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Established Member
shychi24
Posts: 19
Registered: ‎05-04-2012
0

BOFA Credit Line Increase

So, I have already spoken with a rep at BofA and he confirmed that any credit line increase will result in an HP on my CR. Since my utilization is under 1% and I always pay off the balance each month, would there really be a benefit to me in the long run? Currently my CL is $7500 and I was thinking of increasing to $10000. Also, how long after the initial hit of the HP will it take for my score to rebound and actually see the benefit? Any advice is appreciated. Thanks all!


Starting Score: 5/2011 579 EX (Fako)
5/2012: 660 EX (Fako) 680 EQ 704 TU
5/2013: 682 EX 698 EQ 735 TU
8/2014: 715 EX 714 EQ 714 TU
Goal Scores: 720 across the board
In the Garden until July 2015; last app May 2014

My wallet: BoA Platinum Plus $7,500, BoA Cash Rewards $5,000, Barclay's UPromise MC $5,000
Established Member
shychi24
Posts: 19
Registered: ‎05-04-2012
0

Re: BOFA Credit Line Increase

Bump.

 

Sorry everyone, but I really am trying to figure out the best thing to do as I need to purchase a car soon, sharing with the not-soon-enough-to-be-ex is becoming strained at best, and I need to look for housing after that. My CS's are currently 665 (EX Fako), 684 (EQ) and 700 (TU). TU recently went down 4 points inexplicably. The only reason for asking for the CL increase is to have a higher CS going into the car buying process. Any suggestions would help.

 

Thanks


Starting Score: 5/2011 579 EX (Fako)
5/2012: 660 EX (Fako) 680 EQ 704 TU
5/2013: 682 EX 698 EQ 735 TU
8/2014: 715 EX 714 EQ 714 TU
Goal Scores: 720 across the board
In the Garden until July 2015; last app May 2014

My wallet: BoA Platinum Plus $7,500, BoA Cash Rewards $5,000, Barclay's UPromise MC $5,000
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: BOFA Credit Line Increase

I don't think a higher CL would help your fico unless you need it for utilization
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
trumpet-205
Posts: 2,494
Registered: ‎11-11-2010
0

Re: BOFA Credit Line Increase

[ Edited ]

If you are looking for a house and/or a car, STOP.

 

A recent HP will look unfavorably on mortgage and to some extent auto loans.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Frequent Contributor
bobebob
Posts: 257
Registered: ‎08-14-2011
0

Re: BOFA Credit Line Increase


youngandcreditwrthy wrote:
I don't think a higher CL would help your fico unless you need it for utilization

It might.  When I requested and got an increase on my Walmart Dicover card from $2800 to $5800 my credit score went from 806 to 811.  There were no other changes to my credit history.  And my util was <1% during that time frame.

 

The Walmart Discover was and still is my lowest CL card.  I think the increase was due to raising my average CL per card.  Any change to util would have been negligible. 

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Established Member
shychi24
Posts: 19
Registered: ‎05-04-2012
0

Re: BOFA Credit Line Increase

Thank you for your responses. My initial thinking was that a CLI would possibly bump my scores up enough to qualify for a lower interest rate. I understand the initial HP would decrease my scores but should bounce back. I will be looking at purchasing a car in the next 3-6 months. Yes, I would rather use the better scores for a home purchase but I need a vehicle to get around to look at homes, so...yeah...

 

Thanks again


Starting Score: 5/2011 579 EX (Fako)
5/2012: 660 EX (Fako) 680 EQ 704 TU
5/2013: 682 EX 698 EQ 735 TU
8/2014: 715 EX 714 EQ 714 TU
Goal Scores: 720 across the board
In the Garden until July 2015; last app May 2014

My wallet: BoA Platinum Plus $7,500, BoA Cash Rewards $5,000, Barclay's UPromise MC $5,000

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