topic Re: BoA Denied... Advice? in Credit Card Applications

BoA Denied... Advice?

Charmante — Tue, 12 Jan 2021 01:53:49 GMT

Applied for the BoA Signature Rewards Visa today. Denied for only 3 reasons: Too many recently opened accounts (5 or 6 in 2020), too many Inquiries (10 in 2020), and No Banking Relationship...

On the banking part, how much would be enough to matter? If I throw $10k into a BoA Savings would that at all be enough to MAYBE take care of THAT issue?

How old do you think the new accounts must be? A year? 18 months? Or more...?

Lastly, I assume I have to allow most (7-8) of those Inquiries to hit 1 year old, right?

Scores are all 714-740 now, depending on Bureau. Total Revolving debt of $1,250. Utilization at 3% total.

Re: BoA Denied... Advice?

simplynoir — Tue, 12 Jan 2021 01:56:35 GMT

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/

This should answer all of your questions here

Re: BoA Denied... Advice?

Charmante — Tue, 12 Jan 2021 01:59:34 GMT

@simplynoir Thanks!

In 2010 I Burnt BoA... But since their only reasons are those above, they must have forgiven me, correct?

Re: BoA Denied... Advice?

simplynoir — Tue, 12 Jan 2021 02:02:22 GMT

Depends on how much but that would be my assumption as well. This is presuming, of course, that they actually list ALL the reasons for the denial and not just a top 3

Re: BoA Denied... Advice?

FinStar — Tue, 12 Jan 2021 02:06:58 GMT

If they didn't mention it on the letter it's possible that it is no longer a factor for consideration.

They still keep internal records of the previous loss and there's been a variety of DPs that mention even if eventually approved, they may cite the old account as a reason to deny potential CLIs. But, every case and experience will vary.

Re: BoA Denied... Advice?

barca — Tue, 12 Jan 2021 02:10:41 GMT

Why don't you just slow down.

'you already opened 6 Accounts in 2020.

why don't you just garden for 1 year

Re: BoA Denied... Advice?

Charmante — Tue, 12 Jan 2021 02:11:58 GMT

@FinStar I don't know if this matters, but the burn was NOT a card, but rather an Auto Loan (about a $7k loss) and a Checking (about $1.5k loss)... So maybe since it wasn't a card, that matters? IDK. Lol

Re: BoA Denied... Advice?

Charmante — Tue, 12 Jan 2021 02:14:43 GMT

@barca Because ALL my baddies just fell off in November. My 4 of those 6 were starter/store cards. Now with my baddies gone and my well aged student loans rehabilitated, I'm finally able to get cards I actually use/want...

Re: BoA Denied... Advice?

FinStar — Tue, 12 Jan 2021 02:31:08 GMT

@Charmante wrote:
@FinStar I don't know if this matters, but the burn was NOT a card, but rather an Auto Loan (about a $7k loss) and a Checking (about $1.5k loss)... So maybe since it wasn't a card, that matters? IDK. Lol

Well, it's possible you *might* be ok. The checking account instance might be iffy, but I can't say for sure. You see it from time to time that BoA tends to consider existing depository or investments relationship (profile-dependent of course). We just don't know what is evaluated by AI [UW] algorithms these days. In the event you are approved and the decision (or future growth of the card) is not influenced by those 2 factors, then great 👍.

Re: BoA Denied... Advice?

MisterWives — Tue, 12 Jan 2021 15:20:59 GMT

@Charmante wrote:
Applied for the BoA Signature Rewards Visa today. Denied for only 3 reasons: Too many recently opened accounts (5 or 6 in 2020), too many Inquiries (10 in 2020), and No Banking Relationship...

On the banking part, how much would be enough to matter? If I throw $10k into a BoA Savings would that at all be enough to MAYBE take care of THAT issue?

How old do you think the new accounts must be? A year? 18 months? Or more...?

Lastly, I assume I have to allow most (7-8) of those Inquiries to hit 1 year old, right?

Scores are all 714-740 now, depending on Bureau. Total Revolving debt of $1,250. Utilization at 3% total.

I made a post about my BOA denial too was given the exact same reasons as you minus the too many Inquiries which is surprising because they pulled Experian which as you can see in my profile I had at the time 17 inqueries on there.

As others mention they seem to be following the new accounts 7/12 existing customer and 3/12 for non-relationship applicants so at 5/12 or 6/12 you are over without haing a relationship with them. Opening an account with them will probably help in your favor since they are a relationship bank, but to the amount I am not sure and believe they will sometimes deny you if there is too low of an amount or low amount of deposits as some have gotten that before. 10k sounds pretty good though

Re: BoA Denied... Advice?

Anonymous — Tue, 12 Jan 2021 18:24:14 GMT

@Charmante wrote:
Applied for the BoA Signature Rewards Visa today. Denied for only 3 reasons: Too many recently opened accounts (5 or 6 in 2020), too many Inquiries (10 in 2020), and No Banking Relationship...

On the banking part, how much would be enough to matter? If I throw $10k into a BoA Savings would that at all be enough to MAYBE take care of THAT issue?

How old do you think the new accounts must be? A year? 18 months? Or more...?

Lastly, I assume I have to allow most (7-8) of those Inquiries to hit 1 year old, right?

Scores are all 714-740 now, depending on Bureau. Total Revolving debt of $1,250. Utilization at 3% total.

You are probably still over 3/12, so they are not comfortable extending you credit.

While you may want to ditch the rebuild cards because your scores improved, that doesn't mean your recently acquired accounts will not be taken into consideration.

I agree with the sentiments above that you need to garden for a bit and then you can try getting those prime cards you want. I know it is hard to do so, but it may be what you need at this time.

I am also rebuilding and took into consideration the age if my rebuilders when my rebuild is finished so I fould get better cards when the time comes. While I wanted to add more rebuilders to my arsenal, I held off so that I would be very close to 0/24 and definitely 0/12 when the time does come and age of newest revolver is not held against me.

Also, while they specifically did not spell previous history out, it could be next time you app and are under 3/12 or 7/12 if you can get back into their good banking graces, that then you may then get the denial code of "previously unsatisfactory relationship". They can give any reason for denial, even if it makes little to no sense.

Good luck!