Re: Bank Of America credit line increase![ Edited ]
12-05-2009 09:31 AM - edited 12-05-2009 09:33 AM
Congrats on the increase with BofA, I haven't had much luck getting one from them although I've tried several times during the past year. The one good thing is that they have never done a hard inquiry with any of the requests. However, I'm not opposed to trading an inquiry for an increase as the ding for the inquiry isn't as severe as a ding for a new account once you have reached their magic number. In many instances a CLI is well worth the inquiry. I got an increase of $3500 from Cabela's last week as well as one for $2500 from NFCU. I knew that both would result in an inquiry but I have gladly subjected myself to inquiries for new cards with credit limits of less than that. It's all a matter of what your individual circumstances are, and in my case I'd rather get a CLI than a new account in order to increase my available credit. While it is true that we may not use all our credit limits, it is nice to have a little extra breathing room.
So again, congrats, you are doing something right in BofA's eyes. I need to copy your formula.