my dad just received a boa cash rewards visa signature. he was only approved for $5000 but he has 4 other credit cards with 9k+ limits with boa and his credit score at the time with equifax at the time was 819. i was wow thats crazy. he is retired with very little income at the moment so i was surprised he was approved for anything at all. does anyone know which scoring model they use?
Congrats to dad! I received the same card in July with an initial line of 12,500, and they pulled hard on TU, and softed my EX report. Usually they pull either one of those, though i've seen approvals where they pulled EQ as well. It varies anymore depending on geographical location of the applicant.
now thats working the system. Watch, I bet he sees a nice CLI in the very near future.
BOA is a little cautious at first but once you build they are very rewarding.
How do I know this? I called in this evening to ask a question about my new BOA card coming (same as your dads) and the rep
transferred me to a credit analyst. I was only looking for apr info and I think the rep thought I was asking for a lower apr
already thus the transfer. Anyways this very nice lady came on and after I explained that I just wanted to know the terms
she said "let me put you on hold while I review your account"
two minutes later she came back and asked me about a loan I had with them back in 1998 of all things.... She had asked that
why there was one 30 day late on the loan (14k unsecured) and I explained it was the early days of electronic bill pay and something
got screwed up. I was thinking they were now going to decline me. Well much to my shock she said I have re-reviewed your account
and we are going to set your initial CL at.....................$12.5k. Originally approved at 7500
BOA....you got my business for life
my dad has been with boa since barnetts bank in the 80's. he had his mortgage through them that he paid off 10 years early also, cd's, savings with 10k+ in each. he tells me he doesnt like to go to the bank because they always tell him to apply for a new credit card with them. he sends me to do all his deposits for him it seems like they love him too. he doesnt care about getting any increases with any credit card because he doesnt spend much money anymore since he is retired and has limited income. his delta skymiles he's had since 01 has a $16k limit and his discover has a $10k limit and he's had that card since 1987. he only applies to take advantage of cashback bonuses
Bank of America has been good to me. I started with them as one of my three first student cards (Citi, Bank of America, and Chase), all on the day I turned 18.
That measly $1,500 card has grown to become a $30,000 B of A Rewards AmEx juggernaut over the last 3.8 years.
They were very stingy at first. $1,500 for the first year. Then I requested an increase. Back then, you could just leave the CLI request field blank. Two days later? Bam. $5,000 limit. In 2010 I put in another blank CLI request. Bam, $12,500. Earlier this year I put in a request (this was with the new form, requiring the limit request) for $20,000. Approved.
They bumped me to $30,000 a week or two ago, automatically. I think, at the first of the year, I'll see about bumping up further.
But yeah, Bank of America, once they get to know you, treat you quite well. And this is coming from someone who works for a major competitor of Bank of America! LOL!
I was just approved for a AAA Signature Visa with a 5k limit through BOA with around a a 570. They pulled my Experian in WI. I was hesitant because it was BoA, but I figured if I got it, it was with a prime lender, and with the exception of AMEX and Discover, I didn't have a prime card.
I believe for EQ they use FICO Beacon 9 BankCard Industry.
About 21% score 800+ and 5.8% score 840+ with that score.
If you have excellent BankCard experience it allows a good increase over Beacon 9, which allows better scores than Beacon 5.0.