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    9 Replies Latest reply on Jan 3, 2008 9:24 AM by moogrdotcom

    BofA Re-consideration

    moogrdotcom Wayfarer
      I applied for a BofA credit card and got denied for having enough credit for my income and a delinquent account. I got all 3 of my credit reports and i don't have a single deliquent and my DTI is less than 15% with mortgage so i sent a letter to the reconsideration address and was wondering what my odds are of being re-considered for a card.

      I do and a HELOC with BofA, a business checking account (just opened) and a personal card so perhaps they're judging me on that. I have about 4k of business float on my personal cards that i want to transfer over to flatten out my personal DTI as well.. should i just re-apply after paying it down or do you think a kind letter explaining my findings and a personal review will get me a BofA business card?
        • Re: BofA Re-consideration
          CorpCons08 Ranger
          Bank of America takes it's reconsiderations seriously.
          They will review it and look more into your credit history.
          If you think you are a victim of identity theft however, contact the credit bureaus for dispute information.

          CC08
          • Re: BofA Re-consideration
            LUCKIEST Guide
            Maybe there is more that you are NOT telling us. If every thing is true and you have no delinquency on
            your credit report, the letter to the bank should start the process of being reconsidered.
            If somebody else was using your cards (like credit fraud) it would show on the reports.
            Follow up with the bank. It is your credit and that is important.
            LUCKIEST
            • Re: BofA Re-consideration
              Lighthouse24 Ranger

              Did you apply for the card on-line? I'm asking because I have read quite a few similar stories over the past couple of months that make me wonder if there is some kind of front-end algorithm at BoA that "filters out" and rejects on-line credit card applicants without fully processing the request. I can see how that might make sense for bank so large. (So what if they lose a potential credit card customer here and there? The overall savings would probably be worth it.) As I say, I don't KNOW that this is happening, but it seems plausible (plus I've not heard of any "unexplained" denials with applications that were completed in-person and submitted by the business owner's banker).

              Just thinking out loud (well, you know, on the keyboard) . . .
                • Re: BofA Re-consideration
                  moogrdotcom Wayfarer
                  it was online.. and no, nothing is missing and no fruad, i pull monthly using the Amex credit secure service to monitor both business and personal reports.

                  It looks like one of my business cards is showing up (not a new problem) and i regularly Pay in full 20-30k/month on it so i guess if its loaded when they check it may bump by utilization but even then the payment still doesn't increase my DTI that much so i guess its just the online system doing what it does :)
                    • Re: BofA Re-consideration
                      CorpCons08 Ranger
                      It could very well be the amount of credit available to you as well.
                      You said you are paying 20K - 30K on your card each month.
                      Does that mean there is no credit limit and you can charge as much as you want?

                      Banks often do not like to give additional credit if you have too much revolving credit already available.

                      CC08
                        • Re: BofA Re-consideration
                          moogrdotcom Wayfarer
                          I use Amex charge card for net30 on most of my stuff and pay that off almost weekly. (net 10 basically from a financial perspective). I also have a chase card that one distributor uses that basically does 15k/week and i pay that off weekly mostly because i push the limit and chase won't increase it with my business age.

                          I was hoping Bank of America would be able to see my positive cash flow, business growth and other services i use from them as a reason to help me leverage other credit lines/capital sources so i wouldn't have to work with 3rd party banks as much. If BofA won't do it my distributors in the short term will but some of them have rather complex payment requirements/invoice tracking systems that i would rather not have to build new business logic to deal with if i could use my own bank ;)
                      • Re: BofA Re-consideration
                        LUCKIEST Guide
                        Thanks Lighthouse, It took a long time and a lot of give and take to get the final results.
                        Also New Year's, Have a healthy one, LUCKIEST
                      • Re: BofA Re-consideration
                        moogrdotcom Wayfarer
                        I saw that BofA pulled my business experian file and didn't re-pull my personal file so that may be a positive sign that they're interested in working with me ;) I'll keep everyone posted!