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BoA 5/24 ish rule?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Contributor

BoA 5/24 ish rule?

Just applied for my parent's restaurant business and was declined the Alaska card cuz of 'too many new accounts'.  Basically, i have opened 5 cards since 2018 and they declined me for it due to that reason.  Is there any data points of BoA moving towards this route?

EX: 765
EQ: 760
TU: 758

Discover it 6/2014 -> $14900
Citi Costco 8/2014 -> $2100
AMEX EDP 2/2017 -> $2000
Chase CFU 6/2017 -> $5000
Chase IHG 7/2017 -> $2400
Chase SW Priority 9/2017-> $2000
Chase SW Premier 3/2018 -> $5000
AMEX Platinum 3/2018 -> NPSL
AMEX BBP 5/2018 -> $9000
Citi AA Biz 7/2018 -> $5000
Barclays AA Biz 7/2018 -> $2500
AMEX SPG Biz 9/2018 -> $10000
Citi Premier 10/2018 -> $5500


Avianca Vuela 11/2018 $5200
Chase Sapphire Preferred 01/2019 $6700
Message 1 of 6
5 REPLIES 5
Valued Contributor

Re: BoA 5/24 ish rule?

Bank of America  values relationships especially Business Depoist Accounts 

What was the Personal Guarantors Credit Score (and where did you obtain it)

 

Did you call to recon?

 

Did they offer the secured business counteroffer?







Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 2 of 6
Valued Contributor

Re: BoA 5/24 ish rule?


@kuso29 wrote:

Just applied for my parent's restaurant business and was declined the Alaska card cuz of 'too many new accounts'.  Basically, i have opened 5 cards since 2018 and they declined me for it due to that reason.  Is there any data points of BoA moving towards this route?


I opened a lot more than 5 cards since 2018.  And approved for both personal and business cards this year.  The limits on your cards listed in your signature are pretty low.  Why is that with your high scores?  Do you have a checking or savings accout with B of A? That seems to help. 

More cards than I can mention in a signature.
Message 3 of 6
Contributor

Re: BoA 5/24 ish rule?

To answer both questions, hopefully. I don't have any accounts with BoA, haven't called reconsideration yet, I will wait until after the 17 of March as that is when my AMEX Platinum is past one year old, that will put it to 3 cards in the past year vs 5 when they were going over my account this past Tuesday. 

 

They did counterofffer with a secured card, though i didn't ask if it was an Alaska one or something along the lines of the Cap 1 Plat.  If it were along the lines of the Plat, there is some scripe that I have with it: (1) people open the Plat to improve their score, opening biz cards don't report to personal credit so that doesn't help with me with my 750 score from TU that was pulled; (2) if the secured card earns no rewards, whats the point of having it, the bank makes the interchange fee and you get nothing, not even the benefit of increasing your own credit score.  Though you may argue that it helps establish a relationship with BoA, but honestly, I rather just open a plain CD than do the secure card, that's my 2 cents for why I would not open the secure card. 

 

I am a grad student and opened the card for my parent's biz as they don't want to deal with CC so I may as well open it for my own benefit if they are actually going to use it for their purchases.  

EX: 765
EQ: 760
TU: 758

Discover it 6/2014 -> $14900
Citi Costco 8/2014 -> $2100
AMEX EDP 2/2017 -> $2000
Chase CFU 6/2017 -> $5000
Chase IHG 7/2017 -> $2400
Chase SW Priority 9/2017-> $2000
Chase SW Premier 3/2018 -> $5000
AMEX Platinum 3/2018 -> NPSL
AMEX BBP 5/2018 -> $9000
Citi AA Biz 7/2018 -> $5000
Barclays AA Biz 7/2018 -> $2500
AMEX SPG Biz 9/2018 -> $10000
Citi Premier 10/2018 -> $5500


Avianca Vuela 11/2018 $5200
Chase Sapphire Preferred 01/2019 $6700
Message 4 of 6
Contributor

Re: BoA 5/24 ish rule?

Apparently BoA cited that I had too many inquiries on my TU report, 4, what a joke!  Seriously, 4 is a lot within the last year? 

 

They continued to push for the secured card, but then I refuted what are the benefits for me and the rep stated that it would benefit me using plastic vs cash and that there was no such benefit in trip protection, extended warranty, etc.  Basically, the bank would benefit from interchange fees made by my purchase without any benefit for me.  This btw is a business secured so there really is no benefit personally, i feel that BoA is one of th worse banks out there and have no idea why AS would partner with them. 

 

I ocasionally get the mailers for the AS personal card, now i will probably do what a good amount of people do with these apps is send it back with a punch of flyers stuffed in to make it extra heavy and for them to pay for the postage back.

EX: 765
EQ: 760
TU: 758

Discover it 6/2014 -> $14900
Citi Costco 8/2014 -> $2100
AMEX EDP 2/2017 -> $2000
Chase CFU 6/2017 -> $5000
Chase IHG 7/2017 -> $2400
Chase SW Priority 9/2017-> $2000
Chase SW Premier 3/2018 -> $5000
AMEX Platinum 3/2018 -> NPSL
AMEX BBP 5/2018 -> $9000
Citi AA Biz 7/2018 -> $5000
Barclays AA Biz 7/2018 -> $2500
AMEX SPG Biz 9/2018 -> $10000
Citi Premier 10/2018 -> $5500


Avianca Vuela 11/2018 $5200
Chase Sapphire Preferred 01/2019 $6700
Message 5 of 6
Frequent Contributor

Re: BoA 5/24 ish rule?

Inquiries is not the real reason.  It's the easy reason to give when there are other things they prefer not to address.

 

Message 6 of 6