There is an interesting piece on LA Times about Bank of America. According to this article Bank of America are now using SageStream as part of their approval process.
Contents
Who/What Is SageStream?
You may be familiar with SageStream as they are one of the two credit bureaus that we suggest freezing before applying for a U.S. Bank credit card. Previously they used the name of ID Analytics. They are basically one of the smaller credit reporting agencies (TransUnion, Equifax & Experian are the big three). According to the LA Times article, they are focused on millennials with thin credit files.
What Is The Credit Optics Score & How Is It Calculated?
The Credit Optics score is a scored that is developed and calculated by SageStream based on the data found in your SageStream credit report. It has a range of 1 to 999, there are multiple variations of the score and sometimes a high score is better and other times a lower score is preferred (I have no idea why they would do this). Bank of America considers the Credit Optics a supplemental score.
Our Thoughts
Bank of America (like U.S. Bank) are extremely unlikely to deny you for having your SageStream report frozen (unless you have an incredibly thin traditional credit report), that being said they are likely to deny you for a loan/credit card if they find information in your SageStream report that is negative or doesn’t meet their lending requirements.
Because of that, I’d recommend just freezing your SageStream report so that it can’t be used as part of the lending decision by Bank of America or anybody else. You can read how to freeze your SageStream report here.
Comenity is also using them I had probably the most bizarre denial reason ever last week…
I applied for a Marathon Via from Comenity. Denied due to.. get this.. “TOO MANY PHONE CHANGES”. I have had 3 numbers in 16 years!!!
How can you view your SageStream report?
https://www.sagestreamllc.com/consumer-report/
I really urge all your readers to take your advice and freeze SageSteam before a BOA application. I will give you a concrete case study (me) for why.
Five days ago I applied for two BOA baseball cards, planning to pick up two $200 bonuses. My FICO scores depending on the bureau are consistently between 815 and 830. My annual income is over 100k and my rent is relatively low. I have very little debt.
With a profile like that I figured “instant approval” — right? Nope! I received the dreaded:
We’re sorry but we’re unable to give you a decision at this time.
We are reviewing your application and will send you a letter letting you know our decision.
We appreciate your interest. Thanks again.
I feel certain that if they had relied only on the scores from any of the Big Three I would have had no problem.
If anyone can suggest a good next step for me at this point, don’t hesitate to let me know. What I can say for sure is that freezing Sage Stream sounds smart.
You should receive a notice of adverse action that states why you’re application was denied. Did you try calling reconsideration?
Hello WC! I have indeed tried calling Recon, but I have never done Recon before with anyone and so may be lacking the right number or the right “script” to give the rep when they answer. Very new to the whole Recon thing. The number I have been using is 800-545-7899, which I got from googling BOA Recon, leads me to an agent who says that they are still reviewing it, and until they make the decision to refuse there’s nothing she can do (she and I remained friendly in the call). I have heard of people who begin the Recon process even when they are in limbo (a wuick call hooks them up with the review team, etc.) but perhaps I am mistaken?
I am using the BOA Status Application link once a day and as of today (six days later) it still says they are thinking about it.
Seems like you haven’t actually be denied yet then, just be patient and it should become an approval.
Are you sure you actually got denied? I got that message for 3 applications and the cards arrived a couple weeks later.
Hello Fork. I am by no means sure I will be denied. I sure hope that it will end positively. I was just surprised that I didn’t get the instant approval given my 820 FICO and the other relevant factors in my favor. (Another possibly relevant factor in my favor is that I have never been a churner with any card issuer and only have one card with BOA.)
Your own story is very encouraging, so I hope it will work out. Sadly, not soon enough for the cards to arrive before I leave for vacation a week from today. This would have been a great way to make a big dent in the minimum spend.
No action. I received the same message. A week later I received approval letters. Haven’t got cards yet, but I see card accounts open online. I also received an explanation that initially was approved for something like $9000 but CL was decreased to $5k due to multiple accounts with BoA. Looks like multiple accounts trigger manual review.
Thanks Dan. This is very encouraging news (like that of Fork above).
I am mildly surprised that six days later they are still thinking about it, but I am now more hopeful.
I don’t see why they couldn’t deny your app for any reason, including not getting access to Sagestream. Isn’t there a risk there, by freezing it, even if they have access to TU or EXP, etc?
There is of course a risk, but BofA aren’t currently denying apps for a frozen SageStream (lots of people have it frozen due to U.S. Bank and we have seen zero reports). BofA even say it’s a supplemental score/data.
Any impact on churning AS cards? I’m on the 90 day plan.
Ebay has offered 8% ebay bucks. I thought you might be interested in posting.
Thanks for the heads up