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Starting to really hate BofA - Update: Approved

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Valued Contributor

Re: Starting to really hate BofA


@Smokeyhill wrote:

Here's the update.

 

Got an email yesterday stating I was approved. No CL, no APR. Logged onto BofA today and found the new account. CL $7000 APR 18.24%

Not exactly what I was expecting. Nor was I expecting to take two HP's for it! Yep. They pulled TU and EX. I didn't even hit the luv button on my current card. Kind of glad I didn't, probably would have taken two more hits. I guess this can now be moved to the approvals area. I'm not very happy about it though. Seems BofA really doesn't like me too much. Wish I knew why. 


You got an approval.  Seems like they like you enough.

Message 11 of 18
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Community Leader
Mega Contributor

Re: Starting to really hate BofA

They give you a 7k credit card and thats not good enough? Seems they like you enough.
Message 12 of 18
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Regular Contributor

Re: Starting to really hate BofA

Never said the SL wasn't good enough. What is twisting my chain is the double pull. I've never read anything about BofA doing double pulls. It makes me wonder if they will hit me again if I did request a CLI on the Americard which is still at the SL of $2000 after 2 years.
USAA WMC $12,500, PenFed Promise $12000, Capital One Venture $5000, Capital One QS $6300, Cabelas Visa $5000, NuVision FCU $1000, Discover it $20500, Amex BCE $3300, Chase Freedom $2200, Lowes $12,000, WalMart MC $6000, Kays $2700, Macy's $1000, Care Credit $9000, Amazon Store $2000
Beginning score 590 (6/2014) Current: EQ 770 TA 767 EX 776
Message 13 of 18
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Community Leader
Super Contributor

Re: Starting to really hate BofA

Ok you've taken triple pulls for less. What makes this one different? 🤔
I agree with the others. I'd use those pulls for the CLI. Those INQs aren't for life. Sometimes you guys crack me up. lol
It's like you've been sentenced to life in prison for an inq. 😂
It's not that serious. Congrats on the approval.
Message 14 of 18
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Senior Contributor

Re: Starting to really hate BofA

Double pulls are becoming more normal than not.  If you pull up any bank's public disclosures on chargeoff rates, you'll see that EVERY major bank is witnessing a major increase in chargeoffs.  Some banks saw chargeoffs go up 100 basis points in a year.  This is pretty massive.

 

In addition, "credit repair" is becoming very normal especially now that free credit monitoring web apps are so popular.  I heard a Credit Karma ad on the radio in a waiting room.  So people are going to be flooding these forums more and more once they pull a free report and see baddies.  Since it's also normal to dispute all 3 bureaus but only get deletion on one or two, it's becoming more normal for a lender to pull more than one just for a quick comparison.

 

Even beyond that, lenders are also now soft pulling inquiries from bureaus not associated with their normal hard pull.  Again, it's just them doing their investors a form of due diligence.  As an investor in debt myself, I'm glad to see this.


Remember, the economy is supposedly hot -- housing prices are going up, consumerism is greatly increased, and while folks may have the ability to pay more today, the new debts they're growing aren't due until tomorrow.  And no economy can go up forever.

 

So the banks want to just confirm that your credit matches across two bureaus.

 

I would not be surprised if the triple pull becomes popular.  In reality, a triple pull is meaningless for the average credit consumer who isn't applying for more than one new account every 18-19 months or so.  One inquiry may count close to 0 for an entire year.  1 inquiry on each of the 3 bureaus may also count for close to 0 for an entire year.  If you apply for credit only every 18 months, your FICO score is affected very little by the inquiry.

 

If you're hoarding accounts, of course you don't want an inquiry, but you're also not the normal consumer.  And if you churn accounts for SUB, you're not just outside of the norm, you're also a monetary loser for banks and investors in credit lines.

 

So the banks have a double scheme running to protect themselves and their investors:  make sure your clean credit is confirmed by more than one bureau, and also make sure that the person doesn't have the red flags of a churner.

Message 15 of 18
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Valued Contributor

Re: Starting to really hate BofA

I got double pulls from Chase and Citi too. And Cap1 triple pulled me. If it results in an approval then it’s worth it. I asked for something and they gave it to me.

Same thing just happened to you. Hardly a sign of them not liking you.
Message 16 of 18
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Community Leader
Senior Contributor

Re: Starting to really hate BofA

I think the issue is that the double-pull from BoA is unusual. With Chase, Citi, and Capital One, it isn't.

Message 17 of 18
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Senior Contributor

Re: Starting to really hate BofA

Actually I think double pulls are the norm for Bank of America.  I have their Cash Rewards card and got double pulled (EX & TU) when I opened the account and again in November when I apped for a CLI.





Message 18 of 18
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