Hi all, Here's some info for those who may be interested in applying for a Bank of America card (www.bofa.com). I was approved for a gold MC with an 8.9% BT offer for the life of the transfer after an initial decline and request for reconsideration. They pulled Trans Union and denied me for too many inquiries, young account age, and high revolving utilization (35% on the report at the time). My TU consumer score was 605 three weeks ago due to too many inquiries (9 in last 6 months) and too many new accounts. I don't know my real (lender's) TU score but my Beacon score was 652 (and EQX has worse stuff on it's reports but few inquiries). I called 1-302-741-1825 and pressed "3" for an account manager. I explained that Citibank pulled 4 hard inquiries in a month, which I didn't think was reasonable, that revolving utilization was not too high and I wanted a human to look at my account. I was approved 3 days later. My TU has several new accounts, revolving utilization of 35%, installment utilization of 93% (recent refinances), and two 30 day lates from 18 months ago. The "go to" and "purchase" interest rate is high, but if you don't plan to use the card for purchases, it shouldn't matter. Hope this helps,
I have the BofA 8.90% FIXED also...I only use it for balance transfers also. When I get the balance down a few thousand dollars, I do another balance transfer. The "GO TO" rate doesn't matter...
George (or anyone...), Have you tried to get credit line increases from BofA? How frequent and large are they? Thanks,
I got $2,000 with-out asking... ...but about a year later I was DENIED...then I got $400 with-out asking the next month!!! (isn't that weird)...
Marci - they couldn't do anything to my account (lower rates or increase limit) until 9 months - then I got +2500 (on a 5000 starting limit) on the 9th month... at the 15th month, I got a rate reduction for purchases to pr+4% and a balance transfer offer of prime for the life of the xfer, on the 18th month I got an increase of +2000 to 9500. You just have to keep calling. Watch out for purchases and low-rate balance xfers -- your payments are applied 100% to the low-rate deals first. For instance - you have $1000 at prime, then charge $2.00-- all your payments go to the $1000 xfer, and your little old $2 charge gets increased by $.50 (min. finance charge) each month. The balance xfers for B of A are a great deal if you can put the card in the drawer until the xfer is paid. Good luck, mj
I applied online in April. I had to check the status two days later and was approved for the Platinum, with 8.9 % for balances transfer either. They pulled Equifax on me (I'm in FL). I had a lot of inquires there, and three new accounts from January. My score was around 655 by that time.
mj ----------------------------------------------------------------------------------- Watch out for purchases and low-rate balance xfers -- your payments are applied 100% to the low-rate deals first. For instance - you have $1000 at prime, then charge $2.00-- all your payments go to the $1000 xfer, and your little old $2 charge gets increased by $.50 (min. finance charge) each month. ------------------------------------------------------------------------- If you happen to make a "MISTAKE" and use it for a charge, as stated above...next time you have to return something at a store...give them your BofA card...PRESTO...the $2.00 is GONE.
TO GEO, I got a 8.9% balance transfer in February for$ 6800. I am down to approx, 5, 545. I am begining to think about doing another BT shooting my balance back up to the full CL amount, however I am wondering if I should just wait a while longer for an increased credit line? Any clue on how BofA is on handing them out. I've heard that your credit limits to available credit are looked at by other companies making offers. I don't want to be viewed as having to use the maxium credit line available to me. May I ask what you started out at an have you gotten any increases so far?
MJ, Thanks so much for your help. I agree with the above. I always dedicate a specific credit card of mine for a specific purpose. I have a Citibank BT card with a balance at 3.9% for 9 months which is sitting in my drawer for that reason. I needed another card that did low BT rates, so that I could make Citi and Capital One compete for my money until I pay it off (just in case Citi decides to hike my interest rate, which seems to be a trend recently). Right now Cap One is my "purchase" card (at 12.9%), and though that is way too high - I have nothing to complain about considering my options just 6 months ago were 17.9% to 19.8% apr with no BT offers at all. I have been privileged. George, That's a clever idea re how to fix a charge mistake. But don't all stores make you do the return the exact way you did the purchase? I've not seen a store give me the choice on how to accept a return. :-/....
