08-19-2009 07:15 AM
I have a $4300 balance on my Schwab Visa with CL of $5000 at 9.81% that I will pay off within the next six months.
One of my other cards is a BofA Visa CL of $7500 with no balance.
This $4300 balance represents 86% utilization on my Schwab Visa and 12.9% total CL util.
I do not want to BT to any other cards as the APR on Schwab Visa is the most favorable.
However, I would like to reduce the card's util. in the short term so my question is would it be a good idea to ask BofA to reallocate $5000 from my BofA Visa to my Schwab Visa? If that was done, resulting util. would be 43%.
Or, should I wait until the balance is PIF?
I recently requested a CLI on both cards and received CLI only on the BofA Visa. However, the BofA Visa does not have any rewards and they even RJ'd me several months ago - but the account has been contributing to AAofA since 2002. Schwab Visa was opened in 2007.
I do not need new credit so I don't necessarily need to raise my scores immediately but would like the added CL on my Schwab card.
Can you help me see pros and cons? Thanks.
08-19-2009 11:04 AM
while both cards may be administered by FIA, I don't think they are interchangeable. For example, I don't believe you can PC from a BoA to Schwab and vice versa.
But, you could ask about it. If this is possible, please post.
08-19-2009 11:46 AM - edited 08-19-2009 12:02 PM
I am reluctant to draw BofA's attention to my accounts by calling them until I know what might happen...
From past discussions, I think you're correct that you cannot product change from BofA to Schwab... but I just want to transfer part of my credit line from BofA Visa to Schwab Visa - Is that the same as requesting a PC?
Based on some things that jaybird201 wrote in another thread, I assumed this transfer of CL of which I speak is possible:
With scores as high as yours, if it were me, I wouldn't worry about it too much. If you were carrying balances on your AmEx, that would be a different story, but by paying in full and having high scores, I don't think you'd be likely to have your limits decreased. The only other thing that would give cause for concern would be if you have several recent inquiries/new accounts, which are also red flags for issuers that may prompt a CLD.
All that being said, stranger things have happened, so if your livelihood depends on those other credit lines staying where they are now, you might want to hold off.
By the way, you may find that BofA isn't comfortable giving you more credit (the Schwab card is issued by a BofA subsidiary if you weren't aware) in which case they may approve you under the condition that you transfer part of your credit line with from an existing BofA card to your new Schwab card.Message Edited by jaybird201 on 07-17-2009 10:50 AM
Is it possible to PC to the Schwab then?Nope. At one point I had both the BofA Platinum card and the Fidelity Rewards card (issued by FIA Card Services, a BofA subsidiary).When I saw the Schwab Invest First card was issued by FIA Card Services, I called them up and asked them if I could do a product change, but after calling back several times and talking to several representatives, they all told me I couldn't.When I applied, they told me that I'd have to transfer part of my credit line from my Fidelity Reawrds card to my new Schwab Invest First card, which I happily did.
I was not aware that the Schwab card is issued by BofA, so thanks for the infomation.
I have a BofA Signature Visa with 18K CL that we use for all transactions, and another BofA AmEx card with 26K CL that we haven't used in a while. Perhaps they would transfer half of the AmEx 26Kcredit limit over to a new Schwab first invest card???
Makes me wonder, should I call Schwab or BofA about this first.Message Edited by pmc123 on 07-17-2009 02:05 PM
Apply first for the Schwab Invest First card. When you go online to check your status, you'll find a number you can call the next day. When you call it you can speak to a credit analyst who will actually look at all of your information and will make a decision while you're on the phone with them (they might ask a few questions about income, current liquid savings, etc). If you're approved, tell them you have a couple of BofA cards and you'd like to transfer part of the limit from one of them to your new Schwab card (this will be in addition to the limit you were approved for). If they tell you it's not possible, don't worry about it, they're probably just misinformed (I had to convince the representative that I spoke with that it was possible to transfer the limit). Once you get your card you can always call the number on the back of the card and they'll be able to help you (again, it might take a couple tries...with things like BofA -> FIA Card Services limit transfers, which are a bit more complicated than then average call, you might get an inexperienced representative that is sooo sure that transferring a limit isn't possible).
Good luck! Let us know how it goes.
08-19-2009 05:42 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO