Update: Approved: Should I Recon Bank of America (Secured)

[Anonymous]

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@ccquest wrote:

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Their rule is supposed to be just for their accounts. No more than 2 BoA cards in 2 months, 3 in 12, 4 in 24. What you do outside of them doesn't matter to them other than maybe a credit seeking flag on the report, but it isn't a hard criteria like Chase.

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Oh.  That's really weird then.  I'm not sure what else could have changed that much in just over two weeks.  I did make payments on some of my utilization (and some that had already been made reported, so it's reporting as just under 40% now).  But since they didn't do a new hardpull...?  I haven't checked to see if they did a new soft pull.  I'm assuming they did.  It's still odd to me that would have made that much of a difference.  Either way, I'm not complaining.  Just interesting.

[coldfusion]

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@ccquest wrote:

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@Anonymous wrote:

Hi Vmc726.  I mistyped, it's actually 3/12.  From my understanding, if you have 3 or more new accounts within the last 12 months (I think this only applies to revolving accounts like Chase, but hopefully someone can correct me if I'm wrong about that) and no banking relationship with BofA, it's an automatic denial.  However, if you have a deposit account with BofA, they up the limit to 7 or more new accounts in 12 months.  Since I think I've had 5 new accounts over the last 12 months (I regret a couple of those, but they were before better approvals), that's why I opened the savings account, so that I could apply under the 7/12 rule instead.  In my case, it was worth it to get that card.  I live in a very rural area, so do a huge percentage of my shopping online, so that 3% back is really handy.

If I'm off on any of that, hopefully someone will correct me.

Thanks all!!!

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Their rule is supposed to be just for their accounts. No more than 2 BoA cards in 2 months, 3 in 12, 4 in 24. What you do outside of them doesn't matter to them other than maybe a credit seeking flag on the report, but it isn't a hard criteria like Chase.

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No, the 2/3/4 rule is different from the 3/12 + 7/12 rule introduced earlier this year.

2/3/4 is only for BoA cards, they now also have a 7/12 rule for current customers, which is 3/12 instead if one is not a current customer, that takes into account from all issuers.