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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Balance Transfer before requesting CLI

[ Edited ]

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?
Message Edited by damet on 08-27-2009 09:08 PM

A 681 is not a great score for a prime lender, such as BoA.  If you were able to pay the $1600 off and allow it to update to the CRA's, this would not only have a zero balance, but probably bump your FICO.  But if the balance shows up on another CC, then your FICO will not be improved.

 

Do you have the ability to pay it off short term or under the table to see what the FICO increase would be?  I personally don't thing a sub-700 score is a good starting point, but I could be wrong....

 

What does FICO simulator say with paying down/off CC balances will result in?

 

 

Message Edited by txjohn on 08-28-2009 07:40 AM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
damet
Posts: 104
Registered: ‎09-24-2008

Re: Balance Transfer before requesting CLI

Well BoA doesnt pull a credit report for a balance increase right? I mean if I just move the $1600 to another card, then when I ask for a CLI, BoA will see that I have a nice zero balance. Of course if they pull a Credit Report it will show no change in score, however they dont do that for a CLI. Just for CLI purposes, it would be good to do a BT?
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Balance Transfer before requesting CLI


damet wrote:
Well BoA doesnt pull a credit report for a balance increase right? I mean if I just move the $1600 to another card, then when I ask for a CLI, BoA will see that I have a nice zero balance. Of course if they pull a Credit Report it will show no change in score, however they dont do that for a CLI. Just for CLI purposes, it would be good to do a BT?

BofA will look at your CBR for a CLI. Most likely that will be a soft INQ run at the time of your request. There is also some small chance that they will pull a hard INQ. That is not very likely and you will be informed before it will be done.


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