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I am getting siding redone on my house and wanted a 0% introductory card to put the purchase on. I had applied for the Citi Simplicity but was denied stating too many inquiries and late payments. The late payments were from 5 years ago, and I had been approved for a Citi Double Cash 2 years ago, so that didn't make a lot of sense to me. Perhaps Citi has tighter restrictions post covid-19? Oh well. Since I couldn't get the 18 months at 0%, I started looking at 15 month cards.
The Bank of America Customized Cash Rewards turns out to be a much better card for this particular purchase since it has a 3% home improvement category. I had initially thought that meant places like Home Depot and Lowes, and it does, but it also includes contractors that work on your house (like siding contractors, for example)!
And a $200 sign up bonus when you spend $1000 in the first 3 months (siding will certainly be more than $1000)!
I apped and was not auto approved because I have a fraud alert on my account. I called the backdoor recon number (888-762-5486) and they were able to verify my identity to get past the fraud alert. I was approved for $7000 credit limit.
Since the 3% category is only for the first $2500 per quarter and the siding is going to be about double that, I am going to try to pay half in June and half in July and see if I can get it to post in different quarters. Once I pay off the siding, I may use the card for online purchases at 3% until I need some other contractor work done.
The information packet that came with the card includes a HUGE list of credit card codes that work for the 3%. Lots of "home improvement" categories that I wouldn't have thought of. 5932 (antique shops), 0780 (landscaping), 7394 (equipment, tool, appliance rental), 5193 (florist suppliers, nursery stock, and flowers) were a few that stood out to me beyond the normal roof/siding/HVAC contractors that I had thought of.
Data points:
Income: 52k/year
Current credit limits: 105k or so spread over 13 or 14 cards
Utilization: 7% at the time of app
Credit score: 758 according to Experien where BOA pulled
Inquiries: 11 including several within the last month (apparently BOA isn't that inquiry shy!)
Approved limit: $7000
Congratulations on your approval!!
Congrats on the approval!
Congratulations on your BofA Customized Cash Rewards approval!
Grats on your new CCR card
Congrats on your approval!
Congrats on your Bank of America Customized Cash Rewards approval.
Congratulations on your BofA approval. This really is a hard to beat card and it can be good as an everyday driver for many. Just got an approval recently for a high limit card so don't want poke the near with them so soon, but this is probably my next card. They did good on this one.
Congratulations...smart strategy...
Congratulations on your approval!!! Thanks for the DP's.