What do I need to know about Bank of America?

[Anonymous]

Almost four months ago I was approved for Bank of America's AAA rewards card. I like it for 3% back on travel, and that's all I've used it for. But it has a tiny $1500 credit limit. Does BOA ever give soft pull CLIs? Should I accept a hard pull? I know some companies will auto increase after six months... is there much chance of that with BOA?

Also, I'm thinking of applying for a Bank of America Amtrak rewards card. The Amtrak points are worth 2.5 cents each, with the obvious downside of very limited redemption options. If I apply for that card, what are my chances of getting a better CLI than I already have on my AAA card? 

Thanks all!!!

[Anonymous]

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@Anonymous wrote:

Almost four months ago I was approved for Bank of America's AAA rewards card. I like it for 3% back on travel, and that's all I've used it for. But it has a tiny $1500 credit limit. Does BOA ever give soft pull CLIs? Should I accept a hard pull? I know some companies will auto increase after six months... is there much chance of that with BOA?

Also, I'm thinking of applying for a Bank of America Amtrak rewards card. The Amtrak points are worth 2.5 cents each, with the obvious downside of very limited redemption options. If I apply for that card, what are my chances of getting a better CLI than I already have on my AAA card? 

Thanks all!!!

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I'd wait six months. I have several cards with Bank of America. After six months I was able to get an online cli. Then I called to combine a couple of cards and was able to get my interest rate reduced. 

Good luck!

[Anonymous]

Hah this bank is ignorant, difficult. Every bank card I have is so flexible with me despite bank of America and I still continue to bank with them nothing less. My Boa Cash Rewards credit limit is still stuck at $4K along with direct deposit and have $14.5K in the savings with them. Still no credit line increase and I was denied for a auto loan with the same price as what I have in my savings. Bummer I applied at capital one I was approved 2.99%. I have quicksilver visa signature $5K and Venture One $9.5K SL no problem.

[Anonymous]

You have some great cards already!,

B of A has a bad rep here in California  where they started.

I would never even think of applying with them.

Give a chance with the other cards...goodness, you have nice selection

[Gmood1]

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@Anonymous wrote:
Hah this bank is ignorant, difficult. Every bank card I have is so flexible with me despite bank of America and I still continue to bank with them nothing less. My Boa Cash Rewards credit limit is still stuck at $4K along with direct deposit and have $14.5K in the savings with them. Still no credit line increase and I was denied for a auto loan with the same price as what I have in my savings. Bummer I applied at capital one I was approved 2.99%. I have quicksilver visa signature $5K and Venture One $9.5K SL no problem.

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OP give it atleast 6 months before requesting a CLI. As stated by another member.

Peanut6, I don't understand why folks leave large sums of money in these large banks that give you zero incentive?

That money could be generating you an extra $300 to $400 year verses a $1 sitting in a BofA savings account. 

Join a couple of good credit unions. It will benefit you in the future.

[bada_bing]

I've had an AlaskaAir visa with them for over twenty years. I really don't like BoA but have to tolerate

them because their AkAir card is necessary. I'm a million miler on Alaska Airlines and the CC really

leverages that amount of travel.

I would never app for any of their other cards, would never bank with them and especially would avoid

their Merrill Edge brokerage service like the plague. Other than that, they're okay 

The positives about them are they will grant very large CL with plenty of history. And they have a pretty large

footprint for their brink-n-mortar banks. Their rewards program accounting is pretty good for depositing rewards

in a timely fashion and being fairly transparent. They are much better at this than Amex but nowhere near as

good as Barclays.

The negatives are that it is difficult if not impossible to get a CLI without a double HP when trying to increase

above modest limits. They aren't a very strong bank in spite of being so large, as was demonstrated during the

2008 meltdown. During the meltdown, BoA was taking AA on accounts right and left and generally panicking like

a little girl. Don't count on them during times of financial turmoil in the banking industry, they are weak. Ive found

their CSR's to be not all that competent and not all that motivated.

[Anonymous]

I used to have a bank account with Bank of America. Not only was it inconvenient due to the terms of the account (I got charged a fee every time I talked to a bank teller), but when I finally decided to close the account, I had to wait an hour before anyone saw me (and I wasn't the only one). I wouldn't give them any business if you can help it.

[ojefferyo]

I've never had any issues with BofA, one card at $27k and the other at $15k. If your profile suits then the increases are very generous. They do not like badies at all.