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BoA Cash Rewards - 1 Month Extensive Review to Approval

red_baron
Regular Contributor

BoA Cash Rewards - 1 Month Extensive Review to Approval

So this was taken from the Application part of this forum. Pretty much I applied for this card on 01/18/19 along with the Capital One Savor. My Savor card was ultimately approved after 7-10 business days; however, this BoA card required a lot of hoops to go through.

 

So to summarize the timeline:

1. Applied on 01/18/19 and denied. Letter was sent requesting additional documents (see below).

2. Received letter on 01/28/19 and submitted required forms on 01/29/19.

3. Forms were reviewed on 02/04/19 and was denied.

4. I called in for a re-consideration on 02/07/19 and was not approved immediately; same process as step 1 where a letter was sent which required me to submit additional information.

5. Received letter on 02/12/19 and submitted required forms on 02/13/19.

6. Received credit alert from Experian on 02/20/19 for a credit inquiry that was made. Checked BoA website to confirm I was approved.

7. Called in to check I was initially approved for $15K (this is false because they taken limit from my other credit cards and re-allocated them to this one).

8. Called again on 02/21/19 to do re-shuffling of credit lines across all 3 BoA cards I have.

 

Required Forms within the last 30 days:

Two items here:

- Bank Statement

- Utility Bill

- U.S. Passport

- Social Security Card

- Government Issued Foreign Card 

 

One item here:

- Recent PayStub in the last 30 days

- Signed Tax Forms

Message 1 of 13
12 REPLIES 12
VoltronM
Senior Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Congrats on your approval!!!!

 

 

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 2 of 13
xaximus
Valued Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Congrats on the approval and that is a lot of hoops to jump through!


Scores - All bureaus 756 +
TCL - Est. $275K
Message 3 of 13
AverageJoesCredit
Community Leader
Mega Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Congrats . If they did all that just to allow you to open a new card but with your other limits, you are at max they are willing to lend. Im curious what other cards you have with them and what were your limits.
NN7! Fico math 1 HP = 20 CG LIEr Club Plankowner
Message 4 of 13
red_baron
Regular Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval


@AverageJoesCredit wrote:
Congrats . If they did all that just to allow you to open a new card but with your other limits, you are at max they are willing to lend. Im curious what other cards you have with them and what were your limits.

Before the approval, I had 2 Better Balance Rewards cards with a total combined limit of $59,900.

 

After the approval, my total line across all 3 cards was $66,000. Essentially the approval for the Cash Rewards was for $6,100 haha. Smiley LOL

Message 5 of 13
Masterlink
Frequent Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Good job on the approval, but jeez that's a lot of work. I've only heard horror stories about BoA from coworkers so I'm a bit leery of them myself.
$1,000 is a lot to owe, yet little to have.
Credit Cards

Debit Cards



Message 6 of 13
simplynoir
Community Leader
Super Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Kudos to you for sticking it out there and getting your new card. Others would have quit long ago.

'He took my Doritos away though' - @imapharmacygirl, Wine Connoisseur
Message 7 of 13
Remedios
Moderator

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Congrats on your approval

When someone asks you *What's wrong*, and you're not sure if you want to start listing it in alphabetical or in order of importance.
Message 8 of 13
red_baron
Regular Contributor

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval


@red_baron wrote:

@AverageJoesCredit wrote:
Congrats . If they did all that just to allow you to open a new card but with your other limits, you are at max they are willing to lend. Im curious what other cards you have with them and what were your limits.

Before the approval, I had 2 Better Balance Rewards cards with a total combined limit of $59,900.

 

After the approval, my total line across all 3 cards was $66,000. Essentially the approval for the Cash Rewards was for $6,100 haha. Smiley LOL


Thanks I figured I had nothing to lose, and I respect Bank of America a lot vs. Citi bank, so I am trying to divert all my spending away from Citi. As mentioned in the other thread, the purpose BoA does this is to weed out "sysnethetic applicants" aka. fraudsters meaning that those individuals would not normally have those documents in handy in opening a credit card. I figured I triggered a review because I had lots of inquiries and my total exposure to BoA was pretty much maxed out. 

Message 9 of 13
gdale6
Moderator

Re: BoA Cash Rewards - 1 Month Extensive Review to Approval

Jeez, might have sent them a saliva sample too, glad you were approved but I never would have submitted all that.

Message 10 of 13
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