topic Re: BOA Premium more difficult to qualify than CR? in Credit Card Applications

BOA Premium more difficult to qualify than CR?

Anonymous — Fri, 29 Sep 2017 15:47:22 GMT

Perhaps this has been answered but I am looking to get in with Bank of America. The BOA premium card seems like the best fit for my needs However, i have seened mix reviews about the app success. Does this have tighter underwritting than the Cash rewards card?

Re: BOA Premium more difficult to qualify than CR?

Anonymous — Fri, 29 Sep 2017 16:27:27 GMT

@Anonymous wrote:
Perhaps this has been answered but I am looking to get in with Bank of America. The BOA premium card seems like the best fit for my needs However, i have seened mix reviews about the app success. Does this have tighter underwritting than the Cash rewards card?

No one knows for sure. I and several other posters have been approved for the card but in reading various sites there have also been a lot of people denied including some here. If you give us an idea of your credit file, I.r. FICO scores and existing cards and utilization, then we probably could give you an idea of your chances of approval.

Re: BOA Premium more difficult to qualify than CR?

BronzeTrader — Fri, 29 Sep 2017 16:39:15 GMT

@Anonymous wrote:
@Anonymous wrote:
Perhaps this has been answered but I am looking to get in with Bank of America. The BOA premium card seems like the best fit for my needs However, i have seened mix reviews about the app success. Does this have tighter underwritting than the Cash rewards card?
No one knows for sure. I and several other posters have been approved for the card but in reading various sites there have also been a lot of people denied including some here. If you give us an idea of your credit file, I.r. FICO scores and existing cards and utilization, then we probably could give you an idea of your chances of approval.

BA is more of a relationship. They definitely would deny the people who just want to churn them and do not have existing banking relationship. We have been with them for ike 15 years, PR client. One member has 12 credit cards opened over the past two years. But the PR card was still opened without the credit situation questioned.

It is certain we'll be denied if we do not have existing banking relationship.

Re: BOA Premium more difficult to qualify than CR?

Anonymous — Fri, 29 Sep 2017 17:18:33 GMT

@BronzeTrader wrote:
@Anonymous wrote:
@Anonymous wrote:
Perhaps this has been answered but I am looking to get in with Bank of America. The BOA premium card seems like the best fit for my needs However, i have seened mix reviews about the app success. Does this have tighter underwritting than the Cash rewards card?
No one knows for sure. I and several other posters have been approved for the card but in reading various sites there have also been a lot of people denied including some here. If you give us an idea of your credit file, I.r. FICO scores and existing cards and utilization, then we probably could give you an idea of your chances of approval.
BA is more of a relationship. They definitely would deny the people who just want to churn them and do not have existing banking relationship. We have been with them for ike 15 years, PR client. One member has 12 credit cards opened over the past two years. But the PR card was still opened without the credit situation questioned.

It is certain we'll be denied if we do not have existing banking relationship.

They may be a relationship bank but I have no bank account with them and have had no problem in getting approved for 4 cards in last 13 months.

Re: BOA Premium more difficult to qualify than CR?

K-in-Boston — Fri, 29 Sep 2017 17:44:32 GMT

+1 on relationship going a long way with BOA. Premium Rewards made my 15th credit card account opened in 2 years, and my 3rd BOA card in 10 months. I apped knowing that I would very likely be approved (and almost certainly would have been if I needed to call to recon), but would say without my relationship that my odds would have been iffy with my new accounts and current debt.

Edit: I don't mean the +1 to disagree with Irish's post; while a relationship isn't required, it certainly doesn't hurt. I believe Premium Rewards is only issued as a premium card type ($5k+, BOA doesn't issue $500 World Elite MasterCard and Visa Signature products like some lenders); which automatically means that the underwriting is more stringent than Cash Rewards, Travel Rewards and BankAmericard which can be issued as vanilla Visa/MasterCard products.

Re: BOA Premium more difficult to qualify than CR?

