BofA CC denied because of Ch7 despite not being included?

[risingup2day]

Hello,

Pretty sure I remember talking with BofA CSR and they stated they don't not approve any Credit within one year of filing any BK. I would say try again a year out of discharge, if you really want a card from BofA. Again this was a few years ago for me.

Good luck! 

[working_disaster]

thats helpful. thank you!

[jwa77]

denying a secured card to me is ridiculous.  There is literally no risk to them; so **bleep** is their problem?

[Horseshoez]

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@jwa77 wrote:

denying a secured card to me is ridiculous.  There is literally no risk to them; so (what the) **bleep** is their problem?

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Agreed, when BofA denied me I was dumbfounded.  When they subsequently denied my appeal I was seriously **bleeped** off.

[1GaDawg85]

Even after my CH7 discharge in 2012, BoA still refuses to do business with me (I did include them so they are probably still made about it)

[Horseshoez]

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@1GaDawg85 wrote:

Even after my CH7 discharge in 2012, BoA still refuses to do business with me (I did include them so they are probably still made about it)

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I'm curious, what are the reasons they're giving you?  In my case they came back with two bogus reasons for denying my application for a secured credit card.

[DoogieBall]

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@1GaDawg85 wrote:

Even after my CH7 discharge in 2012, BoA still refuses to do business with me (I did include them so they are probably still made about it)

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Same here.  I applied 8 years post discharge and was denied for the same reason as OP and also never had any account with them.  That BoA inquiry fall off my reports this month, so there's that.

[FinStar]

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@jwa77 wrote:

denying a secured card to me is ridiculous.  There is literally no risk to them; so **bleep** is their problem?

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A risk is still a risk for any lender, regardless whether it's BoA, Discover, TD Bank, NFCU (as far as secured cards go).  Every FI has their own lending policies.  All you have to do is look at plenty of rebuilding threads where folks had secured cards (of any flavor) that defaulted, even if a security deposit existed. 

Also, no lender will be the right fit for everyone, so there's plenty of other fish in the ocean if BoA (or any other lender) is not a favorite cup of tea.

[Horseshoez]

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@FinStar wrote:

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@jwa77 wrote:

denying a secured card to me is ridiculous.  There is literally no risk to them; so **bleep** is their problem?

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A risk is still a risk for any lender, regardless whether it's BoA, Discover, TD Bank, NFCU (as far as secured cards go).  Every FI has their own lending policies.  All you have to do is look at plenty of rebuilding threads where folks had secured cards (of any flavor) that defaulted, even if a security deposit existed. 

Also, no lender will be the right fit for everyone, so there's plenty of other fish in the ocean if BoA (or any other lender) is not a favorite cup of tea.

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I understand the general thrust of your statement, however, I'm having a difficult time wrapping my brain around a fully secured credit card being a risk of any sort.

[Remedios]

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@Horseshoez wrote:

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@FinStar wrote:

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@jwa77 wrote:

denying a secured card to me is ridiculous.  There is literally no risk to them; so **bleep** is their problem?

---

A risk is still a risk for any lender, regardless whether it's BoA, Discover, TD Bank, NFCU (as far as secured cards go).  Every FI has their own lending policies.  All you have to do is look at plenty of rebuilding threads where folks had secured cards (of any flavor) that defaulted, even if a security deposit existed. 

Also, no lender will be the right fit for everyone, so there's plenty of other fish in the ocean if BoA (or any other lender) is not a favorite cup of tea.

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I understand the general thrust of your statement, however, I'm having a difficult time wrapping my brain around a fully secured credit card being a risk of any sort.

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Of course there is a risk once secured card graduates. While we might be playing with our money at first, once the deposit is returned, we are playing with theirs.