Odd BOFA Cash Rewards Denial (Advice?)

[Straed]

Hello!

I recently applied for the BOFA Cash Rewards card and was instantly denied. I waited for the letter stating their reasons and the only reason was this:

"The amount of credit extended to you by us/our affiliates meets or exceeds our maximums."

What does this mean and should I call BOFA to recon? I'm aware that my velocity and amount of inquiries/accounts are high, but for some reason that wasn't one of the reasons stated for denial.

Stats:

• BOFA Cash Rewards (with 3% back on online shopping), $1000 credit limit, opened 08/23/20

• Discover IT, $500 credit limit, opened 08/23/20

• Chase Freedom Flex, $1500 credit limit, opened 02/08/21
• US Bank Cash+, $5000 credit limit, opened 04/09/21
• Chase Freedom Unlimited, $1500 credit limit, opened 04/13/21

• FICO Score: EX: 709

• Credit Utilization: 9%

• Oldest account age: 8 months

• Hard Pulls: 5

• I own a checking account with BOFA (2 years), Chase (6 months), and US Bank (1 month).

• Income: 30k (I’m an 18 year old high school senior.)

[coldfusion]

"We don't want to extend you any more unsecured credit at this time than the $1000 we have already extended you".

Since it was an instant denial go ahead and recon.  I'm sure the multiple accounts you've opened over the last 3 months played a role in the decision although since you already have a BoA card the 7/12 rule and not 3/12 applies.

[designated_knitter]

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@Straed wrote:

Hello!

I recently applied for the BOFA Cash Rewards card and was instantly denied. I waited for the letter stating their reasons and the only reason was this:

"The amount of credit extended to you by us/our affiliates meets or exceeds our maximums."

What does this mean and should I call BOFA to recon? I'm aware that my velocity and amount of inquiries/accounts are high, but for some reason that wasn't one of the reasons stated for denial.

Stats:

• BOFA Cash Rewards (with 3% back on online shopping), $1000 credit limit, opened 08/23/20

• Discover IT, $500 credit limit, opened 08/23/20

• Chase Freedom Flex, $1500 credit limit, opened 02/08/21
• US Bank Cash+, $5000 credit limit, opened 04/09/21
• Chase Freedom Unlimited, $1500 credit limit, opened 04/13/21

• FICO Score: EX: 709

• Credit Utilization: 9%

• Oldest account age: 8 months

• Hard Pulls: 5

• I own a checking account with BOFA (2 years), Chase (6 months), and US Bank (1 month).

• Income: 30k (I’m an 18 year old high school senior.)

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The fact that you're a high school senior combined with oldest age of your credit card being only 8 months is going to make banks very leery of extending more credit.

You've done really well as it is!  

But you are still very untested and banks have no idea to know whether your earning potential will be enough to justify higher limits... especially if you go to college and wind up racking up student loan debt.

[FinStar]

I would agree that the number of opened tradelines in the past ~8 months has been substantial.  So, it's doubtful BoA would be willing to extend anything else (even with a reconsideration attempt) beyond what they already feel comfortable on your 1st approval with them.  Let your profile age for a while and pace yourself.