Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Master / Wiki Bank of America-Fidelity-Merrill thread

The last post in this topic was posted 1122 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

I’ve been getting ready to do some CLI’s and such, and have been compiling information on BofA - jotting down my own personal dealings (not feelings), combing through threads, sending PM’s, making phone calls to BofA CSR’s and having others try things in their phone dealings as well (thanks Uber).

 

I started to put together a repository of sorts and figured what the hell, I’ll just post it for everyone- present and future. Hopefully this can be a wiki-type post and people can add to or correct any of the below info.

 

This is an objective post, not subjective. I didn’t put this together as a “reason I <3 BofA” post, nor for someone to list a bad CSR experience. I also understand that in 2008-2010 BofA balance chased individuals. I cannot find any widespread evidence of that recently (within 4 years) happening. So please try to keep this as a what you can/can’t do post and leave feelings out of it.

 

Perhaps some info on how BofA treats BK's (how long since discharge is required for secured, how long since discharge is required for unsecured), how BofA treats people who burned them (do they blacklist) etc could be added.

 

 

 

Applications

BofA, Fidelity and Merrill all use the same underwriting and analyst departments.

 

According to the credit pulls database, BofA products pull from various CRA’s, even in the same state.

 

You can have multiple BofA products with little problem. If you already have any BofA/Fidelity/Merrill product and would like to apply for another product, you might want to do the application by phone. BofA is

notorious for taking credit line from one product in order to give you another product.

 

You cannot apply for two products with the same hard pull.

 

 

CLI’s

While Bob’s “Master Issuers who give Auto CLI’s” does list BofA and I have found several other examples, on the whole they do not appear to be common. A CLI will more than likely require a request. Some people get hard inquiries, some people get soft inquiries. So expect a hard.

 

Requested CLI’s have been granted in as little as 60 days since opening a trade line.

 

Requested CLI’s have been granted in as little as 60 days since the last CLI.

 

If you have more than one BofA/Fidelity/Merrill product and would like to request a CLI, you might want to do the request by phone. BofA is notorious for taking credit line from one product in order to increase your credit line on another product.

 

You cannot request CLI’s for two or more products on the same hard pull.

 

You cannot combine a new application for one product and a CLI for another existing product on the same hard pull. Doesn’t matter which one you try first. Maybe you get lucky and the CRA combines the pulls, but that is luck and not the doing of BofA.

 

With supporting income, BofA cards can have extremely high individual limits. I have seen reports of $100K.

Share this post


Link to post
Share on other sites

Product Changes

 

Product Changes are allowed on the BofA branded BankAmericards. So you can PC a Cash Rewards, to a Travel Rewards, to a Better Balance rewards to the low APR standard card. You cannot PC to the Affinity Cards (Susan Komen and World Wildlife). You cannot PC to the travel branded cards (AAA Members, Alaska Air, Norwegian Cruise etc).

 

I cannot find information where people PC’d a BofA card to a Fidelity to a Merrill. I cannot find information of people PC’ing between Fidelity cards. If anyone can correct this statement, please add.

 

You can combine/transfer limits between BofA, Fidelity and Merrill cards. You probably will have to accept a hard pull to do so.

 

 

Secured Cards

 

BofA has secured cards. These report to all 3 major CRA’s. These report as a secured card. Limits are from $500 to $10,000. If you want to increase your CL with an additional deposit, expect a hard inquiry.

 

While it is not advertised, you can get a secured rewards card if you call in and ask. 3% Gas / 2% Groceries up to $1,500 in spend per quarter. 1% on all other spend and that spend above the quarterly limits in gas/groceries. If you deposit the rewards into a BofA checking or savings, they will give you a 10% kicker.

 

The secured card has a $39 AF.

 

This card can graduate in <1 year. Your mileage will vary. I called the analyst to graduate mine. Since I initiated the procedure, it took a hard pull. (My reports were still very dirty with unpaid CO’s, a CA and a host of PR’s.) I received a 100% CLI with this same pull.

 

There have been reports when cards graduated, BofA left on the $39AF even when PC’ing to a no AF card. This can be changed with a phone call.

