Approval Odds: Bank of America Cash Rewards

Anonymous · ‎03-24-2018

I am wanting to get one more credit card (if possible) before I garden for the next year. My reason in doing so is because I travel a lot and want to get either a Mastercard or Visa. I currently have a Discover IT and Amazon Store card.

FICO 8 Scores:

TU: 709

EQ: 716

Age of Oldest Account: 8 months

AAoA: 4 months

HP: 2 or 3 (depending on report)

I have a checking account with BofA and I have a pre-qualified offer for this card. I imagine my AAoA may potentially hold me back from new accounts right now. Am I okay or should I get it up maybe closer to 6-8 months? Thanks!

Anonymous · ‎03-25-2018

I was declined when My Fico 8 score was 732 and my AAoA was 7 months. I used to have checking account with them and closed it before i applied. I wouldn't recommend you to apply

Anonymous · ‎03-25-2018

I did not have a BofA DDA accounts and when i cold app a few months ago i got turned down due to too many new accounts. I opened about 8 in a matter of months. I waited a few months i want to say about 7 months and those new accounts were a yr old at the time my profile did not fully support a lot of new accounts. I did a pre qualify and i decided to pull the trigger on the Visa cash rewardsd got approved an for 5K. They have always pulled EX for new account and TU for HP CLI for me, i live in central FL I wish i would have known that if they HP your HP can be re used within 30 days again without a new inquiry. I waited 90 days and app for the Banimericard and was approved for 9K and also the travel MC for 9K with just the 1 HP. I had 2 HP from them in 90 days and then did CLI had 2 TU HP and now i am at my current limits. Good luck hopefully this helps you out a bit to make a decision.

At the time I had my EX fico 8 at 747 with AAoA being 4 yr 8 mo with 20 inquiries 14 within 12 months.

pinkandgrey · ‎03-25-2018

I tried for that one when my AAoA was higher than yours, and was denied due to “too short of a credit history.” But as we all know, credit apps are an unpredictable beast. Good luck!

Capital One Venture X : 30k
Amex Cash Magnet: 24.4k
Fidelity Visa: 21.5k
Apple Card: 16k
Discover It: 6.5k

egghead88 · ‎03-25-2018

BofA is a relationship bank. Based on your score, I would highly suggest you apply.

If by chance they denied your request, call them for a recon immediately. They likely will approve you if you have had a positive relationship with them.

Good Luck!!