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Denied BoA Visa card -- credit score 798

October 1st, 2012 at 11:06 am

I bet Amazon.com or Costco will be happy to give me a credit card with that credit score. Costco would give me cashback and Amazon would somethingsomething benefits, I dunno.

I guess the facts that I am not an illegal alien and I insist on 25-day grace periods rendered me ineligible. Or maybe it was all those "Bank of America sucks" posts I wrote.



Scan provided in case someone thinks I was lying or made a typo. Bank of America is headquartered in Crazytown, USA.

7 Responses to “Denied BoA Visa card -- credit score 798”

  1. North Georgia Gal Says:

    I have not heard anything good about Bank of America. So maybe not getting the card was a blessing.

  2. snafu Says:

    I suggest you check with the various reporting agencies to learn exactly where you're losing points? Ask what action they require to increase your score? Are you in that weird situation where the total sum of available/unused credit exceeds your income ratio? I'd check with your regular bank's CC operations to see what FICO number they use. Likewise, ask BOA what FICO number they require.

    If you dislike BOA operations, why seek their CC?
    Are you holding CNQ-T? I keep looking at it and chickening out...what do you like about it?

  3. PauletteGoddard Says:

    @snafu I retrieved my credit report from TransUnion three weeks ago. The account I tried to reinstate was listed as closed 7/12/2012 at my request, which is false: the bank closed it without my request. I activated the card on 6/23 and tried to use it on 7/12. I am in that weird situation where the total sum of available/unused credit exceeds my income, yes. For some reason I thought that if my credit balances to total credit ratio was under 20% I would be okay. My credit union has always offered us the best available rates for mortgages and home equity lines of credit and credit cards, and that includes when my credit score was 792.

    I was trying to get my card reinstated: I had read that if the card had been closed within 90 days of a request for reinstatement, the reinstatement would likely be granted. I feel foolishly misdirected reading consumer credit forums and personal finance articles by people like Liz Weston.

    I have not yet purchased CNQ-T. The PEG Ratio is high (2.00), but the attraction for me is in the Natural Gas. It is headquartered in Calgary, Alberta, which is where the Canadian Prime Minister is from and now that his party has a majority it will continue thumbing its nose at environmental concerns and do what it can, legally or not, ethically or not, to keep Canada's oil and gas drilling industry strong. It may be overvalued with not much upside potential: lots of the stocks I have my eye on are that way.

  4. PauletteGoddard Says:

    Okay, looking at the Value Line sheet I have for CNQ.T it turns out that my greed turned me onto the mid-decade total return guesstimates of at least 14% per year.

  5. Househopeful Says:

    Banks don't lend only to the FICO score in some cases. Accounts can be judgmentally reviewed. They should have provided specific reasons for the decline in your letter. What did it say?

  6. PauletteGoddard Says:

    The reason stated for decline in the letter was the time interval between the account closure and the reinstatement request. It did not say if the interval was too long or too short, because that would be telling and helpful.

  7. crazyliblady Says:

    I second what North Georgia Gal said. Unfortunately, my mortgage is with them. We had been told at the time of closing that our mortgage would likely be sold. It was not until a couple of weeks later than we received something in the mail from BOA. Arrgh. I hate BOA and I hate what they are doing by foreclosing on people without mortgages and people who are not late on payments. I say good riddens. If you need a good credit card, try a credit union. They may have a better rate.

  8. Alex Says:

    I feel your frustration. I most cases, one lenders approval criteria will not be the same as another lenders approval criteria. You have got to know up front what these standards are up front and only then do you stand a chance of getting approved. There are never any guarantees. Remember, you are mostly dealing with shifty lenders that like to operate in the grey and sequester as much information from you as they possibly and legally can. Know who your dealing with up front and line your credit report up with it as best you can and then go from there. By the way, it sounds like Bank of America lost out on a good customer! Great job here, thanks.

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