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

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Valued Contributor

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


@gdale6 wrote:  "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."



But ... weren't the denials and numerous inquiries leading to even more denials and inquiries when you kept apping?  Smiley Surprised  It seems like not stopping to reevaluate and regroup created the cycle and sustained it.

 

Maybe I was different.  My limits were fairly low but they weren't quite that low.  My credit needs were modest and I had a healthy respect and fear of misuse of credit cards.  And there weren't such a collection of cash-back and rewards cards back then.  We didn't need a dozen cards.  I had more credit than I needed because I usually PIF anyway, and then with just a few total cards getting regular use and PIF, they just naturally grew slowly over time ... all by themselves for the most part.  I don't know, but I think that is the way it's supposed to happen ... and it's what I always suggest to young, thin files, not app-spreeing in a panic like the cards are going to be sold out if they don't get them all immediately.  Smiley Happy 

 

I think the proliferation of information on the internet today combined with the competition in the industry as reflected by the SUBs and rewards systems has created an undue urgency as well as a sense of confusion with young adults today just starting out with credit.  That's why I often encourage them to remember my adage, "Remember it's a marathon, not a sprint."

 

Marathon.jpg

 

 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 11 of 15
Moderator

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

If I were to open a savings account with BoA I would get an extra $40/year from my two BBRs, which admittedly would be a nice return on a $300 investment.  I've always held off, though, since I didn't like the idea of having $300 locked away in perpetuity.

 

It looks like if I plan to get another BoA card in the near future I might have to reconsider that, though.

 

Also ironic... I've usually been quick to say that having a small amount in a deposit account doesn't make a difference when it comes to approvals, and while I still think that's the case with the majority of banks it's interesting that BoA might be an exception.  Of course the 'rule' is still young and we might not know everything just yet.

Message 12 of 15
Valued Contributor

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

These new rules do put the damper on credit card hobbyists looking for SUBS and having a bucket list w/ some lenders.

 

For some of us these new rules don't matter.

 

Thank you Amex for changing your existing cards and not coming out w/ new MR cards.

Personal Cards: Amex Gold, & Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR | Amex Plat
Message 13 of 15
Moderator

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


@redpat wrote:

These new rules do put the damper on credit card hobbyists looking for SUBS and having a bucket list w/ some lenders.

 

For some of us these new rules don't matter.

 

Thank you Amex for changing your existing cards and not coming out w/ new MR cards.


@redpat lol that bucket list is directed at me, but all good Smiley Happy.  This is honestlu a pretty easy rule to fall under especially since I do have a depository account with them

Message 14 of 15
Valued Contributor

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


@CreditCuriosity wrote:

@redpat wrote:

These new rules do put the damper on credit card hobbyists looking for SUBS and having a bucket list w/ some lenders.

 

For some of us these new rules don't matter.

 

Thank you Amex for changing your existing cards and not coming out w/ new MR cards.


@redpat lol that bucket list is directed at me, but all good Smiley Happy.  This is honestlu a pretty easy rule to fall under especially since I do have a depository account with them


Lol CC.  We all have bucket lists and the one I having the most trouble w/ is finding two Nurses that will........

 

No not you CC it was at 12.....Something or other....lol!

Personal Cards: Amex Gold, & Plat | Amex Delta Res | Amex Hilton | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR | Amex Plat
Message 15 of 15
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