BronzeTrader — Fri, 29 Sep 2017 17:42:37 GMT

I think when BA PR card was in the making, the BA executives studies the launching of CSP, CSR and other premium travel card. This card is about the copy of Chase CSP and combines the BA Travel Rewards and its PR programs. Do did not want to make this card another CSP or CSR.

Just received the cards today. Not really impressed with its grey color. Prefer BA traditional red color. Its original BA Cash Rewards card look better. More like American flag.

Re: BOA Premium more difficult to qualify than CR?

Anonymous — Fri, 29 Sep 2017 18:15:09 GMT

Well as a data point I went ahead and applied for the Cash rewards card after reading up on the results for the outcomes of the Premium. 3 scores sitting at or around 700 across the board. Instant denial online. Called in and was told that i was denied for not having sufficient deposit accounts with BOA. Income is over $200k and all my deposit accounts are with citi. Asked for a recon and was asked if i would consider moving my accounts to BOA and reapplying. Said "no" and have a nice day

Re: BOA Premium more difficult to qualify than CR?

BronzeTrader — Fri, 29 Sep 2017 18:19:01 GMT

@Anonymous wrote:
Well as a data point I went ahead and applied for the Cash rewards card after reading up on the results for the outcomes of the Premium. 3 scores sitting at or around 700 across the board. Instant denial online. Called in and was told that i was denied for not having sufficient deposit accounts with BOA. Income is over $200k and all my deposit accounts are with citi. Asked for a recon and was asked if i would consider moving my accounts to BOA and reapplying. Said "no" and have a nice day

Interesting.... Also, why did you use a hard pull for a card you probably won't need it?

Re: BOA Premium more difficult to qualify than CR?

Anonymous — Fri, 29 Sep 2017 18:20:33 GMT

Also my most recent account was Amex Plat in June. Util is 10% AAoA of CC is 13 months

Re: BOA Premium more difficult to qualify than CR?

CreditCuriosity — Fri, 29 Sep 2017 18:23:19 GMT

@Anonymous wrote:
Well as a data point I went ahead and applied for the Cash rewards card after reading up on the results for the outcomes of the Premium. 3 scores sitting at or around 700 across the board. Instant denial online. Called in and was told that i was denied for not having sufficient deposit accounts with BOA. Income is over $200k and all my deposit accounts are with citi. Asked for a recon and was asked if i would consider moving my accounts to BOA and reapplying. Said "no" and have a nice day

That is interseting.. Was considering asking the UW if I moved 20k into checking and or saving (temporary) at least when I was denied if I would of been approved although never did that.. Weird thing after denial used the same HP for two additional an additional 5k CLI and prior to the app the same pull for another 10k CLI both approved although not instant so they weren't worried about my exposure with them (50k), but I think the churning aspect as only reason for denial for new card was too amny recent accounts and that was the recon reason as well and only reason

Re: BOA Premium more difficult to qualify than CR?

Anonymous — Fri, 29 Sep 2017 18:24:51 GMT

Was looking for a solid cash back card as my QS card is stuck at 1k CL for another 4 months when I can request the next CLI

Re: BOA Premium more difficult to qualify than CR?

916networktech — Tue, 21 Nov 2017 18:41:29 GMT

Intersting, I don't have a relationship with BofA and applied for the Cash Rewards Card and was approved, however after getting approved I thought about openign an account with BofA....Will visit them in December

Re: BOA Premium more difficult to qualify than CR?

MrDisco99 — Wed, 22 Nov 2017 00:01:40 GMT

That's weird. I've never had a deposit account with BoA.

I was declined on a Cash Rewards app back in May, but they never mentioned my lack of deposit as a reason for denial. Tried again in September after putting some good history and time on my apps from other issuers and was approved for the Cash Rewards and Travel Rewards cards on the same day.

Re: BOA Premium more difficult to qualify than CR?

Anonymous — Wed, 22 Nov 2017 21:37:07 GMT

I applied for the Premium rewards card last month as part of a 7 new account app spree. Was instantly approved for 18K. No prior banking relationship. Scores at bottom are what they were at the start of the app spree, AOA was about 2 years. The 7 new accounts has dropped my scores by about 50 points on average.