Multiple BoA Denials - Help!
 

Hoping someone can help me out here as BoA has not been helpful at all.

Quick history: Both my wife and I have applied for multiple BoA cards over the past 7 years and never had any issues getting approved. We've both had the Alaska card countless times, never more than 1 at a time. Always keep 10-11 months before closing. Both of us have 800+ credit scores. Neither of us have ever been denied after 7 years and 50 or so credit cards by any bank, until recently. And neither of us currently have any BoA cards open. I am aware of their 2/3/4 rules and am not violating any of those.

I applied for a BoA Alaska card back in early April and was denied instantly. I was told I had too many applications in the past 90 days. I had applied for and received 2 cards in the prior 90 days and neither with BoA. Looking back at my records this is no worse (and actually better) than previous applications for the same card which were approved years prior.

I then figured I'd have my wife try. She tried a few days later and was denied instantly as well. Never received the letter in the mail and the Rep on the phone would not say why. She had applied for and was approved for 1 card in the previous 6 months, 50 days or so prior to this application.

Fast forward to end of July. I had my wife try applying to the BoA Premium Awards card. Again denied instantly. Again, she had not applied for or been approved for any cards in the previous 90 days. She had applied for 3 cards and been approved in the previous 6 months. This time the Rep on the phone said to try waiting a bit longer. I asked if it had to be 6 months and she said "that might work".

Is there a new rule in addition to the 2/3/4 rule for BoA that I am unaware of? Do you have to wait 6 months from any application/approval? Something is preventing both of us from getting their cards and it isn't related to how many or how frequent we apply for BoA cards. I'm scared to try again but would love to have both the Alaska and the Premium Awards cards.

Thanks!

BoA has tightened up their underwriting quite a bit. A history of approvals in prior years doesn't mean things have not changed. Especially with the Premium card they are pretty tight on underwriting. Your best bet is probably 6 months with no new accounts before trying again. I know that's not what you want to hear, but BoA guards the Premium card pretty tightly (and the Alaska, now, after rampant churning).

Could the real problem be a history of opening BoA accounts and then closing them in less than a year?

If I want to wait 6 months and try again, is that from the last time I was approved for a card or is that from the most recent BoA denial? If from the last time I was approved for a card, I'm now at 7 months and could try again now to test the theory. My wife would certainly need to wait a few months.

I sure hope not! Out of the 50 or so credit cards we have signed up for over the last 7 years, I probably only kept 2 open more than 12 months. I would guess many are in a similar boat. Although I couldn't complain if they did take this approach. I've only ever heard of closing cards after a few months as causing a problem.

Yes, there appears to be one or more new rules, but, unlike 2/3/4, they're unpublished, and they may be "dynamic" (ie, they may somewhat different for each application). And thus no one can tell you exactly what they are, as opposed to being able to tell what 2/3/4 is.

The only other published rule I can think of is the one on every application, such as 24 months (from I forget what) for certain Alaska airlines applications.

All of these different rules "stack", ie, you have to meet all the rules simultaneously.

Many of these rules don't apply to business card applications, but BofA likes to throw "alternative" roadblocks in front of business card applicants (at least for the BofA Alaska business card).

Anyone know if I need to wait a certain amount of time after a BoA denial? Are any rules based on last denial? Or just last approval?

Maybe if you open a savings account and plop 20k in there they will open the cards you are looking for.

I just tried applying for a BoA Premier Rewards. Denied again. Certainly can't be due to too many applications in the last 90 days this time. I don't have any...

I'm going to try mailing a letter since no real reconsideration line.

Frustrating to say the least.

Of course it is dynamic. That is what risk tolerance is all about. A bank is willing to take more risk for a HVC than non. All the more true for a premium card which costs the bank even more.

Tighter underwriting means that you may simply ineligible.

Let’s be honest... 50 CCs opened in 7 years and only two kept > 1 yr... you’re everything a bank tries to avoid. No judgement here, simply fact. So as you pursue trying to get someone to look at your credit and override the initial decision, keep in mind that such a large number of accounts with such a short lifespan clearly indicates you’re a churner and that you’re only in it for the signup bonus, and that you’re wildly unprofitable to them. You shouldn’t be surprised when they act accordingly.

With the AS personal card the T&Cs say you aren't eligible if you currently have, or have had within the preceding 24 months, the Alaska personal card. So that would have shot down your wife's recent attempt (if I'm understanding correctly that she applied for another AS card 50 days after having opened an AS card - unclear in that part of your post if you're referring to 2 AS cards or something else).

It's advisable to lower your CL on AS card some time before canceling it as the CL left on a card at closure is unavailable for new credit for quite some time.

I guess I'd just wait longer before trying again since too many recent inquiries is what they're giving as reasons. If possible focus upcoming apps on card issuers that report to different credit bureaus than what BofA uses for you and on business card apps so the new account won't even show up.

That's about all I can think of. Sorry it's probably not of much help. Good luck!

It isn't a personal judgment. It's simply a business judgment.

If you were responsible for a card issuer's P&L would you want such a customer?

Stop focusing just on 90 days. More and more banks are (without explicitly saying so) coming very close (perhaps not exactly) to Chase's 5/24 limits (which no more than 4 new accounts showing on your credit with an "opened on" date in past 24 months).

Barclay and BofA may both be leaning that way, based on reports in other threads, without every saying so publicly (and without necessarily faxing a "fixed" N/24 limit the way Chase seems to have). Those people who are under Chase's 5/24 limit also seem to have little problems applying for BofA and Barclay cards much of the time. Those people who brag that they are "LOL/24" at Chase are then surprised to find themselves being denied at more and more banks, including BofA.

I do not really know what CC banks you opened those CCs. Most big CC Banks would have just deny you based on the frequent inquiries and new accounts.

Can you mention some CC bank names?