Bofa denied for Travel and Cash Back

[Emyshor]

Hi guys, I just got denied for both Travel and Cash Back cards.

I have 15 cards right now, since last year I've got about 6 new cards, CL enough high, no balances (or if is a small balance will pay in full). My Fico score are 760-800, income over 90K. I had those cards already 2 times (opened got the points and closed) and it's been more than 3 months since I've opened the Travel and Cash Back and I said let try again and get more points. Right now I have open only the Travel, the Cash Back was closed at the time.

Their reason from the letter: "your relationship with us, current economic trends and the credit report". From the letter the score is 766 on Experian.

Kind of funny reasons and I was thinking to close also the last card with them (Travel) since I don't really need it.

Since I've started this credit card game, about 12 years ago I've got denied only once, right now two times from Bofa.

The card that I have still open has a CL of $17,000, with $0 balance. I don't care about the card since I have other cards with $30,000 and $25,000 CL.

Should I close it or keep it?

Thanks.

[austinguy907]

Your choice!

Doesn't surprise me seeing the denials though if you're churning and going back to the trough though for more in a short period of time.

[Anonymous]

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@austinguy907 wrote:

Your choice!

Doesn't surprise me seeing the denials though if you're churning and going back to the trough though for more in a short period of time.

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My thoughts exactly.

[Emyshor]

I had 4 Travel and 2 Cash Back cards in about 2 years. Every time, after 3-4 months I've closed the old one and opened another one. They never said NO, until now

I'll stay away from Bofa for awhile and maybe try again in 6 months.

[austinguy907]

If you keep doing this you'll eventually get blacklisted by each lender as you do it.  

Take a break from churning and grow your portfolio a bit.  If you abuse the system the system will punish you eventually like BOA is showing their cards now with the denial for the same product 3-6 times in a 2 year period.  AMEX gives you 1 per lifetime on bonuses for this reason.  Chase has 5/24 for this reason.  Barclay's just goes crazy and AA's you if you're popping new accounts all the time.  

Don't shoot yourself in the foot and end up with less and less credit as you're closing them out to apply for them again and again and again.

[Anonymous]

Bank of America has been shutting down and being more mindful of churning recently (according to some DoC and Reddit posts).

[Anonymous]

@emyshor  ...do you also bank with Bofa? Just wondering why it said "your current relationship with us" on the letter. 

And theyre probably noticing the churning and catching on, so maybe that's it. And as the previous poster said I read DoC articles that said Bofa is def becoming more strict and also harder to be approved for. They're highly underrated in these fourms, I think theyre one of the harder lenders to get your foot in the door. Just as you said you hardly get denied any credit, but Bofa has done so with you twice now. I've seen other people with solid profiles who also get rejected or countered with a secure card. 

[Emyshor]

No, I don't bank with them anymore. I had a checking / savings about 10 years ago, also my mortgage at some point was with them for about 6 months and they sold it pretty fast to M&T Bank.

Right now only the CC is with them and I don't plan to move my checking / savings to BofA.

[AverageJoesCredit]

Churn long enough with fire bound to get burned

[sdchrgrboy]

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@austinguy907 wrote:

If you keep doing this you'll eventually get blacklisted by each lender as you do it.  

Take a break from churning and grow your portfolio a bit.  If you abuse the system the system will punish you eventually like BOA is showing their cards now with the denial for the same product 3-6 times in a 2 year period.  AMEX gives you 1 per lifetime on bonuses for this reason.  Chase has 5/24 for this reason.  Barclay's just goes crazy and AA's you if you're popping new accounts all the time.  

Don't shoot yourself in the foot and end up with less and less credit as you're closing them out to apply for them again and again and again.

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Exactly.  There will come a time, in the not too distant future, where more and more banks will take steps to avoid churners because of the folks who continually abuse the system. There was a time you could back TV's to Costco for a full refund in cash even after several years of use.  Guess what, they changed it to 90 days because of people abusing it.  Hasn't really hurt Costco.  Look at the CP on Southwest, They just closed the loophole where you could transfer hotel points and get the pass.  No anymore.  Banks are in the business to male money period.