topic Re: BofA solid offer? in Credit Card Applications

BofA solid offer?

Anonymous — Sat, 23 Nov 2019 02:02:07 GMT

Hey Guys,

I was browsing my account onine when I noticed I had a new card available under special offers. It's the Premium Rewards card. When I click on the terms and conditions it has a solid APR. I was wondering is this a solid offer or is it just marketing? I'm assuming its a solid offer since there is no APR range, but just wanted to double check.

Re: BofA solid offer?

AllZero — Sat, 23 Nov 2019 02:13:24 GMT

Usually the special offers are solid. However, being a Premium Rewards would give one pause. Make sure you meet the requirements of the premium tier.

Re: BofA solid offer?

Anonymous — Sat, 23 Nov 2019 02:21:39 GMT

@AllZero wrote:
Usually the special offers are solid. However, being a Premium Rewards would give one pause. Make sure you meet the requirements of the premium tier.

Thanks for the response. What are the requirments? I know it's a Visa signature so I know you need a minium of 5k, I have cards with over 5k. I know that the under writing seems to be tight on this and BofA seems to consider your relationship with them to get this card. I have had a credit card and checking account with BofA for three years now. Also i'm currentley at the Gold Tier for Preferred Rewards.

Re: BofA solid offer?

Anonymous — Sat, 23 Nov 2019 02:25:59 GMT

Since it's on your account versus just the generic cards recommended for you on BoA site, it's most likely a solid offer.

BoA from what I heard is very much a relationship bank, so as long as you are in good standing with them, fingers crossed, you shouldn't have any problem getting an approval. Good luck!

Re: BofA solid offer?

Anonymous — Sat, 23 Nov 2019 02:33:17 GMT

@Anonymous wrote:
Hey Guys,

I was browsing my account onine when I noticed I had a new card available under special offers. It's the Premium Rewards card. When I click on the terms and conditions it has a solid APR. I was wondering is this a solid offer or is it just marketing? I'm assuming its a solid offer since there is no APR range, but just wanted to double check.

@Anonymous Cards that appear under the Special Offers tab are usually solid offers. But the underwriting requirements for the Premium Rewards card are stricter than for other BofA cards so you'd want to make sure you don't have an excessive amount of new credit accounts or credit inquiries, and that your aggregate utilization is at a reasonable percentage. BofA seems to be quite sensitive to the number of inquiries; I was approved for the PR two months ago but that had been my only app in nine months. Given what you've stated about your relationship with BofA you should not have any problems getting approved.

Re: BofA solid offer?

Anonymous — Sat, 23 Nov 2019 03:43:55 GMT

@Anonymous wrote:
Since it's on your account versus just the generic cards recommended for you on BoA site, it's most likely a solid offer.
BoA from what I heard is very much a relationship bank, so as long as you are in good standing with them, fingers crossed, you shouldn't have any problem getting an approval. Good luck!

Thanks for the information.

Re: BofA solid offer?

Anonymous — Sat, 23 Nov 2019 03:45:52 GMT

@Anonymous wrote:
@Anonymous wrote:
Hey Guys,

I was browsing my account onine when I noticed I had a new card available under special offers. It's the Premium Rewards card. When I click on the terms and conditions it has a solid APR. I was wondering is this a solid offer or is it just marketing? I'm assuming its a solid offer since there is no APR range, but just wanted to double check.
@Anonymous Cards that appear under the Special Offers tab are usually solid offers. But the underwriting requirements for the Premium Rewards card are stricter than for other BofA cards so you'd want to make sure you don't have an excessive amount of new credit accounts or credit inquiries, and that your aggregate utilization is at a reasonable percentage. BofA seems to be quite sensitive to the number of inquiries; I was approved for the PR two months ago but that had been my only app in nine months. Given what you've stated about your relationship with BofA you should not have any problems getting approved.

Thanks for the information. I also read that they are sensative about the number of inquiries.

Re: BofA solid offer?

Credit_Flavours — Sat, 23 Nov 2019 17:00:29 GMT

Hi there.

