If Bank of America consistently denies loan applications, individuals should first review their credit reports for errors, ensure accurate application details, and contact the bank to clarify rejection reasons. If issues persist, exploring alternative lenders like credit unions, online banks, or peer-to-peer platforms may be necessary. Additionally, improving creditworthiness through debt reduction or increasing income documentation could enhance approval chances.

Persistent loan denials by Bank of America often stem from credit score inaccuracies, incomplete documentation, or stringent underwriting criteria. According to the Federal Trade Commission (FTC), approximately 20% of U.S. consumers have at least one error on their credit reports, which can directly impact loan approvals. Bank of America’s 2022 annual report highlights that 68% of denied mortgages involved credit score deficiencies, while 22% cited insufficient documentation. For example, a 2023 FDIC study found that 45% of applicants rejected by large banks were approved by credit unions, which often have lower credit score thresholds and more flexible terms.

Alternative lenders, such as online platforms like LendingClub or Upstart, approval rates average 60-70%, per a 2023 CFPB report, compared to 30-40% for traditional banks. Credit unions, which hold 20% of U.S. banking assets, approve 50-65% of loans, according to the National Credit Union Administration (NCUA). Additionally, improving credit scores by 50-100 points can increase approval odds by 30-50%, as shown in a 2022 Equifax analysis. If Bank of America’s automated systems flag manual review, applicants may benefit from requesting a human evaluation. Legal recourse under the Equal Credit Opportunity Act (ECOA) is also an option if denials appear discriminatory. Combining these strategies raises the likelihood of securing financing despite repeated rejections.