BofA Unlimited Cash Rewards Card

Mike1014805 · ‎04-13-2022

So I want to apply for the Unlimited Cash Rewards Card, I've had a BofA Account since 2009 and the Customized Cash Rewards Card since 2013. However, my credit limit with the Customized Cash Rewards Card has been "frozen" at a $2,000 limit, which is annoying. My Transunion Credit Score is currently a 721, so I don't know why BofA keeps rejecting my CLI Request. A representative from BofA told me to apply for a new card and cancel this one, because there's a chance I would probably never get an increase since it's been 9 years now.

Current Accounts, Credit Limit, Age and Bureau Pulled:

Dell Financial Services: $1,500 | 9 Years 8 Months | Equifax
Kohls Charge Card: $1,500 | 9 Years 8 Months | Experian
BofA Cash Rewards Card: $2,000 | 8 Years 6 Months | Experian
Discover It Cash Back Category: $3,000 | 3 Years 6 Months | Experian
Capital One Venture Card: $7,500 | 5 Months | Experian, Equifax, Transunion
Amazon Visa: $3,300 | 5 Months | Experian
Target RedCard: $1,200 | 3 Months | Equifax
JetBlue Plus Card: $2,000 | 3 Months | Transunion
Amex Cash Magnet Card: $5,000 | 1 Month (not on report yet) | Experian, Transunion
Chase Freedom Unlimited: $1,300 | 1 Month (not on report yet) Experian
Discover It Cash Back: $1,000 | 1 Month (not on report yet) Equifax

Information on my credit profile:

8 Charge Offs (5 years Old)
52 Late Payments (5 Years Old)
10 Closed Credit Cards (3-5 Years Old)

These "baddies" are because I had credit card debt from college and I decided to go through a debt management program. They closed almost all of my accounts except my first 3 cards on my list above. This resulted in my accounts going straight to collections and becoming deliquant why they "negotiated" with the creditors. It destroyed my credit. But in the last 3 years I've gone from a 508 to 721 Fico 8 Score.

I know these are a lot of new cards, but I just moved into an apartment and I'm starting from scratch. So I have no furniture, supplies, appliances, etc. Most of the new cards I've applied for all have 0% interest financing with Cash Bonus Offers if a certain amount is spent within the first 3-6 months. I know applying for a lot of cards isn't a good thing, but I'm trying to keep my credit utilization low. So far I only have $29,300 in available credit. I want to keep my utilization below 30% which is only $8,790. That might seem like a lot, but it's not. I know people say you don't need everything at once, and I get that. But the basics like a bed set, dresser, tv and so on, gets real expensive, even if you shop for used sets.

Anyway, my equifax and experian are "frozen" because of the apartment application process. I got approved, but it's my first apartment. (Mod cut - not here please @Mike1014805 these tactics cannot be discussed per the myFICO Forums TOS). My transunion only has 3 inquiries. And BofA keeps showing me the Unlimited Cash Rewards Card whenever I check offers, but I'm NOT pre-approved. So what are the possible chances of getting approved? And if not BofA, any other card suggestions? The next card will be my last card before I "garden" again. Before November last year, I went about 3 years without applying for new cards.

SouthernCredit · ‎04-13-2022

Honestly, other cards aside, I think if BofA is reticent about giving you a CLI on your current card you're going to have a tough time getting approved for another. While I understand your rebuild and all the positive things you've done (which should be celebrated), BofA likes cleaner files, and as long as the baddies are on your report, they are probably going to be less than warm receiving you. You'd also need to unfreeze your reports for a new app - while they usually use TU for CLIs, they like to use EX for new apps.

For other cards, unfreeze EQ and EX and check the prequal pages to see of you get any offers. Since you're just looking for "something" and not targeting a particular card or spend pattern, see if/what cards you can prequal for and if they interest you.

My Credit Journey

FinStar · ‎04-13-2022

@Mike1014805 wrote:
So I want to apply for the Unlimited Cash Rewards Card, I've had a BofA Account since 2009 and the Customized Cash Rewards Card since 2013. However, my credit limit with the Customized Cash Rewards Card has been "frozen" at a $2,000 limit, which is annoying. My Transunion Credit Score is currently a 721, so I don't know why BofA keeps rejecting my CLI Request. A representative from BofA told me to apply for a new card and cancel this one, because there's a chance I would probably never get an increase since it's been 9 years now.

