BofA Chances?

[ToxikPH]

Thinking of getting a BofA card later this month when some inqs/ new accounts age off. I would be under 7/12 if only credit cards are counted. I got a new car loan in the past 12 months and I had two LOC opened up with PenFed and BECU. Would these three items count towards 7/12? I also noticed that they primarily pull Experian so I was wondering if you could help me evaluate my chances.

These numbers are based on the end of October.

AAoA: 1yr 7m

Util: 0%

Payment History: 100%

Inqs: 4

New CCs: 1/6 7/12

[ToxikPH]

Forgot to note, I do have a M.E. account so that should qualify me for 7/12 but am willing to apply for a BofA checking if necessary.

[coldfusion]

A Merrill Edge account qualifies you for 7/12.

7/12 was reported to be specific to credit cards and not including other loan products.   I've also seen a few approvals when someone reported having more than 6 new cards over the last 12 months i.e. the rule isn't as strictly as enforced as for example 5/24.

[ToxikPH]

Looking through some data points it seems that they count 7/12 status based on the 1st of the month rather than the official date the card was open, can anyone confirm?

[kdm31091]

I would not stress too much about 7/12. I do not think it is a set in stone rule like 5/24 basically is. It's more of a guideline. BoA in general has tightened up underwriting over the past couple years but your profile does not look problematic to me, especially since many of the accounts aren't credit cards.

I'd go for it and see what happens honestly. Worst case you try again in a few months. BoA is not really known for recon anymore and typically abides by the computer decision. 

[Anonymous]

I feel with the DPs and scores you provided, you have an excellent chance with them. They are relationship heavy lenders. But with a profile like yours, your chances seem stellar. Being in a relationship with them with my low scores has proven to pay off. Couldn't imagine how much better I can get from them when I'm done rebuilding. 

[ToxikPH]

They apparently don't like me. I went for it probably a little too early and got an instant denial so guess we have to hold off just a little bit longer.

[Oops_I_Did_It_Again]

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@ToxikPH wrote:

Thinking of getting a BofA card later this month when some inqs/ new accounts age off. I would be under 7/12 if only credit cards are counted. I got a new car loan in the past 12 months and I had two LOC opened up with PenFed and BECU. Would these three items count towards 7/12? I also noticed that they primarily pull Experian so I was wondering if you could help me evaluate my chances.

These numbers are based on the end of October.

AAoA: 1yr 7m

Util: 0%

Payment History: 100%

Inqs: 4

New CCs: 1/6 7/12

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I want a BofA card also, planning to apply late Nov/Dec of this year.

If you want to play it safe, you might want  wait till your have fewer new accounts.  I know the rules they have are not as inflexible as Chase's, but you have a lot of new accounts, any way you count them, than they seem to like fewer.  I think the rule applies ALL new accounts, 2/12 for existing customers, 7/12 for everyone else.  If you have high income there may be nothing to worry about, but you might have to recon to convince them that you're really raking it in.

I opened a new checking acount with them in April.  Just last week they mailed me a solicitation to apply for Cash Rewards.  But they didn't mention terms like 'pre-approved' or 'pre-selected' or even 'invited to apply'.  There is at least a code I can enter on-line to apply, and an 'offer' expiration date, so it's some kind of offer; it makes me a little more confident about applying soon.. 

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Hmm.  I see you had been applying while I was responding.  Sorry to hear.   I think if you wait a bit and let some of the new accounts fall off, and/or open a checking account, just to fish out a solicitation to apply, it may go your way.

[ccquest]

Everything I've read for their rules (other than recently repeated on here) is that the 2/3/4 limits are based on your accounts with them (not with everyone else like Chase).

That said, 7 new accounts in 12 months for someone with an AAoA just over a year might be a hard approval even if that wasn't a rule.

For the scoring algos, they revert the date back to the 1st of whatever month. For BoA purposes, I think we might just be guessing.

Only way to know for sure is going to be that letter next week though.

[credit_endurance]

Sorry to hear about your denial @ToxikPH . Not sure if you had mentioned this in the thread but do you have any banking products such as checking/savings acct or investments with them?