topic Re: BofA Cash Rewards Denied in Credit Card Applications

BofA Cash Rewards Denied

MisterWives — Mon, 28 Dec 2020 19:56:18 GMT

Decided to apply for this card for the 2% wholesales club cash back reward on 12/17/2020 couple weeks ago. Was instantly denied and got the letter today stating:

"Too many accounts were recently opened"

"Limited or no deposit and/or investment balances with us and/or our affiliates".

Stats are as below they pulled Experian which was the worst option for me since I got 18 inquiries on it. Letter states I have a 726 FICO score from Experian. I am not sure the range of accounts opened they are looking at, but yeah it would be say a few at least 4 past 6 months (4/6) and probably double digits in 12 month span (10+/12). No accounts with BofA too.

Also it states Bank of America Cash Rewards Visa Signature card while I thought I had applied for the student version, but possibly applied to the wrong one I guess. I might call and see if they could reconsider since the letter has a reference number, but from what I heard BofA doesn't do that along with I believe they are a relationship focused bank which without an account is not in my favor.

Re: BofA Cash Rewards Denied

ChargedUp — Mon, 28 Dec 2020 20:07:09 GMT

BoA is one of the banks that likes you to have a relationship with them beyond just credit products, but this can be overcome with a solid profile. Your recently opened accounts are 99% of what caused the denial. Come over and hang out in the garden and let your accounts age for a year or so and you'll be in better shape to try for BoA again.

BTW, you can buy Costco gift cards online with your Synch 2% card and use them in the club for 2% savings in the mean time.

Re: BofA Cash Rewards Denied

coldfusion — Mon, 28 Dec 2020 20:12:36 GMT

Go ahead and call and ask for reconsideration, you've already been denied so you really have nothing further to lose by asking.

You did say you are 4/6 and 10/12 regarding new accounts so you already fall outside of their 7/12 (for existing clients) and 3/12 (new clients) thresholds for new accounts from any issuer. We already know emperically that those limits are not ironclad but one needs to have a profile they find sufficiently attactive to move to override these thresholds.

BoA is not inherently overly sensitive to inquiries, but they generally do pull from Experian for new accounts.

Re: BofA Cash Rewards Denied

MisterWives — Mon, 28 Dec 2020 20:28:34 GMT

@ChargedUp wrote:
BoA is one of the banks that likes you to have a relationship with them beyond just credit products, but this can be overcome with a solid profile. Your recently opened accounts are 99% of what caused the denial. Come over and hang out in the garden and let your accounts age for a year or so and you'll be in better shape to try for BoA again.

BTW, you can buy Costco gift cards online with your Synch 2% card and use them in the club for 2% savings in the mean time.

I already have the Costco Citi which is pretty good rewards wise at 2% Costco along with 4% gas 3% restaurants 1% other, but I am generally moving away from Citi as I find my experience with them to be somewhat poor especially their online website has quite a number of bugs. Plus I am looking to build relationships with lenders that offer say auto loan or mortgages which I am sure BofA does.

Re: BofA Cash Rewards Denied

Wavester64 — Mon, 28 Dec 2020 21:26:14 GMT

@MisterWives wrote:
Decided to apply for this card for the 2% wholesales club cash back reward on 12/17/2020 couple weeks ago. Was instantly denied and got the letter today stating:

"Too many accounts were recently opened"
"Limited or no deposit and/or investment balances with us and/or our affiliates".

Stats are as below they pulled Experian which was the worst option for me since I got 18 inquiries on it. Letter states I have a 726 FICO score from Experian. I am not sure the range of accounts opened they are looking at, but yeah it would be say a few at least 4 past 6 months (4/6) and probably double digits in 12 month span (10+/12). No accounts with BofA too.

Also it states Bank of America Cash Rewards Visa Signature card while I thought I had applied for the student version, but possibly applied to the wrong one I guess. I might call and see if they could reconsider since the letter has a reference number, but from what I heard BofA doesn't do that along with I believe they are a relationship focused bank which without an account is not in my favor.

