Bank of America Premium Rewards App Advice

[Aim_High]

I’ve been eyeing the BofA Premium Rewards card for awhile, reading other forum threads and learning about other’s apps, including approvals and denials.  I’ve learned this is mostly a “relationship card” that is apparently difficult to acquire for many.  I imagine this is due to the nice $500 (50K point) SUB as well as lucrative cash back at 2.625% on anything with Platinum Honors status in Preferred Rewards program.  It has often seemed that best odds of approval are after establishing some level of banking relationship if not investments.  This, in addition to having very good to excellent credit scores and other favorable credit factors.  

I currently only have a BofA Cash Rewards card that is a 19-year old account and a PC from a basic Bankamericard Visa.  In the past 12 months, it has grown from $33K to $50K and then $70K, all with relatively little usage.  High balance on that card several years ago was due to BT offers and a maximum of about $15K, long paid off.  I’ve been swiping the CR a little more often for past few months but not more than $100 per month, nothing big.  The last approval letter explained why they did not approve me for my even higher requested limit, included in part “We considered our relationship with you ...” Starting in 1998 and for about 15 years afterward until a divorce, I had active checking and savings accounts with them.  Other than the one card and the previous bank accounts, that is my whole relationship.  No mortgages, auto loans, Merrill investments, etc.  I had decided before I applied for Premium Rewards, I probably needed to reestablish a banking relationship and maybe even move some investments.  

Regarding apps and inquiries, I’ve added several new Chase

cards and a GS/Apple card in the past 24 months, so I

wondered if this would count against me on the approval.

Cards:  (personal) - 3/6 months, 4/12 months, 5/24 months. 

Cards:  (business) - 0/6 months, 1/12 months, 1/24 months.

Inquiries:   TU: 1/24 (1/6);  EQ:. 0/24.  EX:  5/24 (2/6; 4/12)

*EX is high since I’ve been applying with Chase and they only pulled EX.

I’ve been checking my “Card Offers” signed into my BofA website and/or mobile app and only seen two “offers for you” ... Bankamericard basic Visa and the Travel Rewards card.  No Premium Rewards.   So imagine my shock when I logged in today and saw those two PLUS the “Premium Rewards” in my offers!  I also went to the BofA website and filled out a preapproval form, got the same results including PR (although the APR showed a range, not a specific number.). This certainly looks to me like I have very good odds for approval now, or am I reading this wrong?

Before this happened, I was leaning towards getting some other non-Chase/Non-BofA cards, let them age, and then eventually coming back to BofA later when my file was cleaner and I had established banking relationship.  This apparent preapproval may change things, but I wanted opinions.   My dilemma is that not only do I want approval, but I also don’t want them to steal from the CR limit that I’ve worked hard to increase in past 12 months.  I have read about that happening at least twice to fund part of all of a new card.  So I wonder if I would get a PR card with new credit lines if I opened investment and banking accounts first, then applied?  

I’ve also heard though, that the approval is most important and limits can always be renegotiated later.  

What would you do?  Take this as a sign to go for it as-is?  Or wait awhile and setup new accounts first?   

I’m tagging several fellow My Fico’ers who previously expressed interest or knowledge in this card.  I know a few of you might have been denied but I think most were already approved for this card.  Thanks for your feedback, guys! 

@MaizeandBlue  @TSlop    @K-in-Boston   @FinStar  @UncleB @wasCB14  @imaximous  @credit_is_crack  @Turbobuick  @FieryFICO    @CreditCuriosity      @coldfusion   @VPExecutive

[CreditCuriosity]

I didn't see yours scores, but assume you are in the 800's?  Experian  specifically?  This has been my unicorn card have tried a frew times for it and denied several times most recently with a score of around 800 with 3 inquiries in the last year, but TONS of new accounts.  I tried to recon with an UW, but he said I had like 18 accounts in last 15 moths and I just had to kinda laugh and said I understand and value my relationship with you all with the 60k ML card and will dump some money in with you guys and try again in the future, he basically said cool and way a very nice guy.

With that said I think you have a good shot, but alot of people in the 800's+ with new accounts get shot down like myself.  You really don't have alot of new accounts is the thing.  I think banking/investment with BofA certainly helps.  Honestly I would say it is 50/50 even with a Pre-Qual.  I was pre-qual'ed for all their cards but the PR and was denied last time I tried as to many recent accounts I believe was the reason. 

