BofA CLI Requests

[Anonymous]

For those of you who have BofA cards, please advise what they look for when deciding on a CLI. For example, do they look at overall utility, should I not have a balance, etc...?   Thanks in advance.

[wmarat]

1. Util.

2. Income

3. How much money you have at BOA

4. For how long you are with BOA

5. Baddies.

My last CLI was granted while I had balance on a card.

[Anonymous]

I have 2 BofA cards but have never had to request a CLI. I have been awarded a CLI at every annual review. 

A friend of mine recently requested a CLI on his BofA card. He was told by the credit analyst that BofA does a "snapshot" of your credit. He had 3 items in collections that caused him to be denied: 2 unpaid electric bills and an unpaid cellular bill. BofA told him to call back when he pays those 3 items and he will be given a CLI-provided nothing else surfaces on his CR. His plan is to pay one of the electric bills now; and, wait until next year for the other electric bill and the cellular bill to fall off his credit.  

One more thing...he carries a balance and has a high UTIL on that card. The credit analyst said it was not a factor in the decision to deny him. The decision was solely based on those 3 items in collection. I have a sneaky suspicion that his UTIL will be the reason he gets denied in the future. We'll have to just wait and see....

Message Edited by tonnie39 on 11-15-2008 08:39 AM

[Anonymous]

Utilization doesn't matter that much with BoA.  I've regularly been at 80% and have requested CLIs and have received them.  It matters more on how much activity the card gets and card payments.  As long as your income matches payment history, and your spending pattern hasn't changed (due to the economy for instance), you should be alright.  I suspect BoA factors in how many accounts you have with them (such as a banking relationship), that account's current standing, and overall history with them as well.

For instance, I just requested a CLI on tuesday with 80% UTI and went from a CL of 22,200 to 26,000 -- exactly what I requested (went from 17,100 to 22,200 3 months prior).  I've only had this card for 2.5 years and usually revolve some sort of balance during the winter months...

IE: I'm a profitable(from transaction fees and the occasional finance charge) and stable customer based on the card's history.

[thebostonredsox]

I have spoken to many BOA Credit Analysts and this is what I've learned; BOA handles their long-term deposit relationship customers much differently than non-customers. For customers, the FICO score has little or no bearing on their decision for CLI's. For non-customers, they expect a minimum of 650 with no recent lates or collection accounts. They do prefer that utilization does not exceed 60% and that the total amount of credit extended by them does not exceed 20% of your total HHI. They will lend more than 20% for long-term customers, rarely for non-customers so I'm told.

It is much better to call and speak to an analyst when requesting a CLI, rather than submitting an on-line request.

[haulingthescoreup]

I got two CLI's from them; the first on the phone after escalating to a credit specialist, after I told them that I was nervous about my high util on a BT. I was paying it down briskly, $250/ biweekly, as opposed to the 1% minimum that was posted. This took me from $10K to $15K. I hit the online CLI request a few months later and went from $15K to $18K.

So in my case, I'm guessing it was a combo of HHI (I think I told them $120K; it's a bit higher), decent scores (above 700 on EX), good history in paying far over the minimums, and their hoping that I would do another BT. I keep chickening out on that one, I'm afraid.

[MrCredit]

I have a 7k balance with a 12k limit with 9.99v APR. I suppose I should try to get this lowered. The 7k is in 1.99 BT right now.... I requested CLI last week via the website.... No go.

[rubaty]

Be careful with the request if you have more than one BOA CC. 

I have 3 (Plat Plus, Merrill + & Ohio ST MC) and when I last asked they said that I have enough credit from them and offered to transfer some of the CL from the other CCs.  My total credit with them is $21.1K.

[Anonymous]

I used the link in my account to apply for a CLI and received a response stating my request was submitted and I will receive a written decision in 5-7 business days. I did not put an amount in. For those of you with experience, is this probably a denial?

[MrCredit]

Yeah probably... everytime I have gotten it, it sends me a letter "you have sufficient credit considering your income"