BOA unsecured denial reason

[money_talks]

Last month I applied for a BOA unsecured card. The letter that came by snail mail says "After a careful review, which included an assessment of your application, current economic trends and credit report information, we have determined that we are unable to approve your reuest because you have current or past delinquency, derogatory public record(s), or collection account(s) appearing on your credit file."

I plan on applying again in December and should have all my baddies paid off.

Question: Is applying at a branch a must now? That is, go in there with copies of the paid off baddies? If yes, do I notify the banker before submitting the application that I have these letters? Or do I have the banker submit the application, and if denied again, ask the banker to reconsider and show them the letters?

My reasoning here is that apparently BOA thinks I'm a risk because I have CO accounts and per their letter, that is the only reason for denial. But once I pay these acounts (PFDs not working, so they would still be on my CR as paid CO), I have showed that I proved my previous lenders wrong in that I have paid off when they thought I would not pay, hence the CO.

Thoughts? Thanks!

[09Lexie]

Your banker isn't or won't be the decision maker. You should wait to re-apply once your CR's are updated. Tbh, a CA paid or not is still a derog and they may want more time in between the paid CA and granting an extension of credit.

[FinStar]

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@09Lexie wrote:
Your banker isn't or won't be the decision maker. You should wait to re-apply once your CR's are updated. Tbh, a CA paid or not is still a derog and they may want more time in between the paid CA and granting an extension of credit.

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+1

Hopefully, by the next time you apply again, your CRs will appear more favorably.  And, whether you decide to pursue any reconsideration efforts, they may request copies of such information or in the event the CRAs do not reflect such updates.

[money_talks]

Thanks 09Lexie and FinStar.

The way I see it the updating of the CR (CCs going to a 0 bal) is only benefical to my util, since my baddies are CCs. Whether I apply online or at a branch, it's all computerized and instant, so I don't think BOA computer review system differentiates between an unpaid CO and a paid CO on the review of the CR (I know FICO doesn't). In this case a manual review is required, right?

Also, if a recon is requested, couldn't the branch manager review the app? What if they called an underwriter and they could tell that person that I am requesting a recon and that I have letters of the paid off COs.

[09Lexie]

Do you have a banking relationship with BoA? As, I said before it might not matter that that CAs are paid or not if they feel that not enough time has elapsed. Although a paid CA helps with manual review, it still is a CA.

[money_talks]

09Lexie: What is your reasoning behind BOA possibly wanting a waiting period from the day the CO is paid to the day the credit is granted by BOA? If anything, isn't it more important the time period in between the last CO on my CR and the credit granting? The latter at a basic level says that my last CO happened a long time ago and since then I've had nothing but positive payment history on the rest of my other TLs.

[TrishN]

I can tell you 1 thing, YOUR NAME MEAN EVERYTHING. When you have large amount in your bank like M Or B in your bank then you talk they listen.

[09Lexie]

My understanding is that currently you have baddies on your CR's ; that your recent app was denied due to those baddies reporting and now you want to reapply after the COs are paid. Correct?

[FinStar]

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@money_talks wrote:

Thanks 09Lexie and FinStar.

The way I see it the updating of the CR (CCs going to a 0 bal) is only benefical to my util, since my baddies are CCs. Whether I apply online or at a branch, it's all computerized and instant, so I don't think BOA computer review system differentiates between an unpaid CO and a paid CO on the review of the CR (I know FICO doesn't). In this case a manual review is required, right?

Also, if a recon is requested, couldn't the branch manager review the app? What if they called an underwriter and they could tell that person that I am requesting a recon and that I have letters of the paid off COs.

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The banker or branch manager cannot review the application.  He/she has no authority or "influence" on the underwriting decision.

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@09Lexie wrote:
Do you have a banking relationship with BoA? As, I said before it might not matter that that CAs are paid or not if they feel that not enough time has elapsed. Although a paid CA helps with manual review, it still is a CA.

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The fact that time has elapsed would be in line with scoring factors.  Some lenders have some flexibility with the underlying premise that if a CO reflects as paid, then they can factor that into the decisioning process.  However, not all underwriters view CAs in the same light.  As Lexie mentioned, at the end of the day, a CA is a CA - whether satisfied or not.

[TrishN]

Something you guy said is right,something is wrong !. i opened BOA secured CC last year, after 3 months i ran total 200K to that CC and deposited xx,xxx,xxx.xx to BOA. i requested to unsecured and they approved it .My credit picture at that time with 1 Paid CA,2 Unpaid CA,2 CO with 0 balance 3x inquiries on EQ . So like i said OP name is telling everything.

Branch manager can not review the applications,but they can call Credit underwriting and tell them This is VIP customer.