Introduction
I wrote about my app-o-rama earlier this month. I thought I was good to get the business travel rewards card since I had called recon and the person let me move credit around. She did say that she’d have to get a manager to approve it, but usually it means you’re golden. However, they sent me this letter in the mail a week later. I’ll let you read the letter but essentially they’ll approve me only if I open a CD with them. I don’t plan on doing it, but it’s interesting that they even offer this route.
Lol that’s jokes cuz I got the same thing even though I have big azz accounts with them. They asked for 1500 CD. It’s a no-brainer. Open 12 month CD with 1500. Get the card. Get the bonus. Close the card. Close the CD. Penalty is interest earned. Whoop dee fuking do I lose my penny of interest.
Hmmm now you got me I should do it. Can you do it online or have to go in branch?
You can definitely do it online straight from their home page. You might have to fax/scan something in. You can also do it by calling (888) 600-4000. I just did it in branch since I’m there depositing MO often. Then once it’s set up you email or fax the paper that came with your “rejection letter”. All the info is on the backside of the letter in your photo
Cool thanks. I’ll do it then. For some reason I thought you couldn’t withdraw the CD w/o a bigger penalty.
https://www.bankofamerica.com/deposits/resources/deposit-agreements.go?request_locale=en_US
So 12 month 1500 CD at interest of 5 basis points. The penalty is 90 days of interest, which is approx 19 cents. Page 10 of brochure. https://uploads.disquscdn.com/images/bb09ee207cd737658929e73476526c16073e096773e32f9677ab997e9339fbe1.jpg
Any idea how much you have to do the CD for or probably something equal to the CL you’d like?
looks like only $1500 from the commenter above you. i may do it after all.
$1,500 is nothing, and if that’s all it takes to keep BOA happy I’d do it.
From what they told me your CL would be whatever your CD is. Then again I don’t need a CL bigger than 1,075 lol
Speculation, but I wonder if this coupled with the MLB cleanup in the last few days is indicative of BofA taking action on their loose credit standards.
That crossed my mind since this would be my 5th boa card.
Just how sufficient is your personal credit file?
I’m not sure; I’m prob close to 300K total among all cards.
Sorry I meant your BOA credit file. Or maybe that’s 300k…
I think it’s around 50ish with boa
thx. always figured it might make sense to close cards and not reallocate credit prior to opening new ones