BofA CLI

[Anonymous]

The button for a CLI shows up on my Bof A account screen.  I don't know if it's always there or not.  Anyone know?  This card is almost maxed out and I could use a CLI for utilization purposes, but am worried that my 641 FICO is too low.

[tengtengvn]

I have the Financial Rewards card and it's always there.

[MarineVietVet]

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@Anonymous wrote:

The button for a CLI shows up on my Bof A account screen.  I don't know if it's always there or not.  Anyone know?  This card is almost maxed out and I could use a CLI for utilization purposes, but am worried that my 641 FICO is too low.

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I've had this option for many, many months but haven't touched it and won't until the credit world stops behaving so crazily. Since you are close to maxed out I'm afraid you will get a denial plus a possible credit limit decrease or in the worst case scenario even an account closure. All the CC issuers are doing the unexpected but perhaps you'll get what you want. In my opinion it's just not worth it.

Work on getting your balances down instead and wait at least a few months to request a CLI.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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[Anonymous]

I would pay the card down before asking for a CLI with BOFA. That's kind of like asking for trouble.

[smallfry]

I agree with the last two posters and would add BofA has been cutting limits of those who dare hit the button. In your situation they might just decide to balance chase you to closure. Do not do it.

[Anonymous]

Add my vote to the previous posters - just say no for the time being.

Your Fico's low (for BofA), your utilization's high, and the button's always there.

BofA zapped DH from 4,000 to 500 CL ;(  If you search on these boards, you'll see BofA is quite fond of AA.  Shine up your shoes and make sure you look pretty before pushing that button - even then, it's very high risk - at least for now.

[MarineVietVet]

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@Anonymous wrote:

I would pay the card down before asking for a CLI with BOFA. That's kind of like asking for trouble.

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That's an excellent move. If you reduce your balance and thus your utilization you won't have a need for a CLI. It's win-win for you.

[emartin82]

Definitely pay it down as fast as you can and don't ask for a CLI for months after you've gotten down to $0 revolving balance.

FYI, I asked for a CLI on my BOA Amex rewards card yesterday. It used to be a secured card that unsecured in january 2010 and converted to Amex. I clicked the button and it asked me to call in. I started sweating because all the baddies from my secured days are still on my credit reports, with a few inquiries added on in the last six months.

Well, I called in with the intent to cancel my CLI request but decided to go through with it. CSR asked me for income, asked about the three charge-offs (2004, 2005, 2006), and approved me for $1000 CLI. I've paid in full on every revolving account since November 2007. 

[Anonymous]

In my experience the button is always there, so long as I don't use it. The one time I did, it was gone for about a month and came right back. If you are nearly maxed out on that card, I would NOT contact them in any way shape or form. I've been hearing about a lot of CLD's after folks call into BofA lately. Unless you are in tip-top shape, it's best to let sleeping dogs lie.

[nathan]

Is it a hard or soft?