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Bank of America - too many new accounts?

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New Contributor

Bank of America - too many new accounts?

Does Bank of America have a rule similar to Chase's 5/24 about denying people who have too many new credit cards?

 

I applied for the new BOA Amtrak card and was denied for having too many new accounts (they also mentioned a secondary reason of insufficient Bank of America relationship since I have no deposit accounts but they mentioned this wasn't as important as the first reason).

 

I've had a $500 credit limit basic (no fee) Amtrak card for over 2 years and wanted to apply for the premium one. I haven't applied for a new BOA card since that card over 2 years ago and I think $500 is a very small limit (I reported $60k income and have 800+ FICO with no negative marks).

 

They said they could give me a higher limit on the existing card, but even if that credit limit was raised, I couldn't simply transfer the credit line over in order to open a new card.

 

I have 5 credit cards opened in the last 12 months. 12 in the last 24 months. Is this too many for Bank of America?


Chase Freedom Visa: 11/2009, $4,700 CL
Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
U.S. Bank Cash+ Visa Signature: 11/2013, $15,700 CL
Message 1 of 7
6 REPLIES 6
Contributor

Re: Bank of America - too many new accounts?

Of those 5, how many were opened in the last 6 months? That does make a difference.

Bank of America is very sensitive to new accounts, but they don’t have a 5/24 type rule. Their main focus is on accounts opened in the last year.. I got denied too, for too many accounts (8 in the last 6 months), even though I have a checking account with them. Go figure.
Message 2 of 7
New Contributor

Re: Bank of America - too many new accounts?

2  in the last 6 months


Chase Freedom Visa: 11/2009, $4,700 CL
Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
U.S. Bank Cash+ Visa Signature: 11/2013, $15,700 CL
Message 3 of 7
Regular Contributor

Re: Bank of America - too many new accounts?

Some of the things I've learned here about Credit Applications:  BoA new account sensitive, Citi inquiry sensitive and Discover are Bipolar. Learning new things every day.

AAoA 7yrs 11mos
Inquries: TU7/EQ6/EX8
Utilization: less than 20%
Mortgage
Auto Loan
Personal Loan
Derogatory: 2


Starting Scores FICO 8 (Aug '18):
EX- 585, TU- 583, EQ- 563
CURRENT SCORE UPDATED: 7/2019
Message 4 of 7
Moderator

Re: Bank of America - too many new accounts?

As of late, BoA has tightened some of the UW, all depending on an individual's profile. So, it's not unheard of that they could deny some new applications (or CLIs) based on aggressive credit seeking behavior (new accounts + inquiries) given all other things considered. Of course, they threw in the lack of relationship as the cherry on top 😁
Message 5 of 7
Regular Contributor

Re: Bank of America - too many new accounts?

I have 11 accounts open in the last 12 months, 6 in the last 6 months and was approved for BoA CR 12k SL. No baddies, always under 5% util.. In my case I had a mailer with a fixed APR or I wouldnt even have apped. 

Amex Business PRG (NPSL) - Amex Business SC ($25000) Amex BCE ($12000) - Amex HH ($15000) - Cap One Bus Spark - (5500) - Total Rewards - (6000) FNBO ($15000) - USB Cash+ ($18000) - USB Plat ($20000) - Amazon Prime ($4400) - Chase Hyatt ($9000) - Chase Disney ($15000) - Vectra ($7000) -Discover it ($12000) - BOA (11000) - Lowes ($25000) - Home Depot ($8000) Kays ($7500) - Amer Furn Ware ($2500) EX-729 (5 inq) EQ-779 (12 inq) TU-790 (2 inq) Mortgage-40k Auto-19k 0% util
I do not have a green thumb... I suck at gardening!
Message 6 of 7
Valued Member

Re: Bank of America - too many new accounts?

I applied for and was rejected for the Travel Rewards card in last month. Had a Cash Rewards card with a 17k limit, a twelve year banking relationship with BOA, perfect payment history with no BKs, and all three of my FICO 8’s were between 725-760. According to the very nice Credit Analyst the 11HPs from the last twelve months were the only factor. The bureau they pulled in my case, Experian, had 3HPs.

Message 7 of 7
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