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Hello,
I've been using this credit card with no issues for the last 6 months and I'm wondering if I should inquire about a CLI? I was only late 1 time (they reversed the late charge) but I've been paying it faithfully ever since. I admit sometimes I tread close to the CL of $500 but I always pay it down at least half.
Should I inquire about an increase or wait?
Thanks
@Justin028 wrote:Hello,
I've been using this credit card with no issues for the last 6 months and I'm wondering if I should inquire about a CLI? I was only late 1 time (they reversed the late charge) but I've been paying it faithfully ever since. I admit sometimes I tread close to the CL of $500 but I always pay it down at least half.
Should I inquire about an increase or wait?
Thanks
It is going to be a hard inquiry. You're going to be okay with that, right?
From what I know, they seem to review your entire CR. So make sure you pay down other revolving balances as well before you ask for a CLI.
@jakemod1 wrote:
+1
Also, since you were late (even if they waived the late fee, still happened) they will use that against you. If I were you, I'd garden and continue using your card for at least another 6 months. That will age your late a bit (granted you don't get another late) and hopefully your CR will look better by then.
I believe you will not receive a CLI. First of all it is a secured card, so for the CLI you normally should increase the deposit (also a HP with BoA) and second of all, you were late 1 out of 6 times. Not 1 out of 60 times or so. No matter if they waived the fee, you were late. Sorry to say, but from the lenders perspective ...
I would also wait another 6 months, be always on time. Normally the card will unsecure automatically after that time, from what I have heard. And sometimes you even get a CLI.
Hey Mate,
I actually just went through this. I had my Platinum Visa card since 2008, secured, $500 limit. They unsecured it 03/13. I asked/requested them to do so as my credit is finally in great shape, but completely forgot about this card. Never use it.
Anywho, earlier this month I called and asked for a CLI. They asked how much and I told them $2500. They gave it to me. I then asked for a product change to their Bank of America Rapid Rewards AMEX card, and they approved it.
You aren't stuck on the platinum card with no rewards forever. Best of luck.
@tehpud wrote:I actually just went through this. I had my Platinum Visa card since 2008, secured, $500 limit. They unsecured it 03/13.
OP, I advise you not waste a HP on a CLI likely to be denied. Previous posters hit on the main reasons: 1) account is too new 2) late within 6 months of opening it 3) secured cards don't usually qualify for CLI. Add to that: 4) is your credit history still spotty?
Unlike tehpud who had his card since 2008 and his credit history significantly improved, I can surmise that your history is still a risk factor. I am in the same boat. I, too, have a Bank of America secured card since April 2013; in just a few months I was able to clean up my reports a lot and re-apped for their unsecured card. BOA assured me they wanted to wait and see how responsibly I handled my secured card--and I've been banking (checking/savings) with them since 2009 without even a single overdraft & never paid late or hit more than 30% usage on any of my credit cards! They considered this and still said no.
I point that out to illustrate how likely you are to be denied based on the info you shared. But don't sweat it; unlike tehpud, current secured card holders shouldn't have to wait more than 1 year average to graduate to unsecured--if they manage the secured card (and other cards, too) very responsibly.
So don't waste a HP. Focus on keeping your utilization below 30% and paying timely and in full (when possible). In 6 months if it doesn't graduate on its own, call and request BOA unsecure it and increase the CL at the same time.
Good luck!
I got the 99/500 secured card also they pulled experian. I had it for 2 months then hit the request credit limit increase thinking it was a SP like other cards I have and noticed a Hp on my transunion. I got a letter in the mail stating account not open long enough. To be honest as long as you take care of the card for a whole year it should unsecure soon with a CLI for being responsible. When I applied my credit had about collections no late and 60% UTL now IM down to 1 collection no lates and 30%UTL . I want to show I can handle big girl limits.
Even one late payment is a rather big deal for a secured card. I'd wait at least till the card graduates before even thinking of a credit limit increase. Bank of America is one of those banks with which you don't have to worry about credit limits. Once you have established a good relationship with them they won't hesitate to give you a jumbo-sized credit limit increase when you request it.
In response to Tehpud: They unsecured it 03/13
Does BOA not auto unsecure you after 1 year/12months?
That means, does (or does it not) your secured platinum plus card unsecure on its own sometime 2009? (and not 2013?)
or am I understanding something else here? :-))))
Also, do they do another TU pull after graduation, because BOA HP's TU for CLI's and HP's EX for new apps.