BofA CR Decline

[Anonymous]

Apped back in Dec for this while they already had a HP on file. 

The reason for denail  :

The amount of credit extended to you by us and/or our affiliates is sufficient

Payments relative to your balance on one or more of your accounts with us and / or affliciates was too low

Any idea what this means exactly? Should I call?

They did deny me in Dec 2017 for PR card stating that my credit utlization was sufficient. Not sure if this is the same thing. 

[Anonymous]

What is your income? What is your current balance across all cards?

[Anonymous]

I actually read that as them implying maybe i had a late pay so i called. They explained that my payments weren't high enough.. My balance across both cards is 2k so its lower. I explained that I make double sometimes triple payments. Kinda odd reasoning if you ask me. 

[CreditCuriosity]

Not really odd to be honest... 2k balance across 8k in credit with bofa is 25% utilization which isn't that high by any measure but 2-3x min payments isn't that honestly that much on a 2k balance.  If you were to do only min payments for several months those accounts would be closed or balance chased by BofA.  Banks like BofA expect you to pay good portions of balances down over time.  How long have you had thsee balances and have they been growing being you are making 2-3x min payment but have you been charging up as well meaning they are growing?  Most people your will find on this forum Pay In Full unless they are on some 0% apr offer by a new card or a BT.  Obviously this isn't always the case, but rewards are more than offset by balances.

[Anonymous]

They have only had a balance on them for 60 days and nothing new on them.  I usually carry a small balance on them say lower then $50/60 bucks. And as I pay its not the min payment im paying each time its usually double the min payment or more. I believe that the reasons of denial are a result of utlization being higher on a couple cards I'm a AU on. Anywho I found it interesting. Thanks again for sharing input. 

[CreditCuriosity]

Yes balances on AU cards that are at high utilization can certainly hurt you.  You can remove yourself from AU if you feel your credit is strong enough on its own now as AU accounts can hurt you as well as you appear to know.

[Anonymous]

Very true. I think that my AOA is about 6 years or a little over that. Removing myself from AU accounts that have been open for 12+ years i think will definetly impact me on my scores. My wife has hardly anything but those AU cards on her credit file, I on the other hand have the mortgage , car note + her CC as AU + my CC. Maybe that is overloading my credit file..

[arkane]

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@Anonymous wrote:

They have only had a balance on them for 60 days and nothing new on them.  I usually carry a small balance on them say lower then $50/60 bucks. And as I pay its not the min payment im paying each time its usually double the min payment or more. I believe that the reasons of denial are a result of utlization being higher on a couple cards I'm a AU on. Anywho I found it interesting. Thanks again for sharing input. 

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Can I ask why? A revolving $50/60 balance seems like a "token balance". If you're doing so for scoring benefits, well there are none. If anything it only could your FICO score if that $50/60 pushes you across a utilization threshold.

[Anonymous]

I honestly dont know how I arrived at that number. Just picked a range and stuck with it.