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Denied: BOA cash back rewards card

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Established Member

Denied: BOA cash back rewards card

753 Fico at Experian.

Denied:
1). Too many accounts opened recently.
2). Insufficient relationship with BOA.

What a great way to ensure I remain having an insufficient relationship with BOA.

No skin off my nose. I just wanted the SUB anyway. Still kinda surprised.
Message 1 of 10
9 REPLIES 9
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Super Contributor

Re: Denied: BOA cash back rewards card

That's unfortunate. If you haven't done so already, call the back door number and request a reconsideration.

If the denial stands, those two denial reasons appear easy to overcome. Depending on how bad you want the SUB, wait 6 months of no new accounts. Perhaps open a checking or savings account if you don't have one.
Message 2 of 10
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Community Leader
Senior Contributor

Re: Denied: BOA cash back rewards card

You and I are on the same page here. The exact same page. The only difference is that I’ve applied three times for this card. 

Sorry about the denial! BOA no likey some people. 

Discover It: 19.7k
Amex ED: 18k
Citi DC: 6.7k
Citi Rewards+: 3.6k
Bank Americard: 2.8k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 3 of 10
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Community Leader
Mega Contributor

Re: Denied: BOA cash back rewards card

Scores are meaningless. Ive learned the hardway you could have an 850 and the Banks dont care. Size up chances of approval by other aspects of your report.
Message 4 of 10
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Established Member

Re: Denied: BOA cash back rewards card

I’m not really worried about it. Hell, I don’t blame them. I had no intention of being a real customer.

As for accounts..when I applied, I had not opened a new account for over a year. I don’t think waiting six months will matter much. In between Applying for that BOA card and receiving the denial letter, I was approved for and received and started spending on the Apple Card (with $15K limit). BOA can get bent (;

I am not desperate for their $250 or whatever the SUB is. I can “make” a lot more than that simply by not logging into Amazon for a month (:
Message 5 of 10
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Community Leader
Super Contributor

Re: Denied: BOA cash back rewards card


@privacyadvocate69 wrote:
753 Fico at Experian.

Denied:
1). Too many accounts opened recently.
2). Insufficient relationship with BOA.

What a great way to ensure I remain having an insufficient relationship with BOA.

No skin off my nose. I just wanted the SUB anyway. Still kinda surprised.

The real reason was #1. They just threw in #2 to turn the screws. Yep, more fish in the sea. 



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 6 of 10
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Super Contributor

Re: Denied: BOA cash back rewards card

BoA has certainly tightened up within the past year or so, and score isn't everything. I think more and more lenders are scrutinizing against "too many new accounts" and that the "too many" number keeps shrinking. I don't know that every bank will go as far as Chase's 5/24, but it does seem things are tightening.

 

With credit card decisions, score matters in the sense that they don't want unreliable borrowers, but I think once you have a good to excellent score, the score matters less and it becomes about analyzing your profile to see if you look like a churner/unprofitable customer or something along those lines. Despite a high score, they don't want you. They want long term customers.

 

In any event, since you took the pull, there's no real harm in calling reconsideration, although BoA recon results have gotten less impressive over the years.

Message 7 of 10
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New Contributor

Re: Denied: BOA cash back rewards card

Stinks about the hard, how many new accounts is last 24?
Message 8 of 10
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Community Leader
Super Contributor

Re: Denied: BOA cash back rewards card


@kdm31091 wrote:

BoA has certainly tightened up within the past year or so, and score isn't everything. I think more and more lenders are scrutinizing against "too many new accounts" and that the "too many" number keeps shrinking. I don't know that every bank will go as far as Chase's 5/24, but it does seem things are tightening.

 

With credit card decisions, score matters in the sense that they don't want unreliable borrowers, but I think once you have a good to excellent score, the score matters less and it becomes about analyzing your profile to see if you look like a churner/unprofitable customer or something along those lines. Despite a high score, they don't want you. They want long term customers.

 

In any event, since you took the pull, there's no real harm in calling reconsideration, although BoA recon results have gotten less impressive over the years.


+1



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 9 of 10
Highlighted
Mega Contributor

Re: Denied: BOA cash back rewards card


@kdm31091 wrote:

BoA has certainly tightened up within the past year or so, and score isn't everything. I think more and more lenders are scrutinizing against "too many new accounts" and that the "too many" number keeps shrinking. I don't know that every bank will go as far as Chase's 5/24, but it does seem things are tightening.

 

With credit card decisions, score matters in the sense that they don't want unreliable borrowers, but I think once you have a good to excellent score, the score matters less and it becomes about analyzing your profile to see if you look like a churner/unprofitable customer or something along those lines. Despite a high score, they don't want you. They want long term customers.

 

In any event, since you took the pull, there's no real harm in calling reconsideration, although BoA recon results have gotten less impressive over the years.


+2

"Holding a grudge is letting someone live rent-free in your head."
Message 10 of 10
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