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WillP123
Posts: 2
Registered: ‎01-06-2014
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BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

[ Edited ]

Hello all--

 

I've had my BofA Travel Rewards CC for 3 months now with a CL of $800... very low. I'm a 21 year old student with annual income of ~$20K.

 

Looking for a CLI, but unsure if this is far too soon to request one. I have over $6K in my checking account, my utilization ratio is somewhere around 20-25%, pay my balance in full, on time, always. Can anyone advise on a way to proceed?

 

Much appreciated!

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FinStar
Posts: 6,633
Registered: ‎10-21-2012
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

[ Edited ]

It is likely a bit too early in the game for a CLI if your account has not been established long enough.  You can always request a CLI; however, it will more than likely be a HP and no guarantee they may increase it by much, if at all at this point... YEMV.

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acb5456
Posts: 160
Registered: ‎06-30-2013
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

I have a little bit of experience with this, if it helps. I got an initial credit limit of $1,000 when I was approved for my Cash Rewards card. After probably 70 or more days, 2 and a half months, I asked for a credit limit increase because of an overseas vacation I was taking. It was a hard pull, but they gave me $5,000 and upgraded it to a World Mastercard with no issues whatsoever!!!! But it was a hardpull, so ymmv
CSP: $10,000 | Amex BCE: $3,000 | BofA Cash Rewards World MC: $10,000 | Discover IT: $9,000

FICO: TU-755 (Discover), EX-721 (Amex pull), EQ-723
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WillP123
Posts: 2
Registered: ‎01-06-2014
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

Thank you all for your kind replies!

 

Now when you hit the button requesting a credit increase on the BofA online site, do they allow you to "plea" your case to the credit analyst? Also, what are the long-term downsides to a hard pull?

 

Thanks again!

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Incredulous
Posts: 30
Registered: ‎12-12-2013
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

HP will lower your score a little bit. I have read, however, that their impact wanes after 6 months and diminishes altogether following 1 year. They fall off your report after 2 years. Obviously, the thicker your credit file the lesser impact a HP will have.

FWIW: I studied in London Spring term last year with this card and $800 limit. Whilst making multiple payments a month can be annoying, I didn't find it prohibitively onerous. My flatmate also had this card, $800 limit, and was fine. I guess the only trouble you might have is if you intend to purchase pricier items.
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acb5456
Posts: 160
Registered: ‎06-30-2013
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

I did not use the cli button, I called the number on the back of my card and asked about an increase. It was very easy! Plus I think it's better to speak with a human about why ou want the increase, etc.
CSP: $10,000 | Amex BCE: $3,000 | BofA Cash Rewards World MC: $10,000 | Discover IT: $9,000

FICO: TU-755 (Discover), EX-721 (Amex pull), EQ-723
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youngman1234
Posts: 456
Registered: ‎02-27-2012
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad

3 months no way wait til 6 months I say
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Kenny
Posts: 6,031
Registered: ‎01-15-2009
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Re: BofA Bank Americard Travel Rewards Card CLI Question -- Student going abroad


youngman1234 wrote:
3 months no way wait til 6 months I say

Ditto.. you better your chances this way.

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Goal Score: 800+

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