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@Anonymous wrote:
I just thought I'd give it a try since i have'nt asked in awhile . I used one of the back door numbers posted on myfico and called. After the normal questions about income and employment. About a 5 minute wait I got a 700 increase from 800 to 1500. I may seem like not a big risk but it good to see they still give increases.
That's great. Did you have a balance when you applied and if so how much?
Hi
I tried the same and twice I got a phone number to call in. The first time I ignored it thinking they might give me a CLI automatically. No increase. 4 weeks later I tried the CLI button again and got the same number to call in so I did this time, They wanted to do a hard inquiry and I said NO. I will spend ny inquiries with a CU that doesn't know me to get a CC vs a bank I have a credit history with.
@Scuba wrote:Hi
I tried the same and twice I got a phone number to call in. The first time I ignored it thinking they might give me a CLI automatically. No increase. 4 weeks later I tried the CLI button again and got the same number to call in so I did this time, They wanted to do a hard inquiry and I said NO. I will spend ny inquiries with a CU that doesn't know me to get a CC vs a bank I have a credit history with.
You made the right decision. No CLI is worth a FICO score decrease. Afterall, it's not like we're going to use all the available credit on the card.
Congrats on the increase with BofA, I haven't had much luck getting one from them although I've tried several times during the past year. The one good thing is that they have never done a hard inquiry with any of the requests. However, I'm not opposed to trading an inquiry for an increase as the ding for the inquiry isn't as severe as a ding for a new account once you have reached their magic number. In many instances a CLI is well worth the inquiry. I got an increase of $3500 from Cabela's last week as well as one for $2500 from NFCU. I knew that both would result in an inquiry but I have gladly subjected myself to inquiries for new cards with credit limits of less than that. It's all a matter of what your individual circumstances are, and in my case I'd rather get a CLI than a new account in order to increase my available credit. While it is true that we may not use all our credit limits, it is nice to have a little extra breathing room.
So again, congrats, you are doing something right in BofA's eyes. I need to copy your formula.