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 
. 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/
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. 
@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. 
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.
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. Anyway waiting for a year to get the Cash Rewards card won’t kill me.
@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.
@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.
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.
LOL!! Im 6/12. Even my denied CLI request state no banking relationship. Maybe I should open up a deposit account 
Thanks for sharing! Good to know!
AU
