Jun 7 (edited) in General discussion
Bank of America & Wells Fargo
BANK OF AMERICA:
- 2/3/4 rule:
- Maximum of 2 new BOA cards in a 2-month period
- Maximum of 3 new BOA cards in a 12-month period
- Maximum of 4 new BOA cards in a 24-month period
- Double dip opportunity: You can get up to 3 cards in the same day with only one hard pull.
- 7/12 rule and 3/12 rule:
- If you have a BOA bank account, you may be denied if you have 7 or more new credit cards in the past 12 months.
- If you don't have a BOA account, you may be denied if you show 3 or more new cards in the past 12 months.
- 24-month rule: If you cancel BOA cards, you'll need to wait 24 months before applying again.
- No hard limit on the number of credit cards, but other bank rules apply.
- BOA reportedly pulls from EX for personal and soft pulls TU for CLI on personal cards.
- Product changes are allowed and do not affect your credit.
- BOA likes a banking relationship and having funds in accounts may increase approval odds.
- BOA has a "preferred member" status that adds extra credit card rewards for having money in a checking account.
- BOA will expedite cards for valid reasons and may waive the annual fee after 180 days.
- Moving credit limits around is allowed and requires a soft pull.
- BOA business credit cards do not report to personal credit.
WELLS FARGO:
- Major rule: One welcome offer from any Wells Fargo card per 16 months.
- No limit on the number of Wells Fargo cards, but sign-up offers may be affected by the 16-month rule.
- Wells Fargo has a prequalify tool that can be used before applying for the BILT card.
- Mixed reports on soft pull/hard pull for CLI on cards, best to confirm with a representative.
- Wells Fargo hard pulls for moving limits around on cards.
- Product changes result in closing the existing card and opening a new one, no hard pull but no account history/age is retained.
- Wells Fargo prefers a banking relationship but may not be necessary for the BILT card.
- Double dip opportunity confirmed but rare without a banking relationship.
- Wells Fargo business credit cards do not report to personal credit.
- Complete soft pull approval opportunity for business platinum card if you open a business checking account in-branch and are prequalified.
- Maximum unsecured approval of $100K in a single day, regardless of credit.
- BLOCs available with documentation and 2 years in business.
- APR as low as 5% for BLOCs.
Please note that this summary is provided for informational purposes only and it's always recommended to do thorough research and verify the information before making any financial decisions.
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Bank of America & Wells Fargo
skool.com/conecto-de-credito-1071
Financial literacy, How to repair your own credit
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