BofA Preselected Mobile App - Who likes my odds?

[dcp0524]

When I log into the BofA app, below my checking account balance I see "Your Pre-Selected credit card offers" and it usually cycles through 3 cards: BofA Cash Rewards, BankAmeriCard and BofA Travel Rewards". Also when I click on menu in the app it shows "View your Pre-Selected card offers" under the Special Offers and Deals section.

It doesn't show Premium Rewards, it doesn't show Secured Americard or secured cash rewards. If I click on a card and then terms it says 0% for 15 cycles and then has a set APR of 23.99%. It also has language in the terms that says, "Accounts will receive the initial terms of this firm offer. Other than those terms set forth under “Preselected Offer Minimum Terms,”§Account terms are not guaranteed for any period of time."

F8 TU 750 Util 1% zero baddies

F8 EX 735 Util 2% zero baddies

F8 EQ 700 Util 1% 1 baddie: one collections that falls off Aug 2021, then 100% clean

6 new accounts in the last year :/

Thanks 

[M_Smart007]

"6 new accounts in the last year "

This gives me pause with BoA.

[dcp0524]

@M_Smart007  It says things like this that make me think I should do it:

"This Preselected offer is part of a firm offer of credit. If you continue to meet our criteria, we promise to offer the credit card described below."

But then I remember I have 6 new accounts in a year and it makes me hesitant. 

[M_Smart007]

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@dcp0524 wrote:

@M_Smart007  It says things like this that make me think I should do it:

"This Preselected offer is part of a firm offer of credit. If you continue to meet our criteria, we promise to offer the credit card described below."

But then I remember I have 6 new accounts in a year and it makes me hesitant. 

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@dcp0524, I totally get it. @coldfusion might be able to give you more solid guidance?

I am sure He'll chime in when possible.

[coldfusion]

You have a true prequal, although at their highest APR.   It's also not unusual for a prequal under the Activity Center to allow you to select which card you want to apply for from multiple options but it's a YMMV as to which cards you can choose from.

6 new accounts in a year is not a dealbreaker for them philosophically and since you already have a checking account with them their 7/12 policy and not the 3/12 policy would apply.   What you would need to consider is how many inquiries and how many new cards reported over the last 3 months or so, since it can take that long from a screening to an offer of credit being made.  If there has been a significant change jn your report that could impact your odds of approval.

You will take a HP of you accept the offer, and approval is not a 100% slam-dunk.  They normally HP from Experian but can pull from any of the 3 majors for any given application,  they did HP from EQ when I got my MLB card.

[dcp0524]

@coldfusion  I would assume it's a relatively new screening pull since  April 2021 is when my last derogatory was removed from TU and EX and I recieved a 60+ point increase afterwards. That's when I started getting pre-approval for BofA, AMEX and just about anyone that doesn't soft pull Equifax. I had trouble getting any prime pre-approvals before that. But 3 of the 6 accounts are only 2ish months old. 

NFCU More Rewards March 2021

Bb&t cash rewards April 2021- SP approved in March but they're so slow it took a month to get the card and on my CR it shows April as open date. 

Discover April 2021 - account is closed. I was eligible for CLI on my old disco so I used the new card limit + CLI on old card for even higher limit on older disco card. I'm sure closed cards still count. 

[coldfusion]

Since you're an existing customer with a valid prequal and right now banks are pretty actively trolling for new accounts from qualified prospects I think your odds are better than even although not at a 90% level. 

  I also think that if you're approved it will be at a fairly low starting limit so if approved you may need to grit your teeth and remember that BoA tends to be pretty generous with CLIs if a card is used regularly.

[GatorGuy]

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@coldfusion wrote:

Since you're an existing customer with a valid prequal and right now banks are pretty actively trolling for new accounts from qualified prospects I think your odds are better than even although not at a 90% level. 

  I also think that if you're approved it will be at a fairly low starting limit so if approved you may need to grit your teeth and remember that BoA tends to be pretty generous with CLIs if a card is used regularly.

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Is being an existing customer the best way to get in with BOA?

[coldfusion]

They are a relationship bank, although their perception of the relationship is influenced by your financial committment. 

A simple example is the 7/12 rule (more than 7 CC from any issuers in the last 12 months) for existing customers vs. the 3/12 rule for non-customers, but there have also been a number of data points over the last few years that applicants for business CC that weren't existing customers were extended approvals contingent upon opening a CD mininum $1500.

[GatorGuy]

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@coldfusion wrote:

They are a relationship bank, although their perception of the relationship is influenced by your financial committment. 

A simple example is the 7/12 rule (more than 7 CC from any issuers in the last 12 months) for existing customers vs. the 3/12 rule for non-customers, but there have also been a number of data points over the last few years that applicants for business CC that weren't existing customers were extended approvals contingent upon opening a CD mininum $1500.

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Interesting, so opening a CD prior to applying could help?

Would opening a checking account a year before applying helping even if it isn't a large amount? Or do they only care about large numbers?