topic Re: BankAmericard Credit Limit increase in Credit Card Approvals

BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 01:51:31 GMT

I have the Cash Rewards card. They tentatively gave me $1,000 limit last year March so it's been almost a year, and I've waited this long on purpose, and made no other inquiries. I've had activity (gas and tuition, mostly) and pay way over the minimum, often PIF. It's got a no-interest introductory offer that'll expire after the first year is up.

I do have a collection around $200 on my report, and student loans of 20K. My oldest credit card is a JCPenney with limit $2300, only 4.5 years old, and this BankAmericard is my only "major" card. I've been a LOONG time savings/checking customer of theirs as well - anyone know if that makes a difference? Or if how much money you have in your account makes a difference?

I plan on asking for $500 more, maybe even just $300. I wanna be conservative to maximize my chances of getting approved, cause I HATE a wasted pull.

So I've been back and forth reading different things online and I seem to get different answers. Does anyone know definitively whether Bank of America does a HP or SP? Does it matter whether you're over the phone or online? I spoke with a representative on the phone who said hard pull, but people here have gotten soft. The rep assumed I'd be over the phone though, so online may be different. Or is it as haphazard as it seems, one of those YMMV things?

Thanks!

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 01:56:24 GMT

You should get a 2k more cli.Go for it and good luck

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 01:56:57 GMT

I just got a CLI from $800 to $5,000 in December on my Cash Rewards card. My account was a little over a year old and I had zero inquiries on TU but one card reporting a balance. They did do a HP, and it was TU.

After I requested it, it told me to call in for a decision. I didn't, but checked the next morning and to my amazement they approved it for the full $5000 that I asked for.

If you're going to request a CLI, I'd go all out since it's going to be a HP. There have been people getting increases with SP, but they are the exception...you should go in prepared for a HP, and be thankful if you get a SP. I asked for $5000, never thinking I'd get it, but figured they would counter and I'd get the max CL that I qualify for...I couldn't believe it when they approved the full $5000. I wish I asked for more.

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 02:08:18 GMT

@Anonymous wrote:
I just got a CLI from $800 to $5,000 in December on my Cash Rewards card. My account was a little over a year old and I had zero inquiries on TU but one card reporting a balance. They did do a HP, and it was TU.

After I requested it, it told me to call in for a decision. I didn't, but checked the next morning and to my amazement they approved it for the full $5000 that I asked for.

If you're going to request a CLI, I'd go all out since it's going to be a HP. There have been people getting increases with SP, but they are the exception...you should go in prepared for a HP, and be thankful if you get a SP. I asked for $5000, never thinking I'd get it, but figured they would counter and I'd get the max CL that I qualify for...I couldn't believe it when they approved the full $5000. I wish I asked for more.

Well i was wondering whats the PO score is

Re: BankAmericard Credit Limit increase

tray — Tue, 29 Jan 2013 02:11:14 GMT

It will be a hard pull whether you get an increase or not so I say go high with your credit limit increase request, and you know you can always speak with a credit analyst which will either counter offer if your request for the certain requested is not granted. Good Luck

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 02:19:59 GMT

I have the BankAmericard rewards card and attempted a CLI request at 5k. They counter offered to a different number that I was happy with... so that can always happen to younas well. I don't use that card as much, but happy to see they still increased it. I've PIF or kept my balances very low the past few months so I think that contributed. They also did a HP, just so ya know.

Good luck!

Re: BankAmericard Credit Limit increase

ceemee2203 — Tue, 29 Jan 2013 02:49:46 GMT

BofA is a hardpull every time. Even if you request it online. But they're good with CLIs, always giving me whatever increase I ask for. They said I'm eligible for a Visa Sig, I just need to formally request the increase to $5000 so that I can PC, but I already have 2 HPs on my TU from them, and they won't be gone for a year. Not worth it for me.

But for you, I say go for it.

