Citi/BoA - how soon is too soon? - myFICO® Forums

expatCanuck · ‎03-14-2022

Greetings.

Acquired a Citi Custom Cash card 5.5 months ago (9.4K CL). Also have a DC, the successor to a decade-old product (20.2K).

I also acquired the Affinity Cash Rewards -- it'll be 5 months old in a week.

Currently 3/24 (the third being the Chase Flex, which is a little over a year old, so I believe I duck BoA's 3/12 rule).

Contemplating a large purchase for which it'd be useful to have a card offering 0% on new purchases for a year or so. Say. the Citi Simplicity or BoA UCR (which is currently offering $200 cash back, which is not unattractive). I have two BoA cards, with 4% and 6% util as I write this.

Anyone know if Citi or BoA have any spoken or unspoken limits regarding how soon is too soon / how much is too much / how many are too many?

2023 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]

EQ	841	5 INQ (Auto, CC, HELOC, 2 mort)	7y2m
EX	812	5 INQ (2 CC, 2 mort, HELoan)	6y11m
TU	829	4 INQ (3 CC, 1 mort)	6y6m
5/24	3/12	AoYA 0m \| AoOA 23y6m	~3%

coldfusion · ‎03-14-2022

You already have BoA cards i.e. you're an existing customer so you're governed by 7/12. Your profile is strong enough that even that could be overlooked, BoA can be flexible at their discretion and they have no problem with someone having 3 of their cards.

The only question I'd have with Citi is how much exposure (i.e. aggregate CL) they're willing to accept, which would affect your SL.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion

expatCanuck · ‎03-14-2022

With Citi, my aggregate is 29.6.

With BoA, it's ... ummm ... 70.

I could see either raising eyebrows. I've no idea how Citi plays.

2023 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]

EQ	841	5 INQ (Auto, CC, HELOC, 2 mort)	7y2m
EX	812	5 INQ (2 CC, 2 mort, HELoan)	6y11m
TU	829	4 INQ (3 CC, 1 mort)	6y6m
5/24	3/12	AoYA 0m \| AoOA 23y6m	~3%

FinStar · ‎03-14-2022

@expatCanuck wrote:
With Citi, my aggregate is 29.6.
With BoA, it's ... ummm ... 70.

I could see either raising eyebrows. I've no idea how Citi plays.

Aside from your AAoA, recent accounts, etc., most of the "unspoken" rules are simply guidelines as AI and UW algorithms are the ultimate deciding factors. Obviously, your reported income will come into play along with overall exposure with those 2 particular lenders. It's possible Citi can approve you, but we don't know if your limit will be lower, equal or higher than your current Citi limits. As far as BoA, it's possible they may carve out existing credit lines to approve the new account.

But, as has been mentioned many a times, the only way to know for sure is when/if you apply.

Credit-hoarder · ‎03-14-2022

@expatCanuck wrote:
Greetings.

Acquired a Citi Custom Cash card 5.5 months ago (9.4K CL). Also have a DC, the successor to a decade-old product (20.2K).

I also acquired the Affinity Cash Rewards -- it'll be 5 months old in a week.

Currently 3/24 (the third being the Chase Flex, which is a little over a year old, so I believe I duck BoA's 3/12 rule).

Contemplating a large purchase for which it'd be useful to have a card offering 0% on new purchases for a year or so. Say. the Citi Simplicity or BoA UCR (which is currently offering $200 cash back, which is not unattractive). I have two BoA cards, with 4% and 6% util as I write this.

Anyone know if Citi or BoA have any spoken or unspoken limits regarding how soon is too soon / how much is too much / how many are too many?

Something else to consider if you upcoming purchase is $4k or greater is the Citi Premier. It has a $60k TYP SUB for $4k spend in the first 3 mos. No 0% introductory rate though + a $95 AF. I have to replace a motor in one of my 2 cars and am very strongly considering this one.