B of A preselect

[Anonymous]

Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)

[TheFIGuy]

@aries994

So the community can better help, we will need more detailed DP's (Data Points)

EX, EQ, TU FICO 8 or 9 Scores would be helpful.

[Anonymous]

I have a 745 through experian and 760 with both equifax and trans union, no baddies, all on time payments, less than 3% util across all credit cards. Total revolving is around $40k available. 2 recent inq from AMEX for $10K cash magnet and Discover IT $16.8k

[AverageJoesCredit]

With a set apr, sounds promising especially with your profile. Most Boa prequels are marketing at best but when you get a mailer sent to you specifically and with set apr, you have better shot than usual though its always ymmv as something may have changed with your reports in the time it took for them to send out.

[CreditInspired]

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@Anonymous wrote:
Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)

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Since you're only preselected and not preapproved, I think this is just marketing. 

[AverageJoesCredit]

Lol, @CreditInspired, dont you just dislike that term, preselected?. Very misleading imo

[CreditInspired]

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@AverageJoesCredit wrote:
Lol, @CreditInspired, dont you just dislike that term, preselected?. Very misleading imo

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I absolutely do.   It catches one off guard. They're so slick. 

[coldfusion]

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@CreditInspired wrote:

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@Anonymous wrote:
Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)

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Since you're only preselected and not preapproved, I think this is just marketing. 

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Don't get caught up by the choice of terms, the key is the offer itself. 

OP likely got one of the `preselected` BoA Cash Rewards mailers that were delivered yesterday.  Those mailers have both a fixed interest rate and opt-out language, which is characteristic of a preapproval regardless of whatever term an issuer chooses to use to describe it.

[mikesonthemend]

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@coldfusion wrote:

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@CreditInspired wrote:

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@Anonymous wrote:
Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)

---

Since you're only preselected and not preapproved, I think this is just marketing. 

---

Don't get caught up by the choice of terms, the key is the offer itself. 

OP likely got one of the `preselected` BoA Cash Rewards mailers that were delivered yesterday.  Those mailers have both a fixed interest rate and opt-out language, which is characteristic of a preapproval regardless of whatever term an issuer chooses to use to describe it.

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My last app was for a similar offer. Was declined for new accounts, and too many inquiries.  I was EX (what they pulled) 730 at the time. I called for recon, and then asked for UW and was told that amount of new accounts (4 of my new 5 didn't even show on their report) and inquiries since being pre-approved is what killed me. Was told to wait 6 months and should be good to go as long as nothing negative occured in that time.