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?
2 in the last 6 months
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.
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.
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.