"Denied To Convert To Am.Express"
Bank of America Rewards American Express® Card Review
Written by: rockin35 on 2008-04-20
Overall Satisfaction
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rockin35's review: 
I was declined for this card, when I asked to upgrade my current Bank of America Platinum Plus card to the the BOA American Express Card. I have 2 other cards with BOA, the Platinum Plus MasterCard ($17,000 limit) and the Merril Lynch Visa Card ($2500 limit). I received the letter in the mail yesterday, with no other reasons listed other than "Sufficient Available Credit to Income" blah blah. I also called them last night and the csr told me, my scores were fine, but they also go by open accounts with BOA and I had no late payments in 4 years, the agent went as far back as 12 months. After the call ended with the credit csr, she asked if I were interested in a balance transfer on my Mastercard, I told her no. I think BofA is scaling back or maybe it's just me. I told her I was looking for a cheaper APR, as my current APR on the MasterCard is 13.9%, she assured me this was a competitive rate (whatever, "salad-head rep!!!). Rockin35!
I was declined for this card, when I asked to upgrade my current Bank of America Platinum Plus card to the the BOA American Express Card. I have 2 other cards with BOA, the Platinum Plus MasterCard ($17,000 limit) and the Merril Lynch Visa Card ($2500 limit). I received the letter in the mail yesterday, with no other reasons listed other than "Sufficient Available Credit to Income" blah blah. I also called them last night and the csr told me, my scores were fine, but they also go by open accounts with BOA and I had no late payments in 4 years, the agent went as far back as 12 months. After the call ended with the credit csr, she asked if I were interested in a balance transfer on my Mastercard, I told her no. I think BofA is scaling back or maybe it's just me. I told her I was looking for a cheaper APR, as my current APR on the MasterCard is 13.9%, she assured me this was a competitive rate (whatever, "salad-head rep!!!). Rockin35!
12 Comments
Comment 1 by hjm331
Nice APR 
on 2008-04-20
That's a good interest rate especially when compared to mines. My interest rates are around 20% and some of them are higher lol
on 2008-04-20 That's a good interest rate especially when compared to mines. My interest rates are around 20% and some of them are higher lol
Comment 2 by meya
It Can Happen on 2008-04-20
See what people don't realize is that you can have more credit than income and this will put you in a decline stage also. If someone has $6k in credit and $50k in income, banks will say no and some will decrease your credit limit. Why, because you are a risk with loading your cards and not having the money to pay back. This is how they look at it.
Let them go their merry way, it probably was a good thing that you did not get the card. You are already good in their books so you are the "Winner"!
on 2008-04-20 See what people don't realize is that you can have more credit than income and this will put you in a decline stage also. If someone has $6k in credit and $50k in income, banks will say no and some will decrease your credit limit. Why, because you are a risk with loading your cards and not having the money to pay back. This is how they look at it. Let them go their merry way, it probably was a good thing that you did not get the card. You are already good in their books so you are the "Winner"!
Comment 3 by rockin35
Thanks Meya on 2008-04-21
I appreciate your insight, I guess I was just disappointed. I have stumbled through this whole "building credit" ordeal for 11 years. When I was 18, I didn't have a co signer, or parents to help me with anything. When I graduated from college, I couldn't get a car because I had no credit, so I had to go to Citibank and took out a $1000 dollar loan financed at 36.5% and paid it off in 1 year to begin building credit. BAck then I didn't know what a FICO score was but I was told it was 580 when I applied for a car. Every since then, I have taken the high interest rate cards because I had to, then I build my scores up and apply for lower interest rate cards and cancel those high apr cards. But it appears I learn something new each day. I assumed BOfA would go in my favor. I guess to many accounts can hurt you in the eyes of some creditors. Rockin35!!
on 2008-04-21 I appreciate your insight, I guess I was just disappointed. I have stumbled through this whole "building credit" ordeal for 11 years. When I was 18, I didn't have a co signer, or parents to help me with anything. When I graduated from college, I couldn't get a car because I had no credit, so I had to go to Citibank and took out a $1000 dollar loan financed at 36.5% and paid it off in 1 year to begin building credit. BAck then I didn't know what a FICO score was but I was told it was 580 when I applied for a car. Every since then, I have taken the high interest rate cards because I had to, then I build my scores up and apply for lower interest rate cards and cancel those high apr cards. But it appears I learn something new each day. I assumed BOfA would go in my favor. I guess to many accounts can hurt you in the eyes of some creditors. Rockin35!!
