Bank of America App. question for our "experts"

[odd_dog]

Wanting the BOA Premium Rewards card, have seriously cut down on my cards lately and am now focusing on specifics....ok so i have 3 BOA cards with a total of 40K across all, I was just approved for one of the CR cards in June with CL of 23K. I see through research this card has a harder UW, I have LOL/24 BUT 1/6 because of gardening.....EQ 787, TU 802, EX 768 (they pulled EX for me last time). Running 1% total on all cards, mostly the BOA cards, and income six figures.....I am a platinum rewards client and have banked with them for years....big question do I wait the 90 days since the last approval with them, or does that even matter when you have the "relationship"? I did try for this card last year when I was LOL LOL LOL/24 before gardening and slowing down and was denied. I do find it interesting that under "offers" on my account they are pushing the Business Cash card with a better sign up bonus than public, $500 instead of $300 BUT the apr is a range so not thinking that is a REAL offer....Not in a big hurry as I would have to go through the pain of changing my signature....LOL  SO experts wait or apply? Any constructive advice or personal insight appreciated....

[Anonymous]

I’m not sure if their app changed but a prequal CR card offer popped up for me for the first time ever with application link.I had never pulled trigger on bofa before this because they never had rock solid prequals, even though I bank and have a mortgage through them. I am platinum preferred, they pulled ex only score was 710 and I’ve open at least 6 new revolving accounts in last 6 months, Sl 16k.

[kdm31091]

I’d err on the side of caution with the Premium card especially. BoA doesn’t approve that one easily. I’d wait 90 days from your last approval from them or longer. The banking relationship can help but ultimately their underwriting for that card is pretty tight so you want to be in as good of shape as possible.

[CreditCuriosity]

IMO if you have banked with them for quite some time and a platinum rewards holder and your scores are high like yours I think you would be approved.  Tons of DPs on various sites where people tried before opening a merrill account or bofa account and denied after a month or two or three of having a relationship they reapplied and got instant approvals vs. instant denials.  Relationship plays a huge role in this card more-so now than when it was initially launched from what I can see.  Obviously you can weigh on the side of caution and hold off for a few months, but i would forsee an approval with your scores and relationship with them as that is who the card is really meant for people that have either 20/50 or 100k tier levels as they get more benefits than base card.  Comes down to one Experian   pull and you will find out pretty quickly and HP's are overrated IMO where-as new accounts are by far more of the sting than the HP itself.  Just make sure you are in the 2/3/4 rule of BofA(i believe that is what it is called).. Can find that on many sites such as DOC, etc explaining what that is.

[Anonymous]

I'd say it's 50/50 depending on the variables.

Personal experience w/ LOL/24 (think it was 10 or so) was a denial similar to 5/24 reasons and lack of relationship even though I have a 65K CC with them and 800+ scores.

Some of these flagship cards are a real PITA to get them.  Meanwhile you can go off brand a bit like CR and it's easy peasy to get one.  The logic doesn't really track from a loyalty perspective... pay more for someone new or give one to someone that has a relationship already and let word of mouth advertising build your base for you.

[odd_dog]

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@CreditCuriosity wrote:

IMO if you have banked with them for quite some time and a platinum rewards holder and your scores are high like yours I think you would be approved.  Tons of DPs on various sites where people tried before opening a merrill account or bofa account and denied after a month or two or three of having a relationship they reapplied and got instant approvals vs. instant denials.  Relationship plays a huge role in this card more-so now than when it was initially launched from what I can see.  Obviously you can weigh on the side of caution and hold off for a few months, but i would forsee an approval with your scores and relationship with them as that is who the card is really meant for people that have either 20/50 or 100k tier levels as they get more benefits than base card.  Comes down to one Experian   pull and you will find out pretty quickly and HP's are overrated IMO where-as new accounts are by far more of the sting than the HP itself.  Just make sure you are in the 2/3/4 rule of BofA(i believe that is what it is called).. Can find that on many sites such as DOC, etc explaining what that is.

