Do you know that the Bank of America will give you 1.5 points for every dollar you purchase on your trip? The bank will not take any annual fees for that as well as long as your credit score is enough. The question is, what credit score needed for Bank of America Travel Rewards Card? Read this post thoroughly to find the answer!
What Credit Score Needed for Bank of America Travel Rewards Card?
First of all, to be accepted by the Bank of America and able to utilize their bonus points, you should get at least a good to excellent credit score.
According to FICO, a good score is around 670 – 739 points. The next category is a very good score, this is typically for those whose scores are about 740 – 799. Meanwhile, a score above 800 is considered excellent.
Is there any chance your score is below 670? You better raise your credit score before applying to Bank of America for a higher chance of approval. The higher your score, the better your opportunity of being accepted.
Other Requirements from Bank of America
Aside from the minimum credit score needed for Bank of America Travel Rewards Card, you must also pay attention to these requirements. Only someone aged 18 or above and has a U.S. resident will be able to apply to Bank of America. Owning a social security number will help you apply online.
Bank of America does not restrict you on how many cards you should have. But, the bank limits the time for how many times you can apply for a new card. This bank has a rule that indicates you can only apply for 2 new cards within 2 months, 3 cards in 1 year, and 4 cards in 2 years.
What to Do If Your Application is Denied?
Most banks will inform you why they deny your credit card, Bank of America is not an exception. Here are some things you can do to change that decision:
1. Read the Rejection Notice
As stated above, the bank will send you a notice if they reject your appliance. Reasons such as low credit score, too much debt, and too many cards might be why your device was rejected. If you already know the problem, you can think of a way to fix it.
2. Improve Your Credit Score
Assuming you were rejected due to a low credit score, it is time to improve your score. It is not a short process and might take a few months, but you must be patient. First, always pay your credit cards on time; then, you should pay the rest of your debts.
3. Call the Bank of America
After a few months, and you are sure your credit score has increased, you can inform the Bank of America about this. Ask them whether they can reconsider their decision. Give them all relevant information, such as improved credit score, and convince them you will be a good client.
4. Reapply for the Same Card After a Few Months
Do not be in a rush when doing this process. Wait a few moments after you call the bank before finally deciding to reapply for the same card. There is a possibility they will approve the card after seeing how much you have improved your credit score.
5. Apply for a Different Card
If, even after doing all of that, you still get rejected, maybe it is time to apply for another card with fewer requirements. Sure, the bonuses might not be the same, but it is better than nothing. Therefore, you may find another card that has similar usage to the one you truly want.
How to Improve Credit Score?
If the credit score needed for Bank of America Travel Rewards Card becomes why your appliance was denied, here is a list of what you can do to improve your score.
1. Always Pay on Time
Not only do you have to pay your credit cards on time, but you also need to pay your bills at the right time. It will be even better to set an auto payment for your bills and credit cards, so you will not miss any of it.
2. Keep Credit Utilization Rate Under Control
Although your credit card limit is high, only attempt to utilize some of it. Only use 30% or lower to ensure a good credit score. The higher your utilization rate, the worse your credit score will be.
3. Become an Authorized User
If you cannot raise your credit score after all the effort and have a family member with a good credit score, ask for their help by making you an authorized user of their card. On a serious note, you will make an on-time payment, which will give you a good credit score. So, ensure you fulfill this requirement.
4. Get a Secured Credit Card
Unlike travel rewards credit cards, secured credit card requirements are not complicated. Bank of America might approve even if you have a bad credit score. However, the downside is you will have fewer benefits and need to deposit cash.
The Benefits of Using Bank of America
Why do you need to make all the effort just to get a credit card? Choosing Bank of America will benefit you in many ways. Those benefits are:
1. Sign-up Bonus
Bank of America will give you a huge bonus for signing up for a travel reward card. The prize will be so much bigger if you are a student. Merely ensure you have a good credit score. Otherwise, they will not give you approval.
2. Simple Rewards
For every $1 you spend, you will get 1.5 points. Isn’t that wonderful? This will be helpful if you are on a budget and need to buy many things. You do not need to pay more to receive this bonus.
So, Have You Understood What Credit Score Needed for Bank of America Travel Rewards Card?
Bank of America gives various benefits to its user, which is why the requirements could be difficult. You need at least 670 points on your credit score to be able to apply for their traced reward credit card. Still, the benefits are worth the effort. So, consider using Bank of America for their travel rewards card.