topic Re: BofA Elite Rewards Approval Chance in Credit Card Approvals

BofA Elite Rewards Approval Chance

rimerutempest — Wed, 07 Aug 2024 17:06:42 GMT

Wanted to apply for BofA Elite Rewards but was worried about velocity.

Experian FICO 9: ~770

Income: 250k+

Current Cards

BofA CCR ~ 6 years

BofA CCR (authorized user) ~ 7 years
BofA CCR ~6 months
Some Bank ~4 months
BILT ~2 months

Relationship: Platinum Honors, should have 250k+ when I apply, mostly in Merill Lynch.

I would preferably want to apply for sign up bonus, but I also have option to convert my oldest CCR to Elite too.

Re: BofA Elite Rewards Approval Chance

GZG — Wed, 07 Aug 2024 17:37:07 GMT

@rimerutempest wrote:
Wanted to apply for BofA Elite Rewards but was worried about velocity.

Experian FICO 9: ~770
Income: 250k+

Current Cards
BofA CCR ~ 6 years
BofA CCR (authorized user) ~ 7 years
BofA CCR ~6 months
Some Bank ~4 months
BILT ~2 months

Relationship: Platinum Honors, should have 250k+ when I apply, mostly in Merill Lynch.

I would preferably want to apply for sign up bonus, but I also have option to convert my oldest CCR to Elite too.

I think BoA velocity limit for current clients is 7 (cards)/12 (months)?

so you're well below hitting that limit

assuming you have the limits for the card's minimum (they might take limits from your previous cards if they can't give you more credit limt) I would say you have a decent chance, as much of a chance as anybody who is 3/6 has

what are your current BoA limits? biggest knock against your application is if your long standing BoA card has a small limit because the elite is a $10k minimum card

Re: BofA Elite Rewards Approval Chance

rimerutempest — Wed, 07 Aug 2024 17:44:14 GMT

I have 9k and 22k on the two CCRs.

Re: BofA Elite Rewards Approval Chance

GZG — Wed, 07 Aug 2024 17:46:26 GMT

@rimerutempest wrote:
I have 9k and 22k on the two CCRs.

I think you'll be fine, they may take some or all of the limit from your CCRs to build the elite card, but I would be surprised if you were declined

Re: BofA Elite Rewards Approval Chance

bytechma — Wed, 07 Aug 2024 18:37:34 GMT

I think you have a good chance since you have Platinum honors. If you get declined just call the preferred rewards direct line. My P2 was approved to the CCR and Premium Rewards on the same day automatically. And the Elite 3 months later but was not automatic. Needed to call to verify identity and move around credit limits. Feel free to Check out my previous posts where I shared our experiences. Good luck!

@rimerutempest wrote:
I have 9k and 22k on the two CCRs.

Re: BofA Elite Rewards Approval Chance

odd_dog — Thu, 08 Aug 2024 11:51:20 GMT

If your Honors and you have a Financial advisor....you are dealing with Merrill really not BOA....ask your advisor to connect you with thier "credit card agent" they will approve you (broad comment here, not knowing your full finances BUT if you already have money with Merrill your chances sky rocket)....if not remember that when you call in you are calling Merrill Global Finance (once you have money at Merrill and are on ANY tier of the rewards ladder they KNOW who you are) and they would know your balances and more than likely approve you.......Good Luck!!

Re: BofA Elite Rewards Approval Chance

rimerutempest — Thu, 08 Aug 2024 16:06:48 GMT

I don't think I have a financial advisor. My investing is self-guided. Does that change anything? Should I still go through Merill route?

Re: BofA Elite Rewards Approval Chance

coldfusion — Sat, 10 Aug 2024 04:21:28 GMT

@rimerutempest wrote:
I don't think I have a financial advisor. My investing is self-guided. Does that change anything? Should I still go through Merill route?

If you're a Merrill Edge client you wouldn't have a financial advisor but with Platinum Honors status any Merrill advisor working out of a local BoA branch should be willing to help you with your application. BoA agents in-branch can also see your status and offer the same courtesy even if your status is due to Merrill investments.

Re: BofA Elite Rewards Approval Chance

nytimestraveler — Sat, 10 Aug 2024 06:08:40 GMT

I had a 7 figure account with BOFA and did not have the best time with them, I switched to Chase and they're much better. With your type of credit I'll only deal with Chase, Schwab, AMEX, and TDAmeritrade

Re: BofA Elite Rewards Approval Chance

rimerutempest — Sun, 18 Aug 2024 01:54:14 GMT

Thanks everyone.

I not only got approved for BofA Elite Rewards with 22k credit limit, but also for BofA CCR (affiliate) card on same day with 22k limit (44k in new limit). So now I have 4 BofA, 3 CCR with 9k, 22k, 22k and BofA Elite Rewards with 22k.

Re: BofA Elite Rewards Approval Chance

rimerutempest — Sun, 18 Aug 2024 02:00:59 GMT

I strongly prefer cashback. I also have Charles Schwab but they don't have any credit cards. AMEX and Chase are amazing cards for churning, but I don't want to deal with coupon books long term. Last month, I decided to cook 1 month at home and I didn't have to worry about getting Uber Eats or Doordash credit that month.