Does BoA Forgive...?

[Charmante]

I've avoided ANYTHING BoA out of caution... MANY years ago -- at least 10 years... Maybe more...

I let an Auto Repossess, a Credit Card Charge-Off, and a Checking Account Charge-Off...

When I was still in college...

Do they EVER forgive/forget...?

If so, after how long, typically?

[UpperNwGuy]

Good question.  They shut me down in 2001 for late payments when I was going through a divorce.  I haven't dared to reapply even though 19 long years have elapsed.

[Jnbmom]

I have never had an account of any kind with them, however in the past they have always denied me for "past debt obligations" so not sure who else they are affiliated with but I stopped trying,  our BK was in 2005 long long memory of guilty by association I suppose.........................

[chiefone4u]

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@Charmante wrote:

I've avoided ANYTHING BoA out of caution... MANY years ago -- at least 10 years... Maybe more...

I let an Auto Repossess, a Credit Card Charge-Off, and a Checking Account Charge-Off...

When I was still in college...

Do they EVER forgive/forget...?

If so, after how long, typically?

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While  YMMV, it has been my experience that BoA doesn't forget and to be forgiven you must make them whole again. 

In 1997 I had a savings account closed because of monthly fees and hadn't bothered to close it myself or put money in it to keep a positive balance. 

Fast forward to 2008, I tried to open a checking account and was told I had to bring my closed account current ($0.02 overdrawn). After bringing the account to zero they allowed me to open my account. All credit products (from BoA) were denied in 2008.

In 2009 when funds grew tight I closed the account to keep it from over drafting again. 

Fast forward to 2020: tried to open a savings account in an attempt to improve my odds of future credit approval (since in 2019 I was denied for "lack of banking relationship"). My application was sent for review and I had to explain what happened in 1997 before they would allow me to open the account. 

I tried again for a credit card in April with a 725 (according to them) credit score and was denied for "insufficient satisfactory banking relationship", my attempt to recon had me answering to that savings account from 1997 again.

Was told to keep as much as possible in the savings account and try again in a couple years.

[mxp114]

A friend of mine charged up thousands of dollars on his old MBNA card, never paid and seven years later applied for a Bank of America card. The card was initially declined for previous unsatisfactory relationship. He spoke to Recon, he was honest about his past problems and they decided to approve him with a low SL. I don't think they're as procedural as American Express with previously bad accounts. However one thing of note, is that at the time of his application his credit report was exceptional. That may have been a major factor versus someone who has a more mediocre or average credit profile. 

[Credit12Fico]

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@chiefone4u wrote:

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@Charmante wrote:

I've avoided ANYTHING BoA out of caution... MANY years ago -- at least 10 years... Maybe more...

I let an Auto Repossess, a Credit Card Charge-Off, and a Checking Account Charge-Off...

When I was still in college...

Do they EVER forgive/forget...?

If so, after how long, typically?

---

While  YMMV, it has been my experience that BoA doesn't forget and to be forgiven you must make them whole again. 

In 1997 I had a savings account closed because of monthly fees and hadn't bothered to close it myself or put money in it to keep a positive balance. 

Fast forward to 2008, I tried to open a checking account and was told I had to bring my closed account current ($0.02 overdrawn). After bringing the account to zero they allowed me to open my account. All credit products (from BoA) were denied in 2008.

In 2009 when funds grew tight I closed the account to keep it from over drafting again. 

Fast forward to 2020: tried to open a savings account in an attempt to improve my odds of future credit approval (since in 2019 I was denied for "lack of banking relationship"). My application was sent for review and I had to explain what happened in 1997 before they would allow me to open the account. 

I tried again for a credit card in April with a 725 (according to them) credit score and was denied for "insufficient satisfactory banking relationship", my attempt to recon had me answering to that savings account from 1997 again.

Was told to keep as much as possible in the savings account and try again in a couple years.

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This is a data point that I've started to come across frequently. Reference to holding a balance in some sort of deposit product helping your chances for credit card approval.  

I also recently saw a post here or on reddit on a Wells Fargo Propel application where in the denial letter, Wells Fargo gave 2 reasons for the denial. The first was the amount of recent inquiries. The second was written literally: "Low Balance in Checking Account" .

Holding as much assets as possible in a deposit product with the bank you hope to gain credit card from seems to be an "intangible" outside of credit scores that can make up for "baddies". 

[CH-7-Mission-Accomplished]

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@Charmante wrote:

I've avoided ANYTHING BoA out of caution... MANY years ago -- at least 10 years... Maybe more...

I let an Auto Repossess, a Credit Card Charge-Off, and a Checking Account Charge-Off...

When I was still in college...

Do they EVER forgive/forget...?

If so, after how long, typically?

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I was able to get back in with BofA in December 2015 after having burned them for 5K in my BK7 in August 2013.   I started with a $500 secured credit card.   I can't remember how long it took to graduate, but not more than one year.   When it graduated to unsecured, I requested a CLI and they upped the limit to 5K (the same amount I had burned them for).  

At some point after that, I wanted their Alaska Airlines card and I wanted the 40K bonus miles (or whatever it was).   They would not approve me for an additional card so I asked them if they would open me an Alaska card, and give me the bonus, if they closed out the classic card.  That went up the chain and came back with a "yes."   So I got my Alaska Air Visa and the 40K bonus miles.

Since I got that 5K Alaska BofA card, I have twiced applied for CLI's (hard pulls) and each time denied.   I think I am stuck at 5K for the foreseeable future, but I'm happy with it.

As others have said, they are very relationship oriented, as is Wells Fargo.

I was a joint account holder on my parents' accounts with BofA and there was about 100K in those accounts.   That is likely the reason I got the 5K limit.    Also, when my parents died, I sold their house and briefly -- for a couple of months -- there was over 500K in the savings account.   At that point I asked for the second CLI from 5K and it was still NO.

I do advise their secured card as a way in.

Good luck.

[Charmante]

Does the BoA SECURED Card offer JOINT apps?

[CH-7-Mission-Accomplished]

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@Charmante wrote:

Does the BoA SECURED Card offer JOINT apps?

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I don't know specifically, but there are almost NO lenders left that do joint apps.   I would doubt it.

[HeavenOhio]

I think Discover and US Bank offer joint accounts. You'd have to call and ask.