topic Re: Bank Americard Cash Rewards Approval Odds? in Credit Card Applications

Bank Americard Cash Rewards Approval Odds?

Anonymous — Sat, 04 Feb 2017 23:37:55 GMT

Hi everyone, I am interested in applying for the Bank Americard Cash Rewards card and am curious to know opinions on my approval odds. I currently have two cards from US bank. The first is Cash + and has been open for 11 months with a SL of 700. The second is and Cash+ Signature that I opened 6 months ago with a SL of 1,500. My total SL is 2,200 and AAoA is 8 months. I have a total of five inquiries made in the past two years, all made in the last twelve months. My TransUnion score is 711 and Equifax 707. My utility is around 2% and I dont have any late payments, penalties ect. My annual income is roughly 40k. Basically I have two lines that are in great standing but haven't been open for longer than a year. What do you guys think? Your contributions are much appreciated.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 01:14:00 GMT

@Anonymous wrote:
Hi everyone, I am interested in applying for the Bank Americard Cash Rewards card and am curious to know opinions on my approval odds. I currently have two cards from US bank. The first is Cash + and has been open for 11 months with a SL of 700. The second is and Cash+ Signature that I opened 6 months ago with a SL of 1,500. My total SL is 2,200 and AAoA is 8 months. I have a total of five inquiries made in the past two years, all made in the last twelve months. My TransUnion score is 711 and Equifax 707. My utility is around 2% and I dont have any late payments, penalties ect. My annual income is roughly 40k. Basically I have two lines that are in great standing but haven't been open for longer than a year. What do you guys think? Your contributions are much appreciated.

Welcome to MyFICO

Assuming that the scores you listed are FICO scores and not Vantage scores you got from CreditKarma then I think your chances are pretty good. If you elect to apply, good luck and let us know the results.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 03:51:27 GMT

670-680 are approved for this card so above 700 definitely. I think it's fairly hard to find a card you can't get approved for with a 700+ score.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 17:24:15 GMT

Are those ck scores? Check the credit pulls data base to see what cra they will pull. For me it was experian. You can get that score free now from the discover scorecard site. I was approved for the boa cash rewards card when I had a 623 experian score... $2500 limit. I had a good relationship with boa tho for years. If those are your fico scores, you're probably ok, but if not, i really couldn't tell you.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 19:26:17 GMT

@Anonymous wrote:
670-680 are approved for this card so above 700 definitely. I think it's fairly hard to find a card you can't get approved for with a 700+ score.

I doubt that. I'm at 6 months of history with a part-time income. The score matters a lot but it's certainly not the only thing.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 19:31:17 GMT

I never said Score is the only thing that matters. I said it's fairly hard to find a card you can't get approved for with a 700+ score. Yes if you have a 700 score but only a 5k annual income you are unlikely to be approved for a card with a 5k minimum limit obviously but for the most part 700+ Gets you in the door how high of a limit your get depends on your income.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 21:03:30 GMT

@Anonymous wrote:
I never said Score is the only thing that matters. I said it's fairly hard to find a card you can't get approved for with a 700+ score. Yes if you have a 700 score but only a 5k annual income you are unlikely to be approved for a card with a 5k minimum limit obviously but for the most part 700+ Gets you in the door how high of a limit your get depends on your income.

So I should go for the CSR, right?

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 21:54:19 GMT

It's up to you people have been approved for it with high 600's low 700's I would say OP being over 700 with 40k income could apply and reasonably be approved barring any 5/24 contradictions.

Re: Bank Americard Cash Rewards Approval Odds?

JSS3 — Sun, 05 Feb 2017 22:14:12 GMT

I would think BofA would need a little more history.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Sun, 05 Feb 2017 22:38:22 GMT

BofA? Lol no. We just applied for our business the same day we opened it and got a 9k SL

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Mon, 06 Feb 2017 00:21:28 GMT

@Anonymous wrote:
It's up to you people have been approved for it with high 600's low 700's I would say OP being over 700 with 40k income could apply and reasonably be approved barring any 5/24 contradictions.

