A credit card is a necessity nowadays & it is difficult to do transactions without a credit card. One can get a credit card approval within minutes after providing required documents to a bank or credit card company. But sometimes, they reject the application if the required criteria are not fulfilled. All this takes a few minutes. However, the banks take more time and keep the application under review & it usually happens in Bank of America credit cards. So if you’re wondering, Why My Bank of America credit card application under review?
Here’s your answer- Sometimes, banks or lenders need more time to verify the application or information on credit reports does not match with application data or, there can be a lot of applications with the bank.
Let’s get to know more about this in detail & what can be the solutions to it.
What does it mean to have ‘review’ or ‘pending’ status for credit card?
Most banks provide credit card approval in ’60 seconds,’ but sometimes, due to many reasons, the application goes under ‘review or ‘pending.’
There is nothing to worry about it, and it does not indicate that you will not get approval. The banks usually get back in 2-4 weeks for the ‘under review’ application and provide the final verdict.
How long does it take to review a credit card application?
Usually, it just takes a few minutes to know whether you are approved or rejected for the credit card. Moreover, if you get approval, you get access to do online. However, a physical card takes more time to reach.
In a few cases, the credit card application goes under review & it takes around 30 days to know the final status, either approval or rejection.
There can be various reasons behind the long time & application under review.
Reasons Why My Bank of America credit card application under review? :
It rarely happens that an application goes under review & takes a long to get final status. Here are the most common reasons why this happens:
1) The application information is not the same as in the credit report
The banks or lenders match the credit report information with the application information to check the credit scores, history & personal information. When you accidentally enter wrong personal information or change address, then the application can go under review.
The bank then contacts you to verify the information.
2) Credit Card Application Restriction
There are certain rules & restrictions on credit card application in every bank. If you violate the rules, then you are unlikely to get approval or have your application under review. Here are the rules of different banks:
- Bank of America 24 months rule: No more than one new Bank of America credit card can be applied for in any 24-month period.
- Chase 5/24 Rule: In order to be eligible for the finest Chase credit cards, you must not have opened more than five credit cards with anyone bank previously.
3) Prevention of Fraud
Even if you’ve applied for many cards in one day with no differences between your application and your credit record, lenders may be suspicious that someone else is trying to take out credit in your name.
As a result, banks can either reach out to you; you can reach out to them and request a new credit card.
Your ‘pending’ application will be approved in a matter of minutes, at the very least.
4) Verification of Income
You may be asked to provide proof of your income if the bank does not immediately approve your card request. The bank may request a copy of your most recent tax return before approving your ‘pending’ application in this situation.
The bank may ask for further information about the nature of your company if you’re applying for a small business card.
5) Credit Report Issues
Even if your credit score is 700+ still, your application can go under review or be pending. It happens either due to too much of loans & credits or you had filed bankruptcy eight years ago.
One reason you should check your credit report for accuracy on a regular basis is because of situations like this.
6) Too many Credit Card Applications
Banks can get overburdened if a hot special offer with a short expiration date proves to be too popular. So, to give themselves more time to consider your application, they may place it in pending status.
What to do if your application is under review?
Most likely, you will get the final status in 2-4 weeks. However, if you need to know the status immediately, you should contact Bank of America. At 1 (800) 732-9194, you can enquire about your application status if you haven’t heard back in 30 days.
If you are unable to check the application status of our Bank of America credit card, then you can check here.
Apart from this, you should constantly check your email so that if the bank finds any discrepancy in your card application and want you to remove that, you can remove them.
My Bank of America credit card application under review, Why? Now you know the answer & you can relax about it. Just wait; you will get the final call about your credit card soon.
And for the next time you apply for a credit card, provide complete and accurate information on your application so that there is no fallback from your side.
We hope you found this article helpful & informative. Please let us know your thoughts & suggestions in the comments below!
Thank you for reading!