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@Anonymous wrote:So I think I am officially ready to apply for a BoA Card... Maybe? Does the Self Installment Loan count toward the BoA 2/12 Rule?
As of today, I only have 2 accounts newer than 12 Months.
1) Discover Card Oct. 2020.
2) Self Installment Loan Sept. 2020.
So if they overlook Installment Loans in their rule, then I'll be applying tomorrow!
If they do not... I'll have to wait until September...
Thank you for the information!
ALSO -- what Bureau does BoA use for NEW Applications typically?
The 3/12 rule applies to revolving credit, which is a different category of loan than.an installment loan.
It isn't a hard and fast rule but BoA usually HPs from Experian for credit card applications.
I am late to this thread, first let say I am sorry for the passing of your grandmother. I would grow your Discover card and open a Symchrony PayPal master card and grow it over year and get your other limits higher.BoA may not start you off with high credit limit, they may look at your average credit limit or could ask for 4506 because with an income of 150K or greater your limits should be higher, this would take time.
@firefox100 wrote:
I am late to this thread, first let say I am sorry for the passing of your grandmother. I would grow your Discover card and open a Symchrony PayPal master card and grow it over year and get your other limits higher.BoA may not start you off with high credit limit, they may look at your average credit limit or could ask for 4506 because with an income of 150K or greater your limits should be higher, this would take time.
@firefox100 - where is this unsubstantiated information coming from? BoA wouldn't request a 4506T under these circumstances, and for the record, there are plenty of individuals outside of the myFICO sphere who have incomes in that range (or greater) and do not necessarily have the need for "higher" limits. Not every individual follows the guidance of having higher limits just because of a higher income.
@FinStar wrote:
@firefox100 wrote:
I am late to this thread, first let say I am sorry for the passing of your grandmother. I would grow your Discover card and open a Symchrony PayPal master card and grow it over year and get your other limits higher.BoA may not start you off with high credit limit, they may look at your average credit limit or could ask for 4506 because with an income of 150K or greater your limits should be higher, this would take time.
@firefox100 - where is this unsubstantiated information coming from? BoA wouldn't request a 4506T under these circumstances, and for the record, there are plenty of individuals outside of the myFICO sphere who have incomes in that range (or greater) and do not necessarily have the need for "higher" limits. Not every individual follows the guidance of having higher limits just because of a higher income.
Now I will answer the question, The author did not need to apply for a BOA card and get turned down then apply for a Paypal mastercard, I see this from another thread of his. Yes I don't have data to back up that a 4506 would be requested but BoA went step beyound they just denied the application did not wast time. My reason for recommending the Paypal mastercard over applying was that athor would had better chance of getting approved for the Paypal mastercard. Just because you have a high income is the whole story, maybe in late sixty's or early 70's you could walk into bank apply for mastercharge account and talk some bring in your banking records or tax return and get approved for a high credit limit. Today it is computer driven, to author I would call BOA and do recon you may get some where.
When you applying for credit cards with BOA or Chase and US bank it helps to have higher credit limits showing on your credit reports. Low limit credit credit get other low limit approvals and higher limits attend to get higher limits approvals from other banks. Rome was't built in ay so is good credit.
This is second time around building credit, I am in the mid sixty's, the first time I started out building credit was started in 1980 with Visa credit from EAB bank no long in business with starting limit of 1K. There was time I could walk into any bank borrow 100K or more with just signature. I rememberback in the early 2000 chase had a chase master card with supper high limit 50K or more and intrest rate 1% above prime and MBNA had offer 6 months no transaction fees dedeposit direct into your checking account. When I make comments it with years of history about credit or just my six sence. Just for intrest I went bad the first time is because of medical problem.
@coldfusion- excellent points. It's unethical at best, illegal at worst.