Why was my credit card application rejected?

I just applied for a Bank of America credit card (Bankamericard) and I received an email that it was rejected. I have no idea why it was rejected. I haven't applied for a credit card in over 3 years. I've had 2 credit cards for about 6 years now (Chase Visa Signature Marriott Rewards card and another Chase credit card), and I've always paid the full on time, every month, and my credit score is around 732. I was laid off from my job about a year ago and had to find a lower paying job that pays $30,000 a year. Could the lower income be a reason why I wasn't accepted? Any insight is appreciated!