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Established Member
delf
Posts: 14
Registered: ‎06-23-2012
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BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

Hello myFICO,

 

  I have had the same unsecured card since finishing school 2008.  I got it about a year after I graduated (never too late to get a student card I guess).  In the same year I consolidated my student loans and got an auto loan at the local credit union (no credit cards :smileysad:).  After 4 years of solid payment history, it is time to grow my credit.  I am not planning on getting a mortgage anytime soon, but would like a card with No FTF and a card that will grow like an AMEX BCE revolver.       

 

  I would like to convert my account with BofA to a BankAmerica Travel Rewards no annual fee card, and sign up for AMEX Blue Cash Everyday.

 

  How would you maximize this transition of asking for a CLI/ conversion, and applying for a new card?          Thanks. 

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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

[ Edited ]

 

I'd call up BofA first and ask if they will product change the card into the Travel Rewards card.    If they can't then you'll have to decide if you want to app for a new card with BofA or go elsewhere.    AMEX is quirky with approvals...and their revolving cards seem to have more stringent approval requirements than their charge cards.    They'll likely pull your Experian report.    How do your reports look ?  Any negatives or derogatory accounts ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

i want that travel rewards card too. I am planning on applying when i arrive in uk next month. You could also try just going online and applying for the card. If not approved call in for recon and explain your 4 year history with boa.
EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Established Member
delf
Posts: 14
Registered: ‎06-23-2012
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit


pizzadude wrote:

 

I'd call up BofA first and ask if they will product change the card into the Travel Rewards card.    If they can't then you'll have to decide if you want to app for a new card with BofA or go elsewhere.    AMEX is quirky with approvals...and their revolving cards seem to have more stringent approval requirements than their charge cards.    They'll likely pull your Experian report.    How do your reports look ?  Any negatives or derogatory accounts ?


I will have to order an experian report.  TU looks good, with a TU08 rating of 720+ (local community bank gave me my score for free when I setup a savings account).  At the time of that report, I had my BoA card reporting around 900/1000.  I have since paid it off within the last two months and began making frequent charges on it, and paying it down as I go.

 

I have no negative information in my report.  The only negative would be that I have charged my 1k limit up to 980, and I have only had one credit card to date.

 

How long should I wait to call BoA after going from carrying a balance to Paid in Full?  Can I apply for AMEX the same day I get approved/denied for the BoA product change?    Thanks 

Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011
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Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

Concentrate on finding out what your Credit Reports are reporting.  Order your credit reports for free from annualcreditreport.com and make sure that they are reporting your Student Platinum Plus Visa PAID OFF.  Once you see that your credit card balance is taken care of, order your Equifax FICO® score from this website. 

 

Concentrate on presenting yourself to Bank of America and any other potential creditors in the best light possible then, you should be able to get whatever cards you want.

 

I wish you well on your credit journey!



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit


delf wrote:

I will have to order an experian report.  TU looks good, with a TU08 rating of 720+ (local community bank gave me my score for free when I setup a savings account).  At the time of that report, I had my BoA card reporting around 900/1000.  I have since paid it off within the last two months and began making frequent charges on it, and paying it down as I go.

 

I have no negative information in my report.  The only negative would be that I have charged my 1k limit up to 980, and I have only had one credit card to date.

 

How long should I wait to call BoA after going from carrying a balance to Paid in Full?  Can I apply for AMEX the same day I get approved/denied for the BoA product change?    Thanks 


It sounds to me like you are in good shape since your util is under control and you don't have any negatives, and you could certainly do both BofA and AMEX on the same day.      I believe that BofA pulls EX as well but do some searching around to get a better idea.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

Sorry have you pulled your FICO yet?  I am sure it is pretty good, but might be worth buying the Equifax FICO to see.

               LIMITS IN CARD DESCRIPTIONS
Established Member
delf
Posts: 14
Registered: ‎06-23-2012
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

[ Edited ]

Crashem wrote:

Sorry have you pulled your FICO yet?  I am sure it is pretty good, but might be worth buying the Equifax FICO to see.


Equifax 766.  Vantage (Experian) 792.  It appears my auto loan only reports on TransUnion.  7 year 9 month hist.  5 year AAoA.  35% util of 1k limit reported.  No nasties, just saw a weird address on there from 2009.  0 applications for credit in last 4+ years.

 

My options, which one to choose:

1.  Keep my current BoA Platinum Plus Card and just try for a limit increase with the "luv button" or over the phone

2.  Convert my BoA Platinum Plus to a BoA No FTF TravelRewards Card (I am concerned they won't give me the limits to be signature though).

3.  Forget about the changing the BoA card for a while and run wild with AMEX Blue Cash Everyday for the next year, so apply for BCE.

4.  Spend a lunch hour calling BoA to get a card conversion from Platinum Plus to a TravelRewards with a CLI, and simultaneously hit the apply button on the AMEX BCE site.

 

Which option would more responsibly get me to my goal of growing my Credit Limits by having multiple revolving lines with the potential for increase?     Thanks

Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit

My recommendation is to go for two CLI growing friendly card issuers:

 

1) Find a GE money bank card that you will use.  They back a bunch of store cards including some that double as VISA/MC.  The main reason is that GE gives soft based CLI every 4-6 months upon request

 

2) Get Amex Revolver.  The only question is whether you go for AMEX charge card first or just go for revolver.  You are shoe in for charge card.  For revolver, you might get rejected for not enough revolving trade lines.  If no interest in charge card, I would just app for revolver you want.  If rejected, wait 31 days then app for charge card.  Given 3-6 months use, you can get the revolver is my guess.  3x soft based CLI in 61 days and 6 months later another 3X CLI request.

 

Once you get any CLs to higher limits (think 3k to 5k), you can go for CLI/PC on BofA as well as think about different cards as well.

               LIMITS IN CARD DESCRIPTIONS
Established Member
delf
Posts: 14
Registered: ‎06-23-2012
0

Re: BofA Student Platinum Plus Visa for over 4 years, and still at $1k limit


Crashem wrote:

My recommendation is to go for two CLI growing friendly card issuers:

 

1) Find a GE money bank card that you will use.  They back a bunch of store cards including some that double as VISA/MC.  The main reason is that GE gives soft based CLI every 4-6 months upon request

 

2) Get Amex Revolver.  The only question is whether you go for AMEX charge card first or just go for revolver.  You are shoe in for charge card.  For revolver, you might get rejected for not enough revolving trade lines.  If no interest in charge card, I would just app for revolver you want.  If rejected, wait 31 days then app for charge card.  Given 3-6 months use, you can get the revolver is my guess.  3x soft based CLI in 61 days and 6 months later another 3X CLI request.

 

Once you get any CLs to higher limits (think 3k to 5k), you can go for CLI/PC on BofA as well as think about different cards as well.


Thank you for the wonderful advice!

 

I am leaning towards GE cards Walmart (free TU score), Paypal (rewards), or Amazon (larger starting limits).  The interest rate has to be high on these cards compared to a bank Visa Platinum card.  The whole idea of them is to pay in full every month and request limit increases...then in the future get the premium cards with the higher limits too.

How should I apply for the new credit?  Head to the Walmart card at the store and immediately come home and do the AMEX BCE application online on a weekday?    Thanks


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