 

There does appear to be a correlation between an established banking relationship with BofA and approval on a Secured Card for people with ugly reports.

 

Contact Info

 

888.260.4696 (Secured accounts)

800.824.5895 (Secured & Partially Secured Accounts)

 

 

866.505.7481 (New Accounts UW/Analyst)

800.881.4730 (Existing Accounts Analyst)

 

704.386.5687 (Office of the CEO)

 

888.500.6270 (Credit Department fax)

 

https://www.bankofamerica.com/credit-cards/view-all-credit-cards.go - Bank of America card info

 

https://www.rewards.ml.com/RWDapp/ns/home?mc=ml - Merrill Rewards card Info

 

https://www.fidelity.com/cash-management/american-express-cards - Fidelity IR Amex

 

https://www.fidelity.com/cash-management/visa-signature-card - Fidelity IR Visa

Edited by Konrad2012

Share this post


Link to post
Share on other sites

Applications

BofA, Fidelity and Merrill all use the same underwriting and analyst departments.

According to the credit pulls database, BofA products pull from various CRA’s, even in the same state.

You can have multiple BofA products with little problem. If you already have any BofA/Fidelity/Merrill product and would like to apply for another product, you might want to do the application by phone. BofA is notorious for taking credit line from one product in order to give you another product.

You cannot apply for two products with the same hard pull.

 

 

CLI’s

While Bob’s “Master Issuers who give Auto CLI’s” does list BofA and I have found several other examples, on the whole they do not appear to be common. A CLI will more than likely require a request. Some people get hard inquiries, some people get soft inquiries. So expect a hard.

Requested CLI’s have been granted in as little as 60 40 days since opening a trade line.

Requested CLI’s have been granted in as little as 60 days since the last CLI.

If you have more than one BofA/Fidelity/Merrill product and would like to request a CLI, you might want to do the request by phone. BofA is notorious for taking credit line from one product in order to increase your credit line on another product.

You cannot request CLI’s for two or more products on the same hard pull.

You cannot combine a new application for one product and a CLI for another existing product on the same hard pull. Doesn’t matter which one you try first. Maybe you get lucky and the CRA combines the pulls, but that is luck and not the doing of BofA.

With supporting income, BofA cards can have extremely high individual limits. I have seen reports of $100K.

 

 

Product Changes

 

Product Changes are allowed on the BofA branded BankAmericards. So you can PC a Cash Rewards, to a Travel Rewards, to a Better Balance rewards to the low APR standard card. You cannot PC to the Affinity Cards (Susan Komen and World Wildlife). You cannot PC to the travel branded cards (AAA Members, Alaska Air, Norwegian Cruise etc). You can no longer PC to the Better Balance Rewards

 

I cannot find information where people PC’d a BofA card to a Fidelity to a Merrill. I cannot find information of people PC’ing between Fidelity cards. If anyone can correct this statement, please add.

 

You can combine/transfer limits between BofA, Fidelity and Merrill cards. You probably will have to accept a hard pull to do so.

 

 

Secured Cards

 

BofA has secured cards. These report to all 3 major CRA’s. These report as a secured card. Limits are from $500 $300 to $10,000. If you want to increase your CL with an additional deposit, expect a hard inquiry.

 

While it is not advertised, you can get a secured rewards card if you call in and ask. 3% Gas / 2% Groceries up to $1,500 in spend per quarter. 1% on all other spend and that spend above the quarterly limits in gas/groceries. If you deposit the rewards into a BofA checking or savings, they will give you a 10% kicker.

The secured card has a $39 AF.

This card can graduate in <1 year. Your mileage will vary. I called the analyst to graduate mine. Since I initiated the procedure, it took a hard pull. (My reports were still very dirty with unpaid CO’s, a CA and a host of PR’s.) I received a 100% CLI with this same pull.

There have been reports when cards graduated, BofA left on the $39AF even when PC’ing to a no AF card. This can be changed with a phone call.

There does appear to be a correlation between an established banking relationship with BofA and approval on a Secured Card for people with ugly reports.

