WF Reflect Denial --> BofA BankAmericard Approval --> BofA Change of Heart within Less Than 2 Hours

[Yasselife]

Congratulations on your BoA approval ! @Absolution16 

[Absolution16]

@GZG 

@SweetCreditObsession 

@coreyb80 

@CreditMagic7 

@JoeRockhead 

@Yasselife 

Thank you!

I just went on the Bank of America Application Status Page, and it came out like this.  More drama perhaps?

[SweetCreditObsession]

@Absolution16  - That's INSANE! I'm so sorry to hear this news.

I wonder if it has anything to do with the fraud alert - perhaps they're having issues with ID validation? Is there erroneous information on your CR?

I have a feeling there is more to this. I can't wait to hear what was in the letter.

[Yasselife]

I'm sorry that happened to you, OP. I can't guess what could have gone wrong, your profile looks good with only one new account in 24 mo. Is there anything derogatory on your reports?

[JoeRockhead]

Well that wasn't very nice, now was it @Absolution16. Hopefully it's just some sort of snafu, or other nonsense you can remedy (sooner rather than later). I too am curious as to what was behind the change of heart. 

[Absolution16]

@SweetCreditObsession 

@Yasselife 

@JoeRockhead 

I called Bank of America at the same phone number again to double check.  This time, another lady informed me that my application is back to "PENDING" status, with a letter to arrive in the mail in 7-10 days explaining whatever it is that need to be done additionally.  I was told that it is NOT a denial "yet."  How things change so quickly within a matter of less than 2 hours.

I am not sure if this is another step in the verification process due to the fraud alert or something else entirely.  They may want documentation like what Wells Fargo requested, or maybe even more, like POI, Bank Statements, Tax Returns, etc?  At least with Wells Fargo, they were able to tell me upfront what they wanted, but this time, Bank of America is wanting me to wait for the letter in the mail.

I don't have any erroneous information on my credit report, nor any delinquent/derogatory remarks/accounts.  So I am not sure exactly what is going on.

It was a SUPER FAST change of heart on their part.  I have never experienced this myself, and I don't think I have run across anyone on this forum who has experienced the same.  I would have preferred being told what I am being told now when I called the 1st time.  It certainly doesn't feel very nice.

So I am back to Square One.

[NoMoreDebt]

congrats on the approval

[Absolution16]

I am wondering if I should get my foot in the door with PenFed perhaps, by maybe opening up a savings and/or checking account with minimum required $ amount.  I have no way to join Navy Federal, so that is out of the question.

I think PenFed's Gold card for BT or PowerCash for straight cashback are pretty interesting.  But since I am not a member yet, I am not sure about my chances.  I have read that they are very stingy especially to non-member applicants, and require a lot of documentation up front, including POI or tax returns.

They will surely pull Equifax on me, which is now my only report without a HP.  I am rather thankful that Bank of America and Wells Fargo chose two different CRAs for my applications, as it seems likely the 2 HPs may just become a waste, in terms of credit, as well as time and effort.

[Yasselife]

@Absolution16  I became a Penfed member by depositing $5 into a share account then waited 6 months before applying for a cc, is $10k CL stingy to you? I've had the 1st card 10 months ago and a second one 4 months ago(also $10k).

they haven't asked me for any documentation or POI. 

[Absolution16]

@Yasselife 

That is great to know.  Maybe I should follow your footsteps.

You recommend that I hold off on applying for a credit card for at least 6 months after becoming a member, I assume, and not outright app'ing for a card as a non-member?