Targeted for prequal from BofA, then denied

[Bees18]

So ive been thinking of getting the PayPal MC, or a balance transfer card. In my BofA account I have prequalified offers for all their cards. I also get a ton of prequalified mailers from them. I already have their cash back card with a 20k limit, I put good spend on it, and last statement had a 2200 balance, do not high utilization. I don't have high utilization on any cards, no baddies on my report. Only 1 inquiry (and not even on the one the pulled experian who had none). My score is 764. High income. I don't understand. 

It was also an instant denial. I called them and they said to wait for the letter. So I guess I will and call for a recon but it doesn't really make sense. Why target me to apply so much then deny me. I now have an inquiry on a report where I had none. Now I'm scared to even apply for the PayPal card (also have a prequal that pops up for that).

Anyone have any idea what could have gone wrong? I applied from inside my account and nothing is frozen. Do they maybe think I have to much credit? (A total of 95k right now) bit income is higher then that.

last month I did let 4K post on my CC statement acciently, but then paid it down. I don't even like to have higher then 10-15% utilization on a card. The only other thing I can think of is last week I called and asked for them to lower my interest rate. But that's it.

Any ideas? Is BofA good with recons? Anyone eles ever ever have this happen?

I recently opened a new account but that's not even showing yet. So on my report it still looks like I haven't opened one is over 2 years so it can't be seeking credit. 

[GZG]

nothing w/BoA is a sure thing, but they already must like you for a 20k CC with them

do you hold funds with them? 25k+ 100k+?  direct deposit?

see what the letter says and go from there. maybe it's an identity concern or the reason will be they aren't willing to extend more credit which you can recon to pull from your 20k card to have the new card issued

I highly doubt you will be denied for a PPMC, the underwriting for BoA is magnitudes more difficult than for Synchrony

[Bees18]

Ya its not our main bank, so I do have checking and savings but only a small amount in there. It seems weird to target me to open cards tho, they are constantly sending me mailers as well.

[GZG]

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@Bees18 wrote:

Ya its not our main bank, so I do have checking and savings but only a small amount in there. It seems weird to target me to open cards tho, they are constantly sending me mailers as well.

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Chase sends me Ink business card mailers with no pre-approval/terms language whatsoever despite being over 5/24, it's simply marketing with no underwriting whatsoever that doesn't use any other info besides FICO score and zip code, sadly

[GApeachy]

Guessing what happened is BoA possibly viewed the 4k high balance and then possibly they did a sp on the bureau where the hp was used to open your recent new acct that's not yet reporting.  4k bal + hp= denial?  

[CreditCuriosity]

Be interesting to see what letter states as see nothing standing out why you would yield a denial.  If you havent opened 3 CC in the last year I think you should be fine and that won't be the issue.  Not exposure either as sounds like you are 6 figures or near it income and only have 20k with them so under their CL to income typical ratio.  Be very curious what the reason is.  I have two cards with them Merill+ and Premium rewards with 45kish and 25k respectively.  Never had a relationship with them while just having the merill+ card back when offered then opened an IRA few years bank that has some money in it and instant approval for premium rewards about a year ago.  Keep us informed, but see nothing standing out with your profile esp with you existing CC relationship with them

[Bees18]

@GApeachy 

Well the last statement cut at 2k. The previous statement had the 4K balance once. 

Ya idk I'm totally confused. I do also see a promo offer on my current card account for a 0% balance transfer for a year on the card I already have with them, I guess I could do that instead but would want to raise my limit first so I don't have high utilization. 

There doesnt seem to be a recon option with them from what I can tell. I've called them and they say wait for the letter but made it sound like there would not be a number to call them to recon on the letter either and that "underwriting doesn't speak directly to customers". 

[CreditCuriosity]

Certainly do have a recon although just wait for the letter could either be some type of verification or wanting tax information or what not.  

[Bees18]

@CreditCuriosity 

@GZG 

Ok so update on this. After a lot of online digging I did find a backdoor number and speak to someone, they said "just because it said you were denied doesn't mean you were actually denied". Not sure what that means as that is exactly how I took it lol. They then sent me to verification/fraud team and verified some very basic info and approved me...but for only $4k. The balance transfer I am doing is exactly 4K 😩. So now I have another new account, but that will be totally useless. I was however able to CLI my other BofA card from 20----25k while figuring this out. But after I only got a 4K starting line, I regret not asking for more on the CLI on rewards card and just doing the balance transfer there. I put so much spend on there, I don't really want to shift credit limits over as its one of my most used cards.

I now have a useless 0% balance card unless I shift most of my CLI over, as I don't want any card over 15% utlilization. Very much regretting coming out of the garden at all I am so bad at this....

She said the credit anylast are gone for the day and to try to call back tomm to recon the SL. But, because they also gave me a CLI before I called them idk if that's possible. 

Anyone know how long long before I can ask for a CLI? I think I only have 3 months to BT.

[privateone]

I got preapproved too and was ultimately denied.