topic Re: BofA pre-qualify in Credit Card Applications

BofA pre-qualify

SDMarik — Tue, 23 Aug 2022 15:54:13 GMT

I don't have any experience with BofA yet, I am clicking around on their site's pre-qualify tool.

Is there language the same as everyone elses, after filling out the pre-qualification info? Pre-selected < Pre-qualified < Pre-approved?

Thanks in advance!

Edit: after filling it out, I got "we reccomend" and "more customized offers for you" but no "pre" language of any kind.

Re: BofA pre-qualify

Brian_Earl_Spilner — Tue, 23 Aug 2022 15:58:46 GMT

It's just a marketing tool. You can fill the app with random information and it will still give recommendations.

Re: BofA pre-qualify

GZG — Tue, 23 Aug 2022 15:59:08 GMT

pretty certain that page is just purely marketing

If you have a BoA account already and you have an offer within Rewards & Deals -- Special Offers, that might be stronger, but not certain.

Re: BofA pre-qualify

SDMarik — Tue, 23 Aug 2022 16:01:36 GMT

Gotcha, so I take it that there is no actual pre-qualification tool for BofA?

Re: BofA pre-qualify

CreditCuriosity — Tue, 23 Aug 2022 16:56:50 GMT

Marketing you are seeing. I have been pre-selected or whatever with a set APR back when I was on an App spree marrathon a few years ago and turned down, so nothing is guranteed whether with BofA or credit in general. If you think your profile supports it and can use the card it is just a HP is all. Although make sure you know the BofA rules like Chase 5/24, but alot more forgiving. Can find them other places, but don't have them handy on x amt of cards in given 12 month time period.

Re: BofA pre-qualify

SUPERSQUID — Tue, 23 Aug 2022 17:16:12 GMT

Be careful of that b of a prequalication. last year they lured me in and then denial.

Re: BofA pre-qualify

OmarGB9 — Tue, 23 Aug 2022 18:02:02 GMT

@SUPERSQUID wrote:
Be careful of that b of a prequalication. last year they lured me in and then denial.

That's cause it's not a real prequal tool. It's basically just for entertainment.

Re: BofA pre-qualify

MarkintheHV — Tue, 23 Aug 2022 18:32:01 GMT

I had offers via their pre qual site, and was declined when I submitted my app. YMMV

Re: BofA pre-qualify

coldfusion — Tue, 23 Aug 2022 20:09:26 GMT

@CreditCuriosity wrote:
Marketing you are seeing. I have been pre-selected or whatever with a set APR back when I was on an App spree marrathon a few years ago and turned down, so nothing is guranteed whether with BofA or credit in general. If you think your profile supports it and can use the card it is just a HP is all. Although make sure you know the BofA rules like Chase 5/24, but alot more forgiving. Can find them other places, but don't have them handy on x amt of cards in given 12 month time period.

7/12 rule if you're a current accountholder (deposit/investment or loan including CC, doesn't matter), 3/12 if you are not.

I think the 2/3/4 rule is still a thing as well (only applies to frequency of BoA card apps) but that's irrelevant if 3/12 applies.

As others have pointed out mailers and anything accessible online without having logged into a BoA account are strictly marketing.

Re: BofA pre-qualify

SDMarik — Wed, 24 Aug 2022 23:49:53 GMT

@coldfusion wrote:
@CreditCuriosity wrote:
Marketing you are seeing. I have been pre-selected or whatever with a set APR back when I was on an App spree marrathon a few years ago and turned down, so nothing is guranteed whether with BofA or credit in general. If you think your profile supports it and can use the card it is just a HP is all. Although make sure you know the BofA rules like Chase 5/24, but alot more forgiving. Can find them other places, but don't have them handy on x amt of cards in given 12 month time period.
7/12 rule if you're a current accountholder (deposit/investment or loan including CC, doesn't matter), 3/12 if you are not.
I think the 2/3/4 rule is still a thing as well (only applies to frequency of BoA card apps) but that's irrelevant if 3/12 applies.

As others have pointed out mailers and anything accessible online without having logged into a BoA account are strictly marketing.

So that 3/12 rule for BofA, are they as strict on that as Chase is with the 5/24? I am at 3/12 right now with 2 being Amex SP. 4/12 if my BBP counts.

Re: BofA pre-qualify

coldfusion — Thu, 25 Aug 2022 01:14:27 GMT

BoA can in general be flexible if you're an existing or potential high value client (several of us here have more than $99.9K of credit limit across our BoA cards for example) and since you're right at 3/12 it's going to be YMMV. Like all AMEX business cards the Blue Business Plus wouldn't be reporting as long as the account is in good standing so you wouldn't be 4/12.

Re: BofA pre-qualify

SDMarik — Thu, 25 Aug 2022 03:22:22 GMT

Interesting. I definitely want that custom cash rewards card in my wallet. My 3rd oldest account was opened 10/21 so I guess I'll just garden for a little longer. My garden goal was 10/22 anyway, so I guess ill just wait to scratch the itch