BoA ... does this make sense??

Anonymous · ‎07-15-2008

I finally bit the bullet and we applied for a regular BoA card (hoping to be offered the 99/500) ... my credit is far worse than hubby's (approximately 550, whereas hubby is in the 580s-590s).

After I applied online, I was offered the (completely) Secured card. After hubby's, he was offered NADA. It gave the general "We're sorry we can't approve you at this time" crud, stating that they'd send him information on the why's within 25-30 days.

Why in the world would I, with my crappy credit, get offered a secured card and hubby nothing??

Further, we'll have two new TLs reporting within in the next couple of months ... can we apply again (in the hopes of getting offered the 99/500) soon? Or do we have to wait X number of months?

TIA!!

fused · ‎07-15-2008

FICO scores are not everything, and BoA/FIA is not a FICO registered lender. They look at FICO but they have their scoring system. You graded better than your hubby.

Congrats!!!!!!!!!

Anonymous · ‎07-15-2008

Are you going to take the offer for the fully secured card? I think you have to wait like 30 days before applying again. Try calling the backdoor number and see if you can get the 99/500 instead.

Anonymous · ‎07-15-2008

I bet he is smoking with envy ! lol

Anonymous · ‎07-15-2008

sorry for hubby, but the boa secured is a good product. i would seriously consider it, if you haven't already.

Anonymous · ‎07-15-2008

Oh. Ah.

According to TC, my TU FAKO is 640 and hubby's is 570 ... do you think that's the scoring they're using???

I mean, what else could they be going by? Hubby's history is longer than mine, but he does have recent lates on an SL and car note (April) ... I have lates on the car note (April). I also have one new collection, while hubby's newest is 4 years ago.

I just don't see where it makes any sense!

Thanks on the congrats, BTW ... but I'd rather hubby's credit WAS better than mine!!

fused · ‎07-15-2008

imducky wrote:

sorry for hubby, but the boa secured is a good product. i would seriously consider it, if you haven't already.

I agree 100%! You can grow with BoA and they are very generous.

Anonymous · ‎07-15-2008

If I DO take the fully secured, can I put hubby on as a joint owner or AU?? Or is it just for me???

Why in the monkey-fudge do they have to make this crap so confusing??!!!

And just how bad does your credit have to be to be denied for a FULLY secured card???!!

Anonymous · ‎07-15-2008

Wonderin wrote:
Oh. Ah.

According to TC, my TU FAKO is 640 and hubby's is 570 ... do you think that's the scoring they're using???

I mean, what else could they be going by? Hubby's history is longer than mine, but he does have recent lates on an SL and car note (April) ... I have lates on the car note (April). I also have one new collection, while hubby's newest is 4 years ago.

I just don't see where it makes any sense!

Thanks on the congrats, BTW ... but I'd rather hubby's credit WAS better than mine!!

As fused posted above, FICO is not everything, and BofA uses an internal scoring model.

They are not using TC FAKOs. No lender does.

I agree with the suggestions to take the secured card. It's an excellent opportunity for a foot in the door with a prime lender, and it will grow with you as long as you treat it well.

Creditaddict · ‎07-15-2008

I have seen a post also where someone applied and got the will receive message and in the decline letter was the offer for the 99/500 score.