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BofA Premium Rewards decline

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Re: BofA Premium Rewards decline


@norb wrote:

I got the decline letter today.  It was the charge offs from early 2012.  They were paid in full and no longer on my credit report, but I guess they have a long memory. Oh well, it is probably a good thing since I didn't need the card and I should wait to be under 5/24 for the Chase cards I really want.


Thanks for following up on this.. So as we expected.  Maybe in a few more years if you are a preferred customers might be worth trying for again.  Since paid they are more likely to eventually forgive vs. being fully burned you made them whole with which most lenders will open the doors again at some point

Message 21 of 26
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Senior Contributor

Re: BofA Premium Rewards decline


@norb wrote:

I got the decline letter today.  It was the charge offs from early 2012.  They were paid in full and no longer on my credit report, but I guess they have a long memory. Oh well, it is probably a good thing since I didn't need the card and I should wait to be under 5/24 for the Chase cards I really want.


Thanks for following up.  As suspected, it was the charge offs even though they are no longer on your credit reports.  An adverse action letter typically cites four reasons for the decision; would it be possible for you to post the reasons BofA gave?  Did you claim a previously unsatisfactory relationship?





Message 22 of 26
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Valued Member

Re: BofA Premium Rewards decline


@MaizeandBlue wrote:

@norb wrote:

I got the decline letter today.  It was the charge offs from early 2012.  They were paid in full and no longer on my credit report, but I guess they have a long memory. Oh well, it is probably a good thing since I didn't need the card and I should wait to be under 5/24 for the Chase cards I really want.


Thanks for following up.  As suspected, it was the charge offs even though they are no longer on your credit reports.  An adverse action letter typically cites four reasons for the decision; would it be possible for you to post the reasons BofA gave?  Did you claim a previously unsatisfactory relationship?


Per letter, "One of more of your accounts were written off as uncollectible and/or have settled for less than the total amount owe."  That was the only reason given.

Message 23 of 26
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Senior Contributor

Re: BofA Premium Rewards decline

Thanks for the additional detail.  It sounds like you're on BofA's blacklist; do you have any other credit cards with them? Regulation B, which provides the statutory interpretation of the Equal Credit Opportunity Act, requires creditors to provide up to four reasons for adverse action.  Providing a single reason is very unusual.





Message 24 of 26
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Super Contributor

Re: BofA Premium Rewards decline


@MaizeandBlue wrote:

Thanks for the additional detail.  It sounds like you're on BofA's blacklist; do you have any other credit cards with them? Regulation B, which provides the statutory interpretation of the Equal Credit Opportunity Act, requires creditors to provide up to four reasons for adverse action.  Providing a single reason is very unusual.


My denial for Cash Rewards was because I burned them in BK and lack of a banking relationship. No other reasons listed. 

ETA:

 

"One or more of your accounts has been included in a bankruptcy or we've received notification of your intent to file for bankruptcy

 

Limited deposit and/or investment balances with us and/or our affiliates"



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 25 of 26
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Regular Contributor

Re: BofA Premium Rewards decline


@coldfusion wrote:

@creds wrote:

everyone is saying that there's a new rule, can't have more than 2/12 unless you have a bank acct with them. do you know what report and score version they pulled for you?

 

i'm gonna app for the CR in a few days. i'm at 3/12 but my third card isn't reporting yet! they'll be able to see the inq for the 3rd and i'm hoping that they won't care about it.


I understood it was 3/12 but 7/12 if you have an account.

 

BoA is not intrinsically sensitive to inquiries; it's profile dependent. 


From my experience they're very sensitive to inquiries. I've had the CR for a year now without CLI. Everytime they tell me because of inquiries and new accounts even though I use their card and PIF.

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Message 26 of 26
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