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I've had the BOA 3-2-1 card with a CL of 10k for about a year and a half. Today I applied for the Better Balance Rewards card ( I want the free $100 a year) and was approved for 11k. I just logged into my account and saw the CL was decreased to 7300. Why would they approve me for a higher limit card and CLD my existing card? Has this happened to anyone else?
Likely because a systems check detected you are over your internal limit. Or, they want you to use your BBR car more and for bigger purchases (since other than the $25 quarterly, they don't have to pay rewards, and on bigger purchases, that might be quickly outweighed by cash rewards).
It happens. You have reached your current internal limit. That happened to me, too As it happened I transferred the remaining balance and closed that card. I now have three BofA cards with good CL's because of it.
@baller4life wrote:
Yes BOA is known for this. Question is why they didn't leave your existing card alone and approve BBR for a lesser amount. Weirdos!
They approved my BBR at 14k and took some of that from my travel card account. 3k if I remember correctly. I was going to close my travel card anyway, but that just accelerated the process.
@kdm31091 wrote:
In the terms for the applications they mention they may move existing credit lines to approve the new card. It's just how they work.
Yup. Always read and make sure you understand the terms.
You also understand that if you have existing credit card accounts with Bank of America, we may utilize the available credit on the existing account(s) to approve your new credit card.
When my AK Airlines card was approved, $17k, Yay!
Then I got the letter the used $1k from the $15.7k AMEX. Huh?
#InternalLimits
@takeshi74 wrote:
@kdm31091 wrote:
In the terms for the applications they mention they may move existing credit lines to approve the new card. It's just how they work.Yup. Always read and make sure you understand the terms.
You also understand that if you have existing credit card accounts with Bank of America, we may utilize the available credit on the existing account(s) to approve your new credit card.
I would get that if they would have only approved me for a very low CL, but taking almost 3k from an existing account to grant me a card with a CL even higher than the first seems weird. They could have left the older card alone and still given me 8.3k, which is a pretty decent limit.
You should get a letter stating what they did and that you can call and have credit lines moved around if need be to better suit your needs.