Edited by Konrad2012

Share this post


Link to post
Share on other sites

With regards to CLI's. DW applied (8/31/14) and was approved (9/15/14) for BofA Visa Card (Plain Americard) w/a $3k CL. After 1st statement closed (10/15) and PIF, on the 16th, I hit the luv button on 10/20. Asked for a $7k increase, and was approved. Her highest reporting TL on a major CC was $11k and store was $12k. TU FICO was 716 (Barclay's) and it was a soft pull. Yet she was immediately declined for BofA Better Balance Visa app after CLI.

Edited by MJPEREZ77

Share this post


Link to post
Share on other sites

Well Done Konrad :good:

 

Thanks. I already had most of the notes saved in a word doc, figured it wouldn't do anyone else any good sitting in my SSD :dntknw:

Share this post


Link to post
Share on other sites

Perhaps the best part about BOA/FIA is that you can get them to pull any CRA. EX seems to be the default, but if it's frozen, you just have to call and ask them to pull EQ or TU.

Share this post


Link to post
Share on other sites

Perhaps the best part about BOA/FIA is that you can get them to pull any CRA. EX seems to be the default, but if it's frozen, you just have to call and ask them to pull EQ or TU.

 

Credit Pulls is all over the place.

 

The pulled EX for my secured card 2 years ago, but then TU to unsecure it, and TU again for a recent CLI. Only for the recent CLI was EX frozen, but that was never mentioned so I doubt they even tried it.

 

But yeah, getting to pick your pull is almost too good to be true :)

Edited by Konrad2012

Share this post


Link to post
Share on other sites

Applications

BofA, Fidelity and Merrill all use the same underwriting and analyst departments.

According to the credit pulls database, BofA products pull from various CRA’s, even in the same state.

You can have multiple BofA products with little problem. If you already have any BofA/Fidelity/Merrill product and would like to apply for another product, you might want to do the application by phone. BofA is notorious for taking credit line from one product in order to give you another product.

You cannot apply for two products with the same hard pull.

 

 

CLI’s

While Bob’s “Master Issuers who give Auto CLI’s” does list BofA and I have found several other examples, on the whole they do not appear to be common. A CLI will more than likely require a request. Some people get hard inquiries, some people get soft inquiries. So expect a hard.

Requested CLI’s have been granted in as little as 60 40 days since opening a trade line.

Requested CLI’s have been granted in as little as 60 days since the last CLI.

If you have more than one BofA/Fidelity/Merrill product and would like to request a CLI, you might want to do the request by phone. BofA is notorious for taking credit line from one product in order to increase your credit line on another product.

You cannot request CLI’s for two or more products on the same hard pull.

You cannot combine a new application for one product and a CLI for another existing product on the same hard pull. Doesn’t matter which one you try first. Maybe you get lucky and the CRA combines the pulls, but that is luck and not the doing of BofA.

With supporting income, BofA cards can have extremely high individual limits. I have seen reports of $100K.

 

 

Product Changes

 

Product Changes are allowed on the BofA branded BankAmericards. So you can PC a Cash Rewards, to a Travel Rewards, to a Better Balance rewards to the low APR standard card. You cannot PC to the Affinity Cards (Susan Komen and World Wildlife). You cannot PC to the travel branded cards (AAA Members, Alaska Air, Norwegian Cruise etc). You can no longer PC to the Better Balance Rewards

 

I cannot find information where people PC’d a BofA card to a Fidelity to a Merrill. I cannot find information of people PC’ing between Fidelity cards. If anyone can correct this statement, please add.

 

You can combine/transfer limits between BofA, Fidelity and Merrill cards. You probably will have to accept a hard pull to do so.

 

 

Secured Cards

 

BofA has secured cards. These report to all 3 major CRA’s. These report as a secured card. Limits are from $500 $300 to $10,000. If you want to increase your CL with an additional deposit, expect a hard inquiry. Online applications are limited to $4,900. In branch apps still go up to $10,000

 

While it is not advertised, you can get a secured rewards card if you call in and ask. 3% Gas / 2% Groceries up to $1,500 in spend per quarter. 1% on all other spend and that spend above the quarterly limits in gas/groceries. If you deposit the rewards into a BofA checking or savings, they will give you a 10% kicker.

