@Charmante wrote:
Applied for the BoA Signature Rewards Visa today. Denied for only 3 reasons: Too many recently opened accounts (5 or 6 in 2020), too many Inquiries (10 in 2020), and No Banking Relationship...
On the banking part, how much would be enough to matter? If I throw $10k into a BoA Savings would that at all be enough to MAYBE take care of THAT issue?
How old do you think the new accounts must be? A year? 18 months? Or more...?
Lastly, I assume I have to allow most (7-8) of those Inquiries to hit 1 year old, right?
Scores are all 714-740 now, depending on Bureau. Total Revolving debt of $1,250. Utilization at 3% total.
You are probably still over 3/12, so they are not comfortable extending you credit.
While you may want to ditch the rebuild cards because your scores improved, that doesn't mean your recently acquired accounts will not be taken into consideration.
I agree with the sentiments above that you need to garden for a bit and then you can try getting those prime cards you want. I know it is hard to do so, but it may be what you need at this time.
I am also rebuilding and took into consideration the age if my rebuilders when my rebuild is finished so I fould get better cards when the time comes. While I wanted to add more rebuilders to my arsenal, I held off so that I would be very close to 0/24 and definitely 0/12 when the time does come and age of newest revolver is not held against me.
Also, while they specifically did not spell previous history out, it could be next time you app and are under 3/12 or 7/12 if you can get back into their good banking graces, that then you may then get the denial code of "previously unsatisfactory relationship". They can give any reason for denial, even if it makes little to no sense.
Good luck!
