CLI w/Bank of America

[Unoriginalnj]

I have about a 45% utilization ratio on my bank of america card. I also have an authorized user who is piggybacking on this for a little while. If I get a CLI, will it boost either of our scores; is so, any idea about how many points?? I have a great length of history and pay more than double the minimum every month. 

[Anonymous]

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@Unoriginalnj wrote:

I have about a 45% utilization ratio on my bank of america card. I also have an authorized user who is piggybacking on this for a little while. If I get a CLI, will it boost either of our scores; is so, any idea about how many points?? I have a great length of history and pay more than double the minimum every month. 

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Depends on what else is on your report and how much the CLI is for.  

[Anonymous]

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@Unoriginalnj wrote:

I have about a 45% utilization ratio on my bank of america card. I also have an authorized user who is piggybacking on this for a little while. If I get a CLI, will it boost either of our scores; is so, any idea about how many points?? I have a great length of history and pay more than double the minimum every month. 

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There is more info we would need from you before we could even gander a guess.

You say your BoA is at 45% util, what is your total revolving debt (your total revolving util?)

How many CC's do you have a balance on now?

If you were at 45% total revolving debt and got an increase that brought you down below 25%, you might see a bump in points, but if you are at 75% util across all your revolving CC's and you got an increase that brought you down to 55%, you most likely would not see an increase at all.

[Unoriginalnj]

I have:

BoA: 19K limit with 7K balance

Store Card: 4K limit with $500 balance

Revolving store card so it doesn't really show a limit but i have a 0 balance

[Anonymous]

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@Unoriginalnj wrote:

I have:

BoA: 19K limit with 7K balance

Store Card: 4K limit with $500 balance

Revolving store card so it doesn't really show a limit but i have a 0 balance

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A revolving store card would show a balance.

I don't know what BoA's CL limit is, but I'd imagine it isn't much higher than $19k.  It might be hard to get approved for a CLI with them.

[Anonymous]

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@Unoriginalnj wrote:

I have:

BoA: 19K limit with 7K balance

Store Card: 4K limit with $500 balance

Revolving store card so it doesn't really show a limit but i have a 0 balance

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If my math is correct your about 33% overall revolving util now (FICO rounds up util) I hope my math is correct.

You have three accounts 2 with a balance, what I would do is pay off the 500 balance on the store card, you might see a bump in points if you let just one CC report a balance YMMV tho, if you could get like a 6000 CLI from BoA that would bring your util down to 25%. <- again hope my math is correct.

IMO if you paid that store card off and got a CLI of 6K from BoA (cant see BoA going much higher, I could be wrong) and your util was down to 25% from 33%  and only had the one card reporting a balance to the CRA's you should see an increase, how much is the question, it could be 2 points or it could be 19 points or 27 points, it's just something we can not tell you with ANY certainty

But I can tell you this FICO scoring does like when you only have one CC reporting a bal, so my plan would be....pay off that 500 store card, let it report a 0 balance to the CRA's (this way you have only one CC reporting a balance and that would be the BoA Card) and try for a CLI with BoA, if you get it great, if you don't, work on getting that BoA bal down and your scores will rise as your util goes down and as your payment history gets longer.

I hope this helps and or makes any sense LOL.

[Creditaddict]

What is interest on BofA... maybe in stead of CLI with BofA which probably won't happen because the high limit you already have with them and no other credit cards close to that limit... they are most likely going to want to see other well handled high limit cards.

Whatt about getting the Citi Platinum with 0% for 21 months and transfer the entire BofA balance.... save in interest and probably solve some util and get score bump... but could also see dip with new inq and new account for a little while... just not for sure.