The secured card has a $39 AF.

This card can graduate in <1 year. Your mileage will vary. I called the analyst to graduate mine. Since I initiated the procedure, it took a hard pull. (My reports were still very dirty with unpaid CO’s, a CA and a host of PR’s.) I received a 100% CLI with this same pull.

There have been reports when cards graduated, BofA left on the $39AF even when PC’ing to a no AF card. This can be changed with a phone call.

There does appear to be a correlation between an established banking relationship with BofA and approval on a Secured Card for people with ugly reports.

Share this post


Link to post
Share on other sites

BOA are pieces of crap! :beee:

 

I HATE them!! - When i began my credit repair journey in 2011, i opened up a secured card.. its now 2014 & EVERY time i call them to graduate they HP Transunion multiple times they deny me for "excessive inqs"! Even thou my TU has only 1 baddie - a CA from 2011..... off topic - i know im sorry... needed to vent :cry2:

Share this post


Link to post
Share on other sites

Hahaha. When I just saw my wiki resurrected to the top I was like "Sweet, maybe the post actually helped somebody!" Ummm no.

 

What exactly is your baddie? What is your TU score that they gave you with your denial? Did you speak to a CSR or did you call the analyst department at the numbers provided?

 

Do you have a banking relationship with them?

 

How many TU pulls do you have? You know for $9.95/month TU pulls don't seem to matter very much...

Share this post


Link to post
Share on other sites

My BofA TR is a turd I intend to drop off at the pool in short order. HP for CLI and lowest reporting limit with no reconsideration LUV. Not to mention it carries the highest rate of all my revolvers.

 

Objective evidence not conjecture: Barclay limit for new account 3X higher than BofA. This is just one example.

Share this post


Link to post
Share on other sites

BofA likes good risk borrowers.

 

If you don't fit, there's a great CU with your name all over it.

Share this post


Link to post
Share on other sites

My Fidelity Amex was the highest initial CL I've been approved for so far, even with dirty reports.

 

They did bring up the unpaid charge off from 7 years ago, but gave me $15K.

Edited by mendelssohn

Share this post


Link to post
Share on other sites

Hahaha. When I just saw my wiki resurrected to the top I was like "Sweet, maybe the post actually helped somebody!" Ummm no.

 

What exactly is your baddie? What is your TU score that they gave you with your denial? Did you speak to a CSR or did you call the analyst department at the numbers provided?

 

Do you have a banking relationship with them?

 

How many TU pulls do you have? You know for $9.95/month TU pulls don't seem to matter very much...

Sorry.. lol!!

 

I've had BOA savings & checking since 2008 -recently closed the checking but kept the savings for my 123 cash rewarrds

 

The baddie is an $860 CA from Independent Recovery Service for a storage company

 

I've escalated all the way to the office of the president .. they offered to remove the inqs but no graduation

 

I've nerver gotten my fico...fako is 654

Share this post


Link to post
Share on other sites

Hahaha. When I just saw my wiki resurrected to the top I was like "Sweet, maybe the post actually helped somebody!" Ummm no.

 

What exactly is your baddie? What is your TU score that they gave you with your denial? Did you speak to a CSR or did you call the analyst department at the numbers provided?

 

Do you have a banking relationship with them?

 

How many TU pulls do you have? You know for $9.95/month TU pulls don't seem to matter very much...

9 inqs ...5 of them from BOA :beee::aggressive:

Whats 9.95?

Share this post


Link to post
Share on other sites

BofA likes good risk borrowers.

 

If you don't fit, there's a great CU with your name all over it.

 

 

I'd say 755 and clean reports w/ 5 TL in 5 digits reporting 1% is pretty good risk by CB standards. My CU lines are now 5X BofA.

 

In the interest of science, I do not have a CK SV or any other product with BofA.

Share this post


Link to post
Share on other sites

By clicking the "Submit" button, you authorize us to obtain a copy of your credit report and review your credit and employment histories and any other information that allows us to process your request, service your account and manage our relationship with you.

