By: Jeff Brownson
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For many years, Bank of America didn’t have any set rules to restrict approvals and sign-up bonuses. As long as you had a reasonable application, you would be approved more often than not.
However, in 2017, Bank of America implemented some more defined restrictions that go beyond any of the standard reasons for denials—poor credit score, too much new credit, etc.
Does this mean that you won’t be able to get approved for a new card from Bank of America?
It just means that there are a few rules that you need to know so you don’t waste your time applying when you have no chance of an approval.
Like most banks, not all of these rules are written down and easy to find. Some of them are based on countless data points.
Once people report the same kind of answers enough times, it becomes sort of an unwritten rule. They don’t specifically state it in the terms, but it’s best for you to know when applying.
Now that you have an idea of what to expect, let’s take a look at the rules that you need to know, both written and unwritten, before applying for a new credit card from Bank of America.
The 2/3/4 Rule
Taking cues from other banks, Bank of America has instituted a few limitations on the approval of personal credit card application based on the number of new credit cards you have received within certain timeframes.
You are eligible to open:
- 2 new cards within 2 months
- 3 new cards within 12 months
- 4 new cards within 24 months
At first glance, this looks like a very restrictive rule, but It’s not as bad as it looks.