I forget the exact #s, but BOA (as it pertains to CC acceptance) has something like they allow 7/12 for new accounts if you are current BOA customer and 3/12 if you are not (I am sure it's here somewhere, too lazy to check ). So I opened a checking account with them again (was a former customer 2-years ago) to get the better #s for new accounts for a CC. They declined me, however with a counter for a secured card with the same benefits as the unsecured (sans the $99 deposit). If your recon is not going well for the unsecured, mentioned the secured. Mine has since graduated to unsecured and the limit raised to $1500. I am hoping that limit grows in 2021

Re: BofA Cash Rewards Denied

FinStar — Mon, 28 Dec 2020 22:25:04 GMT

You can try reconsideration, but in a majority of cases with the reasons given, BoA will not overturn the initial decision.

Re: BofA Cash Rewards Denied

MisterWives — Thu, 31 Dec 2020 19:19:02 GMT

Called the backdoor number for recon (BofA: 800-354-0401 (Recon) - app100) and unfortunately no dice.

I admitedly did not make any case or argument for myself as the rep didn't ask any questions, so not sure if I was supposed to advocate for myself, but regardless the rep was willing to recon by reviewing my application. Results was denial again where they simply listed the same reasons as the letter along with mentioning my 6 credit cards opened in 12 months (6/12). So yeah unless I had a relation with them I am over the number of accounts they like.

I tried asking if I could be considered for a secured card to build a relationship with BofA as suggested by another member here, but the rep just said to apply for it online. I'm considering open a checking account with them, but don't think it will help since I won't put much of any funds in it as I already have other bank accounts.

Re: BofA Cash Rewards Denied

FinStar — Thu, 31 Dec 2020 21:17:01 GMT

Unless the option was offered for their 99/500 secured CC upon denial then it's usually back to square one. If you're going to park some form of moderate and/or active deposit relationship, it *could* help (YEMV), but just to park funds without much activity isn't going to yield much.

You can also let time be your guide (without apps) as the alternative if you're still looking to get into BoA without the deposit relationship.

Re: BofA Cash Rewards Denied

ChargedUp — Sat, 02 Jan 2021 07:59:42 GMT

@MisterWives wrote:
Called the backdoor number for recon (BofA: 800-354-0401 (Recon) - app100) and unfortunately no dice.

I admitedly did not make any case or argument for myself as the rep didn't ask any questions, so not sure if I was supposed to advocate for myself, but regardless the rep was willing to recon by reviewing my application. Results was denial again where they simply listed the same reasons as the letter along with mentioning my 6 credit cards opened in 12 months (6/12). So yeah unless I had a relation with them I am over the number of accounts they like.

I tried asking if I could be considered for a secured card to build a relationship with BofA as suggested by another member here, but the rep just said to apply for it online. I'm considering open a checking account with them, but don't think it will help since I won't put much of any funds in it as I already have other bank accounts.

You have a lot of solid lenders under your belt that offer a wide range of loan products including car loans. Is there something in particular that is drawing you to BoA?

Re: BofA Cash Rewards Denied

MisterWives — Sat, 02 Jan 2021 08:50:01 GMT

@ChargedUp wrote:
@MisterWives wrote:
Called the backdoor number for recon (BofA: 800-354-0401 (Recon) - app100) and unfortunately no dice.

I admitedly did not make any case or argument for myself as the rep didn't ask any questions, so not sure if I was supposed to advocate for myself, but regardless the rep was willing to recon by reviewing my application. Results was denial again where they simply listed the same reasons as the letter along with mentioning my 6 credit cards opened in 12 months (6/12). So yeah unless I had a relation with them I am over the number of accounts they like.

I tried asking if I could be considered for a secured card to build a relationship with BofA as suggested by another member here, but the rep just said to apply for it online. I'm considering open a checking account with them, but don't think it will help since I won't put much of any funds in it as I already have other bank accounts.
You have a lot of solid lenders under your belt that offer a wide range of loan products including car loans. Is there something in particular that is drawing you to BoA?

