topic Re: BofA CC limit inquiry and approval chances in Credit Card Applications

BofA CC limit inquiry and approval chances

Agokee — Mon, 19 Sep 2022 07:16:02 GMT

How many BofA cards can you open safely?

My score is 760 with a lot opened this year and good history.

I just opened in June 2022 for Unli Cash and Alaska Personal last Sept 16, 2022

Both approved, but I saw this mailer for Cash BofA pre approval (red color)

I just want to open as much because I plan to not open anymore for two years after this year to give way for Chase 5/24

Is it best to open it or BofA is also strict how many you open?

I have other credit card approvals too this year. What do you guys think?

Thanks!

Re: BofA CC limit inquiry and approval chances

SDMarik — Mon, 19 Sep 2022 20:12:14 GMT

@Agokee wrote:
How many BofA cards can you open safely?

My score is 760 with a lot opened this year and good history.

I just opened in June 2022 for Unli Cash and Alaska Personal last Sept 16, 2022

Both approved, but I saw this mailer for Cash BofA pre approval (red color)

I just want to open as much because I plan to not open anymore for two years after this year to give way for Chase 5/24

Is it best to open it or BofA is also strict how many you open?

I have other credit card approvals too this year. What do you guys think?

Thanks!

How many cards have you opened this year? Similar to Chase and the 5/24, BofA has a 3/12 rule for people who do not have any BofA accounts and 7/12 for those who do. There are some data points that show they are not necessarily as strict as Chase are with their 5/24. However if you have opened 5 cards this year so far, I would probably wait on the BofA. If those 2 you mentioned were the only ones, you stand a much better chance.

As far as how many cards they let you have, I don't know. I think they used to have a rule that limited it to a certain amount every 24 months, but not sure what it is now. They do however have a limit as to the total credit they will extend you, so if you are already at that amount they probably won't issue another card.

Re: BofA CC limit inquiry and approval chances

coldfusion — Mon, 19 Sep 2022 20:41:43 GMT

AFAIK the BoA 2/3/4 rule (2 BoA cards in the last 6 months, 3 in 12, 4 in 24) is also still a thing. Since you already have a BoA card you're under the 7/12 rule as well i.e. no more than 6 cards from all issuers in the last 12 months. They don't have a hard limit regarding the number of cards you can hold and having 3 of their cards isn't out of the ordinary.

BTW BoA mailers are not preapprovals, they are at best glorified invitations to apply. The only offers BoA makes that approach preapprovals are done individually online through the activity center.

Re: BofA CC limit inquiry and approval chances

Bill77 — Mon, 19 Sep 2022 21:17:33 GMT

@coldfusion wrote:
AFAIK the BoA 2/3/4 rule (2 BoA cards in the last 6 months, 3 in 12, 4 in 24) is also still a thing. Since you already have a BoA card you're under the 7/12 rule as well i.e. no more than 6 cards from all issuers in the last 12 months. They don't have a hard limit regarding the number of cards you can hold and having 3 of their cards isn't out of the ordinary.

BTW BoA mailers are not preapprovals, they are at best glorified invitations to apply. The only offers BoA makes that approach preapprovals are done individually online through the activity center.

I believe the 2/ in your example is in the last 2 months but 3/4 are correct with 12 and 24 respectively.