Does BofA have a card limit?

Anonymous · ‎10-07-2018

I have a total of 5 BofA credit cards from when I started my credit journey years ago. Am I still able to get a new credit card from them or would I need to close one out? I think I read about this limit 5 on here some time ago. Thanks!

JoeLuvsHisCredit · ‎10-07-2018

@Anonymous wrote:
I have a total of 5 BofA credit cards from when I started my credit journey years ago. Am I still able to get a new credit card from them or would I need to close one out? I think I read about this limit 5 on here some time ago. Thanks!

I think you will get approved FYI but if you are at your cap with BOA they will reduce your limit on one card to open up your new card. For example I only have 2 cards with 32K and 9.2K (about half of my income). Many people said they are cap with half of their income. So if your limits are about half of your income just remember they will just move limits around to open up a new account. GOOD LUCK OP

UncleB · ‎10-07-2018

@Anonymous wrote:
I have a total of 5 BofA credit cards from when I started my credit journey years ago. Am I still able to get a new credit card from them or would I need to close one out? I think I read about this limit 5 on here some time ago. Thanks!

DoC mentions that some people are limited to four, but since you've already passed that I would say at this point you probably only have to be concerned with your total BoA exposure.

DoC article: https://www.doctorofcredit.com/things-everybody-should-know-about-bank-of-america/

FinStar · ‎10-08-2018

As @UncleB mentioned above, in addition to the DoC article, internal unsecured exposure, income, relationship, plus a variety of other UW factors will determine what you can get approved for.

I used to have 7 BoA CCs (some were older/legacy products, but I have since consolidated down to 5. I had no issues getting approved for the Premium Rewards last December, but given my overall internal exposure, it had to be routed to a senior UW for sign-off. I didn't have to do any reconsideration, but it took about a week or so to get approved.

Anonymous · ‎10-17-2018

thanks for all the info guys! I got a call today from BofA and was approved!

Loquat · ‎10-17-2018

@Anonymous wrote:
thanks for all the info guys! I got a call today from BofA and was approved!

Congrats on the approval. If you don't mind me asking...what new card did you pick up?

I had (4) with BoA until a month or so ago...closed the (2) Cash Rewards and one Travel Rewards...rolled their limit to my Alaska Air giving me a nice limit on the only card that I was using with them.