Bank of America Travel Rewards Approval

imaximous · ‎03-27-2020

Posting for DPs. Second approval this month.

Earlier this month, I posted an approval for the BofA Biz Cash Rewards card with a $20k SL and $500 SUB for $5k spend. Link to Thread

I met that SUB quickly and figured I'd try for a second BofA card. In the past, I'd been able to use the same HP for 30 days with BofA but on the personal side. I didn't think it'd still work based on more current DPs I read; or that I'd even be approved for a second card 3 weeks later, so I gambled and got approved after going pending for a day. No HP and a starting line of $8k and 13.74% APR after 0% promo for 9 months. Less than half my first approval, but all good considering how soon I applied again, and the fact that my total exposure with BofA is now $116,900.

I'm posting this info below from my other thread because some people may find it very valuable:

You can qualify for business Preferred Rewards right away by opening a new checking account and depositing the required amount for the tier within 30 days, and not wait for the average of 3 months. I didn't know that till I started getting upgraded to Gold > Platinum > Platinum Honors, and I had no idea why or how I qualified in less than 3 weeks. This info was sort of buried in a letter I received about the SUB offer, but there was no mention of it anywhere or even from the banker when I opened my biz checking account. I also don't know if this is a permanent feature.

I know many people are able to get approved for BofA cards without any banking relationship, but a year and a half ago, I was denied my first app for a biz card because of lack of deposits and having enough credit. The letter I received said something along those lines. I tried to recon a couple of times, offered to move credit from my other cards and still failed. I'd definitely start with a deposit account if you're having trouble getting approved for a card.

AllZero · ‎03-27-2020

Congratulations on your approval!

Anonymous · ‎03-27-2020

Great info! Thank you.

& Congratulations! to you on a successful approval.

M_Smart007 · ‎03-28-2020

Congratulations on your approval!

EverForward · ‎03-28-2020

Thank you so much for the additional information and DP! This is very helpful. And, congratulations on your second BofA business card.

I'm still early in my rebuild(12mo post Ch7 discharge) leaning towards opening some accounts, and a secured personal credit card, with BofA to lay foundation for business credit cards. I didn't burn them, so clean history, hopefully that would help?

Otherwise, I guess I'll have to look towards other business cards when my scores support it. I can app for a secured business card with my local bank, 1stBank of CO, tempting, but have the itch lately towards moving to a national bank. Will see.

NFCU cashRewads | $2,000 | February 2020

Capital One QuickSilver | $750 | February 2020

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imaximous · ‎03-28-2020

@EverForward wrote:
Thank you so much for the additional information and DP! This is very helpful. And, congratulations on your second BofA business card.

I'm still early in my rebuild(12mo post Ch7 discharge) leaning towards opening some accounts, and a secured personal credit card, with BofA to lay foundation for business credit cards. I didn't burn them, so clean history, hopefully that would help?

Otherwise, I guess I'll have to look towards other business cards when my scores support it. I can app for a secured business card with my local bank, 1stBank of CO, tempting, but have the itch lately towards moving to a national bank. Will see.

Thanks! You may need to wait some time before hitting the major banks for credit. One year out of BK7 is definitely early, and some banks are tougher than others. You may be able to get in with Discover, another Cap One card, and a few other BK friendly banks. Forget Chase till the BK is off your reports. Amex will take a minimum of 5 yrs if not burned, and there are some reports that Citi may let you in with a Costco card in less than 5 yrs but usually 7 yrs on all other legacy cards. BofA isn't the friendliest when it comes to BK, so establishing some type of relationship early will help in the future. Just be patient and you'll get there. I also went through the same.

EverForward · ‎03-28-2020

Thank you!! I appreciate the advice... very helpful.

I'll inquire further with 1st Bank, I have had pers and bus accounts with them now for 1+ yrs. Their secured card options don't sound so bad now, as long as they'll eventually graduate.

Thanks for the pointers, I've heard about CostCo. I read SYNCB can be forgiving(burnt them though). If there's a chance, I'd love to get a SamsClub Business MC, I spend way too much money there.

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simplynoir · ‎03-29-2020

Congrats on the approval there!

Anonymous · ‎03-29-2020

BTW I didn't see a mention of which Bureau they pulled? I know it an vary depending on location, just wondering because they pulled EX on the personal side for me.

imaximous · ‎03-29-2020

@Anonymous wrote:
BTW I didn't see a mention of which Bureau they pulled? I know it an vary depending on location, just wondering because they pulled EX on the personal side for me.

TU HP for the previous application earlier this month. No HP for this approval.

Last time BoA pulled EX for me was over 2 years ago. I just checked and the last 3 since 2018 were TU.