11-12-2008 11:40 PM
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?
11-12-2008 11:44 PM - edited 11-12-2008 11:45 PM
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.
11-12-2008 11:47 PM
11-12-2008 11:50 PM
11-12-2008 11:52 PM
11-13-2008 08:14 AM
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.
11-13-2008 04:24 PM
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!!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.