@working_disaster wrote:I filed for Chapter 7 in Aug 2020, and was discharged October 2020. I didnt have any BofA credit cards in 2020, and have maintained my decades-old banking accounts with them throughout.
On advice from this forum, I applied for a secured card last week but was rejected. The reason stated is:
"One or more of your accounts has been included in a bankruptcy or we've received notification of your intent to file for bankruptcy."
There was no Bank of America account in my filing. What do I do, here? And does anyone know the recon process?
I ran into the exact same thing last year, I appealed and was denied a second time. I then wrote a letter to the CEO, and while waiting for a response, moved all of my banking over to TDBank (wish I'd done that years ago) who gladly gave me a secured card with a $5,000 limit. Only then did I get a response from the CEO's office; I informed them it was too late, I was already gone. They even tried to offer me a sweeter deal on a credit card, I declined.
@Remedios wrote:
@working_disaster wrote:I filed for Chapter 7 in Aug 2020, and was discharged October 2020. I didnt have any BofA credit cards in 2020, and have maintained my decades-old banking accounts with them throughout.
On advice from this forum, I applied for a secured card last week but was rejected. The reason stated is:
"One or more of your accounts has been included in a bankruptcy or we've received notification of your intent to file for bankruptcy."
There was no Bank of America account in my filing. What do I do, here? And does anyone know the recon process?
Hi and welcome to the forums
Unfortunately, that's how life after BK works. You were in severe financial distress mere 18 months ago.
Good news is, you get a fresh start and relief from debt.
Bad news is, for most lenders there has to be a certain period of time from the time BK is filled and/or discharged before they will consider the applications.
Some lenders have well known timelines, and others are "happens when/if it happens"
Some won't even consider them as long as BK is on file.
It's going to take some time to show recovery and financial stability. It's not forever, but you should expect to feel some sort of impact for a really long time.
Perhaps you should consider their secured card if you feel strongly about BofA.
I think the point of this thread is to say, even with their Secured offerings, BofA is overly conservative. Said another way, even if you've been a long time banking customer of BofA, and even if you didn't burn them in a bankruptcy filing, they will likely deny you for a secured credit card.
Not sure what there is to disagree on, there are lots of reports of BofA denying secured cards, here as well as on other sites, while other "conservative" financial institutions, TDBank included, will approve the same folks. Do I think BofA will rethink their position given the potential raft of bankruptcies heading their way due to the pandemic? Yes. However, for the moment at least, they remain one of the hardest secured cards to get approved for with a bankruptcy on your record.
@working_disaster wrote:the alaska airlines visa is exactly my end game here!
i have been a bofa member since 1995, and i was only applying to the secured card. i called for recon and was connected to someone who couldnt understand why i was denied, and said to take my letter into a local branch and try in person for a reversal/override.
When BofA denied my application for a secured card, and then denied my appeal, I changed banks; that was when they offered me a card if I came back. "Sorry, too late!"
Side comment, I cannot believe how much easier it is to deal with TDBank compared to BofA, and how many annoying fees BofA was charging my wife and college age daughter when their accounts got below a certain dollar threshold. TD has thresholds as well, but they are a tenth of BofA's, and as such, we've gone from paying hundreds per year in stupid fees to literally zero. I so wish I'd changed banks earlier.