BOfA Cash Rewards approval odds

[Anonymous]

I have a "relationship" with them, so I would qualify and be within the "7/12" rule, right? 

[FinStar]

Having a relationship helps, but keep in mind that the "7/12 rule" is only a guidance and not set in stone.  Also, this was published around Fall 2019 in a DoC article, and with today's lending environment, anything could change.

Per DoC article:

• Those who have a deposit account with Bank of America: 6 new cards in the last twelve months is tolerated. If you have 7 new cards in the past 12 months, your application will be denied.

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

[Anonymous]

I think you'd have to provide a lot more profile data to yield quality responses to your question.  The one piece of data you referenced is just a single tiny factor in what would be considered for your potential app.

[Doodlebug30]

Without knowing how many new accounts you have or anything about your profile, I can tell you that BOA can be touchy. Having a relationship with them does help and if your seeing any "special offers" then you may have a good chance. I will say they arent crazy about tons of new accounts or baddies. I was approved with student loan lates that were 6 years old at the time but they flat out refuse to give me a limit increase until those are gone. So ill sit at the 2k they started me at until atleast july. But, i did get an approval none the less. I only had 1 new account 6 months prior to my app when i applied with them. My scores were about 700 at the time as well. 

[Anonymous]

• FICO 8 Scores: Experian 793, Transunion 785, Equifax 803
• FICO 9 Scores: Experian 808, TransUnion 785, Equifax 822
• Inquiries: Experian 3 (2019), Equifax 2 (Jan 2020), TransUnion 7 (2019)
• Oldest credit card account age: 2 years 6 months
• Youngest credit card account age: Amex Gold | Nov 2020
• Number of credit cards approved for in the past 6 months: 3
• Number of credit cards approved for in the past 12 months: 4
• Number of credit cards approved for in the past 24 months: 8
• Annual income $100k+

[JR_TX]

50/50 I think.

You're high scores will be negated by your relatively young credit history and the number of recently opened accts with an AAoA I'm assuming in the vicinity of 12-14 months?

But Good Luck though if ever you do decide to app. We're all pulling for you!!

[Meanmchine]

Good luck with BoA !

[Oops_I_Did_It_Again]

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@Anonymous wrote:

• FICO 8 Scores: Experian 793, Transunion 785, Equifax 803
• FICO 9 Scores: Experian 808, TransUnion 785, Equifax 822
• Inquiries: Experian 3 (2019), Equifax 2 (Jan 2020), TransUnion 7 (2019)
• Oldest credit card account age: 2 years 6 months
• Youngest credit card account age: Amex Gold | Nov 2020
• Number of credit cards approved for in the past 6 months: 3
• Number of credit cards approved for in the past 12 months: 4
• Number of credit cards approved for in the past 24 months: 8
• Annual income $100k+

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Your credit profile looks very similar to mine,  but with somewhat higher scores.  I applied recently and got instant approval and a pretty decent CL (for me), $6,000.

I had opened a checking account about 9 months earlier.   6 months after opening the checking they began sending what I'm pretty sure were pre-screened offers by mail, and they kept sending them continuously.  I'm still getting them, even though I already applied!

 The mailers  had verbiage on page 2 terms to the effect that they would guarentee approval of a Cash Rewards so long as my credit profile had not changed substantially. 

But I didn't quite trust the mailers, which weren't designated as pre-selected, pre-approved or 'invited to apply' or include a fixed interest rate or specific CL.  A myFico member, @coldfusion maybe, had responded to a post asking pretty much what you are assking told me that the only BofA offer that was really solid was when offered as 'Special Deals' (button) within login of BofA account page.  So I held off, waiting for the tea leaves to be a little more legible.

After another two months, the with icon "Special Deals" linked to an offer for the BofA Cash Rewards.  There was no fixed interest rate or credit line indicated, but this seemed to be about as clear an indication as I was likely to get so I applied, was instantly approved for $6K.  I had 4/12 new accounts, inquires 2/12 EX, 1/12 EQ, 1/12TU, and Fico EX 763 (and just about the same on TU and EQ), AAoA = 1Y4M, AoOA=2Y6M

I can't see why they would approve me and not approve you.  Our profiles are really almost identical except yours is better. Still, as always, YMMV --  no tar and feathers if they turn you down!

Note: I didn't see you have 7 INQs on TU.   I don't know which report they will pull for you.  I think some banks probably do 1 hard pull and then soft-pulls on the other two, so they may see those inqs on TU.  The 7/12 "rule" is not hard and fast, and I think applies to new CC accounts only, according to reports.  Your 4/12 new accounts, which should be OK. But if you really want to be more certain of approval, maybe wait till at one or more of your TU inquires falls off.

[coldfusion]

Could have been me, or it could have been @FinStar that pointed out the relative reliability of BoA "pre-approvals" based upon how they're delivered.  Just can't remember off the top of my head.

One comment: the 7/12 guidance is relative to new accounts, not hard inquiries.  BoA most commonly HPs Experian for new accounts and SPs TU for CLIs but they sometimes will HP TU or EQ in response to an application for a new account.

[Anonymous]

Is this just marketing? As another poster stated, there's no fixed apr etc.