topic Re: Approved for a BOFA customized cash rewards card in Credit Card Approvals

Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 18:08:48 GMT

I received a 'selected' not pre-approved mail advertisement that said 0% for months then 14-28% variable afterwards with a 200.00 free cash bonus after spending 1,000.00 in 3 months. Put in the code and got approved for a 9k limit. Message on bofa site then said card in the mail 7-10 days. I researched this site with others about the odds of actually being approved for a CL. It had the 'firm offer' wording. I figure it will or won't be accepted and only one way to find out was to type in my info then click send. I wasn't sure what to put in for 'position', listing as self employed, so selected the closest option. After clicking submit it returned with approved for $9,000.00. Great. I've never misse a payment and pay my cards in full. My experian score with only 2.6 years history is 768. This is my 3rd card in the past 2 months for total of 3 new cards in 2 years(other was 14k and newer 9.4k is also on the way). My Equifax score is currently 790 and my Transunion score is 781. 84k year salary with $1.800.00(until paid in full next Friday). I know my credit is young and currently, before these 2 new cards on the way report, updating my credit line info., my CLI is $34k. What are my odds of finding 1 or more approved for card/s and if good, whom is recommended?

Thanks either way. :-)

Re: Approved for a BOFA customized cash rewards card

coreyb80 — Fri, 05 Aug 2022 18:37:45 GMT

Congrats on the approval!

Re: Approved for a BOFA customized cash rewards card

Bill77 — Fri, 05 Aug 2022 19:46:18 GMT

Congrats! If you don't have one already, I would try get a 2% CB card in your aresenal. The 2% PayPal Mastercard is known to be easier for approvals and has a 3% kicker when making PayPal purchases. Any other card companies, I would wait at least another few months because of your 2 recent inquiries and young file.

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Fri, 05 Aug 2022 20:25:11 GMT

Congratulations on your BofA CCR approval! 🎉🎊🍾

If you're feeling lucky, you can apply for a different add'l BofA card and if within 30 days, it will not incur add'l HP. I did this, same day within a couple of hours. Received same SL on both card approvals. My intent w/2nd card is to eventually product change (when eligible) to another Customized Cash Rewards card.

Re: Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 21:11:03 GMT

Hi there. There are a lot of results on my Internet search for "CB credit card". I presume you mean Citizens Bank? 🙂

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Fri, 05 Aug 2022 21:18:49 GMT

@CyberMaster

I think @Bill77 is referring to a "2% cash back credit card".

@CyberMaster wrote:
Hi there. There are a lot of results on my Internet search for "CB credit card". I presume you mean Citizens Bank? 🙂

Re: Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 21:18:00 GMT

Hey there! Well that's a Cool 👍 idea since it's only been about 12 hours yet and wouldn't incure another HP(hits on credit for hard checking/pulling right?). 😎

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Fri, 05 Aug 2022 21:42:14 GMT

@CyberMaster

Yes, that is right 😁🤩...no additional hard pull. There's really no downside or risk (see ETA below). Only BofA will know you app'd for add'l card.

And the other thing you can do, if desired, after receiving the cards, is have the CL's reallocated between the 2 cards if it matches up with your monthly spending better (to assist with individual card utilization). I took this option to increase the limit on my CCR a little, since I was approved at such a low (practically unusable) SL. Others on this forum have done the same.

**ETA** IMPORTANT CORRECTION

There actually IS a downside. An additional BofA card 'approved' right now will in fact reduce your AAoA further. That is certainly something to keep in mind, with a younger file. But it will age along with the one you just got, so it won't push out Age of Youngest Revolving Account scoring metric.

Re: Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 21:29:34 GMT

@Who_wuda_thought @Bill77 I was thinking at least another %2 cash back and or with another joining bonus like this, my Chase and AME did. If eligible For 1 or 2 new cards, I don't wanta hurt my credit and so these matter because I will not be applying for more credit until the end of the application of the last card which is another 2 years later. We'll see how my credit looks then? Maybe in 10 years I'll be like the big boys with the big cards! 🙂😃😄😁😎

Re: Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 21:30:44 GMT

Ohhhh, I get it now.. Cash Back! 🤣

Re: Approved for a BOFA customized cash rewards card

Bill77 — Fri, 05 Aug 2022 21:33:14 GMT

@CyberMaster wrote:
Hi there. There are a lot of results on my Internet search for "CB credit card". I presume you mean Citizens Bank? 🙂

CB = Cash Back @ 2%. Citi, FNBO, and Wells Fargo all have 2% cards but they tend to be more sensitive to recent inquiries than the PayPal card. The best you can do with Citizens is 1.8%.

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Fri, 05 Aug 2022 21:34:54 GMT

@CyberMaster

What "cards/limits/when acquired" do you currently have?