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yes thinking my latest card with them was my second CR card in June and the other two are a few years old so I am good with that.....Thanks for the insight....

[odd_dog]

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@Anonymous wrote:

I'd say it's 50/50 depending on the variables.

Personal experience w/ LOL/24 (think it was 10 or so) was a denial similar to 5/24 reasons and lack of relationship even though I have a 65K CC with them and 800+ scores.

Some of these flagship cards are a real PITA to get them.  Meanwhile you can go off brand a bit like CR and it's easy peasy to get one.  The logic doesn't really track from a loyalty perspective... pay more for someone new or give one to someone that has a relationship already and let word of mouth advertising build your base for you.

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OK but even in your reply you do not have a banking relationship with them or investments with them, I am wondering if THAT is the issue, kind of like US BANK with that darn Altitude card, member's only....LOL  I have been banking and investing for a long while..... I do agree with you about the flagship cards being a PITA to get and why??? And totally agree that the CR and travel are way easy to get....

[Anonymous]

Meh... I have 2 USB accounts and don't bank with them either.

In general I don't mix cash with credit w/ any bank or CU.

The bare minimum is to have a login w/ USB to apply for the AR.... nothing else.  Someone added their kid to their checking account for the purpose of having the kid apply for the AR and it worked / was approved.  Might have even just been an AU to one of the CC's they had w/ USB.  

[odd_dog]

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@Anonymous wrote:

Meh... I have 2 USB accounts and don't bank with them either.

In general I don't mix cash with credit w/ any bank or CU.

The bare minimum is to have a login w/ USB to apply for the AR.... nothing else.  Someone added their kid to their checking account for the purpose of having the kid apply for the AR and it worked / was approved.  Might have even just been an AU to one of the CC's they had w/ USB.  

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LOL you crack me up as I read this it is in stewie's voice....it sounds better that way....I guess you are right, I truly am over thinking it....

[CreditCuriosity]

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@Anonymous wrote:

Meh... I have 2 USB accounts and don't bank with them either.

In general I don't mix cash with credit w/ any bank or CU.

The bare minimum is to have a login w/ USB to apply for the AR.... nothing else.  Someone added their kid to their checking account for the purpose of having the kid apply for the AR and it worked / was approved.  Might have even just been an AU to one of the CC's they had w/ USB.  

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If you just want the bonus open up a checking account public bonus i believe is 300 dollar collect it, apply for card get that 500 bonus once card is obtained you can close the checking account.  Checking account or investment account with this card greatly helps from many forums I have read and my own personal denial experiences awhile back as well.  I broke down and did he public 300 checking offer and in another month or two will be applying for the card and I am giving myself a 90% shot of obtaining it.  As i am sure you know scores aren't everything for lenders such as us bank, chase due to 5/24 rule and in this case bofa doesn't personally want to get churned for $500 imo as they use to get taken for what 5 Alaska airline bonuses at a time by some crazy people that caused the 2/3/4 rule and the likes.  Some people go overboard with said lenders and this is how these rules come.  Their is no doubt the 5/24 rule came from someone having everyone or most of chase cards collecting bonuses then shutting those cards down that have AF's.  Same goes for the PR bofa card as BofA doesn't want to hand out a 500 bonus on a fairly easy spend sub.  Just my 2 cents we wll see if I get approved or not in a month or two when i apply as BofA will use excuse or no banking relationship or too many recently opened accounts for this card, but if you have investments/banking with them it kinda magically goes away being either of those reasons one for obvious reasons and other one they tend to just overlook.

Bofa has been very generous to me on other cards approx 70k in credit, but this card is hard to crack thus i will give the banking route a try the worse that can happen is i collect my 300 checking bonus and lose a HP on experian...  Worth the try for me gaining 300 and possibly another 500 for just a HP against EXP as I dont put much weight on HP's as greatly over weighted as you can see by approval from mahraja and others.  Granted they do have higher than normal incomes than the majority of the forum and the banks want a piece of that spend.