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BOA Credit Card underwriting

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Regular Contributor

BOA Credit Card underwriting

I was aware of the BOA 2/3/4 rule.

 

  • 2 BOA cards in a rolling 2-month period
  • 3 BOA cards in a rolling 12-month period
  • 4 BOA cards in a rolling 24-month period

But I was not aware that they put limits on other recent card openings too, along the lines of what Chase does.  Recently got rejected with excellent credit.  Reason:  "too many cards opened recently."

 

Will try again in branch once I become a preferred rewards member.  

 

Anyone else have this experience?

8-10% on Hotels
5-6% on Groceries
5% on Gas, Amazon, Home Utilities, Department Stores, Sporting Goods
4-5% on Restaurants and Bars
3% on Other Travel
2% on Everything Else
***************
Plus Ebates, BeFrugal, TopCashBack, etc.
Message 1 of 6
5 REPLIES 5
Valued Contributor

Re: BOA Credit Card underwriting

Nah, my excuse the last couple of times is I have too much credit available with them @ 65K on a single card.  

500K+ TCL / 800+ FCOs
Message 2 of 6
Senior Contributor

Re: BOA Credit Card underwriting

Having opened too many accounts recently is a justification all issuers use for denials, not just BoA/Chase, and the threshold applied is based upon each individual applicant's credit profile. 

 

How many new accounts have you opened in the last 6/12 months?

 

What do you mean when you say you have "excellent" credit?

 

BTW the BoA 2/3/4 rule only applies to BoA cards, unlike the Chase 5/24 rule which also applies to cards issued elsewhere.

 

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 3 of 6
Regular Contributor

Re: BOA Credit Card underwriting


@coldfusion wrote:

How many new accounts have you opened in the last 6/12 months?

What do you mean when you say you have "excellent" credit?


When I applied, it was 4 accounts in six months, 9 in twelve months.

 

Currently, it is 2 accounts in six months,  9 in twelve months.

 

In late July, it will be 2 in six and 6 in twelve.

 

In early October, it will be 0 in six and 4 in twelve.

 

Credit score 790-800 depending on the agency.

8-10% on Hotels
5-6% on Groceries
5% on Gas, Amazon, Home Utilities, Department Stores, Sporting Goods
4-5% on Restaurants and Bars
3% on Other Travel
2% on Everything Else
***************
Plus Ebates, BeFrugal, TopCashBack, etc.
Message 4 of 6
Senior Contributor

Re: BOA Credit Card underwriting


@Chiclets wrote:

@coldfusion wrote:

How many new accounts have you opened in the last 6/12 months?

What do you mean when you say you have "excellent" credit?


When I applied, it was 4 accounts in six months, 9 in twelve months.

 

Currently, it is 2 accounts in six months,  9 in twelve months.

 

In late July, it will be 2 in six and 6 in twelve.

 

In early October, it will be 0 in six and 4 in twelve.

 

Credit score 790-800 depending on the agency.


OK, so almost certainly no derogs.   BoA does factor in the overall bank relationship when evaluating applications so your idea of moving assets into BoA IMO would be a sound strategy.  BoA checking/savings/CD and Merrill accounts including IRA accounts count toward getting and keepping Preferred Rewards status.  That status starts at $20K of assets, they don't actually confer it until you have an average of $20K+ over 3 full consecutive calendar months, on IIRC the 1st Tuesday of the 4th calendar month.

 

Preferred Rewards status is calculated using an average based upon total deposits over the last 3 full months.  If you opened and funded an account in June I think your chances in early August would be improved, by early October pretty significantly so since you would have formal status and no cards < 6 months old.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 5 of 6
Super Contributor

Re: BOA Credit Card underwriting

The 2/3/4 rule only counts BOA cards, not all bank cards, and there is no way around it beyond waiting out the timeframes listed. Being a Preferred client doesn't seem to matter in those situations.

 

Too many new accounts is a common denial with many issuers, and it's likely you just need to take a breather for a few months.

Message 6 of 6
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