topic Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule in Credit Cards

BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

CreditCuriosity — Tue, 24 Sep 2019 18:46:27 GMT

Found this little gem(not) on DOC site about BofA new CC rules. Not near as strict as chase, but another one is byting the dust it appears. With that said when a recession happens then card issuers will once again relax rules such as 5/24 and whatever else to drum up new business, but while the economy is rocking new rules will continue to be made which is fine for me for the time being as I must garden even though I am being forced to due to all these new rules . I can live with these rules as not near as harsh as Chase's

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

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient that Chase 5/24 rule

FinStar — Tue, 24 Sep 2019 18:42:13 GMT

More rules? lol 😄 Thanks for sharing @CreditCuriosity. So, as has been previously known, relationship can play a role to an extent. And, an interesting DP shared from DoC/Reddit:

§If you have $250k+ with Bank of America, you may be able to bypass the 7/12 rule.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient that Chase 5/24 rule

K-in-Boston — Tue, 24 Sep 2019 18:43:46 GMT

At least for those of us with one or more BoA/ML/ME accounts, it's pretty easy to live with. And no matter what the number, x/12 is always easier to work around than x/24. I still like the original typo version, though:

A new report indicates that Bank of America will only approve new credit card applicants who have more than 7 new cards opened in the past 12 months.

That would be quite an incentive and they could easily find their target audience here on the myFICO Forums.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient that Chase 5/24 rule

kdm31091 — Tue, 24 Sep 2019 18:54:44 GMT

Realistically it was only a matter of time before more and more banks do 5/24 type things. This 7/12 is a much more manageable and reasonable rule IMO

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Aim_High — Tue, 24 Sep 2019 19:21:15 GMT

@CreditCuriosity wrote:
Found this little gem(not) on DOC site about BofA new CC rules.
https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/

Thanks @CreditCuriosity! Interesting update on rules.

Frankly, I don't blame the banks for setting these limits, even though they brought the situation on themselves to some degree with the lucrative SUB offers to attract new business. Personally, I don't apply for cards purely for SUBs and I don't chase SUBs with banks I don't plan to keep doing business with but I know many are different. I'm rather horrified when I see some newer My Fico'ers with young, thin files and a dozen or more inquiries in the past year! Eight to 12 new cards open with many different banks and they are still apping. IMO, there's a lot to be said for having a long-term thought process about credit applications and what I'm adding to my wallet. I like keeping my inquiries low and spread out, currently 1, 0, and 5.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

FieryDance — Tue, 24 Sep 2019 20:24:54 GMT

Wonder if business cards or store cards count toward the 7?

I too, think the rule is quite reasonable even though it might have just disqualified me if the answer is yes to both. Anyway waiting for a year to get the Cash Rewards card won’t kill me.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Aim_High — Tue, 24 Sep 2019 20:36:29 GMT

@FieryDance wrote:
Wonder if business cards or store cards count toward the 7?

I imagine it's like the Chase 5/24 rule when it comes to business cards. They normally do not show up on your personal credit report and that is all that counts.

With 5/24, you had to be under it to get approved for a Chase INK business card; however, once approved, that INK card did NOT count against you for total cards in 5/24 because the INK wasn't reported on personal report.

I think any revolving account from any lender (including store or business) is what they'll be looking at. And probably like Chase, they will exclude installment loans, auto, mortgage etc.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

gdale6 — Tue, 24 Sep 2019 22:43:56 GMT

@Aim_High wrote:
@CreditCuriosity wrote:
Found this little gem(not) on DOC site about BofA new CC rules.
https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/
Thanks @CreditCuriosity! Interesting update on rules.

When I see some newer My Fico'ers with young, thin files and a dozen or more inquiries in the past year! Eight to 12 new cards open with many different banks and they are still apping.

When I was young there I had typically 50 inquiries on file at any time and multi cards in my pocket, back then limits were 500 to 1.5K. Took a lot of apps to get a good amount of credit. BofA was the hardest to get at that time, was denied prob 20 times just for inquiries alone.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

pizza1 — Wed, 25 Sep 2019 01:56:32 GMT

LOL!! Im 6/12. Even my denied CLI request state no banking relationship. Maybe I should open up a deposit account

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

SEAlifer — Wed, 25 Sep 2019 02:07:21 GMT

Thanks for sharing! Good to know!

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Aim_High — Wed, 25 Sep 2019 02:36:35 GMT

@gdale6 wrote: "When I was young there I had typically 50 inquiries on file at any time and multi cards in my pocket, back then limits were 500 to 1.5K. Took a lot of apps to get a good amount of credit. BofA was the hardest to get at that time, was denied prob 20 times just for inquiries alone."

But ... weren't the denials and numerous inquiries leading to even more denials and inquiries when you kept apping? It seems like not stopping to reevaluate and regroup created the cycle and sustained it.

Maybe I was different. My limits were fairly low but they weren't quite that low. My credit needs were modest and I had a healthy respect and fear of misuse of credit cards. And there weren't such a collection of cash-back and rewards cards back then. We didn't need a dozen cards. I had more credit than I needed because I usually PIF anyway, and then with just a few total cards getting regular use and PIF, they just naturally grew slowly over time ... all by themselves for the most part. I don't know, but I think that is the way it's supposed to happen ... and it's what I always suggest to young, thin files, not app-spreeing in a panic like the cards are going to be sold out if they don't get them all immediately.

I think the proliferation of information on the internet today combined with the competition in the industry as reflected by the SUBs and rewards systems has created an undue urgency as well as a sense of confusion with young adults today just starting out with credit. That's why I often encourage them to remember my adage, "Remember it's a marathon, not a sprint."

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

UncleB — Wed, 25 Sep 2019 06:50:50 GMT

If I were to open a savings account with BoA I would get an extra $40/year from my two BBRs, which admittedly would be a nice return on a $300 investment. I've always held off, though, since I didn't like the idea of having $300 locked away in perpetuity.

It looks like if I plan to get another BoA card in the near future I might have to reconsider that, though.

Also ironic... I've usually been quick to say that having a small amount in a deposit account doesn't make a difference when it comes to approvals, and while I still think that's the case with the majority of banks it's interesting that BoA might be an exception. Of course the 'rule' is still young and we might not know everything just yet.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

redpat — Wed, 25 Sep 2019 13:11:13 GMT

These new rules do put the damper on credit card hobbyists looking for SUBS and having a bucket list w/ some lenders.

For some of us these new rules don't matter.

Thank you Amex for changing your existing cards and not coming out w/ new MR cards.

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

CreditCuriosity — Wed, 25 Sep 2019 13:31:52 GMT

@redpat wrote:
These new rules do put the damper on credit card hobbyists looking for SUBS and having a bucket list w/ some lenders.

For some of us these new rules don't matter.

Thank you Amex for changing your existing cards and not coming out w/ new MR cards.

@redpat lol that bucket list is directed at me, but all good . This is honestlu a pretty easy rule to fall under especially since I do have a depository account with them

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

redpat — Wed, 25 Sep 2019 13:53:59 GMT

@CreditCuriosity wrote:
@redpat wrote:
These new rules do put the damper on credit card hobbyists looking for SUBS and having a bucket list w/ some lenders.

For some of us these new rules don't matter.

Thank you Amex for changing your existing cards and not coming out w/ new MR cards.
@redpat lol that bucket list is directed at me, but all good . This is honestlu a pretty easy rule to fall under especially since I do have a depository account with them

Lol CC. We all have bucket lists and the one I having the most trouble w/ is finding two Nurses that will........

No not you CC it was at 12.....Something or other....lol!