I've had an account with BofA / Merrill since 2015. Preferred rewards platinum honors. All bureaus 780+. Currently have 5 hard inquiries, 4 new accounts (2 installment, 2 credit cards) in the past 12 months, card utilization < 5%. Don't wanna waste an HP if those inquires and new accounts would result in a denial. Thoughts?
@1LostArk wrote:I've had an account with BofA / Merrill since 2015. Preferred rewards platinum honors. All bureaus 780+. Currently have 5 hard inquiries, 4 new accounts (2 installment, 2 credit cards) in the past 12 months, card utilization < 5%. Don't wanna waste an HP if those inquires and new accounts would result in a denial. Thoughts?
I personally would go for it, but I don't sweat HPs. I got mine when I was 3/12 (CF, Google financing account and a furniture store account). I've been with Merrill Lynch since about 2011.
@1LostArk wrote:I've had an account with BofA / Merrill since 2015. Preferred rewards platinum honors. All bureaus 780+. Currently have 5 hard inquiries, 4 new accounts (2 installment, 2 credit cards) in the past 12 months, card utilization < 5%. Don't wanna waste an HP if those inquires and new accounts would result in a denial. Thoughts?
With those stats, @1LostArk, I think an approval is likely for you. They do like relationship with that card to discourage churners, but you've easily got that covered. As a banking client, you would fall under their 7/12 rule for new accounts versus 3/12 as a non-account-holder. But the installment loans shouldn't count against you for that anyway, just the new credit cards. Your FICOs are great, so no problem there either.
If you're Platinum Honors, the 2.625% on everything and 3.5% on dining/travel (uncapped) is a great return.
@1LostArk wrote:I've had an account with BofA / Merrill since 2015. Preferred rewards platinum honors. All bureaus 780+. Currently have 5 hard inquiries, 4 new accounts (2 installment, 2 credit cards) in the past 12 months, card utilization < 5%. Don't wanna waste an HP if those inquires and new accounts would result in a denial. Thoughts?
I would say your chance of getting this card is better than average! Question is, what would be your SL? 🤔
@CYBERSAM wrote: I would say your chance of getting this card is better than average! Question is, what would be your SL?
I considered the same thing, @CYBERSAM. If not mistaken, I believe the Premium Rewards would have a minimum SL of $5K as a Visa Signature, although they often start higher. But one prerequisite for approval, besides FICO and relationship with BofA, would probably be having other cards at least at $5K+ so I considered that when I responded. I did note that OP has a Customized Cash Rewards with CL of $13K and two Chase cards at $19K and $19.5K (the highest limit cards.) My educated guess for his SL would be $12K to $21K, depending on income and debt repayment calculations.
As an aside, @1LostArk, may I offer a suggestion on your lineup? You have two cards that just don't belong in your current lineup that were probably some of your first cards. The Capital One Platinum ($750 CL) and the Credit One Platinum ($1250 CL) are probably no longer needed now that you have much better cards. That's especially true if either has annual fees. If you close them, that would leave the Chase Amazon Visa at $2K as your lowest card. If you wanted to take it a step farther, you could easily pump up that Amazon limit a little with small CL transfers from CSP ($19.5K) or CFU ($19K) or CFF ($5.4K). Your lowest limit card then would be the Capital One Venture One at $3K. Just a thought. Looking forward to seeing how your application turns out! Keep us posted!
@Aim_High wrote:As an aside, @1LostArk, may I offer a suggestion on your lineup? You have two cards that just don't belong in your current lineup that were probably some of your first cards. The Capital One Platinum ($750 CL) and the Credit One Platinum ($1250 CL) are probably no longer needed now that you have much better cards. That's especially true if either has annual fees. If you close them, that would leave the Chase Amazon Visa at $2K as your lowest card. If you wanted to take it a step farther, you could easily pump up that Amazon limit a little with small CL transfers from CSP ($19.5K) or CFU ($19K) or CFF ($5.4K). Your lowest limit card then would be the Capital One Venture One at $3K. Just a thought. Looking forward to seeing how your application turns out! Keep us posted!
Thanks for the advice! I paid off my student loans 8 years ago and they are still on my report, just waiting for them to drop off to cancel the Cap1 Platinum and Credit One, so as to minimize the hit to my AoA. My SO is also piggybacking off my Cap1 cards which is boosting her score by about 100 points; none of my other cards report for AU's that I'm aware of. Too bad Cap1 limits people to 2 cards, a Walmart card could come in handy for me.
@1LostArk wrote:
@Aim_High wrote:As an aside, @1LostArk, may I offer a suggestion on your lineup? You have two cards that just don't belong in your current lineup that were probably some of your first cards. The Capital One Platinum ($750 CL) and the Credit One Platinum ($1250 CL) are probably no longer needed now that you have much better cards. That's especially true if either has annual fees. If you close them, that would leave the Chase Amazon Visa at $2K as your lowest card. If you wanted to take it a step farther, you could easily pump up that Amazon limit a little with small CL transfers from CSP ($19.5K) or CFU ($19K) or CFF ($5.4K). Your lowest limit card then would be the Capital One Venture One at $3K. Just a thought. Looking forward to seeing how your application turns out! Keep us posted!
Thanks for the advice! I paid off my student loans 8 years ago and they are still on my report, just waiting for them to drop off to cancel the Cap1 Platinum and Credit One, so as to minimize the hit to my AoA. My SO is also piggybacking off my Cap1 cards which is boosting her score by about 100 points; none of my other cards report for AU's that I'm aware of. Too bad Cap1 limits people to 2 cards, a Walmart card could come in handy for me.
From my understanding, this wont impact your AAoA, they will still be on your report and holding up you AAoA for 10 years, just as closed accounts.
@SDMarik wrote:
@1LostArk wrote:Thanks for the advice! I paid off my student loans 8 years ago and they are still on my report, just waiting for them to drop off to cancel the Cap1 Platinum and Credit One, so as to minimize the hit to my AoA.
From my understanding, this wont impact your AAoA, they will still be on your report and holding up you AAoA for 10 years, just as closed accounts.
I think what @1LostArk meant was that he was waiting to keep the cards on profile as long as possible, @SDMarik. When the paid-off student loans from 8 years ago drop off, there would be an AAoA account drop. If he closes the cards then, he could still have up to about another ten years before they drop off as well. However, the "ten years" guideline is just a guideline and lenders are not bound by any rules or regulations as to when the accounts stop reporting. I've had cards disappear quickly from my reports and I've also had some stay on for much longer than ten years, so YMMV. I believe the safest approach is to assume they won't continue to protect age and if they do, then you're pleasantly surprised! 