02-27-2013 04:44 PM
I got my BofA credit card May 2012 with a $500 limit. About two months ago, I tried for a CLI online and got denied - the letter said my account was not eligible for an increase. I used to use the card pretty frequently but haven't lately because of the low limit. I have my VUDU account linked to this card, so I have a small $3.99 charge every once in a while when I rent a movie. I log into my account every other week and when I logged in today, I noticed that my CL is now $1500, triple what I had. This card just may come of of the sock drawer now.
02-28-2013 02:57 PM - edited 02-28-2013 03:00 PM
Having a zero balance doesn't seem to matter much with BofA. Your payment history apparently has much more to do with it. I base this on my own experience.
I received a BofA Rewards card in September of this year with a CL of $1,500. I have a carried a balance every single month since then (because of the intro 0%), but pay well over the minimum amount of $30 every payment cycle, and I usually make 2 payments per cycle as well. I normally pay about $100 per month. I think if you do this consistently, it lets them know you can afford more credit.
Near the end of this past January, I used their CLI link and asked for an increase to $2,500 and got approved instantly. About 5 days ago, on a whim (after making 2 more $50 payments) I asked for another CLI to $5,000. I got the standard 'we have to review your case' notice. I checked my account page yesterday, and they had increased me to $3,500.
In my opinion, if you have made every payment on time with them, and had the card for a year....don't wait, ask for a CLI now! Ask for a large increase, since they seem to assume you will take the max they can give if you ask for over what you qualify for and give you that instead. BofA does do a Hard Pull for CLI's, just FYI.
02-28-2013 04:52 PM
02-28-2013 05:48 PM
Has anyone received an auto CLI from BofA? I've had the card since early 2011 and have yet to receive a CLI. Does utilization have anything to do with CLI? I am paying the card off completely next month and have held a balance from the beginning. I had 12 months 0% APR until December.
I actually have gotten an auto CLI from BofA.
& like people have said prior to me, utilization does have a role with CL increases.
02-28-2013 05:58 PM
02-28-2013 06:26 PM - edited 02-28-2013 06:29 PM
my utilization at the time of the
upgrade increase, it was pretty high.. it was around 55%, but after the CLI it went down to 30% & currently it's at 7%. I did have the card for 2 years before getting the auto CLI. I'll admit prior to a couple of months ago I had no idea what I was doing with my utilization & scores. The boards have helped me become more responsible when using "credit"
02-28-2013 06:42 PM
02-28-2013 06:43 PM - edited 02-28-2013 06:45 PM
What is LUV button? How did your score change? Thanks.
This question is for thom02099. Sorry I'm new, I don't know how to quote.
02-28-2013 06:51 PM
I had the Power Rewards card, but I PC'ed it to the Cash Rewards earlier this week.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO