topic Re: Effect of opening Bank of America checking account on credit card application in Credit Card Applications

Effect of opening Bank of America checking account on credit card application

villemiami — Tue, 16 Jul 2024 16:45:29 GMT

I read (on this forum I think) that having a bank account with Bank of America helps in getting approved for a Bank of America credit card.

Yesterday, I opened a Bank of America checking account. How long do I need to wait to apply for a credit card, so the effect of opening the checking account will impact my credit card application?

I am interested in apply for the Bank of America Air France credit card, which I closed on 5/6/2022, so it's more than 2 years so I should be able to reapply.

Re: Effect of opening Bank of America checking account on credit card application

ScarlettHusky — Wed, 17 Jul 2024 00:43:11 GMT

I opened my Safe Balance checking account back in the end of May for the same reason, really. When I opened the account, they had an offer (same one that is going on right now) where you deposit $2,000 via direct deposit within the first 90 days to get a $200 bonus. I had immediately set up my payroll at work to send $1,000 per pay period to my new BofA account so I would hit that threshold within a month. As soon as the second deposit cleared, I applied for the Alaska Signature Visa and was approved the next week after a anylist called to confirm it was me who applied due to a fraud alert on my credit report.

Even if you're not going for the new checking account offer, I would strongly suggest waiting 2-3 pay periods so that BofA can see a regular deposit history into the account before applying. One thing I do want to forewarn you, is that once you have a deposit account open you can either only pay a BofA issued credit card with that account, or pay with cash at a BofA ATM. They only allow you to pay a BofA card with an external account when you do not have any deposit accounts open with them, so I've been having to withdraw money from my main account at Chase and then submitting payments at a BofA ATM.

Re: Effect of opening Bank of America checking account on credit card application

NoMoreE46 — Wed, 17 Jul 2024 03:30:01 GMT

Thanks for thee insight @ScarlettHusky. Your warning I have bold highlighted - are you certian of this restriction?

@ScarlettHusky wrote:
I opened my Safe Balance checking account back in the end of May for the same reason, really. When I opened the account, they had an offer (same one that is going on right now) where you deposit $2,000 via direct deposit within the first 90 days to get a $200 bonus. I had immediately set up my payroll at work to send $1,000 per pay period to my new BofA account so I would hit that threshold within a month. As soon as the second deposit cleared, I applied for the Alaska Signature Visa and was approved the next week after a anylist called to confirm it was me who applied due to a fraud alert on my credit report.

Even if you're not going for the new checking account offer, I would strongly suggest waiting 2-3 pay periods so that BofA can see a regular deposit history into the account before applying. One thing I do want to forewarn you, is that once you have a deposit account open you can either only pay a BofA issued credit card with that account, or pay with cash at a BofA ATM. They only allow you to pay a BofA card with an external account when you do not have any deposit accounts open with them, so I've been having to withdraw money from my main account at Chase and then submitting payments at a BofA ATM.

Re: Effect of opening Bank of America checking account on credit card application

markbeiser — Wed, 17 Jul 2024 05:58:40 GMT

@NoMoreE46 wrote:
Thanks for thee insight @ScarlettHusky. Your warning I have bold highlighted - are you certian of this restriction?

It isn't true, you can absolutely use external accounts to make payments to BoA credit cards when you also have deposite accounts with BoA and Merrill.
You do have to connect them via Plaid, or manual verification via the 2 small deposites method via the payment center.
It is less intuitive and more steps to get going than other banks, but it does work.

Re: Effect of opening Bank of America checking account on credit card application

coldfusion — Wed, 17 Jul 2024 11:16:58 GMT

@markbeiser wrote:
@NoMoreE46 wrote:
Thanks for thee insight @ScarlettHusky. Your warning I have bold highlighted - are you certian of this restriction?

It isn't true, you can absolutely use external accounts to make payments to BoA credit cards when you also have deposite accounts with BoA and Merrill.
You do have to connect them via Plaid, or manual verification via the 2 small deposites method via the payment center.
It is less intuitive and more steps to get going than other banks, but it does work.

Can confirm that you are correct on all counts. Ability to do this has existed for years.

Re: Effect of opening Bank of America checking account on credit card application

FicoMike0 — Wed, 17 Jul 2024 14:19:33 GMT

Can you pay with a debit card?

Re: Effect of opening Bank of America checking account on credit card application

CreditKick — Wed, 17 Jul 2024 15:50:29 GMT

@markbeiser wrote:
@NoMoreE46 wrote:
Thanks for thee insight @ScarlettHusky. Your warning I have bold highlighted - are you certian of this restriction?

