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BofA Shut Me Down. Guess I’ve learned now...

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Senior Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...


@JST2021 wrote:
I never thought I’d be on here posting about an AA, but I suppose there’s a first time for everything...

I went out to get bae a haircut, only my redcard and two BoA cards in hand. I went to pay, and the lady told me my Cash Rewards was declined. I went outside, called the number on the back of the card, and the automated system said my cards were closed.

I recently opened five new cards, so I guess this shouldn’t surprise me much. But I’d been doing app sprees for over a year and had nothing happen, so I am a bit at a loss for words.

Oh well, I guess my appaholic ways were bound to catch up with mr at some point. I have definitely learned my lesson about excessive credit card applications. Let this be yet another cautionary tale to those on here who are new to this and get carried away. Missing out on that $200 SUB definitely stings though, lol.

I just want to say Sorry you had to go through this,

Looks like everything has been covered in this thread.

Message 21 of 51
Highlighted
Established Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

While I agree that the "app spree" is a thing of the past, I'm glad that I got a majority of my cards within an 18 month period. It *did* dip my scores down to the 660's for about a year, but now they're mostly aging at the same pace and in the long run, it'll make my AAoA more solid. I'm currently sitting in the 740's all around.

Trust me though... I was walking on egg shells after getting CFU and CSP within 4 months of each other. I let my AAoA hit 3 years and then I apped for Clearpoints and Savor. While I love SUB's, these cards will serve a long term purpose for me and help me maximize rewards on spend that I make anyways. There's a handful of cards on my wishlist still, but I'm going to wait at least another 18 months before I think of apping for anything. (I may just wait until I hit that magic 5 year mark. I've got plenty of open lines for what I need, so there's really no excuse to rush into anything.)

 

This being said, I've never been late and usually pay within a week of statement closing. I've never made a payment under $1K unless the balance was less than that. (I'm a firm believer that anything near "minimum payment" sets off an internal flag with lenders.) If I carry a balance, it's usually for maybe a month or two unless I'm strategically playing for a CLI. Chase, Amex and BoA have seen many payments in the $5K-7K range, and BoA once got a $26K payment when I was reimbursed for $22K in testing equiptment I needed for a job. (I get reimbursed for A LOT of work expenses, so my lenders see lots of spend, and generally very large payments coming through to them, and always from the same credit union checking account.) I'm fairly certain this has helped me build a layer of trust with these banks... But I in no way take that for granted.

 

AA is real, and I credit the wisdom and counsel of the financially savvy group here at My Fico for helping me steer clear of behavior that would put me on that road. Props to the OP for sharing his story, and I hope you do join us in the garden to help your profile age and make your existing lenders feel a bit less skittish. Time is the one variable that will make a profile grow stronger no matter who you are. Smiley Happy

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($67.6K), Paypal credit ($7.8K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 22 of 51
Frequent Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

Wow, sorry to hear.  I just got 2 new B of A cards in the last 3 weeks but I'm in the garden now.

Message 23 of 51
Senior Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...


@FicoGuy2019 wrote:

Wow, sorry to hear.  I just got 2 new B of A cards in the last 3 weeks but I'm in the garden now.


I don't think you have much to worry about with BoA right now, especially since human hands were involved with your most recent very nice CLI. 

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 24 of 51
Moderator

Re: BofA Shut Me Down. Guess I’ve learned now...


@Remedios wrote:

Does BOA have any rules on how many cards can be approved during any period of time? 


As in their own cards?   DoC had an article about it sometime ago:

 

https://www.doctorofcredit.com/httpswww-doctorofcredit-combank-america-312-rule-credit-card-approval...

 

Outside of BoA products, I believe the Motley Fool and Reddit had some articles about it.  It was certainly discussed here last year :

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Bank-of-America-too-many-new-accounts/td-p...

Message 25 of 51
Community Leader
Mega Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...


@FinStar wrote:

@Remedios wrote:

Does BOA have any rules on how many cards can be approved during any period of time? 


