Bank Of America, New Limits for Credit Card Applications
Bank of America used to be one of the most lenient credit card issuers. But recently they have followed other banks and have added restrictions to new credit card accounts and bonuses. We have known for a while about the 2/3/4 Rule and the fact that having an account made it easier to get approved.
But some new information points at more rules when it comes to credit cards.
New Bank of America Credit Card Rules
The new reports come from Doctor of Credit and reddit. They reveal two restrictions:
- If you have a deposit account with Bank of America – Your credit card application will be denied if you have 7 new cards in the past 12 months.
- If you do NOT have a deposit account with Bank of America – Your credit card application will be denied if you have 3 new cards in the past 12 months.
These new restrictions look at all new credit cards, not just those issued by Bank of America. This is similar to the Chase 5/24 rule, although still more lenient, especially for current banking customers.
Plus it does not seem to be a hard rule. It might be bypassed for some and even overridden manually if you call. Here’s an example.
It is not clear yet if the new rules apply to personal card only, or business cards as well.
I suspect that these rules have been in effect for a while and just now are coming to light. Many people have been declined for cards at Bank of America recently. And we knew that having an account made it easier to get approved. These rules validate that and also give a specific number, which makes it easier to time your applications at least.