Welcome to the forums! Even as a Preferred client it can be a difficult card to obtain. Numerous people with high incomes, high scores, and decades of credit history have been declined here and elsewhere.
My understanding is that your only open credit card is the Cash Rewards? When in 2018 did you open it? The authorized user account that expired in December, was the account closed or were you removed as an authorized user? Is it still showing on your credit reports, and if so is it reporting as open or closed and what year does it show being opened in? You do have an open auto loan, so that is certainly helping. What are the reported credit limits of both cards?
For your scores you mentioned a 742 TransUnion and a 771 FICO. Where did you obtain these? There are many types of FICO and VantageScore (more educational and not really used by lenders) scores based on information in your Experian, Equifax, and TransUnion credit reports. Your Cash rewards account should show a FICO 08 score based on your TransUnion score; that one is important. You can get your Experian FICO 08 score for free at creditscorecard.com from Discover and that is the one that Bank of America would most likely be using for lending decisions.
It does seem as though you have a very thing and young credit file, so it may take time and patience to qualify for the Premium Rewards card. With a limited credit history, you did go for one of the most difficult cards to be approved for due to its high underwriting standards. Bank of America will likely want to see you with at least 2 years of credit history on revolving accounts, very limited or no new accounts, and existing tradelines at least $10k if not substantially higher.
@Anonymous wrote:
I was also thinking of going for the BoA Travel Card? Not sure how stingent they are about giving those out compared to the Premium Rewards Card.
I've also looked into the Chase Sapphire Preferred, but heard that that's best coupled with the other Chase cards to maximize the various points in the different quarters.
Compared to the BofA Premium Rewards, their Travel Rewards card is much easier to get. Since they just pulled your credit, you might call and see if they would approve your PR Application as a Travel Rewards card with a low limit, even if they have to reallocate a little of your Cash Rewards credit line. That gets your foot in the door and then you can leverage both cards with usage, good payment, and regular CLI requests to higher limits as your file thickens. It's worth a try.
Yes, CSP is best coupled with other cards to maximize rewards, but you have to start somewhere putting them all together if you want to pursue an Ultimate Rewards strategy. It takes planning to stay within Chase's 5/24 rule (5 revolving credit accounts across all lenders for previous 24 months). CSP also has minimum $5K approval and their underwriting is more strict than some banks, including most BofA products. You probably need to thicken your file, then apply for an easier Chase card first like the Freedom or Freedom Unlimited.
Good advice on trying to call and see if they will give you the Travel Rewards without another HP. I think it's an excellent card for people starting out, especially if you are banking with BOA. No FX fees, no AF. I would also look into the Amex Aspire or Surpass. I was able to get the Surpass with a pretty new profile after I got my Travel Rewards. The subs on both of these cards are pretty good. Priority pass access is great if you are travelling overseas. BTW, using the Amex prequal site I only saw offers for the Gold, BCE, ACE. I would stay away from Chase for now until you have a longer credit history.
If you are a wealth management client, you could check with your adviser and see if he/she can pull any strings.
I know it's a different bank, but that worked for me with PNC when I was declined for my very first credit card due to no history. I just got a loan for a car and the loan person asked me about applying for their credit card. I told him I was previously rejected, and he left and came back and told me I am approved.
Like others said, you could try the TR card and then let your AAoA grow for a bit and try again. Either way, good luck! I personally think it is one of the top rewards cards (especially if you have the preferred statuses for bonus points).
