topic Re: BOA or WF??? Inquiries/new accounts sensitive???? in Credit Card Applications

BOA or WF??? Inquiries/new accounts sensitive????

Tcoward84 — Tue, 11 Oct 2022 17:21:20 GMT

Mornin' y'all!

I plan to apply for either the BOA Bankamericard or the Wells Fargo Reflect. Out of these two issuers, which is more sensitive to inquiries and new accounts? Also, are they sensitive to consumer finance accounts? My credit file is pretty good with the exception of it being fairly young...also have inquiries and new accounts. Which card do I have a better shot at getting approved for?

Scores: FICO8 EQ 721 EX 725 TU 740

Inquiries: EQ 2/6 2/12 EX 0/6 2/12 TU 1/6 2/12

New accounts: EQ 3/6 5/12 EX 2/6 3/12 TU 2/6 4/12

Util: 9%

Re: BOA or WF??? Inquiries/new accounts sensitive????

ccquest — Tue, 11 Oct 2022 17:47:15 GMT

Do you already have a checking account with either of them? I've heard both are relationship banks in the past.

When I got my Propel, I put that as one of my first apps though so they're pretty sensitive iirc.

Re: BOA or WF??? Inquiries/new accounts sensitive????

Tcoward84 — Tue, 11 Oct 2022 17:50:10 GMT

Forgot to add that I have NO relationship with either bank :/

Re: BOA or WF??? Inquiries/new accounts sensitive????

CYBERSAM — Tue, 11 Oct 2022 18:54:57 GMT

BOA is easier to get in compare to WF, also easier to grow given they use SP for CLI. However if you planning to get both, then try WF 1st because they are inq, new account sensitive.

Re: BOA or WF??? Inquiries/new accounts sensitive????

M_Smart007 — Tue, 11 Oct 2022 21:03:04 GMT

@CYBERSAM wrote:
BOA is easier to get in compare to WF, also easier to grow given they use SP for CLI. However if you planning to get both, then try WF 1st because they are inq, new account sensitive.

@CYBERSAM, I'll be a DP.

BoA started as CR in 2018 @ $8000 ..got one measly $2K SP CLI.

after CLI, opened a Savings & Merrill Acct. It has all been 'NO SOUP FOR YOU" (I since have closed both sav. & Merrill)

Don't like Merrill's platform, compared to Schwab ..absolutely hate the long lines at BoA. (just YUK)

WF - Propel and Cash Wise that I PC'd twice -> active cash-> Autograph. Last Propel CLI [here] Prior CLI's [here]

WF Checking and Savings with less than $700 combined for last year. before that $100 combined for 6(ish) years.

So WF has been far more generous than BoA. but as Remedios would point out,

Imma not very good gardener and have opened tons of accounts. + Epic # of inquiries

So BoA hates my Inquiries/New accts. more than WF.

Also to note; I have maxed the BoA card a few times and PIF.

Propel and 2nd WF card(s), seen very low spend in comparison.

I know it is a very much YMMV ..per an individuals profile.

I am not going to cater funds to a Bank, in hopes to get CLI's.

The excuses get old, and just move on to greener CU pastures.

Re: BOA or WF??? Inquiries/new accounts sensitive????

coldfusion — Tue, 11 Oct 2022 21:36:26 GMT

@Tcoward84 wrote:
Forgot to add that I have NO relationship with either bank :/

If you've added more than 2 accounts in the last 12 months odds of success with BoA will be slim. You aren't an existing client so you fall under their 3/12 rule.

WF can be somewhat more lenient but they can also be pretty sensitive to the number of recent accounts when an applicant is not a current client.

Re: BOA or WF??? Inquiries/new accounts sensitive????

spiritcraft1 — Tue, 11 Oct 2022 22:27:29 GMT

Take all this with a grain of salt but...

I was approved at BofA yeasterday for a Biz card being at 3/12 with no current BofA account (do have a pretty much dormant Merrill acct) 790 TU Fico

The DW was "prequalified" at WF for a Autograph card and was denied instantly without a pull being 0/12 but with no WF banking account or history.