As in their own cards?   DoC had an article about it sometime ago:

 

https://www.doctorofcredit.com/httpswww-doctorofcredit-combank-america-312-rule-credit-card-approval...

 

Outside of BoA products, I believe the Motley Fool and Reddit had some articles about it.  It was certainly discussed here last year :

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Bank-of-America-too-many-new-accounts/td-p...


So, would two cards in one day pose a problem, because OP got two of their cards on a same day 🤷

EX 759 EQ 774 TU 753


Message 26 of 51
Moderator

Re: BofA Shut Me Down. Guess I’ve learned now...


@Remedios wrote:

@FinStar wrote:

@Remedios wrote:

Does BOA have any rules on how many cards can be approved during any period of time? 


As in their own cards?   DoC had an article about it sometime ago:

 

https://www.doctorofcredit.com/httpswww-doctorofcredit-combank-america-312-rule-credit-card-approval...

 

Outside of BoA products, I believe the Motley Fool and Reddit had some articles about it.  It was certainly discussed here last year :

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Bank-of-America-too-many-new-accounts/td-p...


So, would two cards in one day pose a problem, because OP got two of their cards on a same day 🤷


It depends.  What typically happens when 2 applications are submitted synchronously, 1 usually gets flagged for further review - sometimes both.  In some cases, provided the applicant clears UW scrutiny and any security hurdles, both can be approved.  So, even if both are approved, it's still not out of the woods.  Under manual review, conditions can be preset on some accounts for more stringent or periodic reviews to mitigate any potential losses. 

Message 27 of 51
Community Leader
Mega Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...


@FinStar wrote:

@Remedios wrote:

@FinStar wrote:

@Remedios wrote:

Does BOA have any rules on how many cards can be approved during any period of time? 


As in their own cards?   DoC had an article about it sometime ago:

 

https://www.doctorofcredit.com/httpswww-doctorofcredit-combank-america-312-rule-credit-card-approval...

 

Outside of BoA products, I believe the Motley Fool and Reddit had some articles about it.  It was certainly discussed here last year :

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Bank-of-America-too-many-new-accounts/td-p...


So, would two cards in one day pose a problem, because OP got two of their cards on a same day 🤷


It depends.  What typically happens when 2 applications are submitted synchronously, 1 usually gets flagged for further review - sometimes both.  In some cases, provided the applicant clears UW scrutiny and any security hurdles, both can be approved.  So, even if both are approved, it's still not out of the woods.  Under manual review, conditions can be preset on some accounts for more stringent or periodic reviews to mitigate any potential losses. 


Thank you. 

EX 759 EQ 774 TU 753


Message 28 of 51
Established Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...


@TraumaNurse wrote:
Sorry, for your troubles friend. I’ve opened several, 10 in a calendar year to be exact. Not smart, or recommend. I’ve never had any issues with any of them. I do bank with BofA, and have investments with Merrill.

Yikes! I'm in the same boat as you... I'm pretty sure I opened 10+ accounts since September 2018. Actually, it was 11 accounts (Oops! Make that 12; I forgot about my car loan). What the heck was I thinking?? The approval high is a real thing and I'm glad I've moved past it... hopefully lol. No, I think I'm done. I've seen my scores go up because of my accounts being older than 3 months and that's shown me that letting them age is the best thing to do. I would LOVE to PC my Wells Fargo Platinum to a CashWise, but Wells Fargo would create a whole new account and that would defeat the purpose of what I'm trying to do here. 

 

Long story short, I would also NOT recommend opening so many accounts in such a short period. There's really no need for it. 

I’m probably never finding that garden everyone keeps talking about.


Score dropped ~15 points due to large balance transfer

Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 29 of 51
Frequent Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

I opened 3 cards within 2 week period: US Bank Cash+, Citi DC and BoA Travel. None took AA. But then again it’s only 3 cards, I have a good income and I have been long time CC holder with BoA.
Message 30 of 51
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