BoA Platinum denied due to COVID-19 plan

[mjban]

Las month I applied for my second Bank of America credit card, got a really good offer in the mail, the application went right into review and after about a week I got the denial letter, the reason: "You are or have been enrolled in a deferred payment plan."

I enrolled my car loan account ($700/month) in their deferred payment plan (about two weeks before my credit card app). I really did not need to use the plan but decided to have this "buffer" just in case as business has slowed down quite a bit. It was never disclosed to me that my ability to qualify for another of their product would be affected, but of course they can do whatever they want. I asked for a reconsideration and said I could just unenroll from the plan if necessary, didn't work.

I've been a BoA client for about 8+ years with excellent history. Very sad I had to learn my lesson the hard way with this bank.

[FeeBear]

Sorry to hear that Bro, but on a side note it does clear up the question of using/requesting deferred plans affecting credit requests.

Fee

[AverageJoesCredit]

Sorry to read. Doesnt suprise me that banks offer an olive branch in one hand but keep the pitch fork ready in the other. Their bottom line is their bottom line.

[coldfusion]

It should be no surprise that, having told voluntarily told BoA that you are or are expecting to have difficulty in meeting your current financial obligations by choosing to enrol in a COVID-19 deferrment plan, that they would refuse to increase their exposure.   

This isn't just a BoA thing.   

Sorry this happened to you but this is another reminder to members to beware the laws of unintended consequences.   If you don't need relief don't ask for it. 

[M_Smart007]

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@AverageJoesCredit wrote:

Sorry to read. Doesnt suprise me that banks offer an olive branch in one hand but keep the pitch fork ready in the other. Their bottom line is their bottom line.

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@AverageJoesCredit, This could not be more true!

Sorry for your denial OP

[AverageJoesCredit]

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@coldfusion wrote:

It should be no surprise that, having told voluntarily told BoA that you are or are expecting to have difficulty in meeting your current financial obligations by choosing to enrol in a COVID-19 deferrment plan, that they would refuse to increase their exposure.   

This isn't just a BoA thing.   

Sorry this happened to you but this is another reminder to members to beware the laws of unintended consequences.   If you don't need relief don't ask for it. 

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This* 

I need the help but am holding out as long as possible especially on my PF loan. I have insurance that should be able to help awhile but i want to use as very last option before i use it. Once i ask for help im sure the banks will sense weakness and dominoes will  commence. Its a bad time to seek credit unless one has a stable job/ income/ and strong profile. 

[coldfusion]

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@AverageJoesCredit wrote:

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@coldfusion wrote:

It should be no surprise that, having told voluntarily told BoA that you are or are expecting to have difficulty in meeting your current financial obligations by choosing to enrol in a COVID-19 deferrment plan, that they would refuse to increase their exposure.   

This isn't just a BoA thing.   

Sorry this happened to you but this is another reminder to members to beware the laws of unintended consequences.   If you don't need relief don't ask for it. 

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This* 

I need the help but am holding out as long as possible especially on my PF loan. I have insurance that should be able to help awhile but i want to use as very last option before i use it. Once i ask for help im sure the banks will sense weakness and dominoes will  commence. Its a bad time to seek credit unless one has a stable job/ income/ and strong profile. 

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You're entirely in the reverse situation - these programs are specifically geared toward all those many people who find themselves in exactly the same situation you're in.    Just don't be shy about asking for help. 

[randomguy1]

If someone owed you 700/month and they told you, hey I can't pay right now and you said ok. What would you say if they came back and asked for a another loan while not making payments on the other debt? You would probably say no, right?

I don't think it's a BofA thing. 

[Meanmchine]

Sorry about your BoA denial

[Anonymous]

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@FeeBear wrote:

Sorry to hear that Bro, but on a side note it does clear up the question of using/requesting deferred plans affecting credit requests.

Fee

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It's all in the wording.  It won't affect your credit *SCORE* - what the lenders do with remarks on TLs when they look at your report is 100% up to them