She was approved yesterday for a $28k BofA Customized Cash card being 0/12 5/24 with a 816 TU

Can you open a savings account with either for $100 and see if they offer anything? Just a thought ,but what is a measly INQ anyway?

Re: BOA or WF??? Inquiries/new accounts sensitive????

coreyb80 — Tue, 11 Oct 2022 23:43:59 GMT

@M_Smart007 wrote:
@CYBERSAM wrote:
BOA is easier to get in compare to WF, also easier to grow given they use SP for CLI. However if you planning to get both, then try WF 1st because they are inq, new account sensitive.
@CYBERSAM, I'll be a DP.
BoA started as CR in 2018 @ $8000 ..got one measly $2K SP CLI.
after CLI, opened a Savings & Merrill Acct. It has all been 'NO SOUP FOR YOU" (I since have closed both sav. & Merrill)
Don't like Merrill's platform, compared to Schwab ..absolutely hate the long lines at BoA. (just YUK)

WF - Propel and Cash Wise that I PC'd twice -> active cash-> Autograph. Last Propel CLI [here] Prior CLI's [here]
WF Checking and Savings with less than $700 combined for last year. before that $100 combined for 6(ish) years.

So WF has been far more generous than BoA. but as Remedios would point out,
Imma not very good gardener and have opened tons of accounts. + Epic # of inquiries
So BoA hates my Inquiries/New accts. more than WF.
Also to note; I have maxed the BoA card a few times and PIF.
Propel and 2nd WF card(s), seen very low spend in comparison.

I know it is a very much YMMV ..per an individuals profile.

I am not going to cater funds to a Bank, in hopes to get CLI's.
The excuses get old, and just move on to greener CU pastures.

Thank you for posting this as I needed to hear/see it. Much appreciated!

Re: BOA or WF??? Inquiries/new accounts sensitive????

Anonymous — Wed, 12 Oct 2022 00:10:22 GMT

@Tcoward84 wrote:
Mornin' y'all!
I plan to apply for either the BOA Bankamericard or the Wells Fargo Reflect. Out of these two issuers, which is more sensitive to inquiries and new accounts? Also, are they sensitive to consumer finance accounts? My credit file is pretty good with the exception of it being fairly young...also have inquiries and new accounts. Which card do I have a better shot at getting approved for?

Scores: FICO8 EQ 721 EX 725 TU 740
Inquiries: EQ 2/6 2/12 EX 0/6 2/12 TU 1/6 2/12
New accounts: EQ 3/6 5/12 EX 2/6 3/12 TU 2/6 4/12
Util: 9%

You have similar scores as mine but fewer inquiries and higher util. How's your AOOA and AAOA? Thx for posting! I'm apping for Bilt next wk when I become 3/12 in new accts and but high ex inqs(10/12 after some wear off by then) could be my bane..haven't apped in 8 months. But what is one more hq lol

Re: BOA or WF??? Inquiries/new accounts sensitive????

Tcoward84 — Wed, 12 Oct 2022 15:27:45 GMT

AAOA 2 yo

AOOA 4 y 2mo

Good luck on your BILT app next week!

Re: BOA or WF??? Inquiries/new accounts sensitive????

Tcoward84 — Wed, 12 Oct 2022 17:58:56 GMT

****UPDATE****

So, I decided against applying for BOA and WF. I didn't have a good feeling and, didn't want to establish a relationship with them in hopes of approvals. Instead, I went on an app spree and was pleasantly surprised by FOUR approvals!

App'd for (in order)

1. Amex BCP $1000 (ugh for the SL but happy to get in..again, lol)

2. Commenity/Alphaeon $9900

3. BBT Trust $6500

4. FNBO Evergreen Rewards Sig visa $11300

Thank y'all for your advice

Re: BOA or WF??? Inquiries/new accounts sensitive????

FinStar — Wed, 12 Oct 2022 19:08:27 GMT

As the OP has indicated they were approved for other CC products vs those in the op, this thread is now locked and closed to new messages.

OP, feel free to start a new thread in the Approvals forum regarding your new CCs if you wish to do so.