BankAmericard Cash Rewards Denial?

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Jayman2143
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BankAmericard Cash Rewards Denial?

Postby Jayman2143 » Sat Jun 07, 2014 10:26 pm

Hey everyone. This is my first official post here but I have been reading up for quite awhile now and trying to learn as much as I can.

Before I get to my main question, let me give a little background of myself:

- 22 year old recent college graduate
- 711 TU credit score (Using CreditKarma)
- 718 VantageScore (again using CreditKarma)

I have had a Capital One Journey Card for about 2 years. It was my first ever credit card and a great credit builder. Started with a $500 CL and the card now sits at $2,750 CL.

Today, I applied for the Chase Freedom card as it has better rewards than my starter Journey card and a friend recommended I give it a try. I was instantly approved for the Chase Freedom with a $2,500 CL.

I also received a "offer" in the mail today for the BankAmericard Cash Rewards. The perk that caught my eye with this card was the 3% cash back on gas all year round (with a max/quarter, of course). The gas perks are important to me as I do a lot of driving for work. Since the Chase Freedom works on revolving categories, I figured I would use the Chase Freedom for gas when it was included in the bonus categories and the BankAmericard during the months gas was not included.

When I applied for the BankAmericard, I was not instantly approved and received the daunting message that I would be contacted via mail within 30 days with a decision.

Should I consider this as a denial? I know others have been approved after receiving this message but I was worried that since I applied for 2 cards in a day that this was a bad sign.

Sorry for the long post and I appreciate any input from more seasoned veterans! :)
My Cards:

Capital One Journey - $2,750 limit
Chase Freedom - $2,500 limit
Bank of America (BankAmericard) - $1,500 limit


YungTPS
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Postby YungTPS » Mon Jun 09, 2014 7:50 am

Jayman2143 wrote:Hey everyone. This is my first official post here but I have been reading up for quite awhile now and trying to learn as much as I can.

Before I get to my main question, let me give a little background of myself:

- 22 year old recent college graduate
- 711 TU credit score (Using CreditKarma)
- 718 VantageScore (again using CreditKarma)

I have had a Capital One Journey Card for about 2 years. It was my first ever credit card and a great credit builder. Started with a $500 CL and the card now sits at $2,750 CL.

Today, I applied for the Chase Freedom card as it has better rewards than my starter Journey card and a friend recommended I give it a try. I was instantly approved for the Chase Freedom with a $2,500 CL.

I also received a "offer" in the mail today for the BankAmericard Cash Rewards. The perk that caught my eye with this card was the 3% cash back on gas all year round (with a max/quarter, of course). The gas perks are important to me as I do a lot of driving for work. Since the Chase Freedom works on revolving categories, I figured I would use the Chase Freedom for gas when it was included in the bonus categories and the BankAmericard during the months gas was not included.

When I applied for the BankAmericard, I was not instantly approved and received the daunting message that I would be contacted via mail within 30 days with a decision.

Should I consider this as a denial? I know others have been approved after receiving this message but I was worried that since I applied for 2 cards in a day that this was a bad sign.

Sorry for the long post and I appreciate any input from more seasoned veterans! :)


Call the reconsideration line. It might just be that they have a couple of questions to ask you. I already have a Cash Rewards card, but when i applied to my Travel Rewards card, i get the same response. I called in and they just asked me about my other account. The lady i spoke with even congratulation me for always "PIF" and then i got approved for 7.5K. BOA is very nice with recons.

MemberSince99
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Postby MemberSince99 » Mon Jun 09, 2014 9:19 am

First of all that 30 day message is not necessarily a denial it just means they can't give you an instant decision and it needs to be reviewed by a person.


I've applied for two cards with them, and both got the 30 day message and both were approved, and both cards reported to the bureaus before I even got them.


So it doesn't 100% mean you were declined with BofA.


But as mentioned you can call them and ask about it.


Also the credit scores you quote from CreditKarma are pretty much meaningless. They are not scores any credit card issuer would use or even know. Your actual scores could be quite a bit different either way - my FICOs last I checked were WAY different than what CreditKarma says but it's always YMMV this is just an FYI that CK scores don't really mean anything. One example of this is inquiries affect your CK score for two full years while they only affect a FICO score for one year. It's apples to oranges and doesn't mean a thing, other than it's what CK says.

takeshi
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Postby takeshi » Mon Jun 09, 2014 12:35 pm

Jayman2143 wrote:Should I consider this as a denial?

It's not a denial until you receive the denial. We can't tell you what the outcome will be.

Jayman2143
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Location: New Jersey

Postby Jayman2143 » Mon Jun 09, 2014 11:06 pm

MemberSince99 wrote:First of all that 30 day message is not necessarily a denial it just means they can't give you an instant decision and it needs to be reviewed by a person.


I've applied for two cards with them, and both got the 30 day message and both were approved, and both cards reported to the bureaus before I even got them.


So it doesn't 100% mean you were declined with BofA.


But as mentioned you can call them and ask about it.


Also the credit scores you quote from CreditKarma are pretty much meaningless. They are not scores any credit card issuer would use or even know. Your actual scores could be quite a bit different either way - my FICOs last I checked were WAY different than what CreditKarma says but it's always YMMV this is just an FYI that CK scores don't really mean anything. One example of this is inquiries affect your CK score for two full years while they only affect a FICO score for one year. It's apples to oranges and doesn't mean a thing, other than it's what CK says.


Thank you for all the information! I kinda figured not to take Credit Karma to seriously. I guess I just use it as a reference point (which may not even be wise).

I will give BofA a call tomorrow morning and see what the deal is.
My Cards:

Capital One Journey - $2,750 limit
Chase Freedom - $2,500 limit
Bank of America (BankAmericard) - $1,500 limit

Jayman2143
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Posts: 5
Joined: Sat Jun 07, 2014 10:05 pm
Location: New Jersey

Postby Jayman2143 » Mon Jun 09, 2014 11:08 pm

YungTPS wrote:Call the reconsideration line. It might just be that they have a couple of questions to ask you. I already have a Cash Rewards card, but when i applied to my Travel Rewards card, i get the same response. I called in and they just asked me about my other account. The lady i spoke with even congratulation me for always "PIF" and then i got approved for 7.5K. BOA is very nice with recons.


Thank you for that information! Would you happen to know which number I would call? I have seen the backdoor thread with all the numbers but there were literally 5 or 6 different numbers for BofA.
My Cards:

Capital One Journey - $2,750 limit
Chase Freedom - $2,500 limit
Bank of America (BankAmericard) - $1,500 limit

Jayman2143
Green Member
Green Member
 
Posts: 5
Joined: Sat Jun 07, 2014 10:05 pm
Location: New Jersey

Postby Jayman2143 » Wed Jun 11, 2014 11:23 pm

Just an update. I was approved for the card. Not sure about the credit limit or anything like that so I will have to wait until I receive the card.
My Cards:

Capital One Journey - $2,750 limit
Chase Freedom - $2,500 limit
Bank of America (BankAmericard) - $1,500 limit

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Thu Jun 12, 2014 5:39 am

If you have any way to see your credit, such as CK, you will probably see the limit and the card on there before you get it in the mail.


Congratulations enjoy your card!



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