I applied online for the BofA Platinum card Monday and got the "Application requires further processing" message. When I checked their online status system today I got: Congratulations! You've been approved. You've been approved for a Bank of America Visa Platinum card with an initial credit line of $8600.00. Your credit card will be mailed to you within 5 business days. Now I'm for sure going to close all of the subprime accounts I have left with the exception of my oldest (Providian Visa Gold).
congratulations! Do you know what bureau they checked and what your score was? I applied for BofA on Tuesday. They pulled TU and I also got the "requires further processing" message. I've been checking up on their web page to see what their decision is.. hopefully they'll get to me soon.
They pulled TU. I had been checking their online status frequently and kept getting the "processing" message. I finally called them yesterday because I was sure I was denied. I called and sure enough, the application really was still processing and they said I'd get an answer online by tomorrow. I checked a couple of times this morning and got the "processing" message. Checked it one more time after lunch and got the approval.
Here's the section from the electronic disclosure: Section 3.3.1: Rates 3.3.1.a: Purchases. The Annual Percentage Rate for Purchases, a fixed rate, is 10.9% (0.02987% corresponding Daily Periodic Rate). 3.3.1.b: Cash Advances. The Annual Percentage Rate for Cash Advances, a variable rate, is the Index plus a Margin of 12.99 (19.99% minimum APR). Based on this formula, the APR as of January 1, 2002 is 19.99%
Wow -- looks like they put me right in the middle. Here's the terms from their application page: Annual Percentage Rate (APR) for Purchases Fixed Purchase APR applies, between 9.9% and 12.9%; to be determined when your account is opened.* So I didn't get 9.9 but at least I didn't get 12.9. Since it's only one step down I'll call them when I get the card to see if they'll put me at 9.9%. Anyone here have any success getting BofA to lower APR?
Thanks DaveLV. Their best purchase APR is 9.9%. You have their second best, which is great! I have their fourth best 12.9%. Mine will remain securely placed in the sock drawer until the 1-year mark, at which time I'll give BofA Retention another call. Customer service is, BTW, excellent. Saar
What subprime cards did you have before and how long did you have them? -me- TU 609 7/9 EQ 601 7/9 EX ???
Providian Visa (later Visa Gold) since 6-1998 Providian MC (Later MC Gold) since 6-2000 Orchard Bank since 4-2000 Capital One since 2-2000 Household Bank since 2-2000 Nextcard Secured (opened 3-2001 closed about six months later) Now my prime cards are: 2 Citibank Platinum Select MC (11-2001) State Farm Visa Platinum (1-2002) Umbrella Bank Visa Platinum (3-2002) BofA Visa Platinum (7-2002) Amex Green (kinda prime) (11-2001) Target Visa (15.9% so not really prime) (11-2001)
BOA is good about dropping APR, but they want you to ask. They won't do it on their own, even if you are the perfect customer. But, they are stingy with credit limits. I am one of their "prime" customers - I get all sort of free benefits. But, they only gave me $5,000 CL with an 18.9% APR. I didn't use it because of that. Finally, I called and asked for a lower APR. No problem - they dropped it down to 9.9%. They usually want you to do a BT to get a higher CL,
I don't think you can equate the TU score to Empirica. Your TU score is much higher than mine though. If it helps you compare your report to mine, I have only one negative on TU and that is a completely paid Discover account that has a couple of 90-60-30 day late payments on it from two years ago.
I'll call them before I activate the card to ask for the lower APR. I was happy with the limit though. It was the second highest initial limit I've ever recieved and is just $400 shy of the highest.
