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Regular Contributor
Posts: 236
Registered: ‎08-31-2008
0

BofA CLI declined

I applied for CLI on my BofA card last week and was declined.

 

The letter I recieved says they were "unable to approve an increase becasue you currently have sufficient debt considering your income.  This decision was based on info you provided, as well as on inf from the consumer reporting agency named below......."

 

Well, they named EX.  But my EX is frozen.  I have a membership with Credit Check Total, so I pulled all 3 reports from there and there isn't an inquiry with any CB from BofA.

Is it possible for them to do a soft inq while frozen?

 

Should I call the backdoor number?

I have a Visa CC with them.  Had it since May 2003, got it as a student.  Started at CL 1200, over time I have been bumped all the way up to 8K.  The util is what's hurting me, its 7400/8000 so 93%

I made a pmt since I apped for the CLI bringing the util to 83%.  I don't want the extra CL to use it.  I have sock drawered the card becase the APR is around 27%.  I want my overall util lowered so my scores will hopefully go up and I can get a better rate and do a BT.

 

ANy advice?

Valued Contributor
Posts: 2,791
Registered: ‎03-18-2007

Re: BofA CLI declined

A freeze doesn't affect your current creditors' ability to check your report(s), and yes, it's most likely that BofA just did a soft inq on EX.

 

That current 83% util most likely still will keep you from getting a CLI even via the backdoor numbers (toughest time to get credit is when you really need it), but you might want to give it a try anyway - can't hurt, as long as you ensure they won't do a hard inq for the recon; ask first.

 

Good luck.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Established Contributor
Posts: 832
Registered: ‎03-20-2008

Re: BofA CLI declined


scottie_mommy wrote:

I applied for CLI on my BofA card last week and was declined.

 

The letter I recieved says they were "unable to approve an increase becasue you currently have sufficient debt considering your income.  This decision was based on info you provided, as well as on inf from the consumer reporting agency named below......."

 

Well, they named EX.  But my EX is frozen.  I have a membership with Credit Check Total, so I pulled all 3 reports from there and there isn't an inquiry with any CB from BofA.

Is it possible for them to do a soft inq while frozen?

 

Should I call the backdoor number?

I have a Visa CC with them.  Had it since May 2003, got it as a student.  Started at CL 1200, over time I have been bumped all the way up to 8K.  The util is what's hurting me, its 7400/8000 so 93%

I made a pmt since I apped for the CLI bringing the util to 83%.  I don't want the extra CL to use it.  I have sock drawered the card becase the APR is around 27%.  I want my overall util lowered so my scores will hopefully go up and I can get a better rate and do a BT.

 

ANy advice?


 

Why is your APR 27% Have you been late in the past or over the limit with BOA?

 

It's not unheard of for BOA to deny a cli due to credit being sufficient for income. However at this time in the credit world, I don't think it's a very good idea to request a cli from any creditor when you have over 80% of the cl being used. BOA  is probably worried that you are headed for trouble since you are over 80% util and you already have a 27% interest.

 

I would work on getting the balance down on that card. It could make other creditors nervous as well.

 

I would NOT call the backdoor #, you may end up with a closed account. Protect your credit and work on your util.

Regular Contributor
Posts: 236
Registered: ‎08-31-2008
0

Re: BofA CLI declined

a few months ago they notifed me that my APR was increasing from 18% to 36%

But it has been 27% since that notice.  When I called, the reason for my increased APR was my high util.  Never late, always more than min pmt.

 

SO what's the point of a freeze if creditors can still check that report?

Valued Contributor
Posts: 2,791
Registered: ‎03-18-2007
0

Re: BofA CLI declined


scottie_mommy wrote:

a few months ago they notifed me that my APR was increasing from 18% to 36%

But it has been 27% since that notice.  When I called, the reason for my increased APR was my high util.  Never late, always more than min pmt.

 

SO what's the point of a freeze if creditors can still check that report?


 

One big point of a freeze is to help protect you against anyone fraudulently opening new credit in your name.

 

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Established Contributor
Posts: 832
Registered: ‎03-20-2008

Re: BofA CLI declined


scottie_mommy wrote:

a few months ago they notifed me that my APR was increasing from 18% to 36%

But it has been 27% since that notice.  When I called, the reason for my increased APR was my high util.  Never late, always more than min pmt.

 

SO what's the point of a freeze if creditors can still check that report?


I think freezing your cr is to prevent fraud and others from pulling your credit. I don't think it's possible to freeze out a creditor with whom you have an account. Ouch on the APR. Unfortunately running high util is always a risk not only with the creditor you have (the high utility) but from all of your creditors.

 

Even if your cb report was frozen it wouldn't stop your creditor from using their own internal records about you and the accounts you have with them.

 

Your best bet is to pay down and/ or off  the cc wait a few months and then negotiate a new APR with them.

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: BofA CLI declined

The CR freeze protects you from new inquiries, meaning those who do not yet have an established credit or permissable purpose relationshipship.

 

This protects you from ID Thieves attempting to access your info, and from creditors whom you have not previously opened an account with.

 

When you have an established relationship/credit, they have the right to pull your credit for review purposes.  However, I am not sure if this prevents a new hard pull.  I know they can soft pull (review/evaluate) but usually hard pulls are reserved for new credit requests, which are new loans/cards and sometimes required even for a CLI.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: BofA CLI declined

Existing creditors are supposed to be able to pull a frozen report, as are CRA's that have an account they are trying to collect. Fortunately the CRA's software does not distinguish PP inquiries from non PP when you have a freeze. This may change in the future but as of now if you have a freeze you will only get soft pulls.
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