Reports online from Doctor of Credit and reddit indicate that Bank of America has instituted new application restrictions that bear some resemblance to Chase’s 5/24 rule. Thankfully, the BOA rules allow at least a little more breathing room, though they still cap out new card applications more quickly than some will like.
New Bank of America application rules:
According to multiple reports, here are the new limits for those applying for credit card accounts with Bank of America:
- Those customers with a BOA deposit account will not be approved if they have opened 7 or more new credit cards (with all issuers) over the past 12 months.
- Those customers without a BOA deposit account will not be approved if they have opened 3 or more new credit cards (with all issuers) over the past 12 months
This is in addition to the 2/3/4 rule, which covers new Bank of America cards. The basics of that rule are that you can be approved for a maximum of:
- 2 new Bank of America cards within a 30 day period
- 3 new Bank of America cards within a 12 month period
- 4 new Bank of America cards within a 24 month period
Again, that existing rule that applies to Bank of America cards is still in effect. The new rule applies to new cards with all banks.
Manual override possible
There are at least a few reports of this rule being manually overruled, so it seems that this is not quite as firm as the Chase 5/24 rule. Some data points of manual approval on reconsideration indicate having large sums on deposit, but at least one data point from Doctor of Credit indicated being approved at 9/24 despite no previous banking relationship. Still, there are enough reports of the new rule (and have been enough reports about BOA tightening up on approvals over the past couple of years) that I think it is reasonable to assume your chances of approval are low if you have opened many new credit cards in the past 24 months.
H/T: Doctor of Credit