AMEX but not BoA

[LS2982]

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@Anonymous wrote:
I have tried to get a BoA card twice now but have been declined both times. I have Citi, Chase, Amex, Discover and Cap One. After I got my Amex I figured my scores and history must certainly be good enough to pass muster at BoA...but it wasn't. Anybody have a similar experience?

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If I were you, I would stick with what I got. BofA is getting very picky lately and their cards aren't as appeasing.

[CreditScholar]

This may have something to do with a difference in approach from the two banks. Lately Amex has been lowering their overall credit standards compared to what they were 5-10 years ago. People are getting accepted with quite frankly, mediocre scores whereas years ago they wouldn't have even been considered. This might be Amex trying to stave off the DoJ, but also because they feel the need to increase their marketshare. BofA on the other hand is reducing it's risk anywhere it can. They are closing accounts that appear questionable or are not profitable enough. They've been in a bad spot since their acquisition of countrywide financial, so they've been trying to get rid of anyone they deem as potentially risky.