Looking at the BoA Customized cash rewards STUDENT card for the 200$ SUB because it'll come in handy for an upcoming purchase and future use. But I am afraid of denial because I already got denied for the regular CCR once back in June 2021 for having no credit history. Things have changed and I want to go for it again.
Before anything, I have some questions regarding the card:
- Does the travel category work for public transport? or public transport is coded differently and I won't get 3% even if I set it to travel category?
- Once I get the hard pull, any chance I can double dip on another card with the same hard pull. ( I'm not sure if this system exists with BofA or not, correct me if I'm wrong)
- Are they recon friendly like chase? Can I ask for manual UW if need be?
- Should I go for the regular CCR instead?
My Credit Profile :
- Discover IT Student ( June 2021) - CL: 1500$
- Chase Amazon Prime Visa Signature ( December 2021) CL: 2200$
FICO 8: EX 720, TU 710, EQ 715
These are the scores after my amazon card reported to the bureaus for the first time. Total utilization across cards is 4% and I can drop it to 0% before applying.
HP : EX 1 , TU 1 , EQ 0
Oldest Account: 8 months
Average age of accounts: 4 months
20k/year income.
I have a checking account with BofA that I recently opened because they favor pre-existing relationships. But I have 1 HP on TU which is for the regular CCR. That HP was back in June 2021 when I didn't have any CCs or any credit history in general. My assumption is that BofA will pull my TransUnion report as they have done in the past because I live in the same state. I am confident now because of a good fico score, high overall limit across cards, and a checking account with them. But I would like to know a general opinion. Last time the pre-approval fooled me. Should I wait a bit longer or should I eat the hard pull and see what happens? Getting a student card isn't that hard, right??
If you can, I'd wait until your first card ages to 1 year. You are going to see a nice score bump, and I would suggest apping for the regular CCR at that time. I had a clean profile, with only 1 secured card (major prime bank issuer). After one year, my FICO 8 scores were at 754-755-754. First, I got approved for a Cap 1 Quicksilver (see below). Then same day I app'd online for the Bankamericard (World MC), was approved, then a couple hours later same day app'd online for the CCR (Visa Signature) was approved and for same limit as Bankamericard (yes, same hard pull).
I got the Visa Signature even though my limit was under $5k. Having the Signature version makes a difference still with BoA as the benefits far exceed those for the reg VISA.
Getting the CCR vs getting the Student CCR "may" influence which card level you are issued, as well as SL.
Not sure what scoring model BoA used, as I app'd same day right after app'ing/receiving approval for a pre-approved (via mailer) Cap 1 Quicksilver ($3k SL) and BoA showed my score at 737.
.
Have you tried looking at the secured version of the card. Bank of America denied me twice. One with no history and the 2nd time with little history (16 months history smh). Didn't matter they had been my only bank 10+ years. I got approved 1 month later for their secured card at least 🙄. A big plus is that it unsecured after 5th statement with on time (pay in full) payments.
Edit: Forget everything I said, you are looking for the $200 sub. Don't know how I missed that part.
@Tapdnsr25 wrote:Total utilization across cards is 4% and I can drop it to 0% before applying.
4% is actually better than 0%. Not only are the scores set up to favor a UTI above 0, but lenders WANT customers who make them money, and they do that by charging interest on a reported balance, so they favor a UTI above 0 too.
While it's true that lenders obviously want money and they make the most when you pay interest, it's not a requirement by any means. They still make money via swipe fees. Consumers can report a balance, but they can pay it off right away after statement cut. That way, utilization is exhibited, but no interest is paid.
@Who_wuda_thought wrote:If you can, I'd wait until your first card ages to 1 year. You are going to see a nice score bump, and I would suggest apping for the regular CCR at that time. I had a clean profile, with only 1 secured card (major prime bank issuer). After one year, my FICO 8 scores were at 754-755-754. First, I got approved for a Cap 1 Quicksilver (see below). Then same day I app'd online for the Bankamericard (World MC), was approved, then a couple hours later same day app'd online for the CCR (Visa Signature) was approved and for same limit as Bankamericard (yes, same hard pull).
I got the Visa Signature even though my limit was under $5k. Having the Signature version makes a difference still with BoA as the benefits far exceed those for the reg VISA.
Getting the CCR vs getting the Student CCR "may" influence which card level you are issued, as well as SL.
Not sure what scoring model BoA used, as I app'd same day right after app'ing/receiving approval for a pre-approved (via mailer) Cap 1 Quicksilver ($3k SL) and BoA showed my score at 737.
.
Would it be better if I went into the branch and apply, potentially gaining another card with the same hardpull??
@Cosmic7 wrote:Would it be better if I went into the branch and apply, potentially gaining another card with the same hardpull??
Like @FinStar said, applying in branch vs online likely won't influence the automated UW process. And as far as gaining another card on the same hard pull, you can just apply for the additional card online after approval of the first app. It was just a few months ago that I did it.
@Cosmic7 wrote:Looking at the BoA Customized cash rewards STUDENT card for the 200$ SUB because it'll come in handy for an upcoming purchase and future use. But I am afraid of denial because I already got denied for the regular CCR once back in June 2021 for having no credit history. Things have changed and I want to go for it again.
Before anything, I have some questions regarding the card:
- Does the travel category work for public transport? or public transport is coded differently and I won't get 3% even if I set it to travel category?
- Once I get the hard pull, any chance I can double dip on another card with the same hard pull. ( I'm not sure if this system exists with BofA or not, correct me if I'm wrong)
- Are they recon friendly like chase? Can I ask for manual UW if need be?
- Should I go for the regular CCR instead?
My Credit Profile :
- Discover IT Student ( June 2021) - CL: 1500$
- Chase Amazon Prime Visa Signature ( December 2021) CL: 2200$
FICO 8: EX 720, TU 710, EQ 715
These are the scores after my amazon card reported to the bureaus for the first time. Total utilization across cards is 4% and I can drop it to 0% before applying.
HP : EX 1 , TU 1 , EQ 0
Oldest Account: 8 months
Average age of accounts: 4 months
20k/year income.
I have a checking account with BofA that I recently opened because they favor pre-existing relationships. But I have 1 HP on TU which is for the regular CCR. That HP was back in June 2021 when I didn't have any CCs or any credit history in general. My assumption is that BofA will pull my TransUnion report as they have done in the past because I live in the same state. I am confident now because of a good fico score, high overall limit across cards, and a checking account with them. But I would like to know a general opinion. Last time the pre-approval fooled me. Should I wait a bit longer or should I eat the hard pull and see what happens? Getting a student card isn't that hard, right?? TIA
My daughter was approved for the BoA CCR Student Visa Card with a line of $500.
https://ficoforums.myfico.com/t5/Credit-Card-Applications/BOA-Student-Visa-Approved/m-p/6442690
I hope this helps