If you want to be really safe open up a checking and dump 1500 in it for 3 months and you would be a shoe in IMO.  If you want to take a slight gamble it is only a HP and cost a few points use the pre-qual offer with set APR and roll the dice.  I personally believe they really target this card for people that have a relationship being some type of investment with them whether savings/checkings or merill account and it has only gotten tougher to get since launched so personally put a bit of money in checking for 3 months and wait it out if you want my honest opinion as I have been burnt by this card one to many times and read VERY VERY strong profiles on this forum and others being constantly turned down.  Just my 2 cents what I would do from my own experience with it. 

Sure @FinStar and @coldfusion and @K-in-Boston and others can put their thoughts in this thrad as well.

[coldfusion]

They will open a Premium Rewards card with just a $5K SL. 

When you say "Card Offers", did you have an offer after logging into your online account under "Special Offers and Deals" that allowed you to click through and apply?

Discount any results from the 'check for customized offers' link, those are best categorized as being invitations to apply and not preapprovals.

[Anonymous]

As someone that applied and got denied I can say the offers are just marketing at its best.  They don't hold water to any extent it's more dependent on what options you choose when filling out the form.  I had the offer for PR and thought WTH and went for it with a prime profile and existing 65K CL with them.

Everyone says PR is a relationship CC and from what I've seen it indeed is something BOA is looking for before forking over $500 on a new card unlike the others they offer.

As to all of the app rules they're not really a big deal like other banks as you mentioned.  The UW guidelines though are a bit of a mystery as to what threshold you need to be at to get approved for this one in particular as 800+ and a thick file didn't cut it.  As to what kind of cash you need with them to get an approval it could be $5 or $5M for all that matters.  Setting up a Checking account to get past the requirement of "banking" with them might be enough but, whether or not you need DD setup and functioning for a while might be a contingency to get past step 1 of the "check" they're doing before moving on in the process.

From the info you provided though in a normal application situation you would be 99% approved.  I would put money on them stealing some CL from the CR to open the PR though if you're not using it heavily i.e. $100/mo.  The sense I get with them + PR is it's about not just giving it up easy like Amex does with 50K bonuses on multiple cards.  I even got denied for a Savor for x/24 with the same profile.  There are some landmines for sure surrounding some of the premium cards in the marketplace for the past 2 years or so now.

The only real way to find out though is to submit the app and see what the result is since the magic 8 ball isn't working on this one.

[simplynoir]

This card for me and my fiancee was the hardest to get even surpassing my Crystal and AR approvals, and this was with a depository relationship to help out supposedly. For my application I think even with the necessary money needed to reach Platinum status my recent accounts when I was in the app craze back then didn't help and it took a couple of weeks to hear back from them on an approval. I thought my fiancee's application would be easier considering her credit report was more clean than mine but nope she got a "we'll let you know soon" message. So waited a few days before calling in and talking to their credit/application department to get that approved for her.

I think having a relationship helps but only if the money is good. If you're borderline a depository account(s) will probably push you over the top but I don't think it's necessary to get the card. Just be prepared for failure and be happy if you're successful.

[FieryDance]

Is the offer you saw under “Special Offers and Deals”, along with offers such as $600 Merrill accounts (there is $900 one btw), BankAmeriDeals, car loans, etc?  Because it is my believe if you see it there it is a true targeted offer. 

Shortly after I got my PR I started to pay more attention to CC offers and noticed I had a couple of BoA Business card offers with better than public SUBs shown under “Special offers and deals” and they were there for weeks.  Then, as soon as I applied for Chase Ink, within hours of the HP hitting Experian those offers disappeared.  That led me to believe offers under “Special Offers and Deals” were true individually targeted live offers and if you app armed with one of those you have great odds. 

And yes I think it’s more important to get approved first and worry about CL later.  (Tbh I am still not quite understanding the great obsession focus myFicoers seem to have on big CLs but I am sure I will eventually see the error of my ways. )  Also remember the airline credit is by calendar year so if you get the card within 2019 you can get an extra $100.  

[AllZero]

Nothing to add. I'm following along too.

[Aim_High]

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@CreditCuriosity wrote:

I didn't see yours scores, but assume you are in the 800's?  Experian  specifically? 

If you want to be really safe open up a checking and dump 1500 in it for 3 months and you would be a shoe in IMO.  If you want to take a slight gamble it is only a HP and cost a few points use the pre-qual offer with set APR and roll the dice.  I personally believe they really target this card for people that have a relationship being some type of in vestment with them whether savings/checkings or merill account and it has only gotten tougher to get since launched so personally put a bit of money in checking for 3 months and wait it out if you want my honest opinion as I have been burnt by this card one to many times and read VERY VERY strong profiles on this forum and others being constantly turned down. 

