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.
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?
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.
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..
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.