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Bank of America declined ??? Why

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New Contributor

Bank of America declined ??? Why

So I applied for the Bank of America Premium Rewards and I just got the letter why I was declined.
First alittle info on me:
I’m a student making a round $16,500 per year gross. And I do usually put some of my tuition on a 0apr card for my job to reimburse me and pay it off..

I currently have the Cash Rewards credit card and it had a balance of $1000 with a pending payment of $1000 when I applied, and well in the letter I received, the reason why they declined me was because:

“Number, Type, and/or Balance of accounts with us and/or our affiliates”

I don’t have any other Bank of America card, unless the fidelity counts? But isn’t that Elan financial Owned by Us Bank?

Is there a way that I can recon the denial ? At the time of the Pulled Report it was a 730 FICO Experian.
Message 1 of 11
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Moderator

Re: Bank of America declined ??? Why

Fidelity is not part of BoA/Merrill Lynch.

 

Did you have any accounts (deposits, loans, etc.) with NationsBank, FIA, MBNA or any other affiliates that may have been absorbed by BoA?

 

The Premium Rewards has more stringent approval criteria than their other CCs OP.  You can try the reconsideration route, however, it's likely they will stand by their original decision.

 

What other reasons were cited on the letter?  Reference the bottom (or reverse) that displays the score that provides some background as to the other reasons your score/profile did not meet their UW criteria.

Message 2 of 11
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New Contributor

Re: Bank of America declined ??? Why

That’s all the letter says, In the back of the second page where my score is showing it’s says clearly that:

“This factors only relate to your credit score and The reason for OUR credit decision is given separately in the first paper, and that ”. That’s it.

Also I have no other loans or anything, like I said I do have some tuition in my Amex card about 3k that will be paid off at the end of the semester. But Bank of America only mentioned their accounts or products. I think it’s most likely that I got denied because it was showing a $1000 balance on the card. But maybe if I try i can bring that up.

Are they really that strict when it comes to recons? I’ve never done one.
Message 3 of 11
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Moderator

Re: Bank of America declined ??? Why


@omarinho10 wrote:
That’s all the letter says, In the back of the second page where my score is showing it’s says clearly that:

“This factors only relate to your credit score and The reason for OUR credit decision is given separately in the first paper, and that ”. That’s it.

Also I have no other loans or anything, like I said I do have some tuition in my Amex card about 3k that will be paid off at the end of the semester. But Bank of America only mentioned their accounts or products. I think it’s most likely that I got denied because it was showing a $1000 balance on the card. But maybe if I try i can bring that up.

Are they really that strict when it comes to recons? I’ve never done one.

In certain situations, yes, but outcomes can vary.  Especially on the Premium Rewards.

 

So, I'm wondering what, if any accounts, they reference.  Were you ever a joint accountholder with anyone in the past?

Message 4 of 11
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New Contributor

Re: Bank of America declined ??? Why

Wasn’t aware that BoA PR was harder to get. Why?? Doesn’t seem like a particularly attractive card compared to their competitors even with platinum honors benefits factored in
Message 5 of 11
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Senior Contributor

Re: Bank of America declined ??? Why

Adverse Action Notices from Bank of America tend to be somewhat cryptic but what the letter is basically saying it that you were denied because your current credit profile does not match the segment of credit card users to which the Premium Rewards card is targeted. Those who qualify for the Premium Rewards card typically have high incomes,  and either have a depository relationship with Bank of America and/or investment accounts through Merrill Lynch or Merrill Edge.

 

Here's someone else who recently had a similar denial: Bank of America Premium Rewards beaware; and take note the comment made by @K-in-Boston.





Message 6 of 11
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Frequent Contributor

Re: Bank of America declined ??? Why

+1 on what M&B said.
Message 7 of 11
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Community Leader
Super Contributor

Re: Bank of America declined ??? Why

Hi OP and welcome

This is a shot in the dark although the letter said it only applied to their products.

Owing $1K with a pending payment. If your CL is $1K, it may have looked like your UT was 100%. In the future, make sure payments post before requesting a CLI or applying for a CC.

The same applies to the AmX.

Also, if you PIF all CCs, that means $0 is reporting, which is not good. Let atleast 1 card report $20, if this is the case.

You have nothing to lose by reconning as long as it’s not another HP.

Just my 2cents and GL2U.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 8 of 11
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Community Leader
Senior Contributor

Re: Bank of America declined ??? Why

The Premium Rewards is a higher end card for folks with higher incomes.. that said.. even so..

Someone mentioned how the rewards were meh.. but if you have the right relationship and their higher tiers of banking, actually Premium Rewards can be a very attractive card ... with the right add-ons that are automatic with certain relationships with BOA....

We have some heavy hitters here who got denied for that card with similar rejection reasons.....

In Short.. they really want people with Merell Lynch and higher balance accounts.. 

 

Do remember this post is from someone who would never app for this card since im in the LIE zone.. My income isn't anywhere near their target audience...

 

You could make a large deposit into a BOA checking account and then try recon but... I wouldnt bother myself..

This sometimes works... Know from personal experience it did with a family member when he got approved for a BBR and wanted a higher CL/CLI... In fact I'd go as far as to say the CSR "encouraged" it... 

 

Old thread on here about it..

https://ficoforums.myfico.com/t5/Credit-Cards/Boa-starter-cl-and-BBR/td-p/3433191

 

-J

 

Message 9 of 11
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Valued Member

Re: Bank of America declined ??? Why

I applied for their cruise card last week and got the similar message.  I have had a 17 year banking relationship with them and have six fiqures in my checking account.   Not sure what more of a relationship they want me to have,  My BOA Cards had 0 Util on one and 5 percent on the other.   Depends on their mood at the time I think.

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