topic Re: BOfA Cash Rewards approval odds in Credit Card Applications

BOfA Cash Rewards approval odds

Anonymous — Tue, 12 Jan 2021 01:22:26 GMT

I have a "relationship" with them, so I would qualify and be within the "7/12" rule, right?

Re: BOfA Cash Rewards approval odds

FinStar — Tue, 12 Jan 2021 01:47:36 GMT

Having a relationship helps, but keep in mind that the "7/12 rule" is only a guidance and not set in stone. Also, this was published around Fall 2019 in a DoC article, and with today's lending environment, anything could change.

Per DoC article:

Those who have a deposit account with Bank of America: 6 new cards in the last twelve months is tolerated. If you have 7 new cards in the past 12 months, your application will be denied.

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

Re: BOfA Cash Rewards approval odds

Anonymous — Tue, 12 Jan 2021 15:57:15 GMT

I think you'd have to provide a lot more profile data to yield quality responses to your question. The one piece of data you referenced is just a single tiny factor in what would be considered for your potential app.

Re: BOfA Cash Rewards approval odds

Doodlebug30 — Tue, 12 Jan 2021 18:17:35 GMT

Without knowing how many new accounts you have or anything about your profile, I can tell you that BOA can be touchy. Having a relationship with them does help and if your seeing any "special offers" then you may have a good chance. I will say they arent crazy about tons of new accounts or baddies. I was approved with student loan lates that were 6 years old at the time but they flat out refuse to give me a limit increase until those are gone. So ill sit at the 2k they started me at until atleast july. But, i did get an approval none the less. I only had 1 new account 6 months prior to my app when i applied with them. My scores were about 700 at the time as well.

Re: BOfA Cash Rewards approval odds

Anonymous — Tue, 12 Jan 2021 19:55:48 GMT

FICO 8 Scores: Experian 793, Transunion 785, Equifax 803
FICO 9 Scores: Experian 808, TransUnion 785, Equifax 822
Inquiries: Experian 3 (2019), Equifax 2 (Jan 2020), TransUnion 7 (2019)
Oldest credit card account age: 2 years 6 months
Youngest credit card account age: Amex Gold | Nov 2020
Number of credit cards approved for in the past 6 months: 3
Number of credit cards approved for in the past 12 months: 4
Number of credit cards approved for in the past 24 months: 8
Annual income $100k+

Re: BOfA Cash Rewards approval odds

JR_TX — Wed, 13 Jan 2021 01:15:49 GMT

50/50 I think.

You're high scores will be negated by your relatively young credit history and the number of recently opened accts with an AAoA I'm assuming in the vicinity of 12-14 months?

But Good Luck though if ever you do decide to app. We're all pulling for you!!

Re: BOfA Cash Rewards approval odds

Meanmchine — Wed, 13 Jan 2021 05:11:39 GMT

Good luck with BoA !

Re: BOfA Cash Rewards approval odds

Oops_I_Did_It_Again — Sun, 17 Jan 2021 19:43:30 GMT

@Anonymous wrote:

FICO 8 Scores: Experian 793, Transunion 785, Equifax 803
FICO 9 Scores: Experian 808, TransUnion 785, Equifax 822
Inquiries: Experian 3 (2019), Equifax 2 (Jan 2020), TransUnion 7 (2019)
Oldest credit card account age: 2 years 6 months
Youngest credit card account age: Amex Gold | Nov 2020
Number of credit cards approved for in the past 6 months: 3
Number of credit cards approved for in the past 12 months: 4
Number of credit cards approved for in the past 24 months: 8
Annual income $100k+

Your credit profile looks very similar to mine, but with somewhat higher scores. I applied recently and got instant approval and a pretty decent CL (for me), $6,000.

I had opened a checking account about 9 months earlier. 6 months after opening the checking they began sending what I'm pretty sure were pre-screened offers by mail, and they kept sending them continuously. I'm still getting them, even though I already applied!

The mailers had verbiage on page 2 terms to the effect that they would guarentee approval of a Cash Rewards so long as my credit profile had not changed substantially.

But I didn't quite trust the mailers, which weren't designated as pre-selected, pre-approved or 'invited to apply' or include a fixed interest rate or specific CL. A myFico member, @coldfusion maybe, had responded to a post asking pretty much what you are assking told me that the only BofA offer that was really solid was when offered as 'Special Deals' (button) within login of BofA account page. So I held off, waiting for the tea leaves to be a little more legible.

After another two months, the with icon "Special Deals" linked to an offer for the BofA Cash Rewards. There was no fixed interest rate or credit line indicated, but this seemed to be about as clear an indication as I was likely to get so I applied, was instantly approved for $6K. I had 4/12 new accounts, inquires 2/12 EX, 1/12 EQ, 1/12TU, and Fico EX 763 (and just about the same on TU and EQ), AAoA = 1Y4M, AoOA=2Y6M

I can't see why they would approve me and not approve you. Our profiles are really almost identical except yours is better. Still, as always, YMMV -- no tar and feathers if they turn you down!

Note: I didn't see you have 7 INQs on TU. I don't know which report they will pull for you. I think some banks probably do 1 hard pull and then soft-pulls on the other two, so they may see those inqs on TU. The 7/12 "rule" is not hard and fast, and I think applies to new CC accounts only, according to reports. Your 4/12 new accounts, which should be OK. But if you really want to be more certain of approval, maybe wait till at one or more of your TU inquires falls off.

Re: BOfA Cash Rewards approval odds

coldfusion — Sun, 17 Jan 2021 20:23:51 GMT

Could have been me, or it could have been @FinStar that pointed out the relative reliability of BoA "pre-approvals" based upon how they're delivered. Just can't remember off the top of my head.

One comment: the 7/12 guidance is relative to new accounts, not hard inquiries. BoA most commonly HPs Experian for new accounts and SPs TU for CLIs but they sometimes will HP TU or EQ in response to an application for a new account.

Re: BOfA Cash Rewards approval odds

Anonymous — Mon, 18 Jan 2021 16:20:32 GMT

Is this just marketing? As another poster stated, there's no fixed apr etc.

Re: BOfA Cash Rewards approval odds

JR_TX — Mon, 18 Jan 2021 17:19:42 GMT

Try clicking on that offer or learn more and go to the Terms & Conditions of Offer and see if you see a fixed or range APR?

If it's fixed then you might have a good shot since you have an on-going relationship with them. If it's range then most likely just a marketing offer.

Re: BOfA Cash Rewards approval odds

coldfusion — Mon, 18 Jan 2021 18:50:04 GMT

@Anonymous wrote:
Is this just marketing? As another poster stated, there's no fixed apr etc.

If it isn't an offer extended under 'Special Offers & Deals' it's marketing-driven.

Re: BOfA Cash Rewards approval odds

Anonymous — Mon, 18 Jan 2021 19:13:32 GMT

@coldfusion wrote:
@Anonymous wrote:
Is this just marketing? As another poster stated, there's no fixed apr etc.

If it isn't an offer extended under 'Special Offers & Deals' it's marketing-driven.

Very insightful, thank you. I don't have a notation like yours "3".

Re: BOfA Cash Rewards approval odds

FinStar — Mon, 18 Jan 2021 19:26:46 GMT

@Anonymous wrote:
@coldfusion wrote:

If it isn't an offer extended under 'Special Offers & Deals' it's marketing-driven.

Very insightful, thank you. I don't have a notation like yours "3".

Just for clarification, the "3" indicator displayed in @coldfusion's screenshot means there's 3 "unread/unopened" items in that particular tile. Kind of like your inbox if you would.