"Approved But Kind Of Wondering Why"

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Written by: kris-v on 2008-07-08

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kris-v's review: Callout Comment Hi everyone its been a few weeks, I received a pre approved letter from Bank of America yesterday for this card... I got online put my info in and was instantly approved with a credit limit of 2k... Now what I'm kind of wonderin is if I was approved for this card from one of the huge banks... Why wasn't I approved for a capital one cc last week? Even juniper turned me down... Crazy... My credit file is approaching 4 months soon and was suprised to see an offer for credit from such a established bank-Bank of America- so early... Also was talking to a person in that chat box thing that pop up and she asked if I wanted to apply for another card from BoA... Do u folks think its too early to do so? So now my cc look like this

macys-600$ nearing 3 months
american savings bank secured Visa-500$-almost 4 months
hooters MasterCard-500$-nearing 1 month
Bank of America platnium plus MasterCard/world points-2000$- waiting for card to arrive

idk my scores because I found out that the scores I was looking at where fako from freecredit report.com but when I purchase my FICO scores I will post them up



Comment 1 by mrrob
Grdat Card User Icon on 2008-07-08

Remarks BOA cc is a great card to have. You are starting out good. I would hold off for a while on applying for more cards
Comment 2 by hjm331
RE: Kris-V User Icon on 2008-07-08

Remarks I think the BOA system automatically denies you if you have more than 2 applications in one month or something like that. Since you are still new to the BOA family, I would wait at least 6 months to apply for another card offered by them. If you maintain a positive payment history, they will gladly approve you for another card.
Comment 3 by hjm331
Also.. User Icon on 2008-07-08

Remarks It's strange on why Capital One denied your application. Did you receive the letter on why your application was denied?
Comment 4 by kris-v
Ya User Icon on 2008-07-08

Remarks The said the reasons for denial was due to..

to fewor no accounts

insufficient credit history

presence of collection/judgment-i checked all 3 and there is no judgment and no collection... I do have a charge off from an old verizon wireless cell phone which I paid off April of 07'. And that's the only negative mark I have...

but that's the reasons why I was denied for capital one
Comment 5 by kris-v
Sorry For Typo Mess User Icon on 2008-07-08

Remarks The reasons are

too few or no accounts

insufficient credit history

presence of collection/judgment

i checked all 3 of my credit reports after I received this letter and saw no presence of collection or judgment of course I already knew that but wanted to know what it is they were lookin at

i do however have a chargeoff from an old verizonwireless cell phone that I paid off in April of 07' and that's the only negative mark I have on all 3 credit reports

i really don't know what the other 2 reasons mean... Cause I have credit accounts 3 when I apply for capital one... And I have about 3 months of credit/payment history. On all 3 reports. So idk... But these are the reasons they gave me in my denial letter
Comment 6 by hjm331
RE: Kris-V User Icon on 2008-07-08

Remarks I would call 800-889-9939 and ask for a reconsideration. From the info you have provided me with, you shouldn't have been declined.
Comment 7 by kris-v
I Called The Number User Icon on 2008-07-08

Remarks And was just tossed around for about 20 minutes at the end was told that I need to check with credit bureaus... I purchased all 3 of my FICO scores today and they are

trans union-706



i give up on capital one was gonna send in my reconsideration letter yesterday but when I saw the pre approved letter from Bank of America... I jus shredded up that re consideration letter... Good decision
Comment 8 by brian23
I Think.... User Icon on 2008-07-08

Remarks You should take the BOA card (cause they are a really good bank)... And wait about 6 mths to a year and reapply to capital one. I am sure they will overlook the old verizon account if they just see some steady payment history first. Keep us informed on what happens...
Comment 9 by mark
It's Always A Mystery User Icon on 2008-07-08

Remarks Well, nobody knows the exact science on how banks approve/deny people.

it's a combination of many factors... Not just scores.

so even if you have 700's but if it's a limited history ( < 3 yrs)

you're not going to get into the good cards with the lowest APRs.

Bank of America is good.

so take care of your credit well.

my personal experience with Bank of America..

my STudent Platinum Plus VISA which is > 1 yr is stucked with $700s

everytime I ask them for a credit limit every 3 months online...

i always get denied..

but they approved me for the Bank of America Accelerated Rewards American

Express Card with a $5,000

i think my on time payments, my checking, savings, money market and the student VISA card played a role in this approval
Comment 10 by kris-v
Wow Bofa Is Already Reporting User Icon on 2008-07-09

Remarks Yesterday I purchased all 3 FICO reports and scores... And wow I havnt even received my cc from bofa and there already reporting... So awesome!
Comment 11 by hjm331
RE: Kris-V User Icon on 2008-07-09

Remarks You are going to get used to those types of luxuries that BOA offers. They are great and I they are my go-to bank for all of my financial needs. They give me better rates than other customers because of my history with them. Build a relationship with them and they will take care of you.

Good Luck
Comment 12 by desihunk17
Boa Is Good User Icon on 2008-07-09

Remarks I applied for their card 3months a go and said they cant approve me because I have collection account... Then same day I talk to credit dept ment they said they cant approve me because my credit is bad... Next day... When I was refinancing my car loan... I got approve and they approve me for their plantinum card for 10k... Saying I have good credit history... I was surprised too... Soo get use to it...
Comment 13 by mskiwi
Great Card To Have User Icon on 2008-07-17

Remarks Take care of that BOA cc, it will take care of you. I wouldn't worry about cap1 with a BOA cc. That is a prime card and is probably one of the better cards to have. Congrats to you!
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