I was sent an invitation to apply for a credit card with BOA Phi Theta Kappa and applied for credit with them on 01/13. They called me to go over some information on my credit application.
Considering I worked in credit for about 15 years, specifically as an underwriter, and an auditor, before going on Social Security Disability, I was asked seriously invasive questions by the BOA underwriter. I first talked to Daniel, who asked me all sorts of questions about my disability income, which I feel is irrelevant, and then stated they were going to be turning me down because I have ample current credit available. I am familiar with my credit bureau and I have well under 30% in credit card debt, several paid off auto loans, and absolutely no late payments reporting on my credit bureau and a credit score of over 700; lets also keep in mind my debt-to-income ratio is well under 35%. I explained to Ben that I was planning on closing two of my credit cards, both of which have about $1500 on them (I have about $2500 total in credit card debt), and that I planned on transferring them to BOA. He still said they would need to turn me down even though I planned on closing these accounts. I asked to speak to a supervisor because I believe it is less about my actual income, or "ample credit limits already", and more about where my income comes from which isSocial Security disability. I say this because of my lending background and witnessing managers encouraging employees, every chance they got, to find any reason whatsoever to turn someone down that receives SSI which I know is not legal by ECOA (Equal Credit Opportunity Act) measures. I'm sure it is no different with BOA.
When I spoke to Benjamin Mortensen, a Senior Credit Analyst with BOA, I was told that he would take another look at my credit file. He informed me how great my credit is, and then started asking questions about why a few years were missing on my bureau before 1999; my credit file states it came into existence in 1990. He asked if I had ever been in credit counseling, which is irrelevant since it is not reporting on my bureau, and then asked if I had ever filed for bankruptcy which is also irrelevant since it is not on my bureau. I advised him that I had filed back in 1999, or because of a prior divorce, even though I found the question to be irrelevant since bankruptcies are only held against someone for 7-10 years and it has already fallen off my bureau. Then he asked me what was included in the bankruptcy, which I also found irrelevant, because BOA should be basing their credit decision on how I have paid accounts over the past 11 years (which has been as agreed); this is what any normal creditor would do in any other circumstance. I ended up getting pretty upset and advising him that I planned on turning them into the ECOA, have witnessed questioning like this before with people on SSI, and doubted that they held the same standard for someone with typically "normal income". At that point the call was terminated and I opted to file a report with with FTC, AA's office, BBB, and the OCC.
Since I filed these complaints, BOA has attempted to call me numerous times, I think a higher supervisor, and I just don't bother to pick up the phone because I don't want to do business with them anymore. I came home today to find that they sent me a preapproved secured card, which almost made me laugh, considering I already have about $8k in credit lines that are unsecured with a bureau score of over 700; it is just their way of trying to weasel out of the complaints with the government offices by giving me a backhanded approval. Worst of all, we have a current BOA mortgage, 1st and 2nd, and these have been open since 2006 and paid as agreed. I also had two previous installment loans back in the 90's, unsecured installment loans at that, which were both paid as agreed. At this point we'll just be looking to refinance our mortgage elsewhere because they never had a problem issuing credit prior to my disability income.
If you, or anyone you know, has had problems with BOA, or any other lender, PLEASE report them to the FTC and the OCC; these are the best two offices to handle this type of complaint. I am also seriously considering retaining an attorney.
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