Apply or wait- BofA cash rewards

[Meanmchine]

My opinion, go for it

Just ignore the BoA prequal tool.  Its totally useless

[CreditInspired]

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@Anonymous wrote:
Thanks creditsweeper and maizeandblue! So it sounds like I need to determine my aaoa and will possibly be approved.

No one seems to think there is any benefit to being a joint account holder on a 38 year old account as opposed to a new account? Please explain this because I don’t understand why it wouldn’t. As an FYI, i have no intention of using the bofa account. I’m looking at the primary benefit coming maybe 5 years from now having an open account of that age, no derogs. I see it as a potential asset. Also, Amex- should I pull the trigger on the 3x increase?

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There is no reason to become a joint owner as others have pointed out. But for me the reason is totally different. As an AU, you are not financially responsible for the account. Period. As a joint owner, you would be. Period!

So if your very old uncle become unable to pay the bill or was to pass with lets say a $22K balance on his $38K CL, you will be wholly responsible as a joint owner for repaying that balance. 

Yep, IMO being an AU is where I suggest you remain. 

[CreditInspired]

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@Anonymous wrote:

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@Anonymous wrote:
Thanks creditsweeper and maizeandblue! So it sounds like I need to determine my aaoa and will possibly be approved.

No one seems to think there is any benefit to being a joint account holder on a 38 year old account as opposed to a new account? Please explain this because I don’t understand why it wouldn’t. As an FYI, i have no intention of using the bofa account. I’m looking at the primary benefit coming maybe 5 years from now having an open account of that age, no derogs. I see it as a potential asset. Also, Amex- should I pull the trigger on the 3x increase?

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@Anonymous Credit cards generally do not have rights of survivorship.  What happens if/when your uncle is deceased?  As an authorized user you are already getting all the benefits of the age of the account (assuming it has started reporting to your credit reports).

You already have credit history dating back to 2012 and your student loans could be even older so its a puzzle why you'd want to be a joint account holder when you seem to already have a fairly healthy average age of accounts (anything above a 2 yr average is good).

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My thoughts exactly. I responded almost the same way. 

[Anonymous]

Thanks for all the feedback. I always learn something here. For starters I didn’t know anything over a 2 year average was good. I also took the suggestion from @MaizeandBlue and verified my aaoa and day it’s listed as 81 tu and 79 ex. I’m probably going to wait at least until next month when my balances are reported at zero before I apply for BofA and Amex 3x cli. The goal is to get the BofA and Amex cli and then garden until my negatives fall off in 2021. We shall see.

[PullingMeSoftly]

As a DP, i was recently denied due to too many INQ's and as a secondary reason not having a banking relationship with BofA (which when I recon'd the CSR said might have resulted in an approval). I was at the end of a spree, with my last approval being an Amex BCP (with a lower than normal SL). 

5 INQ's in one week and total of 11 in one month

Fico8's: EQ 839, TU 817, EX 822

Moral of the story would be to indeed hold off a bit

[Anonymous]

Thanks for the response @pullingmesoftly! I’m in no rush and can wait. I just thought it would be nice to have a really old card. It’s not a priority at all.