Decided to apply for this card for the 2% wholesales club cash back reward on 12/17/2020 couple weeks ago. Was instantly denied and got the letter today stating:
"Too many accounts were recently opened"
"Limited or no deposit and/or investment balances with us and/or our affiliates".
Stats are as below they pulled Experian which was the worst option for me since I got 18 inquiries on it. Letter states I have a 726 FICO score from Experian. I am not sure the range of accounts opened they are looking at, but yeah it would be say a few at least 4 past 6 months (4/6) and probably double digits in 12 month span (10+/12). No accounts with BofA too.
Also it states Bank of America Cash Rewards Visa Signature card while I thought I had applied for the student version, but possibly applied to the wrong one I guess. I might call and see if they could reconsider since the letter has a reference number, but from what I heard BofA doesn't do that along with I believe they are a relationship focused bank which without an account is not in my favor.
BoA is one of the banks that likes you to have a relationship with them beyond just credit products, but this can be overcome with a solid profile. Your recently opened accounts are 99% of what caused the denial. Come over and hang out in the garden and let your accounts age for a year or so and you'll be in better shape to try for BoA again.
BTW, you can buy Costco gift cards online with your Synch 2% card and use them in the club for 2% savings in the mean time.
@ChargedUp wrote:BoA is one of the banks that likes you to have a relationship with them beyond just credit products, but this can be overcome with a solid profile. Your recently opened accounts are 99% of what caused the denial. Come over and hang out in the garden and let your accounts age for a year or so and you'll be in better shape to try for BoA again.
BTW, you can buy Costco gift cards online with your Synch 2% card and use them in the club for 2% savings in the mean time.
I already have the Costco Citi which is pretty good rewards wise at 2% Costco along with 4% gas 3% restaurants 1% other, but I am generally moving away from Citi as I find my experience with them to be somewhat poor especially their online website has quite a number of bugs. Plus I am looking to build relationships with lenders that offer say auto loan or mortgages which I am sure BofA does.
@MisterWives wrote:Decided to apply for this card for the 2% wholesales club cash back reward on 12/17/2020 couple weeks ago. Was instantly denied and got the letter today stating:
"Too many accounts were recently opened"
"Limited or no deposit and/or investment balances with us and/or our affiliates".
Stats are as below they pulled Experian which was the worst option for me since I got 18 inquiries on it. Letter states I have a 726 FICO score from Experian. I am not sure the range of accounts opened they are looking at, but yeah it would be say a few at least 4 past 6 months (4/6) and probably double digits in 12 month span (10+/12). No accounts with BofA too.
Also it states Bank of America Cash Rewards Visa Signature card while I thought I had applied for the student version, but possibly applied to the wrong one I guess. I might call and see if they could reconsider since the letter has a reference number, but from what I heard BofA doesn't do that along with I believe they are a relationship focused bank which without an account is not in my favor.
I forget the exact #s, but BOA (as it pertains to CC acceptance) has something like they allow 7/12 for new accounts if you are current BOA customer and 3/12 if you are not (I am sure it's here somewhere, too lazy to check 
). So I opened a checking account with them again (was a former customer 2-years ago) to get the better #s for new accounts for a CC. They declined me, however with a counter for a secured card with the same benefits as the unsecured (sans the $99 deposit). If your recon is not going well for the unsecured, mentioned the secured. Mine has since graduated to unsecured and the limit raised to $1500. I am hoping that limit grows in 2021 
Called the backdoor number for recon (BofA: 800-354-0401 (Recon) - app100) and unfortunately no dice.
I admitedly did not make any case or argument for myself as the rep didn't ask any questions, so not sure if I was supposed to advocate for myself, but regardless the rep was willing to recon by reviewing my application. Results was denial again where they simply listed the same reasons as the letter along with mentioning my 6 credit cards opened in 12 months (6/12). So yeah unless I had a relation with them I am over the number of accounts they like.
I tried asking if I could be considered for a secured card to build a relationship with BofA as suggested by another member here, but the rep just said to apply for it online. I'm considering open a checking account with them, but don't think it will help since I won't put much of any funds in it as I already have other bank accounts.
@MisterWives wrote:Called the backdoor number for recon (BofA: 800-354-0401 (Recon) - app100) and unfortunately no dice.
I admitedly did not make any case or argument for myself as the rep didn't ask any questions, so not sure if I was supposed to advocate for myself, but regardless the rep was willing to recon by reviewing my application. Results was denial again where they simply listed the same reasons as the letter along with mentioning my 6 credit cards opened in 12 months (6/12). So yeah unless I had a relation with them I am over the number of accounts they like.
I tried asking if I could be considered for a secured card to build a relationship with BofA as suggested by another member here, but the rep just said to apply for it online. I'm considering open a checking account with them, but don't think it will help since I won't put much of any funds in it as I already have other bank accounts.
You have a lot of solid lenders under your belt that offer a wide range of loan products including car loans. Is there something in particular that is drawing you to BoA?
@ChargedUp wrote:
@MisterWives wrote:Called the backdoor number for recon (BofA: 800-354-0401 (Recon) - app100) and unfortunately no dice.
I admitedly did not make any case or argument for myself as the rep didn't ask any questions, so not sure if I was supposed to advocate for myself, but regardless the rep was willing to recon by reviewing my application. Results was denial again where they simply listed the same reasons as the letter along with mentioning my 6 credit cards opened in 12 months (6/12). So yeah unless I had a relation with them I am over the number of accounts they like.
I tried asking if I could be considered for a secured card to build a relationship with BofA as suggested by another member here, but the rep just said to apply for it online. I'm considering open a checking account with them, but don't think it will help since I won't put much of any funds in it as I already have other bank accounts.
You have a lot of solid lenders under your belt that offer a wide range of loan products including car loans. Is there something in particular that is drawing you to BoA?
Honestly, just trying to expose myself to as many lender as possible and build some kind of relationship with them as soon as possible for those future car and mortgage loan. Plus the BofA Cash Reward looks to be a pretty good card similar to my daily drivers of PNC Cash Rewards and Citi Costco Anywhere, so just add it to the rotation making it easy to show utilization. Along with its 3% any selected category could make use of that.