Bank of America provides a range of cards for potential clients, from business leaders seeking easier travel to students seeking to pay for education expenditures. Bank of America, the second-largest bank in the country, offers credit cards with no annual charge as well as cards with alluring sign-up bonuses and reward programs. The points you earn for using the card are automatically increased if you currently bank with the company and are a member of its Preferred Rewards program. This raises the question of how tough it is to obtain Bank of America cards.
What Credit Score Do I Need for Bank of America Approval?
The qualifications for approval differ for each credit card offered by Bank of America. It will be useful if you have a “good” credit score, which FICO states begins at 670, to ensure that your application is welcomed with open arms for the majority of its cards.
If you want to apply for one of its cards with more robust rewards, like the Bank of America® Customised Cash Rewards credit card, which lets you earn 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases, the FICO Score, which is used by lenders to make accurate credit risk decisions, may need to be higher.
You can start at Forbes Advisor’s Best Bank of America Credit Cards and then go to Bank of America’s personalized credit offers page if you are unsure which Bank of America credit card you want to apply for and which will be acceptable for your needs. You may get a carefully chosen list of credit cards on its website. Preapproval won’t appear on your credit report because it isn’t a strict credit check. If you apply for one of these cards, you won’t necessarily be approved, but it can give you some idea of what possibilities are available.
Additional Conditions for Bank of America Cards
To apply for a credit card from Bank of America, you must reside in the United States. Additionally, you must be at least 18 years old or 21 if you live in Puerto Rico permanently. If you have a Social Security number, you can apply online or in person, but if you have any other kind of identity, you can only apply in person.
Bank of America does not have a card restriction as other firms do, but it does have a time limit on how quickly you can apply for cards. You can only be accepted for two new cards in a two-month period, three cards in a 12-month period, and four cards throughout a two-year period, according to the bank’s two/three/four regulations.
How Do I Proceed If My Application Is Rejected?
You won’t be left in the dark if your application is rejected; you’ll know why. Bank of America will give you an explanation of why you weren’t approved this time, along with the credit score that was used to make the decision and the way to get in touch with the credit reporting agency. There are a variety of reasons why a bank could not have approved you for a credit card: You may have recently applied for too many cards, you may have too much debt, you may have missed payments, or your credit score may be too low.
It’s possible that you were rejected for another reason if you wanted to transfer your amount from one Bank of America card to another; nonetheless, you can only transfer balances from other credit card issuers.
You can ask for the decision to be reevaluated if you believe there was an error. A written request must be sent to Card Services Credit Operations Incoming, PO Box 650520, Dallas, TX 75265, accompanied with the application reference. Depending on mail delivery times, you should get a response in around 30 days. If you recently changed addresses, there were extenuating circumstances, such as a medical emergency, or there was any reason why there might be a problem with your report, you can clarify those things.
You should order a free copy of your credit report from Experian, Equifax, and TransUnion from AnnualCreditReport.com before you write the letter to see whether there are any errors that need to be corrected. If a fact is wrong, you can ask the credit bureau to notify everyone who has a copy of your report from the previous six months, and if it relates to a job, the previous two years, of the correction.
How can I raise my Score in Order to be Accepted?
Even though you were rejected, you can still apply again in six months. In fact, you may use this time to raise your credit score. You can accomplish this by demonstrating that you are in control of your money, for as by completing your monthly payments on schedule or paying down your debts. Maintaining a low credit utilization rate (CUR) is another wise method to keep your credit score strong. The CUR represents how much of your allotted credit has been spent. A good score can be achieved by using 30% or less of your credit limits; nevertheless, high utilization rates can seriously lower your score.
Consider applying for the Bank of America® Customised Cash Rewards Secured Credit Card*, which is intended to assist people to improve their credit history, if you don’t have any credit history or have bad credit. You can open it with a minimal security deposit of $200 and it has no yearly cost.
Although the APR is high (varying at 27.74%), the card also offers benefits. You have the opportunity to earn 3% cash back in one of the following categories: petrol, dining, travel, shopping online, home improvement/furniture, or drug shops; 2% cash back at grocery stores and wholesale clubs; and unlimited cash back on all other purchases. On the first $2,500 in a combined choice category, grocery store, and wholesale club purchases each quarter, receive 3% and 2% cashback. After that, earn 1%.
You can upgrade to an unsecured card and the bank will refund your deposit once you’ve built or restored your credit. The company’s mobile banking app allows you to view your FICO Score. The Bank of America Customised Cash Rewards Secured Credit Card isn’t like a bank account, though, because you don’t get interested on your security deposit, and there will be a fee of 3% of the transaction’s total if you want to transfer your balance from another card to the Bank of America Customised Cash Rewards Secured Credit Card.
The bank will view your credit score more favorably, and although banks don’t publicly list the credit bureaus to whom they submit information, it is widely believed that Bank of America shares data with three of the biggest credit agencies. You could be able to build a credit history as a result, which could be useful in the future.
Bottom Line
Bank of America demonstrates that you don’t need flawless credit to get a credit card, despite the fact that credit scores may be the beginning point for most companies. Finding the ideal card to help you meet your needs just requires searching.
