11-17-2012 05:27 PM
I'm about to PIF on both of my BOA cards. They each have $5,000.00 credit limits. They are both close to the limit at this time. I've had the cards for 9 years and 2 years, respectively. These are my highest limit cards other than a Jared card with a $7,600.00 limit with a $0 balance. I have 100% on-time payments on my credit reports. My AAoA is 6 years and my annual income is $100,000.00. Once these accounts are paid, my FICO score should be around 710-730.
If I call and ask for CLIs on these cards once I PIF, do you think the requests will be granted? If so, by what amount do you think the limits will increase?
11-17-2012 08:45 PM
Welcome to the forums!
Honestly it's impossible to know until you request it. It is highly dependant on how you've used the cards historically in terms of amount of spend through the cards and possibly even what the money was spent on... to say nothing as to where the individual lender in question happens to be in terms of underwriting. In general, BOFA appears to be granting CLI's fairly frequently to long-term customers at this point, so I would suggest it's worthwhile to ask if you're willing to take the inquiry on your Transunion (TU) report.
I'm also uncertain how requesting a CLI on two cards from BOFA would work out; however, others may have more direct experience in that one when it comes to BOFA underwriting.
11-17-2012 09:32 PM - edited 11-17-2012 09:35 PM
They will review the relationship you got with the bank. I always transfer a chunk of money in my checking a I was never declined an increase so far and I asked for 4 increases over the years, and my income is like half of yours.
Also, make early payments on your cc before you ask this and get utilization below 15%
11-17-2012 10:40 PM - edited 11-17-2012 10:51 PM
I say give them a call and go for it!
BofA gave me a CLI last September on my Bankamericard that I've had for only 1.5 years and boy was it easy. They first asked for my annual salary (close to yours),did a soft pull, then asked me how much I wanted my CLI increased to. I asked for $10,000 (it was $5,000) and they immediately approved me over the phone without hesitation... Took less than five minutes!
BofA seems to like people who have a long history with them and you certainly do. I'm willing to bet they probably wouldn't hesitate with you too.
11-18-2012 06:37 AM
Thanks for the advice everyone. I've been a bankruptcy lawyer for 7 years. In recent months, I've addictively read these forums. Now, when a prospective client comes in, I can make assumptions about their credit history, usage, income, etc. based on their specific cards, credit lines, and utilization. In my line of work, being able to make generalized assumptions is a very beneficial tool. Also, everyone wants to know how to rebuild after bankruptcy. I recommend myFico forums.
These forums are making me a better lawyer and helping me with my own individual credit. So, thanks!
11-18-2012 07:38 AM
I would also wait after a statement passes before you request. It's not necessary, just my opinion..
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.