Current Accounts, Credit Limit, Age and Bureau Pulled:
Dell Financial Services: $1,500 | 9 Years 8 Months | Equifax
Kohls Charge Card: $1,500 | 9 Years 8 Months | Experian
BofA Cash Rewards Card: $2,000 | 8 Years 6 Months | Experian
Discover It Cash Back Category: $3,000 | 3 Years 6 Months | Experian
Capital One Venture Card: $7,500 | 5 Months | Experian, Equifax, Transunion
Amazon Visa: $3,300 | 5 Months | Experian
Target RedCard: $1,200 | 3 Months | Equifax
JetBlue Plus Card: $2,000 | 3 Months | Transunion
Amex Cash Magnet Card: $5,000 | 1 Month (not on report yet) | Experian, Transunion
Chase Freedom Unlimited: $1,300 | 1 Month (not on report yet) Experian
Discover It Cash Back: $1,000 | 1 Month (not on report yet) Equifax
Information on my credit profile:
8 Charge Offs (5 years Old)
52 Late Payments (5 Years Old)
10 Closed Credit Cards (3-5 Years Old)
These "baddies" are because I had credit card debt from college and I decided to go through a debt management program. They closed almost all of my accounts except my first 3 cards on my list above. This resulted in my accounts going straight to collections and becoming deliquant why they "negotiated" with the creditors. It destroyed my credit. But in the last 3 years I've gone from a 508 to 721 Fico 8 Score.
I know these are a lot of new cards, but I just moved into an apartment and I'm starting from scratch. So I have no furniture, supplies, appliances, etc. Most of the new cards I've applied for all have 0% interest financing with Cash Bonus Offers if a certain amount is spent within the first 3-6 months. I know applying for a lot of cards isn't a good thing, but I'm trying to keep my credit utilization low. So far I only have $29,300 in available credit. I want to keep my utilization below 30% which is only $8,790. That might seem like a lot, but it's not. I know people say you don't need everything at once, and I get that. But the basics like a bed set, dresser, tv and so on, gets real expensive, even if you shop for used sets.

Anyway, my equifax and experian are "frozen" because of the apartment application process. I got approved, but it's my first apartment. (Mod cut - not here please @Mike1014805 these tactics cannot be discussed per the myFICO Forums TOS). My transunion only has 3 inquiries. And BofA keeps showing me the Unlimited Cash Rewards Card whenever I check offers, but I'm NOT pre-approved. So what are the possible chances of getting approved? And if not BofA, any other card suggestions? The next card will be my last card before I "garden" again. Before November last year, I went about 3 years without applying for new cards.

You mentioned previous CLIs with the older BoA card have been denied in the past. What are they citing for such reasons? When was the last time you requested a CLI on that particular card?

Also, if you're going to apply for BoA, make sure your CRAs are thawed, especially EX and TU. For anything else you are wanting to apply, make sure CRs are also not frozen. Any particular reason you wanted the UCR?

SDMarik · ‎04-14-2022

First off, congrats on the rebuild!

While your rebuild has gone super well and you Ficos have rebounded nicely so far, BofA is likely going to be very sensitive to the 8 charge offs and 52 late payments within the last 5 years. I personally think applying for a new card might be futile, given their reluctance to issue you a CLI. Also, seeing as you opened 7 accounts in the last 5 months alone, it might be good to garden for a bit.

It seems like all of those baddies are going to age off at the same time in 2 years (or less), so that should be great for your file and you will be much much more attractive to an issuer. While keeping your util under 30% would be great, if it comes at the cost of racking up a ton of inquiries and/or drastically lowering your AaoA, it's probably not worth it.

I think you are doing a killer job, and if you keep spending on the cards you do have and just paying them off you might be able to get some decent cli's on the Disco, Cap 1, and Amexl

Keep it up, you're killing it!

"When prosperity comes, do not use all of it"