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Thinking of requesting a CLI from BoA...

Valued Member

Thinking of requesting a CLI from BoA...

I've read a few of the horror stories here from people, but I'm wondering what would happen if I requested a CLI from BofA. In a nutshell, here is what I'm expecting my credit situation to look when I do make the request:

 

-First CC in December 2007, $300 Chase Amazon Visa

-Limits and balances today are

Chase Amazon Visa: $1,100 balance / $1,500 limit

First National Visa: $500 balance / $2,000 limit

Bank of America Platinum: $550 balance / $700 limit

-No late payments. Ever.

-$10k in student loans but it's all still deferred

-I've had this BofA account since February 3rd, will probably make the request in August

 

The reason I list everything is because I see people getting their accounts closed because they have some baddies but I've never been late. I have high balances, sure, but could high balances alone be enough to close my account and screw me? I have 0% balance transfer 'til May and I'd really like to take advantage of that.

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Re: Thinking of requesting a CLI from BoA...


SeanDEE wrote:

I've read a few of the horror stories here from people, but I'm wondering what would happen if I requested a CLI from BofA. In a nutshell, here is what I'm expecting my credit situation to look when I do make the request:

 

-First CC in December 2007, $300 Chase Amazon Visa

-Limits and balances today are

Chase Amazon Visa: $1,100 balance / $1,500 limit

First National Visa: $500 balance / $2,000 limit

Bank of America Platinum: $550 balance / $700 limit

-No late payments. Ever.

-$10k in student loans but it's all still deferred

-I've had this BofA account since February 3rd, will probably make the request in August

 

The reason I list everything is because I see people getting their accounts closed because they have some baddies but I've never been late. I have high balances, sure, but could high balances alone be enough to close my account and screw me? I have 0% balance transfer 'til May and I'd really like to take advantage of that.


High balances may or may not be enough to make them decide to close your account, but they almost certainly would get you turned down for a CLI.  Your util overall will be 54%, and your util on that card in August will be 79%, and I'd be really surprised if they gave you a CLI with utils that high (you'll look desperate and like you can't manage your current CL's).

 

If you want to take advantage of that 0% offer and get a CLI, you at the very least will have to get that card's balance paid WAY down, and even that may not be sufficient, if doing so means the balances on your other cards will be way high.  That util is really dragging down your scores.  Anything you can do to pay things down will help both your scores and your chances of getting a CLI.

 

Sorry to be the bringer of bad news, but CCC's and FICO scores are NOT keen on high balances.

 

 

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
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