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B of A preselect

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B of A preselect

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)
Message 1 of 9
8 REPLIES 8
Regular Contributor

Re: B of A preselect

@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.
Message 2 of 9
Member

Re: B of A preselect

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
Message 3 of 9
Community Leader
Mega Contributor

Re: B of A preselect

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.
#ChaseCreditCardHobby Enthusiast
2022
!
Message 4 of 9
Community Leader
Super Contributor

Re: B of A preselect


@aries994 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. 

GOALS: Garden til APR 2020 and 800 Club


DEC 2019: EX 811, TU 797, EQ 810
SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 9
Community Leader
Mega Contributor

Re: B of A preselect

Lol, @CreditInspired, dont you just dislike that term, preselected?Smiley Wink. Very misleading imoSmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
!
Message 6 of 9
Community Leader
Super Contributor

Re: B of A preselect


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

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

GOALS: Garden til APR 2020 and 800 Club


DEC 2019: EX 811, TU 797, EQ 810
SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 9
Senior Contributor

Re: B of A preselect


@CreditInspired wrote:

@aries994 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.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$900K+ club
Message 8 of 9
Established Contributor

Re: B of A preselect


@coldfusion wrote:

@CreditInspired wrote:

@aries994 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.


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.



“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 9 of 9
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