Ah, that stinks. Its a shame they just cant use the hard pull just done to see if he qualifies again. If he decides to reapply best of luck to him
You are correct. BoA has a specific process with this. I also got this offer last year and it's aligned with the data points from this site.
You will get the counter offer online AND instead of a denial letter, your friend will get the offer in the mail as well. The form will also have a URL in case they want to go back and complete the process online. They will not get an email offer so have them check the box - it will arrive and Congrats to your friend! It may be a conditional offer, but it's not a denial!
I believe BoA is the only prime Bank that offers this partially secured version so if they do not accept, the only other offers are fully secured (of course unless they opt to apply for a different card at a different bank, they would likely be able to get a fully unsecured card elsewhere if BoA is offering this counter offer. It's selective, they should take advantage of it).
You will get the counter offer online AND instead of a denial letter, your friend will get the offer in the mail as well. The form will also have a URL in case they want to go back and complete the process online. They will not get an email offer so have them check the box - it will arrive and Congrats to your friend! It may be a conditional offer, but it's not a denial!
I believe BoA is the only prime Bank that offers this partially secured version so if they do not accept, the only other offers are fully secured (of course unless they opt to apply for a different card at a different bank, they would likely be able to get a fully unsecured card elsewhere if BoA is offering this counter offer. It's selective, they should take advantage of it).
@texasman07 wrote:
Thanks CreditisCrack! It's so strange he has 700 scores across the board no baddies and 20 % UTL , just lots of new accounts and inq. I will tell him to keep a look out in the mail. We also went to Bofa's website to check the application status and it still says "processing".
In addition, BoA actually has an entirely independent Service department that handles these accounts so you would get a "we can't find it" response from BoA's main/generic numbers. They'll want to call 800-824-5895 to get questions answered by Service on this card type. As a whole and from my expierence BoA is conservative; but if you have no existing relationship (defined by them as checking/savings/direct deposit or any combination of those) then they'll literally make you earn their trust. But once they finally open up, they'll give you the farm lol A 700 is a good score, but BoA would say "that's a nice start"..they like good to exceptional scores that are produced from thicker profiles, and of course tenure is rolled into that as well.