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Thanks, @CreditCuriosity!  I knew you had been declined and had troubles so not surprised of your cautious advice.  It does seem a difficult card, so I was surprised to see apparent preapproval.  

Yes, my FICO’s are basically 800+, listed in my siggy.  TU 847.  EQ 842.  EX 802 although it’s down a few points after I posted that.  Last update was 797 after all the Chase hits on it but I expect it to quickly rebound within next month or two.  Some cards are aging and inquiries will start to be unscorable soon.  Those are all FICO Bankcard Score 8’s.

I’m inclined to hold out longer, as I originally planned.  I may prioritize the PR card ahead of others, though, since it seems BofA may be agreeable to doing business if I reach out with new money.  

[Anonymous]

Go back here - ""As someone that applied and got denied I can say the offers are just marketing at its best.  They don't hold water to any extent it's more dependent on what options you choose when filling out the form.  I had the offer for PR and thought WTH and went for it with a prime profile and existing 65K CL with them.""

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@Aim_High wrote:

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Yes, my FICO’s are basically 800+, listed in my siggy.  TU 847.  EQ 842.  EX 802 -- Been there done that with the app and still declined w/ OFFER

I’m inclined to hold out longer, as I originally planned.  I may prioritize the PR card ahead of others, though, since it seems BofA may be agreeable to doing business if I reach out with new money.  Timing isn't the issue with this card it's your overall profile and the UW requirements that snag everyone on the approval.

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I went as far as digging through the approvals and figuring it woud be an approval based on the stats listed in the posts.  It's deceptively hard to get this card for some reason.  It's not impossible but, it's a task in itself.  You could go hide under a credit rock for a couple of years to avoid HP's and new accounts and still get shot down.  

I know people tend not to like the denial experience but, what ifs and pondering things just spends time on something that's going to be a yes/no situation that's not worth wasting time on.  The best and worst profiles around here have tried to get it.... It's one of those either you do or you don't hit the submit button.  Nothing ventured?  Nothing gained! (lost) 

[Aim_High]

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@coldfusion

When you say "Card Offers", did you have an offer after logging into your online account under "Special Offers and Deals" that allowed you to click through and apply?

Discount any results from the 'check for customized offers' link, those are best categorized as being invitations to apply and not preapprovals.

@FieryDance wrote:

Is the offer you saw under “Special Offers and Deals”, along with offers such as $600 Merrill accounts (there is $900 one btw), BankAmeriDeals, car loans, etc?  Because it is my believe if you see it there it is a true targeted offer. 

Shortly after I got my PR I started to pay more attention to CC offers and noticed I had a couple of BoA Business card offers with better than public SUBs shown under “Special offers and deals” and they were there for weeks.  Then, as soon as I applied for Chase Ink, within hours of the HP hitting Experian those offers disappeared.  That led me to believe offers under “Special Offers and Deals” were true individually targeted live offers and if you app armed with one of those you have great odds. 

And yes I think it’s more important to get approved first and worry about CL later.  (Tbh I am still not quite understanding the great obsession focus myFicoers seem to have on big CLs but I am sure I will eventually see the error of my ways. )  Also remember the airline credit is by calendar year so if you get the card within 2019 you can get an extra $100.  

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Thanks for that differentiation.  No, the “offer” wasn’t in “Special Offers and Deals” but when I went to “explore products” from tab at top of mobile app or at the bottom.  Notably, the PR card had *NOT* been visible to me on tab previously and now it is.  

After I checked, I happened to see something interesting.  Apparently they *ARE* encouraging me to set up an account to the point where I got a ‘targeted offer’ of a $300 bonus to set up an Advantage Checking Account with a $4K DD within 90 days.  Might be worth doing that and then coming back to PR card.  Get the $300 and then the $500 on PR plus whatever bonuses to transfer investments to Merrill.  Sweet ... probably over $1K and then the great rewards structure.    

Thanks for the reminder about the airline fee on calendar year.  

Yeah, we do like our high CLs.  One reason I started pursing higher limits, besides the better UTIL rates and flexibility, is that a credit monitoring service standard notation about why my score wasn’t higher might include that my highest limit at the time was less than other people with my scores or higher.  (At the time, my high limit was under $50K, I think $40K? Which I thought was a lot.). I never thought that it was that important to score.  Also, I have seen that higher limits helps lead to more high limits and ratchets up overall limits on cards, so I’ve been using that ‘leverage’.  

[Aim_High]

When you say "Card Offers", did you have an offer after logging into your online account under "Special Offers and Deals" that allowed you to click through and apply?

Discount any results from the 'check for customized offers' link, those are best categorized as being invitations to apply and not preapprovals.