Bank of America Card

[FinStar]

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@Tapdnsr25 wrote:

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So I also have an "offer" showing up in my app, and it shows me several cards for which it says I'm "pre-selected." It says 0% APR for 15 months and then a variable 23.99% after that. Not a good rate, but I want the Customized Cash Rewards card really badly. So much so, in fact, that I opened a checking and a savings account with BofA FOR this card. I wound up applying already, 9 days ago. Instant denial. The letter that came in the mail said it was due to too many recent inquiries and because my relationship was too new. I've since frozen my files at all 3 bureaus, so I'm considering hitting the apply button just to see if it will use my HP (from 9 days ago) and change its mind this time. Unlikely, I know, but I figure what can it hurt? Any thoughts? 

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Freezing CRs to obtain a different result isn't going to yield anything different. It's not like your inquiries have disappeared or your relationship with BoA isn't still new.

At best, their system will likely detect that you've recently applied within the past 30 days and will notify you of that previous decision.

While I understand you jumped the gun a bit prematurely (based on your other thread), but when it comes to expectations, things just can't be rushed if you expect fruitful results.

[Tapdnsr25]

No, but I figured I would once my account info arrived (which was this evening) so I could first put some money into the savings account. But then when I activated the debit card in the app, I saw the offer. So I wonder if the offer is based on the HP combined with the accounts being officially opened now (IDT they were at the time I applied for the card), (since BofA is more forgiving of inquiries and new accounts with account holders), or if it's just there because it's a standard thing and the APR is based off some soft pull that doesn't show my inquiries. (There were 3 in the last year on EX before the BofA app.) 

[Tapdnsr25]

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@FinStar wrote:

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@Tapdnsr25 wrote:

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So I also have an "offer" showing up in my app, and it shows me several cards for which it says I'm "pre-selected." It says 0% APR for 15 months and then a variable 23.99% after that. Not a good rate, but I want the Customized Cash Rewards card really badly. So much so, in fact, that I opened a checking and a savings account with BofA FOR this card. I wound up applying already, 9 days ago. Instant denial. The letter that came in the mail said it was due to too many recent inquiries and because my relationship was too new. I've since frozen my files at all 3 bureaus, so I'm considering hitting the apply button just to see if it will use my HP (from 9 days ago) and change its mind this time. Unlikely, I know, but I figure what can it hurt? Any thoughts? 

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Freezing CRs to obtain a different result isn't going to yield anything different. It's not like your inquiries have disappeared or your relationship with BoA isn't still new.

At best, their system will likely detect that you've recently applied within the past 30 days and will notify you of that previous decision.

While I understand you jumped the gun a bit prematurely (based on your other thread), but when it comes to expectations, things just can't be rushed if you expect fruitful results.

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Oh I'd already frozen the accounts just for normal reasons.

Normally I'd have waited, but I knew my new cards and a loan were about to start reporting any minute so that made me antsy to get the app in before any of it hit. I wish I'd known about the card before I applied for anything else, but unfortunately I found out about it after I was done with my spree. Ugh. 

[FinStar]

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@Tapdnsr25 wrote:

No, but I figured I would once my account info arrived (which was this evening) so I could first put some money into the savings account. But then when I activated the debit card in the app, I saw the offer. So I wonder if the offer is based on the HP combined with the accounts being officially opened now (IDT they were at the time I applied for the card), (since BofA is more forgiving of inquiries and new accounts with account holders), or if it's just there because it's a standard thing and the APR is based off some soft pull that doesn't show my inquiries. (There were 3 in the last year on EX before the BofA app.) 

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They're not exactly 'more forgiving' with new accounts and/or inquiries just because you're a BoA customer. Algorithms evaluate millions of data elements, and while they can weigh and consider a long-standing BoA or ML relationship, if the credit profile data doesn't meet their UW requirements, the application can still be denied.

Another item to keep in mind, the pre-screening that yielded those offers, is at the top level. Meaning, this wasn't an in-depth CR review since they will still need to HP to determine a final decision.