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 05:11:59 GMT

I agree with the others, ask for a generous CLI. My card started out at $5000 (not sure how I pulled that one off!) then requested a CLI a little over a year later. I had been a customer with them for about 4 years, have a checking and savings with them too. I requested online, it told me to call, but I didn't. The next morning I got a call on my cell from a rep asking me a few questions (what do you need it for, income, length at job, etc). He gave me a $3000 increase. It doesn't hurt to try, especially since it seems you're really good with the credit you have now.

Good luck!

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 06:39:58 GMT

put all your money into checking with them, than ask for that increase. I would not ask for less than 4k ,big maybe 3k. My credit is a little over 2 and a half years old, my 123 card is at 12k right now, I started with 500 limit....

Re: BankAmericard Credit Limit increase

Anonymous — Tue, 29 Jan 2013 10:26:26 GMT

It's definitely YMMV with Bank of America. I have had several CLIs and so has DW - never a hard pull doing it online. They generally soft pulled EX, but have seen the soft on EQ sometimes, too.

Re: BankAmericard Credit Limit increase

thom02099 — Tue, 29 Jan 2013 18:48:46 GMT

+1 to what others have said about the HP. Bite the bullet and go for it! You've got a year's history with them, shoot for $5K. It's likely you'll either get it or BofA will counter offer. I have the card, tried for a CLI from $7500 to $10K and was instantly approved. Didn't know what to expect with CLI request, so figured I wouldn't get too greedy! $10K is fine for me, especially since I also now have a Merrill Lynch Platinum Plus from BofA as well, with another $10K CL.

Re: BankAmericard Credit Limit increase

Bay_Area_Joe — Wed, 30 Jan 2013 17:14:45 GMT

I asked for CLI in early Jan online. They HP TU. Did not have any Inq on TU at the time.

I was at 8.3k, asked for 15k, they automatically gave me 10k, I called to recon, but a no go. Account only 8 months old. Started with 2k limit in April.

Re: BankAmericard Credit Limit increase

kwinks — Thu, 31 Jan 2013 01:29:52 GMT

I would say ask for way more. I had a cl of 500 and after 11 monthe of having the card and pif every month, I asked for a cli of 2500 more. I figured go big or go home, the guy just asked me why I needed the increase ( I said I wanted to cl comparable to my other cards) and then within 2 seconds he said congrats we are able to give you that increase...

Re: BankAmericard Credit Limit increase

Anonymous — Thu, 07 Feb 2013 02:25:10 GMT

Well I tried. Did it online, and I asked for 2,000 total credit limit, told them I made $29,000 per year with rent of only $250 per month. They said they'd send a letter with the response within 5-7 business days.

I don't think that sounds promising. That was Saturday, and so far nothing's changed online. Should I call in and see what they say, maybe try to sway them?

Re: BankAmericard Credit Limit increase

jakemod1 — Thu, 07 Feb 2013 06:34:26 GMT

@Anonymous wrote:
Well I tried. Did it online, and I asked for 2,000 total credit limit, told them I made $29,000 per year with rent of only $250 per month. They said they'd send a letter with the response within 5-7 business days.

I don't think that sounds promising. That was Saturday, and so far nothing's changed online. Should I call in and see what they say, maybe try to sway them?

I just recently asked for a CLI on my BankAmericard on 2/01. They did a HP and pulled my TU (I'm in CA). I asked if it can be a SP, but he informed me that CLI's are always HP...YMMV. The CLI was instant. As soon as I got off the phone with the analyst, I logged on to my online account and saw the new credit limit.

I would definitely call in and speak to a credit analyst. They'll ask you a few questions about your CR, such as any delinquencies, your card utilization, etc., as well as your income, job status, and the reason you want the CLI. You have a higher chance of getting a CLI if you call in since you can explain your situation in depth. As long as you have a good account history (at the very least, a year) and you have no major derogs in your CR, you shouldn't have an issue getting an increase. I even got a letter about my request and it also included my TU FICO score.

Good luck!

Re: BankAmericard Credit Limit increase

youngandcreditwrthy — Thu, 07 Feb 2013 13:27:05 GMT

I'd open a diff card; you'll prob get a much higher limit!