Originally Posted by sdsearch

You are not ready to apply for another if you haven't reduced the credit limit yet. You should reduce the credit limit as soon as possible after opening a BofA card, as opposed to waiting until you're ready to apply for another card.

Many people lately are getting denied for another personal card if they have even one open. I would think that should tell you whether you should close after reducing credit limit.

But people who have too much credit "tied up" with BofA may only get approved for a Platinum card (5k bonus) instead of signature. And credit can get "tied up" at BofA if you don't reduce credit limit before cancelling or if you don't wait long enough after reducing credit limit before applying for another card.

So reduce your credit limit immediately. But I'm not sure how long you need to wait after that to close and apply again (with low risk).