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Frustration with BOFA. Time to cut ties possibly.

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Frustration with BOFA. Time to cut ties possibly.

BOFA and I just dont see eye to eye, and havent now 3 years.  I had a partialy secured card 3 years ago, that graduated to a CL of $1.5k, and sat there for a year and half, and always declined for CLI depsite good use to provide history, citing investment accounts etc, so I closed the card thinking it was a bucket card and not going anywhere. 

 

Fast forward to last year...reapplied, and approved on recon for the same card, but not secured, just regular approval but low SL of $800. Again, good use to show history, and its 15 months old, and same thing...CLI of any kind declined, citing lack of investments or deposit accounts, and that they are not willing to "extend" anymore at this time. 

 

This is exactly the time where I get very frustrated and decide to just close the darn thing. I really think that BOFA is just one of those lenders that isnt gonna budge or want to work with me, and Im not willing to deposit thousands of freaking dollars into the bank for a "possible" CLI on an $800 card, so we are at a stalemate!

 

So, thoughts on the situation? 

SD the card, and use for coffee every 6 months?

Close and forget it?

Be patient? (yea right..pizza1 patient?, HA!)


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 1 of 24
23 REPLIES 23
Valued Contributor

Re: Frustration with BOFA. Time to cut ties possibly.

Were they IIB?

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $1,000
Infiniti Financial lease

Message 2 of 24
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Community Leader
Super Contributor

Re: Frustration with BOFA. Time to cut ties possibly.


@sccredit wrote:

Were they IIB?


No, they weren't. 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 3 of 24
Valued Contributor

Re: Frustration with BOFA. Time to cut ties possibly.

Interesting.  I could see their reasoning if they were.  IMO I would just cut ties and move on to other issuers.  That's just me.  

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $1,000
Infiniti Financial lease

Message 4 of 24
Community Leader
Mega Contributor

Re: Frustration with BOFA. Time to cut ties possibly.

As big a pain in the arse they might be for ya, you could just sd it and maybe one day, when your profile is 100% clean they might suprise you. If you think there is 0% chance you will use them in future, cutting cords now is ok too. Sorry no definitive answer just all depends on your feelingsSmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
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Message 5 of 24
Valued Contributor

Re: Frustration with BOFA. Time to cut ties possibly.

So are you saying you haev no relationship with BoA outside of the CC? 

 

I've had a Checking/Savings with them for gosh, 20 some years. But have never gotten one of their cards, despite constant invites. However, they might view it as a rocky relationship. As over the course of my life there had been finacial troubles which lead to my rebuild. But during that time I had suffered a few overdrafts due to a couple ganrishments. For a spell I barely had any income. So this account has never eally seen that much influx of cash, nor do I invest with them.

 

These days I mostly use a local CU, and now my new Chase account. That's where 90% of my finances rest.

So i always felt that BoA wouldn't likely ever approve me for one of their products. Sometimes I wish that I had no prior ralationship and could cold app, as there are a couple CC I want from them.

 

Side note: I did apply for their BIZ Travel card when targeted for their BIZ Cash back card, and was denied. Obviously due in part to no BIZ credit, aside from Amex card. But they didn't even HP my personal, so i've pretty much given up hope with them.

 






Message 6 of 24
Moderator

Re: Frustration with BOFA. Time to cut ties possibly.

I realize that you like certain challenges depending on the lender, but it sounds like you're too far ahead with your other lenders and overall TCL for BoA to consider any growth that you would expect.

Since this represents your 2nd time around the rodeo circle, you could (a) consider the option of waiting until your BK drops off, (b) extend a depository relationship with BoA or, (c) cut ties, adjust your rear view mirror and move on.

Since (a) and (b) seem unlikely, then that should make the decision a bit easier 😊.
Message 7 of 24
Moderator

Re: Frustration with BOFA. Time to cut ties possibly.

I would be patient; you're not really that far from having clean reports at this point. 

 

Prior to me finding myFICO nearly 4 years ago, the sole BoA card I had was an acquired MBNA account with a $5100 limit and very high APR.  Due to utilization, I was always quagmired around 700-710 FICO 08 scores.  Once my scores passed 720, the floodgates opened with them and I didn't start receiving the "investment accounts" reasons until I hit the now-infamous $99,900 ceiling.  (They are my primary checking bank, however, so YMMV.)  Before they stopped HPing for CLIs, they were almost always pulling TU for CLIs and EX for new accounts.  I'm not sure which one they're soft pulling right now, but if it's not still TU my bet would be that your current scores are holding you back; whether that's the primary reason or secondary to other factors we don't really know.


Message 8 of 24
Valued Contributor

Re: Frustration with BOFA. Time to cut ties possibly.

I feel for ya!

 

I don't have any relationship with them other than an old checking account back in 2007 that I closed out when I moved for a CU instead.  Anwyay 6/2017 I decided to take a stab at BOA / Chase because they were both pretty much an experiment to tinker with.

 

BOA said 10K here ya go, CLI's were significant 8800, 12300, 18700, 15200... so in a year that's $55K in CLI's and then they put the brakes on and gave me your excuses about no deposit / brokerage accounts.

 

Chase decided 10K on an Amazon was a good start, that's been that way since opening until I shuffled limits around but, Nov 2017 asked for a CLI on a different account with them and got a paltry 5K bump for a double HP... 3 weeks later changed my mind and went for the CSP and snagged 25.9K on that one.  So, in 6 months time ~42K in new credit from Chase.

 

Meanwhile a few months later went for USB got denied for inq's, recon for 1k/ea for 2 cards, recon again for 25K and got countered for 10Kea.

 

I guess the moral of this is don't settle and if 1 doesn't work try another.  Never take the first offer / denial as set in stone and pester them a bit until you get something that works at least.  For instance Uber was an 11K approval online and called them up just to test the waters and asked for 25K and within 2 minutes of compliments the limit was 25K with the secondary review.

500K+ TCL / 800+ FCOs
Message 9 of 24
Community Leader
Super Contributor

Re: Frustration with BOFA. Time to cut ties possibly.

@FinStar , LOL...I cant give bofa any money, because they are building a new huge Chase branch 15 min from me, (1st for our state!!), and Ill need it for them, LOL . PLus Chase threw me the Amazon Visa $3K SL 2 1/2 yrs ago on my 10th recon, and they were IIB remember?? Smiley Happy

 

@K-in-Boston , yea I have only 3 yrs and 8 months till reports are clean, thats not that long in the whole scope of things. The problem is my patience....I have thin to none, LOL. I did wait 3 yrs for my Sams MC CLI though, but it was already at $15k, not $800, lol, and PF I waited 2 1/2 yrs for a CLI, but again, the limit was already at $5k. I do better waiting if my limit is somewhat decent. HA!

 

@Obscure-Expert , have you met me?! LOL..Im the queen of recon. Thats how I got Chase a few years back, and they were IIB! Believe , me when one doesnt work, I DO go to the next and try someone else or something different. My reports reflect that in New accts and INQ, LOL Smiley Wink But good information, thanks for sharing! 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 10 of 24
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