BofA Denial based on old AA! What should I do?

[Anonymous]

I just applied for a CLI with Chase and BofA Cash Rewards card, both denied. I reconned both and was again denied.  Chase said that my balances on other cards were too high and that my payments on my card were too small (I paid min every month, then paid it off couple months with $2k payment).    BofA on the other hand said they could not approve me because I had accounts closed previously.

A little background: A year ago I had to basically max all my cards becuase someone stole my business and I had to file lawsuit (can u say , legal fees!!).  BofA closed my three credit card accounts when they were maxed and Chase balance chased me from $28k to $2850 when I paid them off. I won the lawsuit and paid off most of my cards (now 19% Util of $78k TCL), my scores are pretty good again (EX=797!).  I'd like to start building again but I'm stuck.

Now that I have these BofA closed accounts on my credit report (all paid in full, with no lates) am I dead for 7 years?

I'd love any ideas on what to do to get moving again to increase my TCL. 

[ZackAttack]

Well if it was me ... I would be talking with someone at BofA (even if it's an email to CEO).

The cash rewards card that you had with BofA, was it the newest one that is listed???

[FinStar]

When it comes to AA, I'm not sure any intervention with the EO would really do much.  Their office typically sides with the [AA] risk assessment unless it was an error on the BoA side.

Looking at your signature, the following CCs are listed: BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k 

You mention BoA Cash Rewards, is the CL still $11K?  Did Chase restore the CL to $28K?  What about the rest of the CCs?  What's the overall utilization?

[Anonymous]

Thanks for the feedback guys!   All my BofA CC's were closed in the AA one year ago, util=17% TCL=$79k. My signature has a time line of when they were open and then closed.  The most current info is at the top of my sig. Sorry if it's confusing.  

I decided to try a couple of Apps with new banks I don't have cards with to see if the closded accounts are holding me back with them. I App'd PenFed (pending), US Bank (pending), and First Tech who approved me condtioned on POI then called me asking for tax returns...but when I told them I hadn't filed 2018 yet denied me saying to reapply when I file my taxes. 

My current situation is: 4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

[mikesonthemend]

Wow, you went through a lot.

Personally, I would look to new banks. Several people will follow and talk about cold business realities.

Not sure where you stand as a business. I find entrepreneurs fair better with small local banks, but I live in Georgia, YMMV.

I imagine there are several banks that will want your business!

[steelers1]

Forget about BofA their rewards cards are sub-par anyways. There is a lot better issuers with better cards. A closed account or even 3 shouldn't hurt you especially with good history. BofA made a business decision not to do business with you and you should do the same. 

With a 797 EX score you are far from stuck 

Move on to better. Best of luck!

[Anonymous]

Yes, it's time to find a local bank!   I need to get out of the house and meet some bankers face to face. 

Thanks again everyone! 

[AverageJoesCredit]

Move on. Your previous history with Boa/ Chase most likely will have you on some sort of list even if it wasnt your fault. Why beg when you can choose