Well my issue is the income seeing as I'm full-time student, part-time work.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Mon, 06 Feb 2017 01:31:10 GMT

GrasshopperStudent - Federal Law allows you to include any financial aid you receive from your college or university on applications as part of your income. Not sure if that helps you but it helped me A LOT when I was in college applying for credit.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Mon, 06 Feb 2017 06:32:54 GMT

Your issue will be the age of your accounts, when you start out you have the tremendous advantage of no bad marks but for many that is because of the lack of time with credit. Banks know this so they may not want to take you on till they see a longer history. My suggestion is to use your current accounts, let them age for a year and then you can apply for and get approved for a couple of cards and will get solid starting limits. I suspect if you are approved now the limits will be low and may not do you a ton of good.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Mon, 06 Feb 2017 11:05:58 GMT

@Anonymous wrote:
GrasshopperStudent - Federal Law allows you to include any financial aid you receive from your college or university on applications as part of your income. Not sure if that helps you but it helped me A LOT when I was in college applying for credit.

It would for sure. I'll look into this by the time I get to the Disco luv button, thanks!

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Mon, 06 Feb 2017 11:08:33 GMT

@Anonymous wrote:
Your issue will be the age of your accounts, when you start out you have the tremendous advantage of no bad marks but for many that is because of the lack of time with credit. Banks know this so they may not want to take you on till they see a longer history. My suggestion is to use your current accounts, let them age for a year and then you can apply for and get approved for a couple of cards and will get solid starting limits. I suspect if you are approved now the limits will be low and may not do you a ton of good.

Yup that's the single problem I have with my new Chase FU. It's only $500. Granted, I know to get a Chase card with only 6 months of history on one secured cc is pretty good, too. A foot in the door is good, I'll treat it well! Between Disco and Chase I don't see a real need to apply for any more as most of my spending is small, especially if Disco will graduate me later this month and I can hit up the luv button

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Fri, 10 Feb 2017 05:33:04 GMT

@Anonymous wrote:
Your issue will be the age of your accounts, when you start out you have the tremendous advantage of no bad marks but for many that is because of the lack of time with credit. Banks know this so they may not want to take you on till they see a longer history. My suggestion is to use your current accounts, let them age for a year and then you can apply for and get approved for a couple of cards and will get solid starting limits. I suspect if you are approved now the limits will be low and may not do you a ton of good.

Yeah, I've considered this which is why I'm hesitant to apply. I woudn't mind the low SL, I'm mostly interested in the perks and establishing a new line of credit (my friend who is a loan officer says banks like to see 3 credit lines for most loans?). I think I'd be pleased even with a $500 limit, just dont want to be denied.

Re: Bank Americard Cash Rewards Approval Odds?

Anonymous — Fri, 10 Feb 2017 05:34:11 GMT

@Anonymous wrote:
Are those ck scores? Check the credit pulls data base to see what cra they will pull. For me it was experian. You can get that score free now from the discover scorecard site. I was approved for the boa cash rewards card when I had a 623 experian score... $2500 limit. I had a good relationship with boa tho for years. If those are your fico scores, you're probably ok, but if not, i really couldn't tell you.

They are CK scores. Apparently not so reliable?

Re: Bank Americard Cash Rewards Approval Odds?

JR_TX — Sat, 11 Feb 2017 16:46:50 GMT

JamesW123 :

Hi everyone, I am interested in applying for the Bank Americard Cash Rewards card and am curious to know opinions on my approval odds. I currently have two cards from US bank. The first is Cash + and has been open for 11 months with a SL of 700. The second is and Cash+ Signature that I opened 6 months ago with a SL of 1,500. My total SL is 2,200 and AAoA is 8 months. I have a total of five inquiries made in the past two years, all made in the last twelve months. My TransUnion score is 711 and Equifax 707. My utility is around 2% and I dont have any late payments, penalties ect. My annual income is roughly 40k. Basically I have two lines that are in great standing but haven't been open for longer than a year. What do you guys think? Your contributions are much appreciated.

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JamesW123 :

They are CK scores. Apparently not so reliable?

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@OP If your Fico especially EX is somewhere close to those scores then I think you have a fairly decent chance of getting approved. But 1 year of good credit history is almost guaranteed with BofA at least in the case in my household.

It's not that CK which uses Vantage 3.0 scores are not reliable it's just that no lender (at least to my knowledge) uses them. Most if not all use FICO 8 scoring model.

If you're willing to let go of an HP then I say why not give it a try? Remember to recon with them (denial or SL) no matter what.

Best of Luck and keep us posted!