Someone I know was just denied for BofA. Reason: "although you have a history of timely payments on all your accounts, your credit report indicated that you have made minimum payments only on all your accounts. therefore, even though your payments have been timely, we cannot approve your Application for a credit card at this time". Huh? I always pay the minimum +$100 or so. will that make be "bad" someday????
A credit report does NOT have "CUSTOMER ONLY MAKES MINIMUM PAYMENTS" They could only get that if they had a "RUNNING BALANCE" on your credit report for every month... SCENARIO~~I have a balance of $100...I spend $5,000...then I make a payment of $5,010...did I make just the minimum payment of $10??? "THEY" ASSUMED SO!!!
You all forget that a business does not have to extend you credit if it does not want to. As long as they do not unlawfully discriminate, they can use any reason they want to refuse you credit.
I think my CRs have "recent payment $0" for at least one of my accounts (no matter what's been paid during the past month). Guess that makes me a deadbeat.
Re: Re: BofA Denied for Unique Code I have a BUNCH of those too...($0 RECENT PAYMENT) MBNA did have SKIP-A-PAYMENT months...but I always paid the previous months INTEREST even if I did not pay any more than that...
Re: Re: BofA Denied for Unique Code You all forget that a business does not have to extend you credit if it does not want to. As long as they do not unlawfully discriminate, they can use any reason they want to refuse you credit. rocket1977 ================ Even a false reason
Re: Re: BofA Denied for Unique Code THE QUESTION IS...are they in the business of extending credit or not??? If they don't want to extend credit...THEY BETTER GET OUT OF THE BUSINESS!!!
Your credit report shows your monthly balance history for each card. If BoA sees that you are carrying balances, and only paying down a very small amount on them each month (i.e. the minimum payment or a little more), they consider you to be a credit risk. If you are carrying balances, and not paying off your balances, you don't need new credit, anyway. What you need is a plan to pay off your debt, and stop looking to get into debt deeper.
Re: Re: Re: BofA Denied for Unique Code They are in the business of lending money to people who are good credit risks, not to people who habitually carry balances.
Re: Re: BofA Denied for Unique Code How in the hell do you know what he is trying to accomplish??? Have you seen his credit report? Maybe he wants to do a BT. Quit being so antagonistic. You can hang out on AOL for that. WALLST
Re: Re: BofA Denied for Unique Code If they don't want to extend credit...THEY BETTER GET OUT OF THE BUSINESS!!! GEORGE =============== Hooray for you GEORGE THE END ** *** ** LB 59
Re: Re: BofA Denied for Unique Code USING CREDIT IS NOT A CRIME!!! USING CREDIT IS NOT A CRIME!!! USING CREDIT IS NOT A CRIME!!! USING CREDIT IS NOT A CRIME!!! SOME PEOPLE JUST don't UNDERSTAND THE FIRST TIME YOU TELL THEM!!!!
Re: Re: Re: BofA Denied for Unique Code No, I'm not angry and I am NOT your friend. I am just sick of people like yourself who are not here to help and give constructive answers. You are just here to antagonize people and I don't appreciate it. And I can guarantee you there are alot of others on this board that feel the same way. WALLST
Re: Re: Re: Re: BofA Denied for Unique Code If you cannot appreciate my advice as constructive, you may want to reflect on your own beliefs about debt and credit. I was suggesting that the poster get out of debt, rather than obtaining more credit. That's exactly the same message BoA was politely trying to convey in their "reason code." If posters here are making you "sick," you may want to refrain from reading or posting here until you have your emotions under control.
Re: Re: Re: BofA Denied for Unique Code They have the right to determine who they feel are worthy of credit. Just like you are free to decide who to lend money to.
Re: Re: Re: Re: Re: BofA Denied for Unique Code Daddy complex, LOL. Must be a collector. Do you like hanging out with all the bad children, so you can call them down and tell them how wrong they are?
Re: Re: Re: Re: Re: BofA Denied for Unique Code The problem is he didn't even bother to inquire about the posters situation, just gave blanket advice without knowing the facts. I sure hope you didn't do that when you were at JP Morgan, TooMuch. The original poster offered nothing about their financial situation except they paid more than the minimum on their monthly payments, and you offered your expert advice to cut down debt. You also were so kind as to interpret the reason the poster got for decline. You did not even bother to collect info before giving your answer. I have been here long enough that I don't have to defend my posts, but it sure seems like you have been called on the carpet here more than once. How dare you question my emotions and suggest I not read nor post here. IMHO we would be better off without your type here, but the board is free for everyone no matter what one person thinks. If you want to debate further lets take this to the general forum. WALLST
Re: Re: Re: Re: Re: Re: BofA Denied for Unique Code People come here for advice on financial matters. Most of them don't want the truth. Instead, they want validation of their own ideas. The same is true for almost anyone seeking financial advice. They will seek out someone who tells them what they want to hear, regardless of if it's sound advice. Carrying credit card balances, doing balance transfers, etc, are the actions of someone who doesn't understand the first thing about economics and financial planning. Debt is for fools -- period. If a person carries debt, and they are not devoting every extra dollar to pay it off as fast as possible, they are basically saying that they want to be poor and work to make other people rich. If you give me any situation, regardless of how extreme, I can show you a way out of it that doesn't involve borrowing from a credit card. The only excuse for carrying CC debt is ignorance.
