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So I login to BofA and a special offer pops up. Cash Rewards
0% Introductory APR for the first 12 Statement Closing Dates following the opening of your account.
After that, your APR will be 13.99% to 23.99%, based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate.
this is just an offer and not guaranteed right? I don't want a low limit card
EQ/644 TU/660 EQ/715
If BOA is not giving you one APR (i.e. 15.49%), it is marketing. I have never seen them offer small ranges (like "13.99% to 15.99%") as some other lenders may on a prequalification. Check the BOA prequalification site to see if anything comes up. If any of the core products come up with a single APR you are almost certain to be approved for any of the core products, although I would probably rule out Premium Rewards.
In your signature, you have two EQ scores, a TU score, and no EX score. If the 644 is actually your Experian FICO 08 score, I would say an approval is very marginal. If the 715 is actually your Experian FICO 08 score, I'd say that you have a good shot at acquiring a new Cash Rewards Visa Signature card. Even if you did get a small limit after being approved, Bank of America card can grow HUGE.
If you have a good relationship with BofA, you have a pretty good shot despite this offer being 100% marketing. My Cash Rewards was my first account with them, but my lowest CL. Here's to hoping for a good CLI at the 3 month mark!
@K-in-Boston wrote:If BOA is not giving you one APR (i.e. 15.49%), it is marketing. I have never seen them offer small ranges (like "13.99% to 15.99%") as some other lenders may on a prequalification. Check the BOA prequalification site to see if anything comes up. If any of the core products come up with a single APR you are almost certain to be approved for any of the core products, although I would probably rule out Premium Rewards.
In your signature, you have two EQ scores, a TU score, and no EX score. If the 644 is actually your Experian FICO 08 score, I would say an approval is very marginal. If the 715 is actually your Experian FICO 08 score, I'd say that you have a good shot at acquiring a new Cash Rewards Visa Signature card. Even if you did get a small limit after being approved, Bank of America card can grow HUGE.
I've been denied and countered with the rewards secured card before with a 742 Experian 8 (that they pulled). Just a data point for everyone.
Apologies, Equifax is 715. It's taken a year but after the divorce credit scores went into the low 500s. I guess I'll apply and see what happens? I just got a Delta Miles AMEX with 1K, so maybe that's a good indicator?
Well, I feel certainly fooled. It's 'under review', granted I have a fraud alert since the Equifax breach so maybe that's it? Or that's the nice way to decline lol
3 point ding too
Your FICO Score has decreased by 3 points.
Good news. Even though your FICO Score went down your Credit Rating did not so it should not impact your creditworthiness.
If your Equifax is 646 you have no shot for a Bank of America unsecured card. Bank of America tends to be conservative unless you have a strong relationship with them.
I would even go as far as saying Bank of America is a relationship bank seeing as they have the preferred rewards program and better checking accounts for those with a lot of assets held there.
715 on the other hand? You have about a 50/50 shot. It depends on how many "new" accounts you have, how many inquiries you have, and your debt to credit limit ratio.
I actually applied for the Cash Rewards, and yes you get 1 yr of 0.0 finance , then depending on your profile they will give you interest. The 150 cashback takes forever for them to give to you once you spent the allocated amount.
Good Luck
Under review may not necessarily be a decline. My last two CLIs with them went pending. If you have a fraud alert on Experian, you will NOT get an instant approval as they're required to verify your identity first. I would call to speak with them and find out if they need anything from you to process and approve your application. Where did you get the FICO score notification?
EDIT: Just adding on here since other posts came along while I was typing... I've never known BOA to pull EQ (unless by request on recon), so that score shouldn't matter. Strange to hear a report of the bonus taking a while to post. My $150 bonus posted the day that the purchase that reached the spending for the bonus posted; I had the $165 (10% relationship bonus) sitting in my checking account like 2 weeks after receiving the card.