Hi guys, just to provide you with my two cents on the application process for Bank of America.
I received an "offer" when I logged into my BoA account to apply for the Cash Rewards on 01/18/19. Thought I take a stab at this one since I applied for the Capital One Savor (got approved check other thread) on the same day.
After applying for the Cash Rewards, I received an instant decision saying my application could not be approved at this time and that a letter would be mailed out to me explanining the reasoning. I called the backdoor number and after talking to two credit analysts, they were unsure what the letter details, but noted that it may just be a request for addtional information.
A week later, I received the letter saying I needed to verify some additional information for the following:
Two items here:
- Bank Statement
- Utility Bill
- Passport
- Social Security Card
- Government Issued Foreign Card
One item here:
- Recent PayStub in the last 30 days
- Signed Tax Forms
I submitted everything within the next day and called back a week later to check the status. Upon reaching a credit analyst, I was told they received the information, but could not approve me at this time and that another letter was sent out. I tried asking the analyst to reconsider the decision, but no luck. I called again immediately after, and another analyst told me that I'm not 100% denied, but I just needed to verify some additional information, which will be mailed out to me.
I called my sister who has knowledge in the Bank of America infosphere to get her insight on my situation and she told me that they're pretty much trying to weed out the "synethetic applicants" a.k.a. fraudsters and fakes. Normally these synthethics would not have access to those sensitive verification documents per above and Bank of America does this to prevent fraud and unauthorize account openings. She reassured me most likely I may still be approved, but who knows.
Such a huge hassle with BoA, but will update once I get my letter!
