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Balance Transfer before requesting CLI

Regular Contributor

Balance Transfer before requesting CLI

I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!

Message 1 of 13
12 REPLIES
Frequent Contributor

Re: Balance Transfer before requesting CLI


damet wrote:

I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!


BofA, aka"Unpredictable Bank" will undoubtedly look at several factors in deciding CLI. 

 

1. Payment history

2. Overall UTIL

3. New tradelines

4. AA with other creditors

 

Lowering your UTIL with BofA can't hurt, but may not be a deciding factor

I want PATIENCE...and I want it NOW
Message 2 of 13
Senior Contributor

Re: Balance Transfer before requesting CLI

What are the terms of the BT offer? Does it make economic sense? If not don't do it. If so, it is always better to ask for a CLI when you don't need it.
Message 3 of 13
Regular Contributor

Re: Balance Transfer before requesting CLI

Well, there is a promotion going on with my CapOne card for BT with no fees and the rate is about the same, so I was thinking about doing so.
Message 4 of 13
Senior Contributor

Re: Balance Transfer before requesting CLI


damet wrote:
Well, there is a promotion going on with my CapOne card for BT with no fees and the rate is about the same, so I was thinking about doing so.

So it will cost you pretty much zero? Where will that leave your UTIL on that card and overall. How about your score?

Message 5 of 13
Established Contributor

Re: Balance Transfer before requesting CLI


damet wrote:

I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!


 

Do not req CLI from BOA, there are multiple threads on here of requesting a CLI, being denied and immediately card is closed.
Message 6 of 13
Senior Contributor

Re: Balance Transfer before requesting CLI


Takunda1 wrote:

damet wrote:

I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!


 

Do not req CLI from BOA, there are multiple threads on here of requesting a CLI, being denied and immediately card is closed.

There are a few threads that say that. And then there is me. I was upped from $3.5K to $7.5K on a luv button request in mid-July. Clearly the request is not without risks. If your CBR's are not good you don't want to do it. Both a computer and a human will be reviewing same.

Message 7 of 13
Regular Contributor

Re: Balance Transfer before requesting CLI

That would make my other card have about 50% utility, so it'd be the same except my BoA is the one that will be asking for a CLI so it would look nice if it had a zero balance. I have a perfect payment history and my EQ score is 681 and Experian from creditchecktotal of 714. Doing this BT would cost me nothing. My point is, does your CURRENT balance on the card affect the chances of a CLI at all?
Message Edited by damet on 08-27-2009 09:08 PM
Message 8 of 13
Established Contributor

Re: Balance Transfer before requesting CLI

I wouldn't ask if I were you. I tried asking for a CLI before a BT and they ended up closing both of my credit cards for no apparent reason. I didn't have a balance on either account so I guess they closed them while they had the chance to.
Message 9 of 13
Senior Contributor

Re: Balance Transfer before requesting CLI


damet wrote:
That would make my other card have about 50% utility, so it'd be the same except my BoA is the one that will be asking for a CLI so it would look nice if it had a zero balance. I have a perfect payment history and my EQ score is 681 and Experian from creditchecktotal of 714. Doing this BT would cost me nothing. My point is, does your CURRENT balance on the card affect the chances of a CLI at all?
You already know the answer - of course it does. If you are not going to make the BT don't ask for the CLI. If your overall UTIL is high don't make the BT and don't ask. If you have reasonable UTIL and can make the BT and request the CLI before it reports - PERFECT!
Message Edited by creditwherecreditisdue on 08-28-2009 10:53 AM
Message 10 of 13