*WATCH ME APPLY* Bank of America Business Credit Card Application (Business Advantage Cash Rewards)
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MY CREDIT REPORT BEFORE APPLYING
SCORES
– Experian: 785
– TransUnion: 810
– Equifax: 822
INQUIRIES
Experian: 15
– TransUnion: 4
– Equifax: 1
NEW ACCOUNTS
– In the past 12 months: 2
– In the past 24 months: 7
AVERAGE AGE OF ACCOUNTS / AVERAGE LENGTH OF CREDIT HISTORY
– 3 years, 5 months
BANKING RELATIONSHIP
– Personal Checking Account: ($3,806.43)
– Personal Savings Account: ($500.00)
MY CREDIT REPORT AFTER APPLYING
– TransUnion credit report dropped by 4 points, from 810 to 806.
– TransUnion inquiry count increase by 1, from 4 to 5.
WHY I DID AN EXPERIAN SECURITY FREEZE
1. To HIDE my 15 inquiries on Experian: Bank of America pulls Experian where I live, which is the report with my greatest # of inquiries (15). Too many inquiries can be reason for a denial.
2. To SHOW my 4 inquiries on TransUnion: Bank of America could only see my 4 inquiries on TransUnion, which would likely not raise any red flags.
3. To PREVENT a new inquiry on Experian: Most banks pull Experian where I live. To keep future approval odds higher, I want to clean up my Experian report by avoiding new inquiries & letting old inquiries fall off. (NOTE: Inquiries remain on your credit report for 2 years.)
WHY I APPLIED FOR THIS BUSINESS CREDIT CARD
1. Welcome Bonus: $750 for spending $5K in 3 months = 15% return!
2. Choice Rewards Category: 3% cash back on categories I can choose each month
3. Doesn’t Affect Chase 5/24 Rule: Bank of America business credit cards do not show up on your personal credit report, so adding this card will not increase my 5/24 count.
A LITTLE BIT ABOUT THE CARD…
(Bank of America Business Advantage Cash Rewards credit card mini review)
Welcome Bonus
Earn a $750 statement credit when you make at least $5,000 in net purchases within 90 days of account opening.
Annual Fee = $0
Earning Cash Back
– 3% in the category of your choice: Gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services
– 2% dining
-1% all other purchases
NOTE: You will earn 3% Choice and 2% Dining for the first $50K of combined spend in those categories, then 1% afterwards until it refreshed the following year.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#businesscreditcard #creditcards #bankofamerica
