I have to put in my two cents. I have a log of all my cards, credit limits, etc. just in case I die and my poor hubby has to deal with it all. I handle all the finances in my household.
Under the BofA section of the log, I have written, "I love BofA!!!!" And here's why:
In Nov 2006, I got a preapproval in the mail for a Choice Privileges Visa card. At that time, the highest CL I had was $2,700 and THAT was an anomale because we were in rebuild mode. I applied online and got instant approval for a $6,000 CL. I almost fainted! ;-) The promo rate was 1.9% for 8 months, and then it went to 21.74% regular APR.
I ran that thing up to near max (Christmas, you know), but PIF in Feb. Then, I would run it up, pay it off (or leave a modest balance---less than $1k) over the next few months. The card got heavy use because of the high CL, the promo rate, and the rewards points. I also used this card to autopay one of my utility bills each month. That may have helped. Who knows?
Meanwhile, I got two more preapprovals from BofA (online, at the account access page). I was approved for the World Points AMEX ($2,500; 0% BT for 1 year, then 9.9 fixed) and Signature Visa World Points ($2,000; 0% BT for 1 year; then 15.9 fixed). I ran both of those up with BTs. (I am a sucker for zero percent).
At my one year anniversary date, BofA increased the CL on the Choice card to $8,000. I called them and said I loved the card, but hated the interest rate of 21.74%. The rep was very helpful, asked me two questions and dropped my rate to 9.9. (It's now 7.9, with the Prime Rate drops). She also gave me a promo BT rate of 1.9% for 8 months. Once again, I got the "vapors" dealing with BofA!
Last month, I hit the "luv" button on their site, and they increased my limit to $9,600. (At the time, my balance was $4,500, since I'd been taking advantage of the 1.9% promo).
Tried the same luv button for the AMEX card, but no go.
The moral is this: Use it; pay it; use it; pay it. You don't have to PIF, but make substantial payments if you can. AMEX is high util. and minimum payments because of the zero rate, which I'm sure is why that one didn't get approved.
So, now my plan is to pay AMEX and Visa in the next 45 days, use and pay; use and pay for 3 months and then go for CLs on those two. Then, I'll transfer the Visa CL to the AMEX CL (if I can) because they both earn World Points and I don't see much point in having two cards that are essentially the same. Besides, the Visa interest rate is higher than the AMEX card.
I love BofA!!
