Bank of America Pre-Selected Offers/Application Question

[Anonymous]

Hello everyone,

I'm new to this forum, and to credit cards in general, and recently discovered pre approved/selected offers. I've also been reading that BofA sometimes isn't the most accurate.

After signing into my BofA account (I have a checkings account with them), it provides me with a page with a congratulations header, and offers for the Alaska Airlines card, Cash Rewards card, Travel Rewards card, and standard Credit Card (the master card one). All of these offers have fixed interest rates, which from some reading I think is a good sign for me? I also remember about 2 months ago when I went to the bank, the teller asked me if I was interested in applying for a card with them. Was in a rush as a college student so I said some other time.

Also, a little background info, I had no credit cards up until last week. Recent college grad with credit scores ranging from 670-685. Applied for United Chase card (foolishly) and was declined, then applied for capital one platinum (which I had a pre-approved offer for) and was accepted. I also have a student loan that shows up as not paid on my reports, even though I paid it off in full a couple weeks ago (?), but I'll save that for another thread. No bad marks or anything like that.

So, my question is, should I apply for one of these BofA cards? (is applying for two cards within a week of each other okay?)

And if so, do my pre-approved offers look solid?

And related to that, will my two recent applications and one approval affect me getting approved for one of the BofA cards? The inquiries have showed up on my credit reports, but the capital one card hasn't showed up yet (not sure what information goes to BofA when they determine these pre-approval offers).

Thanks a bunch for the help, and sorry for the mini wall of text

[Anonymous]

To me...the offers don't look solid. You're right that BofA offers are hit or miss, but what gives me a pause for concern is the cards you were prequalified for. Travel cards tend to have a high credit limit in my own personal experience and with your scores and background it would be odd for you to be approved for one with no real credit history and the negative on your credit report. What I would do if I were you is to get that student loan issue fixed, use the Capital One card for a few months and then see where you are at score wise. I bet it'll be a lot higher. Do a little research on cards in that time too. I'll bet you'll be ready to get any card you might want instead of one you got prequalified for. Hope this helps.

[medicgrrl]

I think when they come up thru your log in and have a single rate listed vs a range of rates, they are a more solid offer.

[cmm89]

I agree with medicgrrl.... these sound like pretty solid offers. I have BoA for checking and savings, and the Travel Rewards and Cash Rewards. Both great cards. Daily drivers.

[Anonymous]

Thanks for the input guys.

@cmm89 - how did you apply for your cards? Normally or through a pre-approval offer?

[Anonymous]

My experience is that the BOA offers that show when you log into checking are pretty reliable.  I am 2 for 2 on those but was a little over 700 when I got them and nothing negative on my reports. Also know going forward that BOA CLI's are HP if you request them. They are also good at CLD after an AR if your utilization is out of whack on your other accounts even if it is OK on the BOA acct. I got cut from $15K to $10K on my Signature Rewards because I was carrying some higher balances on Amex and NFCU last Fall into the Winter. Now that everything os fixed, I have not asked for it back because I do not want a HP for a $5K increase on an existing card. The bright side is that you can use them for overdraft protection should something go amiss in your checking account.

[Anonymous]

Good to know, thanks Navyguy48. I think I'll stop by at my local branch on my way home and see if they can offer any insight.

[cmm89]

@soy I actually have a pretty significant investment account with ML for my age, so as soon as my student loans moved out of default in May, they've been extremely generous with me. But my scores aren't as good as yours. I never got "pre-approved" for anything, but cold app'ed for both online. Both came back (with a few weeks in between) at 3,700. By far my most generous lines since I started my rebuild with the next best being Chase at 1,500. A few weeks later, after I hit the Spend bonus on the Trav Rewards, I saw the CLI button. Hit it, asked 10k, got 10k. I may be a unique story because of my ML advisor, so YMMV.

Best of luck. BoA/ML has me for life.

FWIW-- before my student loan default fell off just this past May and before I started rebuilding my revolving credit in August of last year (with a Citi Secured) despite my ML advisor and CHK/SAV with them, they wouldn't touch me with a 10 foot pole. Even with a secured card.

Forgive typos. Sent from phone.

[Anonymous]

@cmm89

Just applied for the Travel Rewards, got approved for $4500! Pretty happy, and cool to hear that your experience with B of A has also been a pretty positive one.

[Anonymous]

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@Anonymous wrote:

@cmm89

Just applied for the Travel Rewards, got approved for $4500! Pretty happy, and cool to hear that your experience with B of A has also been a pretty positive one.

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Congrats on the approval!  You're on fire, lol.

I'm not sure if youre familiar with the credit pulls database?  If you aren't and want to continue your spree, you can see who got approved and who didnt, with their scores and other information.  If you google it, I think you'll be glad you did, it's a great tool for sprees!

Either way, I forgot what your screen name meant, so I had to go to Urban Dictionary.