cancel
Showing results for 
Search instead for 
Did you mean: 

BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Highlighted
Moderator

BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Found this little gem(not) on DOC site about BofA new CC rules.  Not near as strict as chase, but another one is byting the dust it appears.  With that said when a recession happens then card issuers will once again relax rules such as 5/24 and whatever else to drum up new business, but while the economy is rocking new rules will continue to be made which is fine for me for the time being as I must garden even though I am being forced to due to all these new rules Smiley Happy.  I can live with these rules as not near as harsh as Chase's

 

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/

Message 1 of 15
14 REPLIES 14
Highlighted
Moderator

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient that Chase 5/24 rule

More rules? lol 😄 Thanks for sharing @CreditCuriosity. So, as has been previously known, relationship can play a role to an extent. And, an interesting DP shared from DoC/Reddit:

§If you have $250k+ with Bank of America, you may be able to bypass the 7/12 rule.
Message 2 of 15
Highlighted
Moderator

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient that Chase 5/24 rule

At least for those of us with one or more BoA/ML/ME accounts, it's pretty easy to live with.  And no matter what the number, x/12 is always easier to work around than x/24.  I still like the original typo version, though:

 

A new report indicates that Bank of America will only approve new credit card applicants who have more than 7 new cards opened in the past 12 months.

 

That would be quite an incentive and they could easily find their target audience here on the myFICO Forums.  Smiley Tongue

Message 3 of 15
Highlighted
Super Contributor

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient that Chase 5/24 rule

Realistically it was only a matter of time before more and more banks do 5/24 type things. This 7/12 is a much more manageable and reasonable rule IMO
Message 4 of 15
Highlighted
Valued Contributor

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule


@CreditCuriosity wrote:

Found this little gem(not) on DOC site about BofA new CC rules. 

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/


Thanks @CreditCuriosity!  Interesting update on rules.

 

Frankly, I don't blame the banks for setting these limits, even though they brought the situation on themselves to some degree with the lucrative SUB offers to attract new business.  Personally, I don't apply for cards purely for SUBs and I don't chase SUBs with banks I don't plan to keep doing business with but I know many are different.  I'm rather horrified when I see some newer My Fico'ers with young, thin files and a dozen or more inquiries in the past year!  Eight to 12 new cards open with many different banks and they are still apping.  Smiley Surprised  IMO, there's a lot to be said for having a long-term thought process about credit applications and what I'm adding to my wallet. I like keeping my inquiries low and spread out, currently 1, 0, and 5. 



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $527K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 5 of 15
Highlighted
Regular Contributor

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Wonder if business cards or store cards count toward the 7?  

 

I too, think the rule is quite reasonable even though it might have just disqualified me if the answer is yes to both. Smiley Tongue  Anyway waiting for a year to get the Cash Rewards card won’t kill me. 

Message 6 of 15
Highlighted
Valued Contributor

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule


@FieryDance wrote:

Wonder if business cards or store cards count toward the 7?  


I imagine it's like the Chase 5/24 rule when it comes to business cards.  They normally do not show up on your personal credit report and that is all that counts. 

 

With 5/24, you had to be under it to get approved for a Chase INK business card; however, once approved, that INK card did NOT count against you for total cards in 5/24 because the INK wasn't reported on personal report.

 

I think any revolving account from any lender (including store or business) is what they'll be looking at.  And probably like Chase, they will exclude installment loans, auto, mortgage etc. 



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $527K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 7 of 15
Highlighted
Moderator

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule


@Aim_High wrote:

@CreditCuriosity wrote:

Found this little gem(not) on DOC site about BofA new CC rules. 

https://www.doctorofcredit.com/report-bank-of-america-7-12-rule-3-12-rule-for-new-cards/


Thanks @CreditCuriosity!  Interesting update on rules.

 

 When I see some newer My Fico'ers with young, thin files and a dozen or more inquiries in the past year!  Eight to 12 new cards open with many different banks and they are still apping.  Smiley Surprised 

 


When I was young there I had typically 50 inquiries on file at any time and multi cards in my pocket, back then limits were 500 to 1.5K. Took a lot of apps to get a good amount of credit. BofA was the hardest to get at that time, was denied prob 20 times just for inquiries alone.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 8 of 15
Highlighted
Community Leader
Super Contributor

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

LOL!! Im 6/12. Even my denied CLI request state no banking relationship. Maybe I should open up a deposit account Smiley Wink

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 9 of 15
Highlighted
Established Contributor

Re: BofA New Credit Card rules.. Somewhat similar, but more lenient than Chase 5/24 rule

Thanks for sharing! Good to know!


AU




Starting Score: 651
Current Score: 655
Goal Score: 751

Take the myFICO Fitness Challenge
Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.