It isn't true, you can absolutely use external accounts to make payments to BoA credit cards when you also have deposite accounts with BoA and Merrill.
You do have to connect them via Plaid, or manual verification via the 2 small deposites method via the payment center.
It is less intuitive and more steps to get going than other banks, but it does work.

What are the initial steps to set this up?? I've been trying to connect my WF acct. With my BOA for a year... youtubed it, etc, but absolutely cannot do it!!

Re: Effect of opening Bank of America checking account on credit card application

NoMoreE46 — Wed, 17 Jul 2024 17:30:00 GMT

@CreditKick wrote:

What are the initial steps to set this up?? I've been trying to connect my WF acct. With my BOA for a year... youtubed it, etc, but absolutely cannot do it!!

Above is from the BofA app.

Re: Effect of opening Bank of America checking account on credit card application

villemiami — Wed, 17 Jul 2024 18:59:36 GMT

Thanks. I want to deposit $1500 to my Bofa checking account using my Wells fargo account, so I won't have to pay the $12 monthly maintenance fee. So I'm waiting for that (around 2 days) and then I will apply for a Bofa credit card.

Re: Effect of opening Bank of America checking account on credit card application

ScarlettHusky — Wed, 17 Jul 2024 22:22:45 GMT

@NoMoreE46 wrote:
Thanks for thee insight @ScarlettHusky. Your warning I have bold highlighted - are you certian of this restriction?

@ScarlettHusky wrote:
I opened my Safe Balance checking account back in the end of May for the same reason, really. When I opened the account, they had an offer (same one that is going on right now) where you deposit $2,000 via direct deposit within the first 90 days to get a $200 bonus. I had immediately set up my payroll at work to send $1,000 per pay period to my new BofA account so I would hit that threshold within a month. As soon as the second deposit cleared, I applied for the Alaska Signature Visa and was approved the next week after a anylist called to confirm it was me who applied due to a fraud alert on my credit report.

Even if you're not going for the new checking account offer, I would strongly suggest waiting 2-3 pay periods so that BofA can see a regular deposit history into the account before applying. One thing I do want to forewarn you, is that once you have a deposit account open you can either only pay a BofA issued credit card with that account, or pay with cash at a BofA ATM. They only allow you to pay a BofA card with an external account when you do not have any deposit accounts open with them, so I've been having to withdraw money from my main account at Chase and then submitting payments at a BofA ATM.

I've read about others being able to pay with an external account, but suddenly not being able to when they opened a BofA deposit account. I am unable to pay my AS visa directly from an external financial institution. I have to either transfer money from my main bank account at Chase to BofA via ACH, and then pay my credit card from my checking account, or what I have been doing is going to a Chase branch to withdraw at an ATM and the going to a BofA branch to pay with cast at an ATM.

Re: Effect of opening Bank of America checking account on credit card application

gingerflower — Thu, 18 Jul 2024 04:45:51 GMT

@markbeiser I agree

Re: Effect of opening Bank of America checking account on credit card application

coldfusion — Thu, 18 Jul 2024 11:43:08 GMT

@ScarlettHusky wrote:
I've read about others being able to pay with an external account, but suddenly not being able to when they opened a BofA deposit account. I am unable to pay my AS visa directly from an external financial institution. I have to either transfer money from my main bank account at Chase to BofA via ACH, and then pay my credit card from my checking account, or what I have been doing is going to a Chase branch to withdraw at an ATM and the going to a BofA branch to pay with cast at an ATM.

I wonder if from your Chase account you tried to set up your BoA account as payee using the wrong routing number as BoA literally has dozens of them. I've pushed payments to my cards successfully from both Fidelity and PNC within the last few months.

Re: Effect of opening Bank of America checking account on credit card application

NoMoreE46 — Thu, 18 Jul 2024 19:00:01 GMT

@coldfusion wrote:

Yes the big banks have many routing numbers.

I had an issue with the (WF) Routing number as provided from my Checks. I looked up another ABA and the alternative one finally went through.

Re: Effect of opening Bank of America checking account on credit card application

swankytiger — Sun, 21 Jul 2024 14:25:53 GMT

Yea you can pay your BoA credit card with an external account, It is a massive pita to set up and very unintuitive. I believe I had to do it via the bill pay section on the website. Honestly it was easier to have a Merrill account and move money to it and then pay from the Merrill account as it works like every other credit card app.