Honestly, just trying to expose myself to as many lender as possible and build some kind of relationship with them as soon as possible for those future car and mortgage loan. Plus the BofA Cash Reward looks to be a pretty good card similar to my daily drivers of PNC Cash Rewards and Citi Costco Anywhere, so just add it to the rotation making it easy to show utilization. Along with its 3% any selected category could make use of that.

Re: BofA Cash Rewards Denied

Dp23 — Tue, 05 Jan 2021 13:43:52 GMT

I applied for the Cash Rewards card as well but was denied because I already have the BoA Americard. I didn't know you can't have two secured cards from BoA at the same time.

Re: BofA Cash Rewards Denied

FICOlearner123 — Fri, 08 Jan 2021 17:43:21 GMT

Sorry to hear that, chase freedom has 5% this quater for Wholesale clubs, cable, internet, and phone services and select streaming services.

Re: BofA Cash Rewards Denied

Aim_High — Fri, 08 Jan 2021 19:21:28 GMT

@MisterWives wrote:
Decided to apply for <BofA Cash Rewards> card
.... Was instantly denied and got the letter today stating:

"Too many accounts were recently opened"
"Limited or no deposit and/or investment balances with us and/or our affiliates".

Sorry to hear of your denial, @MisterWives!

You missed a valuable opportunity to make a posting in the "Credit Card Applications" section and save yourself a hard pull. Those data points about BofA regarding new accounts (7/12 for outside clients; 3/12 for existing banking clients) have been well-documented the past two years, on My FICO and other websites. Especially if you've applied for multiple new accounts in the past 6/12/24 months, it's always advisable to make a posting to check your approval odds with a lender, or else look up other recent approval or denial data points. So this is another good lesson for the community that regular use of the forum resources can be priceless!

Opening a checking account (might) help your approval odds in the future, but it also depends on other credit file factors, of course. They do periodically offer bonuses to sign up for new accounts so if you keep your eyes open that might be the best way forward. Like others,I would suggest you garden awhile and let your accounts age if you are double-digits within 12 months. That is too many for most lenders, but especially in these economic times.

Relationship does help with Bank of America but particularly if you ever want to get their Premium Rewards card, which can be very valuable if you're also in the Preferred Rewards program where you earn higher bonus rates above the standard card rewards.

Re: BofA Cash Rewards Denied

MisterWives — Fri, 08 Jan 2021 21:32:07 GMT

@Aim_High wrote:
@MisterWives wrote:
Decided to apply for <BofA Cash Rewards> card
.... Was instantly denied and got the letter today stating:

"Too many accounts were recently opened"
"Limited or no deposit and/or investment balances with us and/or our affiliates".
Sorry to hear of your denial, @MisterWives!

You missed a valuable opportunity to make a posting in the "Credit Card Applications" section and save yourself a hard pull. Those data points about BofA regarding new accounts (7/12 for outside clients; 3/12 for existing banking clients) have been well-documented the past two years, on My FICO and other websites. Especially if you've applied for multiple new accounts in the past 6/12/24 months, it's always advisable to make a posting to check your approval odds with a lender, or else look up other recent approval or denial data points. So this is another good lesson for the community that regular use of the forum resources can be priceless!

Opening a checking account (might) help your approval odds in the future, but it also depends on other credit file factors, of course. They do periodically offer bonuses to sign up for new accounts so if you keep your eyes open that might be the best way forward. Like others,I would suggest you garden awhile and let your accounts age if you are double-digits within 12 months. That is too many for most lenders, but especially in these economic times.

Relationship does help with Bank of America but particularly if you ever want to get their Premium Rewards card, which can be very valuable if you're also in the Preferred Rewards program where you earn higher bonus rates above the standard card rewards.

I had actually read a decent amount and knew about their 7/12 for existing customers and 3/12 for new customers before applying, but with all things it's not definitive. Some people get in without any relation with BofA and then there's some that are on the fence for BofA approvals but by having one any account with them they are approved. Better to be safe than sorry admittedly during these times i'm sure most lenders would enforce these rules pretty hard, but who knows it's all over the place with approvals.

Yeah i'll have to garden a bit with 6/12 three over what they want. Could open that checking account for a relationship, but then i'm sure they would hit me with the "low amount of deposits" or some bs other reason for denial