Sounds like it's always an HP for a CLI at BOA

Share this post


Link to post
Share on other sites

 

In the interest of science, I do not have a CK SV or any other product with BofA.

Neither do I.

 

 

 

No doubt. There are a few threads that highlight free luv for some, prison luv for others via BofA.

Share this post


Link to post
Share on other sites

 

Hahaha. When I just saw my wiki resurrected to the top I was like "Sweet, maybe the post actually helped somebody!" Ummm no.

 

What exactly is your baddie? What is your TU score that they gave you with your denial? Did you speak to a CSR or did you call the analyst department at the numbers provided?

 

Do you have a banking relationship with them?

 

How many TU pulls do you have? You know for $9.95/month TU pulls don't seem to matter very much...

Sorry.. lol!!

 

I've had BOA savings & checking since 2008 -recently closed the checking but kept the savings for my 123 cash rewarrds

 

The baddie is an $860 CA from Independent Recovery Service for a storage company

 

I've escalated all the way to the office of the president .. they offered to remove the inqs but no graduation

 

I've nerver gotten my fico...fako is 654

 

 

First, you should have gotten the FICO from your denial letter, and they'll give it to you over the phone.

 

Did you actually call and talk to the analyst department? Maybe a < 3yr unpaid baddy is a no go from them?

 

You probably should have kept the checking open in a minimal amount.

 

It sounds like this would be one of your oldest open revolvers, so don't give up on it. And that's not I love BofA advice, just advice.

 

SC is for TU B*. It can be had for $9.95/month. But that's for a whole nother thread.

Share this post


Link to post
Share on other sites

 

 

 

In the interest of science, I do not have a CK SV or any other product with BofA.

Neither do I.

 

No doubt. There are a few threads that highlight free luv for some, prison luv for others via BofA.

What was the CL they gave you?

 

What's your highest reporting limit?

Share this post


Link to post
Share on other sites

 

By clicking the "Submit" button, you authorize us to obtain a copy of your credit report and review your credit and employment histories and any other information that allows us to process your request, service your account and manage our relationship with you.

Sounds like it's always an HP for a CLI at BOA

 

 

 

That's the verbiage on my account and has been resonated throughout the master threads and otherwise.

 

Even with the excellent information provided by Konrad, some have it and some don't unfortunately.

Share this post


Link to post
Share on other sites

 

 

 

In the interest of science, I do not have a CK SV or any other product with BofA.

Neither do I.

 

No doubt. There are a few threads that highlight free luv for some, prison luv for others via BofA.

What was the CL they gave you?

 

What's your highest reporting limit?

 

 

 

$2500. Highest CL 15.2K. At the time it was 10K highest line(CU).

Share this post


Link to post
Share on other sites

I'm subscribed. I can't read this tonight - eyes are effing with me.

 

I can't believe I missed this thread. I gotta dig my notes up.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 1122 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By Menta33
      I'm trying to help a friend with an Auto Loan that was at Bank of America that is now paid off. BofA is reporting 30 days late Aug 2011, 30 days late Dec 2012, and 60 days late Jan 2013.

      I am looking at the Metro 2 — 2012 Credit Reporting Resource Guide to understand how and when 30-day and 60-day lates are to be properly reported. In there I read:


      They then give an example of a payment due on January 15th and how it should report on the first of each month:
      January 1st: 0-29 days late (code 11) - no payments past due February 1st: 0-29 days late (code 11) - one payment past due March 1st: 30-59 days late (code 71) - two payments past due April 1st: 60-89 days late (code 78) - three payments past due This BofA loan appears to have a due date of the 1st of each month and a 5% late payment charged on the 12th of each month (unless that is a holiday or weekend, then next business day).

      The Metro 2 guide states later:

       
      Later I see this section on Date of First Delinquency:


      None of the CRAs show a Date of First Delinquency for this account, the field only appears on Equifax and is blank there, no mention of DOFD on any other CR for this tradeline.

