When I applied online I received an alert they needed more time. I figured this was a denial. After receiving the same message for days I decided to call them. An online specialist, via chat, told me to call them at (877) 721-9405. The attendant says Quantum but if you stay on the line it's clear it's BoA. You can check the app status "if it's been 10 days since you applied." I ignored it and waited for an agent.
They did indeed need to verify additional info. I'm sure that if I had not gotten on the phone I would have been denied. The credit analyst wanted to know why I wanted the card. I told them I had the Amex GOLD and liked the features but not the annual fee. I recently re-opened my Gold card but they reported the line back to my original 1999 date which he said helped.
I accidentally typed that I lived in my current residence for 7 years, rather than 7 months which raised a red flag since I have a mortgage loan opened in 2006. In addition, they questionned my employment/income. I faxed over pay stubs and I wrote a very convincing letter about how I used BoA for checking/savings/CDs and was planning on using them for my graduate MBA loan. Since it was clear I was "on the line" I made a strong case rather than just faxing over a paystubs with a generic cover letter.
I got a call back, rather quickly, with an approval. I was granted a $7,500 credit line which is my largest to date. To give you an idea of my credit mix:
- Orchard Bank - $1,100 - used to rebuild my credit (started at around $750) - will cancel if they don't waive annual fee. - don't use, PIF.
- Juniper Visa with iTunes rewards - $5,500 - started at $3,500 with my Apple store purchase. Use when AMEX isn't expected, PIF after statement cuts at roughly $500.
- Chase Cash Rewards - $1,000 - started at like $750 and took FOREVER to get a CLI, they were also horrible with one late payment - took 24 months to get them to take me off default APR. Don't use, when I do PIF.
- Amex GOLD - PIF every month a couple thousand$
- Mortgage loan $200,000 at 8.125% :-( can't refinance since it's worth $110 now
- LOTS of students loans - $50,000 or so - most in deferment
- Auto lease - $750/mo
I've heard that BOA is generous with credit limit increases which I'm excited about. I'm a big believer in not buying something you can't pay cash for, but I feel better knowing that I have a decent credit line in case of an emergency. Plus, My utilization is going to drop from about 6% when statements cut now to about 3-4%
