BOA inquiry /new account sensitive like Citi/Chase?

[youngandcreditwrthy]

I'm considering going for a new BOA card, haven't had opened a new one in a very long time (9 years).

I would like to get a decent 0% offer and have some good cash back offers maybe or a SUB. I have been actively banking with them for about two years now with 10K+ deposits each month (I pay all my main bills from this account) and they constantly hound me with offers (meryll lynch, cc accounts - no pre approvals, investment products, etc)

Is BOA new account sensitive like Chase or inquiry sensitive like Citi? I have 16 inqs on my TU and 11 on Exp (I think they'll pull either or both) and within the last six months have opened four new accounts and have at least 3 in 6 on inquiries. FICO 8's right at 670 (student loan lates that I'm trying to resolve from 2018/2019 (where I thought they were retroactively put into good status from a forebearance I did) and that'll be something I try to get removed but will be gone in 1-2 years anyway. 

The last time I opened a BOA product I was able to get them to match my Amex lines at the time (30K ish) with a 705 FICO and I think I had like 7 inquiries for 24 months and only 1-2 new accounts in a year (before I realized I could be strategic with apps as well ie app spree). 

Thanks for any advice. Might be best I just hold off for 6 - 12 months. Rebuilding sucks, but I think I'll be 750+ this time next year

[CreditPoor]

Bank of America, like other financial institutions, considers various factors when evaluating credit applications. They look at factors such as your credit history, income, and debt-to-income ratio for the most part. Data points suggest 2 accounts in the last 3 months would be weighed heavily in consideration.

[nytokyobred79]

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@youngandcreditwrthy wrote:

I'm considering going for a new BOA card, haven't had opened a new one in a very long time (9 years).

I would like to get a decent 0% offer and have some good cash back offers maybe or a SUB. I have been actively banking with them for about two years now with 10K+ deposits each month (I pay all my main bills from this account) and they constantly hound me with offers (meryll lynch, cc accounts - no pre approvals, investment products, etc)

Is BOA new account sensitive like Chase or inquiry sensitive like Citi? I have 16 inqs on my TU and 11 on Exp (I think they'll pull either or both) and within the last six months have opened four new accounts and have at least 3 in 6 on inquiries. FICO 8's right at 670 (student loan lates that I'm trying to resolve from 2018/2019 (where I thought they were retroactively put into good status from a forebearance I did) and that'll be something I try to get removed but will be gone in 1-2 years anyway. 

The last time I opened a BOA product I was able to get them to match my Amex lines at the time (30K ish) with a 705 FICO and I think I had like 7 inquiries for 24 months and only 1-2 new accounts in a year (before I realized I could be strategic with apps as well ie app spree). 

Thanks for any advice. Might be best I just hold off for 6 - 12 months. Rebuilding sucks, but I think I'll be 750+ this time next year

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I've been with BoA for just about 13 months. Just to give you my recent experience as I just got my 3rd card with them in January. I think they have an unwritten rule that for new accounts you must be 3/12 and for existing account holders 5/12 ( not sure on 5/12). In any case, I was able to get my 3rd card in January and was at 4/12 for new accts and around 20 plus inquiries of which half were scorable. They pull EX in NY and most of my Fico8's/9's hovered in the 740-780 range. Hope these dp's help. 

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/BankAmericard-App-in-Review-then-Approval-5K-...

Edited: I should have asked if you still have your BoA card that you opened beforehand? My first response was an assumption that you already have a card with them. To add some more details, I opened my first card(s) with them when I was at 3/12 for new accts( Feb 2023) and had only around 3-4 inquiries on EX. My Fico scores were around 750-780 then. My UTI was around 2-4% as well. 

[CreditCuriosity]

Believe this rule is still the normal for people with good ficos/dti, etc..

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/

[CorpCrMgr1]

I'd sit back for the six to 12 months and then give it a shot!

[nytokyobred79]

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@CorpCrMgr1 wrote:

I'd sit back for the six to 12 months and then give it a shot!

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I tend to agree with @CorpCrMgr1  that you might want to wait a few months for your scores to get back above 700. Do you still have another BoA credit product or did you close it in the past? I don't have any Merrill products, etc so I can't speak to how much that would influence a decision considering the number of recent new accounts. When I app'd for my cards, I was at least, 0/6 on new accts. So that may be a bigger influence than the recent inquiries. 

[coldfusion]

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@nytokyobred79 wrote:

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@CorpCrMgr1 wrote:

I'd sit back for the six to 12 months and then give it a shot!

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I don't have any Merrill products, etc so I can't speak to how much that would influence a decision considering the number of recent new accounts.

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It could if you're someone who gets courtesy calls from Merrill FAs at the local financial centers, beyond that not really.

[youngandcreditwrthy]

Thanks everyone!

yeah three of my inquiries are from car shopping in August but only on TU. I have some inquiries falling off in the next few months as well as some accounts hitting the one year mark (i have a 9 year aaoa but not many of those accounts are still open due to my focus on paying off cc debt from 2014-2018)

I will just wait. I've been in this spot before.. and it's not that I wouldn't be able to obtain the credit I think, it's that I need to get my scores SOLIDLY in the 720+, more like 750.. or even 800 so that when I have an app spree or need some float, I can afford it without tanking my score. I have legit NEVER had 16 inquiries on any report LOL

I think my old BOA credit accounts are inactive tbh. I paid off 150k in cc debt back in 2014- 2018 (my score was at 790 I might add with all that debt hah) and stopped using all credit until aug 2023 when I went to the Mercedes dealer and got 7% interest (which was their lowest for my car and loan duration at the time) so started rebuilding then

I got denied for the Double Cash back in December for TWO inquiry related reasons LOL 1) Too many inquiries WERE recorded & 2) Too many inquiries ARE recorded (on your credit bureau)

I just have all these pre approvals and I'm going crazy!!! lol