BOA Better Balance approval criterion?

[emptypockets]

I was approved for this card in April, they did a double pull (TU and EX). Scores at the time were approx same as my siggy - TU 766, EX 790. Instant approval for $12,500. I have a small mortgage on a rental property through BOA since 2009. This is my first BOA credit card.

[HiLine]

This card belongs to the BankAmericard family, so I'd speculate that it has the same underwriting criteria as the Cash Rewards and Travel Rewards sisters. They are relatively easy to get.

[TimeToRecover]

I just got the cash rewards last week.  Got my paperwork and it was a pull on EX myscore a 687.  I got a 5K CL visa signature.

[navigatethis12]

They seem to be the easiest bank to get in with and to get increases from after you have it. I don't think you will have a problem. However, I don't think this card is a good balance transfer card. A small 4000 balance transfer would wipe out the rewards for the entire year. A Chase Slate would be better, in my opinion.

[dddewdrop]

   Get ye back in de garden. You don't need anymore cards right now. You just were given a sign that you had too much credit and you talked about closing some accounts. Seems like opening a new account is the opposite of that.

[youngandcreditwrthy]

Thanks everyone. I'm still in the garden, with only a slip up or two in the past 6 months.
I'd close a couple of accts as previously mentioned, before I'd even app for this card.

[Anonymous]

What is the attraction of this card?   It doesn't seem to have a sign-up bonus, or am I missing that?  I get that you can get up to $120 a year for doing very little (but you do need to spend some on the card which might be better spent on other cards, and making sure it reports a balance, which can cost a few points on your credit score, and you need a BoA account, which aren't all that attractive).

Other cards have high sign up bonuses, so why not those instead of this?  Yes, with a thick enough file you can do both, but you could also apply for more cards with bonuses.

And, while in theory you can say this is $120 every year, unlike sign up bonuses, I would be surprised if this lasts all that long...

[Creditaddict]

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@youngandcreditwrthy wrote:
Thanks everyone. I'm still in the garden, with only a slip up or two in the past 6 months.
I'd close a couple of accts as previously mentioned, before I'd even app for this card.

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I don't know why you would close anything especially with the thought of closing just to apply... You would have to wait 30-60 days after closing before applying and I really don't see an issue with BofA automated computer system having an issue with high available credit... they can issue some very high credit lines and your other HIGH credit lines show that you can handle high credit lines... all pluses from BofA if you ask me... well really all pluses with most banks!

You are to concerned about stupid Citi and other banks being the same.

Now I think it reports as charge card but you think someone would have closed out a $50k credit line with Neiman Marcus because Citi called them and said they had to much available? NO!! Do you need some of the high lines you have at the stores? maybe not all, but for 1 tiny card to come in and be like choose our 1 card or choose 10 of your other cards.... that's easy!

the only way I would change this statement is if you had American Express, Bank of America, AND Chase tell you the same thing Citi did. okay fine 2 out of 4 tell you to close some cards... I just have not heard of such a thing in 15+ years.

Have you checked the pre-qual on BofA website??

[Anonymous]

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@Anonymous wrote:

What is the attraction of this card?   It doesn't seem to have a sign-up bonus, or am I missing that?  I get that you can get up to $120 a year for doing very little (but you do need to spend some on the card which might be better spent on other cards, and making sure it reports a balance, which can cost a few points on your credit score, and you need a BoA account, which aren't all that attractive).

Other cards have high sign up bonuses, so why not those instead of this?  Yes, with a thick enough file you can do both, but you could also apply for more cards with bonuses.

And, while in theory you can say this is $120 every year, unlike sign up bonuses, I would be surprised if this lasts all that long...

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Personally, I'm getting a $120/year for buying Starbucks. So 1% on $2.72 a day does not come close to $10 a month from taking advantage of this card.

[Open123]

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@Anonymous wrote:

What is the attraction of this card?   It doesn't seem to have a sign-up bonus, or am I missing that?  

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Ah, if one can afford the HP, new account and have reached the limit with Chase, Amex and Citi, just use it for Netflix subscription on autopay?