BofA and new accounts

[thrasher865]

I ran a quick search and didn't see anything.

I'm carrying a balance on my Discover card of about $1500.  In a couple months, my 0% offer expires on purchases, and in my stupidity, I made a major purchase on it after BTing a balance to take advantage of 12 months 0% on BTs. 

So even though the balance will still be 0% for 6 more months, I know all my payments have been going towards that 0%, so the majority of that $1500 is my purchase. 

Anyway, so I'm wanting to transfer the balance to a BofA card in another couple months to take advantage hopefully of a 12 month 0% offer, but by that time the balance should be $1100 according to my budget. 

How will BofA view me having 3 accounts that are 6 months old?  I'm not sure if the small amount of money I'll save on interest after the BT fee is worth the risk of a pointless inquiry.

I'll pull my scores before then probably, but lets assume I have scores across the board of 700-730.  No baddies period, and this $1100 balance will be it, which will put me under 10% utilization on my $14000 total CLs.

[Anonymous]

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@thrasher865 wrote:

How will BofA view me having 3 accounts that are 6 months old? I'm not sure if the small amount of money I'll save on interest after the BT fee is worth the risk of a pointless inquiry.

I'll pull my scores before then probably, but lets assume I have scores across the board of 700-730. No baddies period, and this $1100 balance will be it, which will put me under 10% utilization on my $14000 total CLs.

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I think you should be okay. I got 5 new accounts, including a BOA card 3 months before I applied for another card with BOA last month. My scores are on average about 30 points above yours and I always PIF but I still think you will be okay.

[Anonymous]

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thrasher865 wrote:

How will BofA view me having 3 accounts that are 6 months old?  I'm not sure if the small amount of money I'll save on interest after the BT fee is worth the risk of a pointless inquiry.

I'll pull my scores before then probably, but lets assume I have scores across the board of 700-730.  No baddies period, and this $1100 balance will be it, which will put me under 10% utilization on my $14000 total CLs.

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In that respect, I'm sure you'd be fine.  They are not known to be overly sensitive to new accounts.

We seem to have very similar scores across the board.  Your EX is a bit higher than mine now, but I had 741 with a clean report when I applied for the BofA Rewards Amex in April and got instant approval for $2500 with a CLI to $7500 a week later.  I had five accounts less than six months old at the time.  Also, utilization was far less than 1%, so I'm sure that went a long way.

Message Edited by cheddar on 08-09-2008 09:17 PM

[Anonymous]

I wouldn't worry...but once you have five or six accounts, you're probably good to hold steady for awhile.