BofA Denial -- Please help!

[Anonymous]

I think everyone is over thinking the reasons here.

BOA has been a bit stingier lately.  Sure it could be ID/moving, it could be inq's though not likely, could be 2 open CC's w/ them, could be a DTI calculation even though $7500 in exposure is quite low.

Just wait for the letter or call the backdoor # and find out before the snail mail shows up.  It's all hypothetical until you have the paper in hand.

[pinkandgrey]

Welcome to the club. I’m the founder and CEO. 

You can always call and ask what the reasons were. Maybe even recon? Good luck!

[patoot10]

BoA is different. I had a card with them but closed it.

I hope you get approved. I would call UW and see what the status is and then attempt recon

[kdm31091]

BoA has tightened their underwriting for sure, and the Alaska was a card that was rampantly abused by churners awhile back so I'm sure it has tightened up even more than some of their other cards. It could very well be that you already have 2 cards with BoA and that's what they're comfortable extending you.

All you can do is wait for the letter. You can call recon but BoA recons don't tend to be fruitful, much like most banks these days that are exclusively relying on automated decisions unless there are serious extenuating circumstances/error.

If it were verification I think it would still show up as pending/under review, not "we're unable to approve" which is a denial message.

[Anonymous]

Well I got the letter today... and they laid it on thick.

• "Your credit references have not been established for a sufficient length of time" Not sure if they're talking about the AAoA or the AoOA, but both exceed the data points of my last two approvals from them.
• "There are too many inquiries on your credit file" They pulled Ex which had 6/24 and 3/12.
• "Limited deposit and/or investment balances with us and/or our affiliates" The fan favorite! This is true, but shouldn't be a primary factor.

Is it even worth trying to recon? (I do still want the card, and have good use for it, but there's a higher SUB now...)

[CreditInspired]

Oh man!

What is your AAOA?

What is your AoYA?

How many accounts opened in last 6 months?

How many inquiries on TU and EQ? If you do a recon, they may want to pull one of these.

[kdm31091]

You can try and recon but there aren't many cases of fruitful BoA recons these days. They will typically stick with the computer's decision unless there is a very compelling reason or an error made. In this case, you already have two cards with them, and it's likely they just want to see more time and history before extending more credit. Most lenders are tightening up these days.

As far as the balances with them thing, BoA is rather big on that, and tends to be slightly more lax standards for those who bank with them vs those who do not. Still, there's been a shift with BoA in the past year or so like many lenders where it's just not as easy to get approved and recon isn't typically much help.

[Anonymous]

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@Anonymous wrote:

Well I got the letter today... and they laid it on thick.

• "Your credit references have not been established for a sufficient length of time" Not sure if they're talking about the AAoA or the AoOA, but both exceed the data points of my last two approvals from them.
• "There are too many inquiries on your credit file" They pulled Ex which had 6/24 and 3/12.
• "Limited deposit and/or investment balances with us and/or our affiliates" The fan favorite! This is true, but shouldn't be a primary factor.

Is it even worth trying to recon? (I do still want the card, and have good use for it, but there's a higher SUB now...)

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BoA reason codes are inscrutable and usually difficult to decipher.

Have you requested credit limit increases from them recently?  When I've gotten the "too many inquiries on your credit file" code it was usually because I had requested a CLI before 90 days had elapsed since the last one.  So what they are probably saying is that recently there has been too much activity on your internal credit file. i.e. you recently opened two other cards with them.

[AverageJoesCredit]

Not having assets or funds is the death of me. My low income has me bucketed to just 1 card from them and i cant apply for any other card as it will be instant denial so i vowed never to waste another hp on them. They keep offering me a business card, or at least to apply. Uh, yeah right. Lolwut

[Anonymous]

I also tried a CLI on my CR and got a letter that I've exceeded exposure. I guess they just don't like me right now. Which is funny because I got an auto-CLI elsewhere since then!