My Latest Bank of America Application Results & Some Good Data Points
Bank of America has not been a fan of mine lately. I have continued to strike out with them right and left since their rule changes a year or so ago. The one thing I have been able to get is a targeted offer for their Cash Advantage business card. For some reason they send this to me like once a year and I always get approved for it. Well this time around they sent it to me after 6 months and I decided to go for it even though I still have the last one open. My application results also led me to another application.
Business Card Application
As said above I received an email for the Business Cash Advantage card. It has a decent cash back earning structure (3% at office stores and gas stations) for a no fee card. But the welcome offer is $200 after spending $500. I like to throw in easy ones like that from time to time and since it is a business card it shouldn’t count towards Chase 5/24 which is a bonus.
I am 3 for 3 applying for this card through their targeted email offers. Even though I still had the card I decided to give it a try. I got a pending message and assumed they would deny me or send me the request for a whole bunch of documentation on my business. That is what they did on my previous Travel Rewards application and I didn’t think it was worth the effort.
Personal Card Application
Since I was assuming a denial was coming I decided to give a personal card a try. Even though my last 3-4 attempts over the previous 12 months have been denied. After my last couple applications I decided to close most of my Bank of America cards to free up available credit and de-clutter my life. Remember that you should reduce your overall credit limit before closing a BOA card.
I had been eyeing the Premium Rewards card and it’s $500 welcome offer since it first came out. And if I was ever able to get banking status with Bank of America it would become a great everyday card. In the past BOA had combined my personal and business applications so I thought why not see if that was still the case. Especially since I already burned a hard pull on the business card.
I crossed my fingers and hit submit and to my surprise I was instantly approved with an $18,000 limit. This was a stark change to just a few months earlier and I think focusing on business cards to clean up my personal record and removing unused cards from my account led to the approval.
I was satisfied with my 50% hit rate and I was excited to get my new card. A few days later I got an email that my business application was also approved. Say what? I ended up getting a double whammy of value. I’ll take that any day!
There were some data points that I think are worth highlighting:
- After a few denials I was able to get an approval from BOA and I think cleaning up the cards I had with them played a big part. Even though I was not at the 4 card maximum before I think reducing my number down further played a role. Reducing my overall credit limit helped as well. That plus lowering my overall applications the last 12 months led to an approval.
- It is still possible to get 2 of the same business cards with Bank of America. I applied for both as a sole proprietor but they are technically different businesses.
- The double application did lead to two hard pulls instead of them combining them.
I have a lot of irons in the fire with the Aspire retention offers, these two new cards, and the Delta no lifetime offer. No complaints here though, that is the way I like it. Getting maximum value from my everyday spend puts a smile on my face!
How have your recent applications with Bank of America gone?