Bank Of America Cash Rewards - Denied

[xgac12x]

So I applied for cash rewards last week when I got my freedom, and got the denial letter in the mail. It says that they cannot approve me because I have an overdrawn account with them..? I had an account that had a zero balance for a while..So tomorrow when I talk to them it could be the account I never used? What do you guys think.

[09Lexie]

How many accounts were you a signer on?

[enharu]

If you had a checking account with monthly fees and/or requirements to meet, chances are you did not meet any requirements since the balance was 0. They charged the monthly fee, and your account was overdrawn as a result. This is my guess. You should check your chexsystems report just to be sure.

[xgac12x]

Well they said I overdrew a checking account with them

[enharu]

You should check your chexsystem report. Most lenders pull that as well for credit apps. If possible, try to have those derog(s) removed, otherwise it may affect you for other credit apps as well.

[09Lexie]

That's what enharu meant- an overdrawn account can occur with monthly fees. Definitely check your chexsystems report because of it was closed due to 'account abuse/ NSF' they will report you.

[xgac12x]

So should I try to call Bank of america to deal with the account fees? or chexsystem

[enharu]

The best way to go around this is to call BofA, find out about how much you owe them exactly, and offer to pay it back. If possible, have them remove the derogs on your chexsystem report as well

[xgac12x]

Okay! Thanks! You guys are awesome!

[knoregs]

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@enharu wrote:
You should check your chexsystem report. Most lenders pull that as well for credit apps. If possible, try to have those derog(s) removed, otherwise it may affect you for other credit apps as well.

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Is this correct? Can anybody verify? I can understand for like a credit union membership but has anyone been turned down for a loan/credit card because of a ChexSystem entry?

~kn