DW and I had the same type of "special offer" for two cards each, showing on our online checking accounts. We ignored them for the longest period but eventually, DW decided to take a swirl (since she wanted to transfer a part of the balance on her 0% Disco IT which just started accruing interest cause she mistakenly used that card instead of another for a major purchase). She was instantly denied. We are still awaiting the letter in the mail to know their reasoning given the fact that these offers have been constantly renewed for 3 straight months.

Since she really wants to transfer that balance and we don't want to pay it down just yet, she insisted I apply for the Bankamericard yesterday(one of the cards in my offer). Instant approval for $7k at 18.74%. not the best SL or APR but the difference in results was staggering. I called recon about the SL and the nice rep. put in a CLI request on my behalf(Friday night and all), should know by today if there is any soup for me.

My take-away from my discussion with that rep. who couldn't be specific about DW's case, was that the "special offers" are more of pre-qualified/pre-selected offers than pre-approved offers. He said they actually have pre-approved offers which appear like the one we received but would actually have the pre-approval language in which case the approval can be taken for granted if such an offer were to be accepted.

So, I would advise you look at your overall profile and if nothing much as substantially changed of late in the negative, you should be golden.

Pray you have the best of fortunes when you eventually apply.

Re: BofA solid offer?

Anonymous — Sat, 23 Nov 2019 21:06:48 GMT

@Credit_Flavours wrote:
Hi there.

DW and I had the same type of "special offer" for two cards each, showing on our online checking accounts. We ignored them for the longest period but eventually, DW decided to take a swirl (since she wanted to transfer a part of the balance on her 0% Disco IT which just started accruing interest cause she mistakenly used that card instead of another for a major purchase). She was instantly denied. We are still awaiting the letter in the mail to know their reasoning given the fact that these offers have been constantly renewed for 3 straight months.

Since she really wants to transfer that balance and we don't want to pay it down just yet, she insisted I apply for the Bankamericard yesterday(one of the cards in my offer). Instant approval for $7k at 18.74%. not the best SL or APR but the difference in results was staggering. I called recon about the SL and the nice rep. put in a CLI request on my behalf(Friday night and all), should know by today if there is any soup for me.

My take-away from my discussion with that rep. who couldn't be specific about DW's case, was that the "special offers" are more of pre-qualified/pre-selected offers than pre-approved offers. He said they actually have pre-approved offers which appear like the one we received but would actually have the pre-approval language in which case the approval can be taken for granted if such an offer were to be accepted.

So, I would advise you look at your overall profile and if nothing much as substantially changed of late in the negative, you should be golden.

Pray you have the best of fortunes when you eventually apply.

Wow thanks for that data point. It seems the two most important things when it comes to this specific card and possibly others with BofA is your relationship with them and how many inquiries you have.

Re: BofA solid offer?

coldfusion — Sun, 24 Nov 2019 18:40:02 GMT

BoA is not inherently inquiry-adverse. They take it into perspective with one's credit profile as a whole along with your current relationship with the bank.

Re: BofA solid offer?

Anonymous — Mon, 25 Nov 2019 19:05:23 GMT

@coldfusion wrote:
BoA is not inherently inquiry-adverse. They take it into perspective with one's credit profile as a whole along with your current relationship with the bank.

Do you think they are more inquiry sensative when it comes to the Premium Rewards Card? It is their flagship card after all. From some of the post that I have seen here those who are denied are given the reasons of either number of inquiries or lack of relationship with BofA.

Re: BofA solid offer?

coldfusion — Mon, 25 Nov 2019 19:40:32 GMT

No. Keep in mind that the 3/12 and 7/12 rules apparently put in place in September are tied to the number of cards opened, not inquiries. There hasn't been any inference that I've seen either claiming that these rules are not applied evenly across the entire BoA portfolio.

Lack of relationship however is something that I can see as a real contributing factor. There are lots of reported data points for example where approval of a business card was contingent upon the applicant opening up an account with a mininum deposit, so it isn't exactly a novel idea.