Denied BoA Unlimited Cash Rewards + Secured Card

[hackersmovie]

@masscredit just my 2 cents....

I was DC BK7 3/22 - Around 6/22 I moved all my personal checking/savings to BofA and investments to Merrill. Around 7/22 I moved all my business checking to BofA. 11/22 I applied for the Business Advantage Unlimited and got approved for $6,500. The same day, immediately after that approval I applied for the Customized Cash on the personal side and was approved $3,500. 

This is not to brag or anything but, it definitely shows that BofA is a RELATIONSHIP bank. The more you bank with them the more they give back. I don't know if it's in the cards for you but, to increase your chances moving forward get some cash flowing through a couple BofA accounts.

Side note: I recently had a meeting with my local BofA business banker and he openly said that the more we "hold in an account" the more BofA is willing to lend. This was in reference to me asking about a BLOC.

[AyaMai]

They did the same for me two years, declined for both secured and unsecured and got dinged for two inquires. They are my bank, never going to apply for their credits, since they I have no use for them at the present and future.

[Jeffster1]

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@hackersmovie wrote:

@masscredit just my 2 cents....

I was DC BK7 3/22 - Around 6/22 I moved all my personal checking/savings to BofA and investments to Merrill. Around 7/22 I moved all my business checking to BofA. 11/22 I applied for the Business Advantage Unlimited and got approved for $6,500. The same day, immediately after that approval I applied for the Customized Cash on the personal side and was approved $3,500. 

This is not to brag or anything but, it definitely shows that BofA is a RELATIONSHIP bank. The more you bank with them the more they give back. I don't know if it's in the cards for you but, to increase your chances moving forward get some cash flowing through a couple BofA accounts.

Side note: I recently had a meeting with my local BofA business banker and he openly said that the more we "hold in an account" the more BofA is willing to lend. This was in reference to me asking about a BLOC.

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True. I'm a Platinum Honors member and have found BofA to be generous. Definitely a relationship bank. I opened my checking and savings with them in 2017, and I had two credit cards with them from 2004 until 2013 when I closed them during a time when I was focusing on cutting my number of cards. BofA considers me an 18 year customer, just like Amex, despite the gap. 

After I finish gardening, I might look at getting a second BofA card. I have been really happy with the CCR which began as a secured card two months after my 13 DC. It graduated quickly. 

[masscredit]

I received my letters today. The reasons provided are -

We're sorry - we can't approve your request for our Bank of America Customized Cash Rewards Platinum Plus Visa.

We carefully reviewed your application along with economic and loss trends and the credit report (s) provided by the credit reporting agency (ies) listed below. We also considered your relationship with us and, unfortunately, we weren't able to approve your request because of the following reason(s) :

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

There is a small paragraph that says - Let us know if you have questions or if your credit repot has been updated and you’d like your application to be reconsidered by writing to - then their address. 

[Horseshoez]

@masscredit, wow, exactly the same B.S. letter I got three years ago; right down to the same (incorrect) credit card I applied for.

[FinStar]

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@masscredit wrote:

I received my letters today. The reasons provided are -

We're sorry - we can't approve your request for our Bank of America Customized Cash Rewards Platinum Plus Visa.

We carefully reviewed your application along with economic and loss trends and the credit report (s) provided by the credit reporting agency (ies) listed below. We also considered your relationship with us and, unfortunately, we weren't able to approve your request because of the following reason(s) :

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

There is a small paragraph that says - Let us know if you have questions or if your credit repot has been updated and you’d like your application to be reconsidered by writing to - then their address. 

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Was BoA (or prior iterations such as FIA, MBNA, etc), IIB? I recall you had stated about 14 creditors were IIB...such as Discover, PENFED, NFCU, CBNA, JCP, Lowes, Barclays, Capital One, etc.

[FinStar]

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@Horseshoez wrote:

@masscredit, wow, exactly the same B.S. letter I got three years ago; right down to the same (incorrect) credit card I applied for.

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@Horseshoez 

You do realize that BoA has 2 secured rewards cards for a few years, right? The 99/500 is also a separate offering that eventually graduates to a rewards product. All, you have to do is look at their website. The denial language simply defaults to the Platinum version of the core secured product btw.

Moreover, BoA (or any lender) isn't required to lend to just about anyone who doesn't fit their lending or UW criteria. Not every financial institution will be a good fit for everyone.

Bank of America® Customized Cash Rewards Secured

Bank of America® Unlimited Cash Rewards Secured

[masscredit]

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@FinStar wrote:

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Was BoA (or prior iterations such as FIA, MBNA, etc), IIB? I recall you had stated about 14 creditors were IIB...such as Discover, PENFED, NFCU, CBNA, JCP, Lowes, Barclays, Capital One, etc.

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Nope. The last time I had any interaction with BoA was in 2009. I had a checking account that was cleaned out because I was behind in child support payments. I received no notification. DOR just emptied it. I closed the account after that. 

Something they mentioned in the letter was - We also considered your relationship with us . I wonder if I "lost points" because I don't have any accounts with them. It was mentioned earlier that is something they like to see.

[FinStar]

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@masscredit wrote:

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@FinStar wrote:

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Was BoA (or prior iterations such as FIA, MBNA, etc), IIB? I recall you had stated about 14 creditors were IIB...such as Discover, PENFED, NFCU, CBNA, JCP, Lowes, Barclays, Capital One, etc.

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Nope. The last time I had any interaction with BoA was in 2009. I had a checking account that was cleaned out because I was behind in child support payments. I received no notification. DOR just emptied it. I closed the account after that. 

Something they mentioned in the letter was - We also considered your relationship with us . I wonder if I "lost points" because I don't have any accounts with them. It was mentioned earlier that is something they like to see.

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It's unlikely that would have helped, if anything. Now, if you had substantial assets on deposit and/or investments with BoA or ML, maybe. But, we're talking north of $50K, so it's doubtful the needle would've moved even if you had $1K or $5K parked.

Admittedly, you mentioned you didn't need the CC, so it's all up to you whether you want to even go through the reconsideration hoops for a secured CC given that you already have other secured and unsecured products. That decision obviously rests with you.

[masscredit]

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@FinStar wrote:

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Admittedly, you mentioned you didn't need the CC, so it's all up to you whether you want to even go through the reconsideration hoops for a secured CC given that you already have other secured and unsecured products. That decision obviously rests with you.

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I've come this far, I'll probably send them a letter to see what they say. I've never done that before. It's really no big deal if I don't get it though.