Denied: BOA cash back rewards card

[privacyadvocate69]

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.

[AllZero]

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.

[pinkandgrey]

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. 

[AverageJoesCredit]

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.

[privacyadvocate69]

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 (:

[CreditInspired]

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@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.

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

[kdm31091]

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.

[Anonymous]

Stinks about the hard, how many new accounts is last 24?

[CreditInspired]

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@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.

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+1

[M_Smart007]

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@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.

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+2