BOA Cash Rewards Denial PSA for Full-Time Students

[Anonymous]

Hi all, fairly new to the site, having just joined in originally for my post on the myFICO Fitness Challenge, and I have some slightly disappointing news to report, as well as a general PSA for any full-time students who apply for the Bank of America Cash Rewards card.

So a little story... As of earlier today, I had a $300 secured card via BOA and was denied for the Cash Rewards card. I recieved my letter of denial reason today, with this quote, "A sufficient number of accounts with us and/or our affiliates." My EX score was pulled according to the letter, reporting at 750. The secured card is the only credit card I have with them, so I called a credit analyst number for an explanation and possibly a reconsideration. However, according to the analyst, full-time students are limited to a rule of only 1 account being open, rather than the rule of 2 that they usually have. As a result, I decided to close my secured card account today, and will reapply in 6 months. According to my local application person inside the bank, applying again before that time will have a high likelihood of being denied and considered a duplicate app.

Now for some good news. Due to my sheer irritation with the issue, I applied for a Chase Freedom Unlimited card with the 1.5% cash back offer, and was auto-approved for a 2,300 SL. Win some, lose some i suppose lol.

[Anonymous]

Congrats on the Freedom approval! 

Credit apps generally expire after 30-45 days. I doubt you’d need to wait 6 months for it not to be considered a duplicate. Nevertheless, you’ll still be in a better position in 6 months. 

[Anonymous]

Hm that's odd, my local banker seemed so sure, anyone else have experience with re-applying for BOA after a denial, and the time in between?

My Experian report has 2 hard inquiries atm, but I will be getting the Ult 3B from myFICO once my paycheck comes through for added info. The only CR that the denial notice mentioned was EX, so maybe I can wait something more like 3 months and reapply since I only have 2 inquiries?

[SomewhereIn505]

Congrats on getting in with Chase keeping in mind their 5/24 rule!