      After analyzing the report supplied of the complete payment history on the account, this is what I find:
      The due date appears to have been the 1st of each month. A late charge of 5% is charged on the 12th of each month if payment not received by close of business on that business day. I don't know what day of month Chase reports to the credit bureaus, but I am assuming it is the first of each month, but perhaps it is last day of the month? How can I find this out? Account was 30 days late on August 31, 2011 Account was 30 days late on October 1, 2011 Account was 30 days late on December 31, 2012 Account was 60 days late on January 30, 2012 Only if BofA reports on the very last day of each month would their reporting be accurate if the due date is actually the 1st of each month.
       
      How can I know for certain what day of the month BofA reports to the credit bureaus? How can I find out for certain what day of the month payments were due and what their late payment charge policy is? Should I ask BofA to produce a signed contract for the loan? So far they've only provided a computer printout of the payment history.
    • By bunyan
      Hello,
       
      I already had one $5000 Cash Rewards Visa with BofA and a $300 limit Signature Visa as well. The $300 Visa was open since 2007. The $5000 limit one has been open since 2011. I also have a $2500 Amazon store card since about 2011 and a Capital One Quicksilver Visa with an $800 limit, and a Capital One Platinum MasterCard with a $700 limit. Have had both of those since 2010. The $5000 BofA Cash Rewards card, Amazon Store Card, and both Capital One cards have all been as the limit since last summer. I never had any late payments. I have had my checking account with BofA since 2007. I also have a business account with BofA. No Money Market amounts or anything like that with them. My Experian score is 726 (That's who they pulled)
       
      I was in the branch on Monday and the teller said I had a Credit Card offer. So I sat down with the representative, and had him put in an application for another Cash Rewards Visa with a $5000 limit. That was instantly approved and I got the credit card in the mail yesterday. So today I'm at work and decide to call in and do a balance transfer from my other cards to my new card. While I'm talking to the CSR I ask if he thinks I can get a CLI to 10 or 15 grand. He said he thinks I can and maybe they won't even do another inquiry since I just got this card yesterday. I said ok go for it. 15 grand. He doesn't get an immediate answer back and says I should hear something in the next 3 days. This was around 1PM today. I check my account at 4 and I see my limit is up to $15000 on my new card. Wooo hooo! The CSR also said that I can get a cash advance for up to my maximum credit line at 0% until April of 2016. Fees are 3%. He already had approved me for $4800 (Since my initial credit limit on the new card was only $5000) but said once I get my CLI just call him back and he can give me more.
       
      I'll be calling him Friday! Lol I'm gonna put all my other card balances on here so I can get the 0%. They'll be paid off well before then.
    • By CreditLuv
      Since I've seen the light from this board and MyFico.com I now understand that to really help your chances in the future to increase one's current credit line limits it's best to try to run as much through your CC's as possible everyday instead of just using your bank debit card, cash or writing checks.



      One poster on this board or Myfico (i forgot which one( stated he was running $10-$15K a month on a $5K limit card using this strategy without the cash advances though I think.



      My question is two fold.



      To help with mass usage of my credit cards (on all my personal and different businesses I own for day to day, monthly and yearly expenses) will CASH ADVANCES help or hurt me in the eyes of the credit card companies in regards to helping me increase my credit limits? Basically do CC companies see someone that takes cash advances differently then someone that spends the exact same amount on some product or service?



      Like they're in need of the cash and more of a risk to them. For example instead of paying a contractor for work they do for you with a check you could pay them in cash through a CC cash advance. Yes, you'd get hit with a 2-3% fee. But you would get to run more transactions through your credit cards and thus in theory you would use your CC's more instead of just for purchases of products or services.



      Again from everything I've read, besides keeping your CC at a zero balance and then leave $2 on one card every month. For maximum chances to increase your credit lines the more transactions the CC companies see you do every month the more likely they are in the future to give you a CLI but also a bigger one correct?



      Please chime in with your first hand experiences with this.



      Thanks so much.



      I'm finally finalizing my Christmas Breaking Bad marathon (watching Season 5 episode 12) so all his cash has got me thinking cash!




  • Member Statistics

    • Total Members
      179,603
    • Most Online
      2,046

    Newest Member
    ZSIMBA
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines