My Merrill+ “Approved In Error” Experience

I have bad news you guys… It seems that Bank of America and I are no longer “friends,” as they have decided to approve me for the My Merrill+ Visa Signature and then subsequently revoke that approval.

An “Approval in Error” they call it… but I call those fightin’ words!

Doctor of Credit talked about it, and many commenters shared their wins and losses, but I never thought that I would be one of the unlucky ones! Hopefully you all can learn from my experience…

My Merrill+ Visa Signature “Approval in Error” Timeline

5/17/17 Applied via telephone 866-751-1257 

I immediately received a PENDING status. I then processed an application for another Alaska Airlines Visa Signature card in order to take advantage of merged inquiries, which happens on same day Bank of America credit aplications

5/19/17 Checked Application Status Online – APPROVED!

5/19/17 Card appeared in online account

5/27/17 Physical card received

5/31/17 “Approved in Error” Denial letter received (Dated 5/24/17) – With the following language included:

“We initially communicated to you that we approved your application for the Merrill Lynch Visa Signature card. After a further review, which included an assessment of your application information, current economic trends and a copy of your credit report or reports, we’ve determined that we’re unable to approve your request because you have a sufficient number of accounts with us and/or our affiliates.”

6/2/17 Called Reconsideration Line

Upon connecting with an account representative, I provided the reference number on the letter I received, and the rep began to research my application.

A few minutes later the representative returned, stating my reason for subsequent denial was due to “too many accounts.” I responded that I only currently hold 2 Bank of America credit cards – a Better Balance Rewards card and a Merrill+ Visa Signature. The representative then explained that the “too many accounts” was in reference to overall accounts/available credit across my credit portfolio. I requested a “reconsideration” of this decision. The agent took down some additional financial information (annual income, job description, monthly housing payment, etc.). Placed me on hold to process the application… and returned.

The Reconsideration Decision

I have been approved for over 5 credit cards in the last 24 months (those numbers sound familiar, eh?), BoA has deemed my overall amount of credit extended is sufficient.

Interesting. First, the letter stated the reason for denial as sufficient number of current accounts open, then the representative made reference to too many overall accounts/available credit across my credit portfolio… and now it seems the issue is related to too many accounts opened with Bank of America in the last 24 months!? Another reason for denial at every turn!

A bit frustrated by the lack of consistency, I requested to speak to a supervisor. Once on the line, the supervisor attempted to clarify the reason for denial as too many current Bank of America credit card accounts and sufficient credit limit extended.

I was a bit surprised at this point, since too many current BoA accounts seems to be the weakest reason for denial of the 3 that I had been presented thus far.

From there, I offered to close one of my open cards – a BBR card – in order to further reconsider my application for this Merrill+ Visa. The supervisor advised she could not guarantee that this would have any impact… can you say foreshadowing??

Sure enough, the supervisor came back after an extended hold period with the response of “too many current Bank of America credit card accounts and sufficient credit limit extended.” It seemed that it wasn’t enough to just deliver the denial, as the supervisor then pressed me on my multiple credit card applications over the last 12 months, inquiring “What exactly is the reason for your overly aggressive push for additional credit?”

Overly Aggressive!? BAHHH!!!!

I then took the next 30 minutes explaining the world of credit card points and miles and how she too could leverage her good credit travel the world for pennies on the dollar!

Just kidding… Instead, I thanked her for her time, and accepted denial… aka defeat!

Final Thought

I am a victim here. I was approved for the Merrill+ Visa Signature, only to have that approval subsequently revoked! That is some bullshit! I mean, I already planed to fly to Iceland with those 50,000 points!? And now I will have to find another way… like having my wife apply for the card!

Has this Bank of America “approval in error” ever happened to any of you fine folks out there? What gives!?

Happy Travels!

DW