cancel
Showing results for 
Search instead for 
Did you mean: 

New Account Sensitive? Bank of American or Wells Fargo?

tag
MCM1
Regular Contributor

New Account Sensitive? Bank of American or Wells Fargo?

Is Bank of America or Wells Fargo sensitive to new accounts in the last 12/24 months?  Any info is appreciated.  THANKS. 

Message 1 of 13
12 REPLIES 12
coldfusion
Community Leader
Mega Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?

Yes to both,  not quite as much with BoA but they have a reasonably hard cap on the number of new accounts over the last 12 months for which they find acceptable.  Already being an established client can reduce the sensitivity at either bank.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 13
crystal626
Regular Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?

BofA shot me down for too many new accounts at 5/12 and 9/24 while Wells Fargo approved me for my second card in less than a year (and gave me the bonus) so it's very much YMMV. I was surprised by BofA because I read they have a 7/12 rule.

Message 3 of 13
MCM1
Regular Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?

Which credit bureaus did they pull? 

Message 4 of 13
CreditCuriosity
Moderator Emeritus

Re: New Account Sensitive? Bank of American or Wells Fargo?

BofA pulls exp for cc apps

Message 5 of 13
coldfusion
Community Leader
Mega Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?


@crystal626 wrote:

BofA shot me down for too many new accounts at 5/12 and 9/24 while Wells Fargo approved me for my second card in less than a year (and gave me the bonus) so it's very much YMMV. I was surprised by BofA because I read they have a 7/12 rule.


The 7/12 rule for new accounts is for existing clients and it defines the upper bound they are willing to tolerate, not the threshold that they automatically apply to every client.   If you have no current accounts with either BoA or Merrill Lynch the 3/12 rule applies.

 

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 6 of 13
coldfusion
Community Leader
Mega Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?


@CreditCuriosity wrote:

BofA pulls exp for cc apps


Usually, yes.  They pulled Equifax on me when I applied for the MLB card which was a mild surprise.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 7 of 13
crystal626
Regular Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?

Both pulled Experian for me.

Message 8 of 13
crystal626
Regular Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?


@coldfusion wrote:

@crystal626 wrote:

BofA shot me down for too many new accounts at 5/12 and 9/24 while Wells Fargo approved me for my second card in less than a year (and gave me the bonus) so it's very much YMMV. I was surprised by BofA because I read they have a 7/12 rule.


The 7/12 rule for new accounts is for existing clients and it defines the upper bound they are willing to tolerate, not the threshold that they automatically apply to every client.   If you have no current accounts with either BoA or Merrill Lynch the 3/12 rule applies.

 


Oh that explains it. Thanks

Message 9 of 13
butterpecan
Frequent Contributor

Re: New Account Sensitive? Bank of American or Wells Fargo?


@coldfusion wrote:

@CreditCuriosity wrote:

BofA pulls exp for cc apps


Usually, yes.  They pulled Equifax on me when I applied for the MLB card which was a mild surprise.


@coldfusion Do you know if BOA will auto decline a CC application if my TU is frozen? I understand they pull EX but does it effect the app in anyway regardless? I am an existing client with a checking acct for 10+ years. Daily driver, main FI with DD. Brand new to rebuilding, learning the characteristics of a list of FI that I'm interested in. Thanks, We have commented a bit back and forth on BOA but it was about inquiries/new account 7/12. My TU is frozen but not EQ or EX because I am leaning toward one more INQ and want to be sure it doesn't land on TU as there are 3 on there now. 




Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.