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BofA Premium Rewards decline

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coldfusion
Community Leader
Mega Contributor

Re: BofA Premium Rewards decline


@CreditCuriosity wrote:

@Anonymous wrote:

I paid them off in full about 3 years ago and they no longer report, but BofA could still have memory of it.


Oh they certainly have an internal DB of these accounts even if not on report.  Still be curious if that is the main reason


I wonder if OP is a Preferred Rewards client, and if so at which tier.

 

They have history of me going back to when my account was with BayBank Boston.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 11 of 26
Meanmchine
Super Contributor

Re: BofA Premium Rewards decline


@coldfusion wrote:

@CreditCuriosity wrote:

@Anonymous wrote:

I paid them off in full about 3 years ago and they no longer report, but BofA could still have memory of it.


Oh they certainly have an internal DB of these accounts even if not on report.  Still be curious if that is the main reason


I wonder if OP is a Preferred Rewards client, and if so at which tier.

 

They have history of me going back to when my account was with BayBank Boston.


Ive had my BoA checking account which goes back to the Nations Bank days.  This card is on my wish list too

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 12 of 26
Anonymous
Not applicable

Re: BofA Premium Rewards decline

What else does BoA want for that card? Not like you can do much better. 

 

Higher income maybe? 

Message 13 of 26
Anonymous
Not applicable

Re: BofA Premium Rewards decline

They showed pre-aproval for Bank of America Cash Rewards and I applied and denied. Tried to recon, nope. I submitted a complain with CFPB since I wasted a hard pull and to their credit I was over 5/24. It is getting hard to get approved for churners. 

Message 14 of 26
Anonymous
Not applicable

Re: BofA Premium Rewards decline

everyone is saying that there's a new rule, can't have more than 2/12 unless you have a bank acct with them. do you know what report and score version they pulled for you?

 

i'm gonna app for the CR in a few days. i'm at 3/12 but my third card isn't reporting yet! they'll be able to see the inq for the 3rd and i'm hoping that they won't care about it.

Message 15 of 26
Aim_High
Super Contributor

Re: BofA Premium Rewards decline


@Anonymous wrote:

What else does BoA want for that card? Not like you can do much better. 

Higher income maybe? 


The likely reason was highlighted in message #7 of this thread, previous charge offs. 

 

This is is very much a relationship card, but OP did have banking with them. Except for COs, probably would have been approved with those DPs. 

 

Message #7 link;

https://ficoforums.myfico.com/t5/Credit-Card-Applications/BofA-Premium-Rewards-decline/m-p/5776363#M244643

 

 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 16 of 26
coldfusion
Community Leader
Mega Contributor

Re: BofA Premium Rewards decline


@Anonymous wrote:

They showed pre-aproval for Bank of America Cash Rewards and I applied and denied. Tried to recon, nope. I submitted a complain with CFPB since I wasted a hard pull and to their credit I was over 5/24. It is getting hard to get approved for churners. 


The CFPB dismisses as frivolous those complaints made simply because one was denied credit when there was no evidence of a violation of any regulations.    

 

BoA gives what are in reality recommendations to apply as well as preapprovals.  However, even with valid preapprovals in hand the aggregate odds across US issuers are in the order of 10% that an application based upon a true preapproval will be denied. 

 

Can't blame issuers for cracking down on churners and bonus chasers as they aren't likely going to be profitable clients. 

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 17 of 26
coldfusion
Community Leader
Mega Contributor

Re: BofA Premium Rewards decline


@Anonymous wrote:

everyone is saying that there's a new rule, can't have more than 2/12 unless you have a bank acct with them. do you know what report and score version they pulled for you?

 

i'm gonna app for the CR in a few days. i'm at 3/12 but my third card isn't reporting yet! they'll be able to see the inq for the 3rd and i'm hoping that they won't care about it.


I understood it was 3/12 but 7/12 if you have an account.

 

BoA is not intrinsically sensitive to inquiries; it's profile dependent. 

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 18 of 26
Anonymous
Not applicable

Re: BofA Premium Rewards decline

they're calling it the 3/12 and 7/12 rule, but if you have that many you get denied

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/ 

 

Message 19 of 26
Anonymous
Not applicable

Re: BofA Premium Rewards decline

I got the decline letter today.  It was the charge offs from early 2012.  They were paid in full and no longer on my credit report, but I guess they have a long memory. Oh well, it is probably a good thing since I didn't need the card and I should wait to be under 5/24 for the Chase cards I really want.

Message 20 of 26
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