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how strict are BofA's new rules?

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Regular Contributor

how strict are BofA's new rules?

my amex 3x cli is coming up next month, i wanted to app for a BOA cash-rewards after that, but they've got new rules!

"If you have 3 new cards in the past 12 months, your application will be denied." new BOA rules 

 

LUCKILY, my amex card hasn't hit my reports yet, it will show up on nov2.

 

strategy: if i app immediately they'll see an 8mo old mastercard, a 5mo old discover, and an inq for amex but not the actual open acct. will this give me a good chance to be approved? they'd pull EX: 715 (2 inqs).

 

i might press my luck and app for the uber card too, they'd pull TU: 739 (no inqs).

 

i know barclay can cancel your card if you app for cards after theirs, but they don't always do that and if the inqs are already there at approval time i think it's less risky?



Goal Cards:
Message 1 of 34
33 REPLIES 33
Community Leader
Super Contributor

Re: how strict are BofA's new rules?

Your file is extremely thin. May I ask why you keep applying for CCs instead of letting the ones you have age? You already have an impressive lineup. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 34
Senior Contributor

Re: how strict are BofA's new rules?

With russian roulette, you only pull the trigger once, not twice.

IMHO, pick one




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 3 of 34
Valued Contributor

Re: how strict are BofA's new rules?

From reading the link, if you have depository accounts, then 7/12.

I would recommend letting your account age a bit before applying again. Go for your CLI with AmEx. Let increased credit limit report.

You want to show potential lenders you can manage a sizeable credit line.

All they see right now is $1,000 and $1,500 and youngish accounts.
Message 4 of 34
Regular Contributor

Re: how strict are BofA's new rules?

i still have a few apps i can do before i hit the garden, the card i know i must garden for is the usbank cash+.

 

i'm not worried about getting a small limit at BOA, i just want in the door. right now i might have a chance, if i wait then i'll be locked out for over a year. uber might not care if i'm 4/12 so i could app them after the amex reports.



Goal Cards:
Message 5 of 34
Senior Contributor

Re: how strict are BofA's new rules?

You’ve been into credit for eight months and already have four cards. Now is the time to stop.

There is an incredible amount of knowledge on this forum that was gained through the trial and (sometimes significant) error of many people. That collective wisdom says that continuing to app now, with a very young file, is not wise. Heed the good advice above. It WILL pay off - give your reports some time to season and you likely won’t have to settle for just getting in with BoA, you can kick in the front door instead of sneaking in through the kitchen.

Even far older and thicker files end up getting declines at this point sometimes. You’re practically inviting it if you continue apping.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 6 of 34
Regular Contributor

Re: how strict are BofA's new rules?


@ImTheDevil wrote:
You’ve been into credit for eight months and already have four cards. Now is the time to stop.

i just have 3 cards, the 4th card is the one i want to app for. i was feeling confident that i'll be approved for it so i added it to my sig already. Cat Happy

 

 



Goal Cards:
Message 7 of 34
Senior Contributor

Re: how strict are BofA's new rules?

Even three is pushing it on a brand new file. The proven pace to take in order to keep the credit-seeking reason codes out of your denials is a six month spread between your first three cards. Ideally you’d have the three you have after 13 months, not eight. You’ll see it repeated all over these boards that credit is a marathon. You’re trying to sprint. In the long run it greatly increases your chances of ending up with a pile of cards with toy limits and a stack of denials for higher-tier, higher-limit cards, and difficulty growing those cards because of their starter limits and the excess of apps and pulls. You’re in a great place to take your foot off the gas. Your Disco and Amex are great cards. Spend a year tending them, maintaining low reported utilization, and building a history of on-time payments, and working on CLIs when appropriate, and you WILL be posting approval threads for card X with an $8000 SL before long, instead of hauling $10k in limits around on 15 cards in your wallet. Gardening sucks, I know, but it does work and it absolutely is worth it.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 8 of 34
Regular Contributor

Re: how strict are BofA's new rules?


@creds wrote:

my amex 3x cli is coming up next month, i wanted to app for a BOA cash-rewards after that, but they've got new rules!

"If you have 3 new cards in the past 12 months, your application will be denied." new BOA rules 

 

LUCKILY, my amex card hasn't hit my reports yet, it will show up on nov2.

 

strategy: if i app immediately they'll see an 8mo old mastercard, a 5mo old discover, and an inq for amex but not the actual open acct. will this give me a good chance to be approved? they'd pull EX: 715 (2 inqs).

 

i might press my luck and app for the uber card too, they'd pull TU: 739 (no inqs).

 

i know barclay can cancel your card if you app for cards after theirs, but they don't always do that and if the inqs are already there at approval time i think it's less risky?


Well, I glad I don't have any bank accounts with them or I would have seen that rule of my denial letter that just came in a couple of days ago.

 

I haven't heard of BoA been a relationship company for loans or any favor it bring vs a credit union. I know Chase is another story.

Michigan Schools & Gov't Credit Union Classic Visa Card | $3kDiscover Student Cash Back | $2300Capital One Savor Card v1 | $11k AUAmex 1.5% CB | $2kBest Buy Store Card | $3k

July 2018
Ford Credit Loan $199.26/month (3 yrs)
January 2019
Discover Cash it Card $500
Michigan Schools and Gov't CU Card $1,000
February 2019
Self Lender Loan (Closed July 2019)
May 2019
Discover CLI $1.2k
July 2019
Discover System CLI $600
Amex $2,000
Best Buy Store Card $3,000
October 2019
MSGCU CLI $2k

Eyes on Credit Cards
BoA Cash Rewards (with or without Student Verison)Gas Card with 5% Cashback w/ no AF2% Cashback EverythingDining & Entertainment Category Card
Message 9 of 34
Valued Contributor

Re: how strict are BofA's new rules?


@creds wrote:

@ImTheDevil wrote:
You’ve been into credit for eight months and already have four cards. Now is the time to stop.

i just have 3 cards, the 4th card is the one i want to app for. i was feeling confident that i'll be approved for it so i added it to my sig already. Cat Happy

 

 


Information in your signature line is so forum members can see your info without having to ask you for it. I have goal cards and dream cards listed. I do not put cards in my tradelines until I have them. 

 

As ImTheDevil has stated, you have an awesome resource in the collective knowledge of this forum. Heed their advice or do what you want, however, why ask for advice if you are not going to heed it?



















Your FICO credit scores are not just numbers, it’s a skill.

Message 10 of 34
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