Denied BoA Secured..Bummer

[jlh1580]

I was approved for the Capital One Secured and Discover Secured, but I went for the third and final card I wanted (BoA Secured) and I was denied. Does that mean I am automatically denied or can I call and talk them into approving?

[CO_NATIVE]

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@jlh1580 wrote:

I was approved for the Capital One Secured and Discover Secured, but I went for the third and final card I wanted (BoA Secured) and I was denied. Does that mean I am automatically denied or can I call and talk them into approving?

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If you used an inquiry it is worth a call. Did you previously have a Bank of America product that was charged off or included in bankruptcy?

[jlh1580]

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@CO_NATIVE wrote:

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@jlh1580 wrote:

I was approved for the Capital One Secured and Discover Secured, but I went for the third and final card I wanted (BoA Secured) and I was denied. Does that mean I am automatically denied or can I call and talk them into approving?

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If you used an inquiry it is worth a call. Did you previously have a Bank of America product that was charged off or included in bankruptcy?

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Nope, I have never used a Bank of America product. I wanted this card to start building a relationship with them.

[CO_NATIVE]

That is really strange; I'm sorry to hear it. So no prior BofA accounts or from any of their legacy banks: Fleet, MBNA? 

I would call them for sure or maybe go see a Personal Banker at a branch location. 

[jlh1580]

I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.

[CO_NATIVE]

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@jlh1580 wrote:

I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.

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I hear you. Just try not to take it personally. You are off to a great start with the Capital One and Discover cards. I would for sure call BofA tomorrow to see what can be done; however, if their decision stands thats okay. You can focus your energy on the two new cards that you got and when your scores are better you can go for that BofA card again but this time as a regular card with a sign up bonus 

[jlh1580]

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@CO_NATIVE wrote:

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@jlh1580 wrote:

I was bummed. I was told that it'd be harder for me to get approved for Cap One and Discover so I thought once I got approved for those that I'd be good, but the BoA app got me. I'll probably call tomorrow and ask what the issue was.

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I hear you. Just try not to take it personally. You are off to a great start with the Capital One and Discover cards. I would for sure call BofA tomorrow to see what can be done; however, if their decision stands thats okay. You can focus your energy on the two new cards that you got and when your scores are better you can go for that BofA card again but this time as a regular card with a sign up bonus 

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I like that plan. Getting started with the rebuilding process, I feel as if every little thing matters; I've just got to remember that it's a marathon. Waiting for my utilization to drop from 85% to 0%, hoping that shoots me up a little bit.

[fltireguy]

Honestly applying for ANYTHING while showing 85% util. is just asking for a denial...! (I hate to say this, but it is true) - if you can get down to 30% or under, it would be reasonable to expect a 20-30 point bump in scores, at the least!

[Tigers09]

agree with fltireguy; my utility went from 49% to 17% and scores went up 35-40 points across all 3.
And, since BoA have already pulled, it's definitely worth a try at recon

[jlh1580]

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@fltireguy wrote:

Honestly applying for ANYTHING while showing 85% util. is just asking for a denial...! (I hate to say this, but it is true) - if you can get down to 30% or under, it would be reasonable to expect a 20-30 point bump in scores, at the least!

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I didn't know that. I dont have any credit cards of my own reporting yet so all that is reporting is the Chase card that I am an authorized user on. (CL 22,300, Bal 18,500) I am probably going to have my mom remove me from this card because she keeps a heavy balance on it most of the time and I cant afford that utilization on my reports. I'm hoping if that's their reason for denial that I can prove to them it's been paid off and get approved.