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Should I do this?

Frequent Contributor

Should I do this?

I have a BofA card with a $3000 limit and a $1900 balance.  

 

I want to get my limit increased but keep getting denied.

 

Here's my plan:  Pay off the $1900 (with money I normally use for rent)....call for an increase....THEN, after the increase, use one of their courtesy checks to write out a rent check (around $1400) next month.

 

I realize the checks % rate will cost me around $50, but it would be worth it to get a $3000 or so increase.  No? 

Message 1 of 9
8 REPLIES
Senior Contributor

Re: Should I do this?

you are assuming they are going to give you an increase.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 2 of 9
Frequent Contributor

Re: Should I do this?

Well, the money would be in there anyways in case they didn't . 

 

By the way, I am planning on paying this card down...not using it for a lot of purchases or anything.  Just want the increase for utilization. 

Message Edited by Jubeyy on 11-12-2008 11:45 PM
Message 3 of 9
Senior Contributor

Re: Should I do this?

i'm not saying it's a waste of money, just saying if you have other debts or balances to pay down, maybe it would be better used that way.  but i can't really speak for bank of america.  our balance is too high right now to ask for a CLI.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 4 of 9
Frequent Contributor

Re: Should I do this?

Yeah.  also, I just thought...what if I pay the  $1900 off and then the lower my limit to $1000 or something for some reason...I'd be screwed as far as being able to pay rent.  Well, it was just an idea : )
Message 5 of 9
Senior Contributor

Re: Should I do this?

true!  good thing you thought of that.  that would be very bad for you.  smart thinking!
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 6 of 9
Valued Contributor

Re: Should I do this?

The more you ask and the more frequently you ask BofA for a CLI the less likely you are to get one. If you ask and are declined you have to wait at least six months before asking again.

 

Given your set of circumstances I would let it go.

Message 7 of 9
Established Contributor

Re: Should I do this?

BOA will grow with you, I would not use the card and pay off the balance as you can over time...

Once it is paid use it for 3 months and PIF, use it for everyday things, groceries gas etc, and PIF then they will give you an auto. I have mastered them (21k limit on MC) by using this tactic. PIF they hate it, because they do not make money on interest... they want you to spend so they get revenue from interest. Also banks use a system that assigns an internal score for each person based on risk, and revenue generation!! 

Message 8 of 9
Highlighted
Regular Contributor

Re: Should I do this?

did you request amount or leave field blank . If you requested more than 20%, next time i would leave it blank and hope for 20% increase they usually give if approved
Message 9 of 9