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So, I PIF my BOA CC with a CL of $2000 on 9/14. On the last CR, it was sitting at just about 50% util, around $980 balance. I paid it off, but looks like BOA reported to the credit agencies on 9/12. So, my PIF won't be reflected until I'm assuming the next cycle, or 10/12, I believe.
This is my only personal CC and I would really like to stop using my debit card as much and start using this CC for all my expenses, work travel, etc. I will be PIF every month.
My question is, should I call in today to request a CLI or should I wait until the next cycle when BOA reports a PIF $0 balance? I really don't want to wait until Oct to find out if I can receive a CLI. My EQ is 707, but I expect this to jump as my UTIL will drop drastically.
Also, if I called a backdoor number, do you think they could give me an estimate of how much my CLI could be without a hard pull? I got this $2,000 limit in college 3 years ago, so I'm hoping to get at least a CL of around $10k (salary at ~$75k). Is this realistic?
It will take at least 30 days for thenew balance to post to your CR AND the scores to update. When I brought my util down from 30 to 2%, a month later my scores jumped 35 points. I would wait, recheck your CR/scores in about a month and then apply for the CLI.
Should I keep the balance at $0 until next month? I just don't want to risk carrying a balance again and missing the PIF cycle and having to wait another month.
Will it penalize me if I don't use this card until I get a CLI to avoid increasing my UTIL?
How old is the card?
Opened since 2005
Your FICO will be maximized if you keep util between 1-9%. So if you have a card with a 1000 CL then you want it to report a balance between 10-90 dollars, with a 2000 CL 20-180 dollars, etc. That should generate a score higher than a ZERO balance.
Do you think it will be hard to justify to BOA that I need a CLI if I only have a balance of < $200 when I apply? Or will telling them I don't want my UTIL above 10% be enough to convince them to increase it from $2000
I think it will be amount of use that interests them. Maybe you could tell them you want to use it a lot more, and still keep a buffer between amount used and CL?
thanks everyone! i'm going to be patient and check my CR in a month and apply for CLI