BofA Account Combination Experience

grillandwinemaster · ‎05-08-2017

I'm curious to know if BofA allows account combinations?

Similar to what Cap1 allows. If I have a Rewards at $2,500

And a Travel card at $2500, can I transfer the limit to the rewards, close the travel and have 1 card at $5,000?

Any type of credit card account combination experience would be helpful. I just mentioned the two above for clarity.

Thanks for your input.

Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017

Anonymous · ‎05-08-2017

Sure, but moving c/l from one account to another always involves a hard pull at BofA.

Chris.

Anonymous · ‎05-08-2017

@Anonymous wrote:
Sure, but moving c/l from one account to another always involves a hard pull at BofA.

Chris.

I'm sorry but that is not true. I have been a BOA customer for over 20 years and at one point it did require a HP but not for the last 2+ years. I have combined CL's twice in the last year. Some CSR's will tell you that you need to leave $100 on the closed account but also not true. Ask to speak with a cc lending supervisor. They are very good at transferring the entire credit limit.

Before doing the consolidation I would ask if you are eligible for a SP credit line increase. If so you will be able to have a larger combined credit limit, again without a HP. Anytime I have combined CL's I have gotten a few softball questions (income, employment) as compared to Chase which has been like an FBI interrogation to get a credit limit increase. BOA gets a bad rep sometimes on this forum but they have been very good to me. My oldest card and my highest credit limit is with BOA

Anonymous · ‎05-08-2017

@Anonymous wrote:
@Anonymous wrote:
Sure, but moving c/l from one account to another always involves a hard pull at BofA.

Chris.
I'm sorry but that is not true. I have been a BOA customer for over 20 years and at one point it did require a HP but not for the last 2+ years. I have combined CL's twice in the last year. Some CSR's will tell you that you need to leave $100 on the closed account but also not true. Ask to speak with a cc lending supervisor. They are very good at transferring the entire credit limit.

Before doing the consolidation I would ask if you are eligible for a SP credit line increase. If so you will be able to have a larger combined credit limit, again without a HP. Anytime I have combined CL's I have gotten a few softball questions (income, employment) as compared to Chase which has been like an FBI interrogation to get a credit limit increase. BOA gets a bad rep sometimes on this forum but they have been very good to me. My oldest card and my highest credit limit is with BOA

I stand corrected. It was indeed a couple of years ago that I discovered this (in fact, the inquiry fell off late last year). Good to know this is no longer the case.

Chris.

Anonymous · ‎05-08-2017

I disagree. Combinations will nearly always take a HP to do. BOFA does often reuse HPs for things so you would probably get the CLI and combination in one HP. And you definitely can transfer the whole thing, but it has to be completely paid.

grillandwinemaster · ‎05-08-2017

Thank you for your replies! For some reason, I'm not as concerned with wether it's a soft or hard pull as I am with wether they allow it or not.

The consensus seems to be that it is allowed. I really do feel as if BofA is the new Cap1!

Any other experiences with BofA credit cards? Looking forward to all of your replies!

Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017

K-in-Boston · ‎05-09-2017

@Anonymous wrote:
Anytime I have combined CL's I have gotten a few softball questions (income, employment) as compared to Chase which has been like an FBI interrogation to get a credit limit increase.

Oh, do I know this feeling! Meanwhile speaking with one of BOA's analysts is like catching up with a long-lost family member. So it seems like account consolidation and the HP is a YMMV practice. I plan to take a HP next year anyway for more CLIs on my Travel Rewards and BankAmericard (going to request $50k each and assuming I'll get $35-40k each) before closing the BankAmericard and making a gigantic Travel Rewards card, which I will likely PC at a later date.

grillandwinemaster · ‎05-09-2017

K-in-Boston wrote

speaking with one of BOA's analysts is like catching up with a long-lost family member.

Wow!, K- I have never heard anybody express themselves so warmly towards BofA! Clearly, you have had a wonderful experience.

Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017

Anonymous · ‎05-09-2017

I am always careful with my replies and advice. I would never post information on this forum that I did not know to be true. After seeing your reply I did call Bank of America credit card lending and verified that consolidations or CL reallocations are a SP per BOA policy. The actual response I recieved was "If you are not asking for additional credit why would we require a credit bureau? You have already been approved for that credit with BOA"

I also verified with my private banker. That said, banks can and

@Anonymous wrote:
I disagree. Combinations will nearly always take a HP to do. BOFA does often reuse HPs for things so you would probably get the CLI and combination in one HP. And you definitely can transfer the whole thing, but it has to be completely paid.

change policies often. Front line CSR's will also provide information that is not accurate. I would never use another's experience when it regards HP's. Always ask for credit supervisor (good luck with that happening with US Bank, however) and inquire whether a HP will be required. If you are told "no" and later find that one was pulled, call back. EVERY call is recorded and if you were given incorrect information any reputable bank will rectify the issue and remove the HP

K-in-Boston · ‎05-09-2017

@grillandwinemaster wrote:
K-in-Boston wrote
speaking with one of BOA's analysts is like catching up with a long-lost family member.
Wow!, K- I have never heard anybody express themselves so warmly towards BofA! Clearly, you have had a wonderful experience.

I loathed BOA for years. Wife's checking account and CLOC (that we made joint after marriage) were with a very large bank later acquired by BOA, and since they were ubiquitous we've kept it open. We also both had MBNA cards (and I had an MBNA loan now long gone) that were acquired by BOA. We carried extremely high utilization for a solid decade. Once overall utilization got under 30%, they began throwing money at us starting with auto CLIs and we now have over $100k in revolving credit with them which is heavily used for balance transfers. Really, my only major complaint with them at the moment is that the APRs on our cards compared to other similar cards we have are about 4-6% higher. Since they're only being used for 0% and 1.99% + fee balance transfers, it's not an issue seriously worth pushing at the moment.