Tell them THAT CARD is closed... Tell them THAT CARD already has a credit balance... Tell them THAT CARD gets mileage/cash and it is counterproductive to do a return on that card... AS LONG AS THE BUSINESS PUTS A CREDIT ON A CARD THEY BREAK EVEN...IF YOU GET CASH BACK...THE STORE LOSES...
IT DOESN'T ALWAYS WORK... I paid the hospital $10,000+ on my credit card, because the insurance denied the claim... make a long story short...THE HOSPITAL REFUSED TO CREDIT A DIFFERENT CARD...SO I TOOK A 10,000+ HIT ON MY UNITED VISA MILEAGE PLUS CARD...(STUPID INSURANCE MADE A MISTAKE AND RECONSIDERED, SINCE FOR SOME REASON THE HOSPITAL BILLED THE INSURANCE AGAIN...EVEN THOUGH I PAID THEM IN FULL)... I guess the cashier made a note in the computer that I paid in full, because the insurance coverage was DENIED, and they KNEW IT WAS COVERED 100% BY INFORMATION IN THE HOSPITAL COMPUTER. I NEVER THOUGHT AN INSURANCE COMPANY WOULD LIE TO ME. I LOST 10,000+ MILES, BUT I GUESS I SHOULD THANK THE HOSPITAL...
An update 8-17-2001: I was approved yesterday for an upgrade from the gold to the platinum mastercard. All it took, it seems, was a minimum $5000 credit line. The computer already knows if you are eligible (a one minute check by a rep). I should get my new card in 7-10 days. So, for anyone who has the gold card at 5K or higher, you may want to try this if you want a platinum instead...
Hello again Marci, Thanks for the info, but I think I will wait and see what BofA offers me on their own. If nothing comes by Feb ( account at one year) , I might ask then. The reason being is that we owe sooooo much I don't want to risk being denied. Also in speaking with yet another CSR yesterday for my First Union/MBNA accounts. I've managed to get another promise of these two accounts merging for a new permanent rate of 9.9% . I had an account with FU, that was sold or traded to MBNA, but FU went and issued me another account from them so I ended up with two accounts. This process was SUPPOSED to take place last month, but do to a mistake the last CSR made it didn't happen. The good news is that this account is my BIG dog and getting this will put all 18K that owe down to 9.9 or less. It also increases our percentages of balance to credit limit. The next quest I need to make on these boards is how to budget, cut corners, ect. so that I can make larger payments to our creditors. The calculators are showing me that it will take somewhere between 3 and 5 years to pay off our debts at the rates we are going now.
As long as the account is in perfect standing (no overlimits, always on time), I suspect you may have a chance. Even though you may be struggling, BofA doesn't know that yet, and if you are able to pay them on time and stay within your limit, they may be generous with you - if only to get you to the place where you will start paying the penalty fees that they make the majority of their profit from. I understand your reticence though; debt is *nothing* to play around with. That is good news - and good negotiating on your part. A suggestion is to make a habit of writing down reps names, operator numbers, cities, and dates whenever you talk with reps. That way, if something doesn't get done as promised, you'll have better ammo with which to approach the executive offices. If you have a good plan for snowballing the debt (see explanation below), then in time you'll recover from the utilization issue. Just stay on track wrt to a budget and call in every three months for a credit line increase. Write them through Planetfeedback, as well, requesting an increase. The worst they can say is "no" - and that isn't very painful. I don't know that CreditNet offers a whole lot in this regard, but Motley Fool (www.fool.com) certainly does (specifically "consumer credit/credit cards"and "living below your means"). Since all your debt is on one card now at 9.9%, that is pretty good. Just dedicate 3-4 times the minimum payment to the card if you can. If you ever have to split the debt between two or more cards, then focus on snowballing. Snowballing is paying the minimum due on the lowest interest card and paying all extra money (ie. 2-3X the minimum) on the highest interest card until the high interest balance is gone. Then take the money payed to the high interest card, combine it with the money payed to the low interest card, and pay the low interest card until it is payed off. You won't believe how much money you save in the long run. Best wishes,
Hi again Marci, I didn't mean to mislead you . Our total debt is 18K about $9700 is on FU/MBNA. I've got about $5,400 on the BofA, $2450, riding at 2.9 at citi-bank and a cap one balance I hope to pay off by nexts months due date with the helo of the tax relief.
