motion of the pole 😀  well, that's what I was told 😬

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I got my BoA letter today, and I'm still preplexed as to what they are telling me. So the letter states "in order to process your application" they want to verify my SSN and income and stipulates that I must provide form ssa-89 to allow SSA to "release social security number verification" and a recent pay stub. It also indicateds I should list Corelogic as their agent for this release.  So is this legit? Yes, this is legit and it has surface before with prior Bank Of America threads in this particular section.

The reasons listed on the disclaimer page that were "key factors that adversly affected your credit score" (listed as Fico 805 TU):

- proportion of balances to credit limits on revolving accounts is too high (ok)

- too many accounts with balances (this is absurd)

- amount owed on revolving accounts is too high (understood)

- length of time revolving accounts have been established (average is 8+ years)

- too many inquiries last 12 months (1 when this was pulled)

What I don't get is, I'm almost positive it said I was denied or they couldn't extend credit or something to that affect.  So does this mean that the app wasn't denied?  The application is still in pending status until you provide the additional requested information. I don't want to consider sending this and end up getting a crap account or denied.  There are no guarantees limit-wise, if approved. This is basically like a conditional approval, however, temper expecatitions on the SL.

Why would they need me to send in that SSN verification form, is that common?  Is it reasonable? I've never heard of it. I don't have a problem sending in a pay statement. Yes, it is fairly common if they need to verify who you are. Especially, if there was a discrepancy or disconnect in the data inputs from your application vs other data or report sources (aside from the CRA they accessed).

I'm just really usure if I want to go to the hassle or if it is a privacy concern. This decision rests ultimately on you. You are not required to provide any additional information if you don't want to. However, if you do, then the process has been outlined for you if you decide to pursue it further. FWIW, as far as privacy goes, you have already released to BoA a lot of details on the initial processing of your application.

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See above responses.

[RobynJ]

Heck you already paid the price for the HP so I would go ahead and see what they will offer you. No harm at this point as I said you already took the hit for the inquiry. 

[fittiger]

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@RobynJ wrote:

Heck you already paid the price for the HP so I would go ahead and see what they will offer you. No harm at this point as I said you already took the hit for the inquiry. 

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I considered that, but a new account will likely impact my credit more than a HP.  At this point, I'm not sure it's worth it for a likely low limit account that's only benefit is balance transfers.  Looking up the requested form on myFICO boards, i noticed one or two occasions where BoA submitted another HP after the documents were obtained. 

It seems to be an ill-researched app on my part. 

I'll confirm for the thread in there next few days whether I decide to submit the requested documents. 

[Thermionic_E]

I also got this... two of them. I have received tons of bofa offers every month for their products and the nicer ones for the Alaska card. I received a letter stating no personal relationship with bofa, and lack of personally established accounts and limits... 4 years and 2years and 3 months. 65k 5% utilization 740-756 exp equifax and TransUnion is in that margin. 

edit- this: I am referring to the email confirmations. I also was denied a business checking account online and got no further information for that. 

[fittiger]

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@Thermionic_E wrote:

I also got this... two of them. I have received tons of bofa offers every month for their products and the nicer ones for the Alaska card. I received a letter stating no personal relationship with bofa, and lack of personally established accounts and limits... 4 years and 2years and 3 months. 65k 5% utilization 740-756 exp equifax and TransUnion is in that margin. 

edit- this: I am referring to the email confirmations. I also was denied a business checking account online and got no further information for that. 

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Thanks for sharing.  

I've decided I won't be pursuing a financial relationship with BoA and declined to submit the requested documentation. 

[Crowhelm]

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@fittiger wrote:

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@1GaDawg85 wrote:

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@fittiger wrote:

Straight denial by BoA for the BankAmericard today.

No previous relationship.

No negatives

Income:  >$100k

Inq:  Experian HP (2 previous inquiries)

Score: 804  (EQ & TU range 805 & 792)

UTI: 22% 

AAoA: 8yr 7mo

AoOA: 24yr 6mo

New Credit:  most recently opened was 1 yr 10mo (auto loan); my most recent CC was 9/2018).

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that is an odd denial from BOA. I would call them to recon once the letter comes!

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I did get an email confirmation request after the denial, which I thought was weird.  Maybe it was over fraud concerns?

But if I have to recon I would not expect to be granted a decent limit or apr so I'm not sure it's worth it; I'll just look at another lender. 

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My sentiment completely. No bank or credit union is worth your time if they are too dumb to see you are a good customer to have. Plenty of fish in the sea who will appreciate your business.