BoA application - why no instant denial?

[Anonymous]

On the 9th I applied for a BoA MasterCard that their pre-qual tool maybe matched me with (I couldn't really tell if it was prequal since it gave me all their major cards)

My application is still under review. Today I came to check on how they usually handle apps and I see their 3/12 rule. I've had 7 new cards in the last 12 months (8 if PayPal Credit counts) and no relationship with them. Shouldn't they have denied me by now? Usually people are happy to deny me within seconds!

[coldfusion]

BoA can sometimes show some flexibility with regard to their guidelines.

The delay isn't uncommon; your application went to manual review and since you don't have any current accounts with them there are 2 potential senarios.

1) The application was rejected, so you'll get a notification in the mail.

2) The application passed an initial screening and was referred to their fraud department for review.  It can take them 2-3 weeks to complete a fraud assessment and don't be surprised if they call you to confirm that it was in fact you that had applied.

p.s. while BoA does issue preapprovals it sounds like you went through the online marketing-based recommendation generator on what to apply for, which does not generate actual preapprovals.

[Anonymous]

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@coldfusion wrote:

p.s. while BoA does issue preapprovals it sounds like you went through the online marketing-based recommendation generator on what to apply for, which does not generate actual preapprovals.

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Yes you're correct about that,t thanks

[Meanmchine]

They might counter with their secured card  You didnt give us much info to go on

[pinkandgrey]

Well, you're not me, so you have that in your favor. 

I've heard of these things taking awhile for whatever reason. It probably is a denial unfortunately. I would probably just call until someone gave me some kind of answer. 

Good luck!

[Anonymous]

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@Meanmchine wrote:

They might counter with their secured card  You didnt give us much info to go on

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Oh, well I wasn't really looking for advice. I'm in a relatively unique position of having little credit history in the US but starting off with high-limit cards due to my Canadian credit history. Some lenders, like Capital One, treat me as very new to credit (CL of 300 and 500) while I finally cracked Synchrony with a 5K starter on the PayPal MC. I'd like to get in one of the big traditional banks and I applied to BoA before I was aware of their 3/12 rule. Once I became aware of it I was just curious why my app wasn't rejected immediately,.

I wouldn't accept a secured card from anyone. I can get a minimum 2% back anywhere I shop except US Costco.. I'm just looking to take advantage of SUBs and no interest offers and this card would have plugged a rewards "hole" by bringing online shopping to 3%. Also want a 2% anywhere Visa to use at US Costco.

[CreditCuriosity]

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@Anonymous wrote:

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@Meanmchine wrote:

They might counter with their secured card  You didnt give us much info to go on

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Oh, well I wasn't really looking for advice. I'm in a relatively unique position of having little credit history in the US but starting off with high-limit cards due to my Canadian credit history. Some lenders, like Capital One, treat me as very new to credit (CL of 300 and 500) while I finally cracked Synchrony with a 5K starter on the PayPal MC. I'd like to get in one of the big traditional banks and I applied to BoA before I was aware of their 3/12 rule. Once I became aware of it I was just curious why my app wasn't rejected immediately,.

I wouldn't accept a secured card from anyone. I can get a minimum 2% back anywhere I shop except US Costco.. I'm just looking to take advantage of SUBs and no interest offers and this card would have plugged a rewards "hole" by bringing online shopping to 3%. Also want a 2% anywhere Visa to use at US Costco.

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Personally I think you need to slow down let your US accounts age a bit as you aren't in canada anymore and build more slowly and get limits with the lenders you really want and credit isnt a race it is a marathon.  You have plenty of cards now to let them grow by SP cli's along with your US credit history.  Just my humble opinion

[Remedios]

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@CreditCuriosity wrote:

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@Anonymous wrote:

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@Meanmchine wrote:

They might counter with their secured card  You didnt give us much info to go on

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Oh, well I wasn't really looking for advice. I'm in a relatively unique position of having little credit history in the US but starting off with high-limit cards due to my Canadian credit history. Some lenders, like Capital One, treat me as very new to credit (CL of 300 and 500) while I finally cracked Synchrony with a 5K starter on the PayPal MC. I'd like to get in one of the big traditional banks and I applied to BoA before I was aware of their 3/12 rule. Once I became aware of it I was just curious why my app wasn't rejected immediately,.

I wouldn't accept a secured card from anyone. I can get a minimum 2% back anywhere I shop except US Costco.. I'm just looking to take advantage of SUBs and no interest offers and this card would have plugged a rewards "hole" by bringing online shopping to 3%. Also want a 2% anywhere Visa to use at US Costco.

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Personally I think you need to slow down let your US accounts age a bit as you aren't in canada anymore and build more slowly and get limits with the lenders you really want and credit isnt a race it is a marathon.  You have plenty of cards now to let them grow by SP cli's along with you US credit history.  Just my humble opinion

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+1000

OP, you need to temper your expectations a bit. There are a few lenders who may take your existing history into account, but once you move to "main players", you're going to hit a brick wall or five till you build history here. 

Another thing, while you may not be looking for advice now, you will once you make several wrong moves, so it's in your best interest to start taking well intended advice into consideration. 

Good luck with your future applications, this one included. 

[Anonymous]

I don't live in the United States, however my income is in US dollars and using US cards allows me to save substantially on currency conversion.

I'm never going to be looking for a US mortgage or car loan, to get a job or rent an apartment. I have a credit line that allows me to keep my utilization under 10% if I never get another card or increase again. It's really all about SUBs, maximizing bonuses and 0% interest. 

This is basically a hobby for me. The only credit score that really matters is my Canadian score and of course since most of my spending isn't on it, my utilization is really good.  

[CreditCuriosity]

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@Anonymous wrote:

I don't live in the United States, however my income is in US dollars and using US cards allows me to save substantially on currency conversion.

I'm never going to be looking for a US mortgage or car loan, to get a job or rent an apartment. I have a credit line that allows me to keep my utilization under 10% if I never get another card or increase again. It's really all about SUBs, maximizing bonuses and 0% interest. 

This is basically a hobby for me. The only credit score that really matters is my Canadian score and of course since most of my spending isn't on it, my utilization is really good.  

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Although might be a hobby as it is for me.. You will never get any of the good bonuses aka CSP/Bofa PR/Wells Fargo Propel and list continues if you cannot stay in garden and let those accounts age for awhile you will continue to get denied or not qualify for the GOOD bonus/money.  I am just saying I personally think you are doing yourself more harm than good even if only bonus chasing as you aren't eligable for the best bonuses with your current profile.  Anyways already mentioned my piece.  Best of luck whatever you do in the future.