Comment 4 by lindalu
You Are Better Off Rockin35 on 2008-04-21
I had 3 credit cards with chase... One had a $23,000 limit... One had a $21,000 limit and one had a $5000 limit... Now that adds up to $49,000... Now my income including child support is $35,000 to $38,000... Getting my point here... That does not include 3 other high limit cards I had at that time... When my husband lost his job and I resorted to using them(thinking it was temporarily) I started to fall behind to pay them back... So when chase called me I stated "what did you give me so much credit for??????? I don't even make that much a year before taxes!!!... The rep asked me I own a home... I stated yes... He said that is probably why...????????? little did he know I was struggling to pay that too... So too much credit available can tell a creditor that you have too much available credit out there to run up and it is to their advantage to make sure you do not get in a situation that you cannot afford to pay it back...
on 2008-04-21 I had 3 credit cards with chase... One had a $23,000 limit... One had a $21,000 limit and one had a $5000 limit... Now that adds up to $49,000... Now my income including child support is $35,000 to $38,000... Getting my point here... That does not include 3 other high limit cards I had at that time... When my husband lost his job and I resorted to using them(thinking it was temporarily) I started to fall behind to pay them back... So when chase called me I stated "what did you give me so much credit for??????? I don't even make that much a year before taxes!!!... The rep asked me I own a home... I stated yes... He said that is probably why...????????? little did he know I was struggling to pay that too... So too much credit available can tell a creditor that you have too much available credit out there to run up and it is to their advantage to make sure you do not get in a situation that you cannot afford to pay it back...
Comment 5 by rockin35
Thanks For The Input on 2008-04-21
Thanks for the input, I have realized now more so than ever before that I need to get rid of some of these old cards that I have just held on to and quite frankly never really use. So I need to put together an action plan real soon. Thanks LindaLu!!
Rockin35
on 2008-04-21 Thanks for the input, I have realized now more so than ever before that I need to get rid of some of these old cards that I have just held on to and quite frankly never really use. So I need to put together an action plan real soon. Thanks LindaLu!! Rockin35
Comment 6 by meya
OOOps on 2008-04-21
I meant if someone has $60k limits total in credit cards, and they only have $50k hh income, this is credit to income ration being much hgiher. Sorry.
on 2008-04-21 I meant if someone has $60k limits total in credit cards, and they only have $50k hh income, this is credit to income ration being much hgiher. Sorry.
Comment 7 by rockin35
I Know What You Meant on 2008-04-21
Yeah,
I read your comment and realize what you meant.... Thanks again Rockin35
on 2008-04-21 Yeah, I read your comment and realize what you meant.... Thanks again Rockin35
Comment 8 by eric
Upgrade on 2008-05-04
You may be asked to upgrade to the world MasterCard. Take it... Its the top of the line MC.
on 2008-05-04 You may be asked to upgrade to the world MasterCard. Take it... Its the top of the line MC.
Comment 9 by beckettpg8
Approved Last Year on 2008-05-16
I got one of these but is from B of A or American Express - does anyone know???
on 2008-05-16 I got one of these but is from B of A or American Express - does anyone know???
Comment 11 by rockin35
Hey Eric on 2008-05-22
I did upgrade to the World Mastercard with WorldPoints. Rockin35!
on 2008-05-22 I did upgrade to the World Mastercard with WorldPoints. Rockin35!
Comment 12 by hjm331
RE: Rockin35 on 2008-05-22
I hope you've been informed that the World Mastercard and Visa Signature cards from all lenders don't have a limit reported on your CR so if you carry a balance other than $0, your card will appear maxed out to the FICO scoring system and it will decrease your score.
on 2008-05-22 I hope you've been informed that the World Mastercard and Visa Signature cards from all lenders don't have a limit reported on your CR so if you carry a balance other than $0, your card will appear maxed out to the FICO scoring system and it will decrease your score.
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Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
