BoA App too soon after CLI?

[Anonymous]

I got a mailer over the weekend for the BoA Cash Rewards card. Called in and spoke to a rep and he was anxious to get everything going. I currently have an account with them (Americard) and within the last month received a CLI. My power was out (thanks Hurricane Michael) and my phone battery was quickly dying, so I told him I'd get back to him. I just figured I'd apply online later that night. I did, and it's got me in a application review status now. He spoke as if it was a done deal, and was even asking me for account info for balance transfer. What's your experience with waiting times on applications under review? Did I just waste a HP? I'm wondering if they will open a new card so recently after granting me a 100% CLI on the older one...

Thoughts?

[ChessChik47]

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@Anonymous wrote:

I got a mailer over the weekend for the BoA Cash Rewards card. Called in and spoke to a rep and he was anxious to get everything going. I currently have an account with them (Americard) and within the last month received a CLI. My power was out (thanks Hurricane Michael) and my phone battery was quickly dying, so I told him I'd get back to him. I just figured I'd apply online later that night. I did, and it's got me in a application review status now. He spoke as if it was a done deal, and was even asking me for account info for balance transfer. What's your experience with waiting times on applications under review? Did I just waste a HP? I'm wondering if they will open a new card so recently after granting me a 100% CLI on the older one...

Thoughts?

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Hi OP!  It depends on your total profile and exposure with BOA.  BOA is known to pull some of your current credit limit to open a new card if you're at/close to total exposure with them.  What's your total profile looking like?  Number of cards, limits, utilization percentage, and score?

[Anonymous]

As of right now, I have one card with BoA, 6K CL about 40% Util. Scores range from 720-738. 

[xaximus]

I would recommend bringing down your util under 8% as it'll definitely give you a boost in your score if that's your only CL. If you have others, depending on what your TCL is, it still may raise your scores.

[Anonymous]

I'm working on that. Trying to get some 0% balance transfer cards and get these high interest rates off my back so I can pay down these cards. That's one of the reasons I wanted the BoA card. 

[ChessChik47]

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@Anonymous wrote:

As of right now, I have one card with BoA, 6K CL about 40% Util. Scores range from 720-738. 

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Since you have a relationship with BOA, you may still be able to get another card now.  If you didn't get an outright denial, then they may be reveiwing the application and may just need to do verification.  If your income is good, you have a chance.  I'd call them if I were you.  Can't hurt.  Good luck!

[Anonymous]

It backfired on me! They did approve me for another card, but they took a part of the CLI they'd just added to the existing card. The new card has a super small limit (1200), so I can't use it for the balance transfer like I'd hoped. The crappy part is, I got a notice in the mail today that my existing card is eligible for a promotion for 0% interest on all balance transfers through October 2019. And because they moved part of the limit to the new card, it would max out the other. I should've left well enough alone, I think. Super frustrated! 

Onward and upward

[FinStar]

Sometimes these things happen OP. I believe it was mentioned upthread regarding TCL (or overall BoA exposure) which would impact the outcome of the 2nd application.

BoA tends to follow such a pattern that can still recommend an approval, but may carve out of your existing exposure from other card(s).

The upside on this, and while it may not be an immediate relief regarding the BT, future CLI requests are SP.

[Anonymous]

It was definitely a warning... if only I'd seen that before I pulled the trigger! Thankfully I have a long LONG history with BOA with no late payments. Hoping to grow a bit.. possibly enough to take advantage of that 0% before it expires.

[FinStar]

As long as there isn't any major fluctuations with your profile (CR-wise) or internally with BoA, then you stand a pretty good chance on receiving these BT offers pretty frequently.

You can also call them to see whether any other BT offers may be available since some of them may not display online or through snail mail.