12-27-2012 04:01 PM
I am at a point where my TU only has one Inq on it, from B of A when got my last CLI. So overall pretty clean. Good UTL less than 10%.
I am asking advice if it is better to go for another CLI with B of A, which I know will be a hard pull, or better to get another card issuer that uses TU ? All I have read is GE Money Bank does all TU and so does Barclays.
I do not really need any more cards as right now I have plenty, but I want higher limits on the cards I have.
Can anybody list of the cards I have (Chase, Citi, Discover, BofA, Wells) that only use TU for CLI ?
Thank you for your help.
12-27-2012 05:22 PM
I tried to get a CLI from BofA around 6 months ago and they pulled TU (it was a HP, actually, even 2 HPs - one after filling in the CLI request online and another one - while speaking to their CSR on the phone when he called me to follow up on my request a couple of days later). Imagine how pissed I was to hear that BofA _couldn't_ increase my $500 limit even by mere $250 after wasting 2 HPs on it
But afaik choice of CRA used by lenders depends also on a state where you live. I live in NJ.
12-28-2012 07:12 PM
You should simply try for higher CLI's with the others and forget BofA. If they can't give you CLI's without a soft pull then why waste your time developing that relationship? They truly can get enough info from a soft pull to raise your limit. It sounds to me that their policies are to shackle you to them by using a hard pull. Capone uses a similar policy since they are also a subprime lender. (Yes, BofA is also a subprime lender! They do have Prime cards, but they also lend to people with damaged or short history.) Capone tells their subprime cardholders to reapply so that there is a hard pull on their report, which lowers their score and decreases the chances they will get approved for a prime card or near prime card. It effectively traps some people into depending on them for accounts. These people then have to take another small limit with Capone and increase their chances of defaulting. Maybe BofA is using a similar strategy to increase their fee income!
I would sock drawer the BofA card! It also doesn't appear that you really need anymore credit cards for your file, so you should be good with reporting. Just try and up the limits with the cards you have that don't do hard pulls. (I would be more than happy with what you have! I only have $13,000 of limits and I am pretty happy with this. I am gardening at the moment so that one day I can get a Prime card with good rewards! I don't even care about having a high limit with a Prime card, just a good interest rate and good rewards.) If you do decide to get a new card, tailor it to your needs and what you want in rewards! When I get that type of card I am done with getting new cards!
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