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Bank of America Cash rewards Denied

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Bank of America Cash rewards Denied

Hello I'm new to the forum and it's my first post! I tried to check if anybody had talked about this before submitting this but I couldn't find anything do here goes..
I recently applied for the Bank of America cash rewards credit card and got denied due to "too many new open accounts" and that I didn't have any account with bank of America.
I asked the representative if I created a checking account with them if they can reevaluate and she said of course that could help with a approval.
Does anybody know if I create a checking account with bank of America I have a chance to get approve?
13 REPLIES 13
Contributor

Re: Bank of America Cash rewards Denied


@Jdcolombia1 wrote:
Hello I'm new to the forum and it's my first post! I tried to check if anybody had talked about this before submitting this but I couldn't find anything do here goes..
I recently applied for the Bank of America cash rewards credit card and got denied due to "too many new open accounts" and that I didn't have any account with bank of America.
I asked the representative if I created a checking account with them if they can reevaluate and she said of course that could help with a approval.
Does anybody know if I create a checking account with bank of America I have a chance to get approve?

Hello there, welcome. I'm sure if you included more info, you will get some useful advice.

Starting score 6/19 TR 567 Ex 589 EQ 540
7/19 TR 620 EX 595 EQ 577
8/19 TR 643 EQ 614 EX 612
Goal: 680 by 12/19
Message 2 of 14
New Visitor

Re: Bank of America Cash rewards Denied

So the representative told me that I was denied because I had 3 new open accounts in the last 6 months and the other reason was that I had no relation with Bank Of America (like having a checking/ savings account) I asked her if I created a checking and saving account with them if it helped my chances of having the application approved. She said yes... Is this true? I just created both accounts.
Message 3 of 14
Valued Contributor

Re: Bank of America Cash rewards Denied


@Jdcolombia1 wrote:
Hello I'm new to the forum and it's my first post! I tried to check if anybody had talked about this before submitting this but I couldn't find anything do here goes..
I recently applied for the Bank of America cash rewards credit card and got denied due to "too many new open accounts" and that I didn't have any account with bank of America.
I asked the representative if I created a checking account with them if they can reevaluate and she said of course that could help with a approval.
Does anybody know if I create a checking account with bank of America I have a chance to get approve?

Welcome Jdcolombia1!  Can you elaborate on your account history over the last year, such as how many accounts / with what lender / for what amount were opened and the date opened?  This will at least help many of us get a better understanding of BoA's stance on that comment.  It likely doesn't mean you had too many accounts with them, but rather the opposite across other lenders on your reports.



Message 4 of 14
New Visitor

Re: Bank of America Cash rewards Denied

Okay so I have 8 credit cards in total.
I have 2 credit cards with Capital one (Quicksilver and SavorOne), 3 credit cards with Chase (Freedom, Freedom Unlimited, Amazon visa), 1 Citi bank (double cash rewards), 1 Amex (Blue Cash) and 1 Discover ( Discover it).

A month ago I got the Savorone (Cp1) and Discover it credit card. The Amex bluecash and Citi double cash credit cards have 10 months.

So I don't have a relation with Bank of America at all. I just created A checking and savings account with them.
Message 5 of 14
Valued Contributor

Re: Bank of America Cash rewards Denied

The whole banking relationship excuse is hogwash!

 

I don't have a banking / transactional relationship w/ ANY of my card issuers and it hasn't been an issue.

 

I have cards with all of the big banks and they're probably my highest limits w/o a relationship.  Significantly higher than my CU accounts.

 

Combined It's probably about 275K between Chase, BOA, AMEX, Disco, and Barclay's. 

 

BOA products suck but the CC/ CL's are pretty nice.

500K+ TCL / 800+ FCOs
Message 6 of 14
Senior Contributor

Re: Bank of America Cash rewards Denied

Did you get a letter from Bank of America giving the reasons for the denial?  If you did, in what order were the reasons for denial listed?

 

You don't need a banking relationship with Bank of America to be approved for their credit products.





Message 7 of 14
Community Leader
Super Contributor

Re: Bank of America Cash rewards Denied


@Jdcolombia1 wrote:
Hello I'm new to the forum and it's my first post! I tried to check if anybody had talked about this before submitting this but I couldn't find anything do here goes..
I recently applied for the Bank of America cash rewards credit card and got denied due to "too many new open accounts" and that I didn't have any account with bank of America.
I asked the representative if I created a checking account with them if they can reevaluate and she said of course that could help with a approval.
Does anybody know if I create a checking account with bank of America I have a chance to get approve?

Hi and welcome to MyFICO

 

IMHO, I dont think having a banking relationship will help—I mean unless you were opening accounts with say $100K+, maybe. 

 

BOA sees your opening several accounts as a credit-seeking behavior. I suggest gardening 12 months and try again if this is a card you really want. 

GOALS: Garden til APR 2020 and 800 Club


DEC 2019: EX 811, TU 797, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 14
Established Contributor

Re: Bank of America Cash rewards Denied


@Jdcolombia1 wrote:
Okay so I have 8 credit cards in total.
I have 2 credit cards with Capital one (Quicksilver and SavorOne), 3 credit cards with Chase (Freedom, Freedom Unlimited, Amazon visa), 1 Citi bank (double cash rewards), 1 Amex (Blue Cash) and 1 Discover ( Discover it).

A month ago I got the Savorone (Cp1) and Discover it credit card. The Amex bluecash and Citi double cash credit cards have 10 months.

So I don't have a relation with Bank of America at all. I just created A checking and savings account with them.

Fairly nice line up of cards you have there, counselor. Why are you so fired up for the BOA cash rewards card?



“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 9 of 14
Valued Contributor

Re: Bank of America Cash rewards Denied


@mikesonthemend wrote:

@Jdcolombia1 wrote:
Okay so I have 8 credit cards in total.
I have 2 credit cards with Capital one (Quicksilver and SavorOne), 3 credit cards with Chase (Freedom, Freedom Unlimited, Amazon visa), 1 Citi bank (double cash rewards), 1 Amex (Blue Cash) and 1 Discover ( Discover it).

A month ago I got the Savorone (Cp1) and Discover it credit card. The Amex bluecash and Citi double cash credit cards have 10 months.

So I don't have a relation with Bank of America at all. I just created A checking and savings account with them.

Fairly nice line up of cards you have there, counselor. Why are you so fired up for the BOA cash rewards card?


This was my thought as well... It seems you have all the bases covered? BCE for gas and grocery, SavorOne for dining and entertainment, Amazon Visa for.... Amazon, 5% categories with Freedom and Discover, and Citi DC for a daily driver. BoA AAA Rewards will give you 2X at Costco if you spend a lot there, but otherwise Cash Rewards is going to be redundant to cards you already have.

 

If anything, I'd cool my jets for a while, then try for Sapphire Preferred to compliment your Freedom/Freedom Unlimited, then work on growing the credit limits in the garden.

Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Discover ($22.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($67.6K), Paypal credit ($7.8K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 10 of 14
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