Re: Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 21:46:53 GMT

I don't owe or will keep a balance? Is a balance to do with reallocation? What is a cards reallocation?

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Fri, 05 Aug 2022 22:00:52 GMT

@CyberMaster

Reallocation of CL's example (mine)

BankAmericard SL $1200

Customized Cash Rewards SL $1200

I "reallocated" $700 of the $1200 CL on BankAmericard to the CCR to take that CL up to $1900. All I could move was $700, as they require $500 CL remaining on "donor card".

This reallocation can be helpful for utilization if a person wants to keep monthly usage down as far as utilization metrics go. Say you would normally on average spend $500 mo. on card. The higher your CL on that card, the lower the individual account utilization. $500 of $1900 is about 26% UTI, whereas $500 of $1200 is about 42% UTI.

Re: Approved for a BOFA customized cash rewards card

CyberMaster — Fri, 05 Aug 2022 22:21:19 GMT

I goofed earlier and thought CB meant a bank instead of cash back. 🤪🤣

Aaaactulay,, a PayPal credit line is/was my Very First line of crdit back like almost 6 years ago. It shows in my credit reports with the age. I'm not too sure if that really counts to All Bureau's? If it does count to All of them, my real age my credit is then almost 6 years! 😄 Do u know more about that subject?

Also, when I got my Wells Fargo 14k card 2 months ago, PayPal LOWERED my credit line from $3,000.00 to $2,600.00(less $400.00), of which I don't understand why because my total credit line increased by a, to me, 14k huge amount?(I did carry over a balance over into 1 month of ??? 500-$1000.00 and Maybe that was why, or becauseI Rarely Us the P-Pal credit line but Once a year to keep it active?

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Fri, 05 Aug 2022 22:32:50 GMT

@CyberMaster

You also might want to read through the thread below for another great example of 2 BofA credit cards issued one after another, resulting in 2 new - $22.5k SL cards being reallocated or "combined" into ONE $45k CL card which better suited OP's needs

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Bank-of-America-Approval/td-p/6501155

Re: Approved for a BOFA customized cash rewards card

Who_wuda_thought — Sat, 06 Aug 2022 00:57:12 GMT

@CyberMaster

@CyberMaster wrote:
I goofed earlier and thought CB meant a bank instead of cash back. 🤪🤣

Aaaactulay,, a PayPal credit line is/was my Very First line of crdit back like almost 6 years ago. It shows in my credit reports with the age. I'm not too sure if that really counts to All Bureau's? If it does count to All of them, my real age my credit is then almost 6 years! 😄 Do u know more about that subject?

If you can provide us with your DP's (data points) in order preferably, we can better answer your questions and offer possible suggestions for you.

What cards do you currently have? What are their CL's (credit limits)? When did you acquire them?

What is age the oldest open credit account (all types)?

What is the age of your oldest closed credit account (all types)?

What is the age of your oldest revolving credit account?

What is the age of your most recently opened revolving account?

How many hard inquiries on EX (Experian) in last 0/6/12/24 months?

How many hard inquiries on TU (Transunion) in last 0/6/12/24 months?

How many hard inquiries on EQ (Equifax) in last 0/6/12/24 months?

Have you recently applied for any loans (personal, auto, mortgage, student)?

Do you foresee the need to apply for a loan within the next 2 years? If so, what type and approximately when?

Do you have any derogatories, collections, bankruptcies, or other baddies in the closet?

Where are you getting your scores and/or reports you mentioned from? Score model and whether it's FICO or Vantage makes a big difference.

What is your annual verifiable income? You mentioned self-employment, and that can be an impediment if lender requests POI (proof of income).

Providing this info in a more complete fashion can make a big difference in advice/suggestions members here can provide.

Welcome to MyFico forums!!

Oh...and here's a very helpful list of commonly used acronyms:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Re: Approved for a BOFA customized cash rewards card

KingRue8500 — Sat, 06 Aug 2022 00:51:55 GMT

Congrats on your BOA Customized Cash Rewards approval

Re: Approved for a BOFA customized cash rewards card

MarkintheHV — Sat, 06 Aug 2022 00:54:22 GMT

I did this, then moved the credit line from the second card to the first for a nice jumbo line

@Who_wuda_thought wrote:

If you're feeling lucky, you can apply for a different add'l BofA card and if within 30 days, it will not incur add'l HP. I did this, same day within a couple of hours. Received same SL on both card approvals. My intent w/2nd card is to eventually product change (when eligible) to another Customized Cash Rewards card.

Re: Approved for a BOFA customized cash rewards card

PapaTunde — Sat, 06 Aug 2022 02:35:35 GMT

Congrats on your new BoA card