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Debate: Adding BoA to my portfolio

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K-in-Boston
Credit Mentor

Re: Debate: Adding BoA to my portfolio

I would try the BOA prequalify page to see if there are offers with set APRs. If so, that is a pretty solid sign that they will approve you. But I would wait until your CRs are clear before actually applying. When I did the prequalify page and saw that I had offers at lower APRs, I called to have mine lowered.

Their analyst was great, and she even talked me into adding the plain BankAmericard since she saw that I was carrying a LOT on my other branded cards and was certain that I would qualify for a low APR and significant SL on this 0% for 21 mos card. APR ended up being exactly what was on the prequalify page. For what it's worth they pulled Experian.
Message 11 of 21
Anonymous
Not applicable

Re: Debate: Adding BoA to my portfolio


@Anonymous wrote:

@Ysettle4 wrote:

@Anonymous wrote:

If I were in your shoes, I'd wait until correct balances report and score rebound.  Don't do anything in haste only for you to kick yourself later and wished you had waited.


Sounds advice and that;s why I'm on the fence. I disputed back on the 15th so I'm hoping to get the updates by sometime next week - although it's usually a 30 day timeframe by the CRA standards


Wait if you can.  The thirty days will be here before you know it.


Agree with Yes-Its-Me here. BoA can also be a bit challenging in approving the Alaska Airlines card, so better to wait. They can be a little weird if you don't have a relationship with them yet - usually much better once you get in the door. Smiley Happy

Message 12 of 21
BronzeTrader
Valued Contributor

Re: Debate: Adding BoA to my portfolio

I would stay from BA if you can't get yourself 100% cleared. BA has a great set of CCs if you are a BA customer. We get 50% and 75% boost on rewards. 

Message 13 of 21
Ysettle4
Valued Contributor

Re: Debate: Adding BoA to my portfolio

I was a former BoA bank account holder for over 13 years but pulled out back in 2014 in favor of a CU. I'm sure it doesn't mean squat at this point since I'm not a current member. The plan is to wait until my util is reported properly.

769 INQs: 6774 INQs: 5764 INQs: 8UTIL: 2%AAoA: 5yr 8mosTotal Credit Line: $873,950
Message 14 of 21
Anonymous
Not applicable

Re: Debate: Adding BoA to my portfolio

Wait for reporting correction and then BBR

Message 15 of 21
Ysettle4
Valued Contributor

Re: Debate: Adding BoA to my portfolio


@Anonymous wrote:

Wait for reporting correction and then BBR


Why the BBR and not the cashrewards? BBR seems start off with low limits from what I've read. Although the quaterly $25 bonus is nice.

769 INQs: 6774 INQs: 5764 INQs: 8UTIL: 2%AAoA: 5yr 8mosTotal Credit Line: $873,950
Message 16 of 21
SouthJamaica
Mega Contributor

Re: Debate: Adding BoA to my portfolio


@Ysettle4 wrote:

Scores are current in my sig except for TU/EX and yes, I do not have a BoA product.

 

A bit of history: I have a 4 yr old joint BoA CO but was paid off. Last payment status of 9/2014.

 

Back to my TU/EX scores, both were dinged by 11 points & 7 points respectively due to an inaccurate balance reported on my penfed LOC (90% util reported) and currently under dispute.

 

Should I wait until the correct balance reports ($0) and let my score rebound back OR just go for it?

 


They keep rejecting me, and offering me a secured card. Most recently today, with a 792 EX FICO 8. So I'm done with BOA


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 17 of 21
UncleB
Credit Mentor

Re: Debate: Adding BoA to my portfolio

Lots of good stuff in this thread.  Smiley Happy

 

I have a few data points to provide that might be helpful... my last denial for a credit card was BoA back in the summer of 2015.  If I recall correctly they reported my score to be around 710-ish, and I had two six year-old COs for auto loans still reporting (one paid).  I applied for the BoA AAA Visa for the 3% cash back on travel, and when it was denied I then applied for the Sam's Club MC and was approved for $1500, now $20k. 

 

Once those last two baddies stopped reporting I decided to apply for the BBR, and was instantly approved for $6k at 16.49%, honestly a little better than I expected for my overall profile and income.  I've been working on paying down a 0% BT, but I do have the infamous CLI 'link' so many talk about, although I've not tried it yet... perhaps once I have a few more months history with them.

 

Only you will know what's best for your situation, but if you're on the cusp of having better scores it might be worth waiting, or at least it would be for me.  I'm not one for recons, though, so I tend to be more cautious than some.

 

Good luck whatever you decide!  Smiley Happy

Message 18 of 21
redpat
Senior Contributor

Re: Debate: Adding BoA to my portfolio

IMO, why get cash reward when you have better cards already or with a similar rewards structure.  If you fly Alaska Air exclusively then get that card.  But to add a credit card just for the sake of adding it to your portfolio with similar cards already in hand seems to be a waste of a HP with over 300k of available credit.

 

IDK, I just hate having rewards spread all over the place.

 

Good luck.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 19 of 21
happypill
Valued Contributor

Re: Debate: Adding BoA to my portfolio

I had a CO with BofA.  DoFD was 2010 and I settled with them in 2013 (about 1/2 of full amount).  I got a secured card with them in early 2015 - had to recon to get it.  Eventually, this unsecured after about 9 months, and around 9 months after that I was able to get them to convert it to a BBR.  CLI would have required a HP, so I declined, but very happy to have the BBR.

 

Earlier this year (about 6 years after DoFD and 3 years after settling the CO), I was declined with scores similar to yours Ysettle4 (just below 700).  I reconned and clearly their main issue was the CO.  The analyst suggested that he could approve me after that fell off the report (which should be early 2017, given the DoFD).  I do have extensive banking history with BofA (including past mortgage, business account that processed $3M in payments per year for several years, etc.), but currently I just have a minimal direct deposit through my personal account (they had a $300 checking promo a while back).

 

So, not to be a Debbie Downer, but the CO could be a factor.  One question may be, did you pay it off in full or settle for less?  I settled for about half of $5k so may that's why they are unhappy.

Message 20 of 21
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