01-05-2014 11:02 AM
Ive been given a toy limit for my BoA cash rewards card. It's limit is $1500 and I've spent and PIF everything which is $4000 in 4 months... I have a $1400 item I need to purchase which I have cash for, but I will use my CC to purchase it because of the cash rewards! Anyways, which of the following two options will give me a higher chance of an auto CLI? And why?
1). Charge the $1400 to my card, wait until the statement reports a $1400 balance and PIF after statement reports.
2.) Charge the $1400 to my card, PIF immediately via mobile.
(Should be noted I have other CC so if I do option "1" then I would have several cards to use for credit rather than the one card 92.5% used. My total credit limit is around $14,000. so having 1400 report is merely 10% utilization.
Thanks Yall!!!! YeeHaw!
01-05-2014 11:08 AM - edited 01-05-2014 11:25 AM
Either approach sounds like a good lead in for CLI, option 1 or 2 is not necessarily more likely than the other to prompt an auto increase, a CLI request may be the quickest way to see results, in any case.
01-05-2014 11:12 AM
Ive just asked for a CLI because I spent so much money in so little time, but they said no because my account has only been open for four months. And Im in the garden so auto increase is my only chance until a year from now.
01-05-2014 11:15 AM - edited 01-05-2014 11:20 AM
I don't think BoA likes giving auto-CLI. I have regularly gone over my monthly credit limit and still not received a CLI. I've had the card for over a year now.
01-05-2014 11:15 AM
Maybe I'm missing something here, but wouldn't BOA know what you've done, whether it reports or not?
Letting it report won't tell BOA anything they don't already know, and maxing a card may hurt your utilization and scores.
01-05-2014 11:16 AM
Call them and make your case tell them you don't want a hp and you don't want to max out your card either. The worst they can do is say no. IMHO it's worth atry.
01-05-2014 11:18 AM - edited 01-05-2014 11:26 AM
No way of knowing for sure, but with an issuer, there should be no difference between letting the balance report and otherwise. BoA KNOWS how much you put on their card, so if they are looking for high usage, they know that you are doing that. The reporting balance is more important for other issuers to see your outstanding debt on other cards.
So a) it probably doesn't matter but b) if you have any need to keep the score high this month because of other issuers, then you may want to PIF before the statement cuts.
Edit: Missed user5387's post, which says the same
01-05-2014 11:23 AM
Yea, you would think they would already know what I spend. But I don't want to take the chance when they're overlooking my history to see if I'm worthy of a CLI and say "Oh gee, why should we give him a CLincrease when his statement reads $0? He's obviously not using his credit card" (despite me spending $1400). I don't know how they calculate who is worthy of a auto credit limit increase but I don't want some lazy worker looking at my statements and basing their decision on that, because that wouldn't be in my favor.
01-05-2014 01:13 PM
01-06-2014 09:21 AM
You might want to try option 3: Pay it over time with large payments.
They might want to make some interest off of you.
|Equifax||630 (LP)||755 (CK)/749 (Quizzle)|
|Experian||640 (FCR)||FICO 707 (Amex)|
|TransUnion||588 (CK)||FICO 754 (Barclaycard)|
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