topic Re: Why is BOA so stingy? in Credit Card Applications

Why is BOA so stingy?

Anonymous — Wed, 05 Nov 2014 16:51:07 GMT

I have credit lines ranging for 2.2k to 12.4k through other banks with a total of 45.8k credit. I don't understand why they refuse to increase the credit line of 700 or approve me for new cards even though they are my first card and I have had it for just under 2 years. I know they are less willing to extend credit to students, but didn't expect them to be so stingy.

Re: Why is BOA so stingy?

jsucool76 — Wed, 05 Nov 2014 17:01:26 GMT

@Anonymous wrote:
I have credit lines ranging for 2.2k to 12.4k through other banks with a total of 45.8k credit. I don't understand why they refuse to increase the credit line of 700 or approve me for new cards even though they are my first card and I have had it for just under 2 years. I know they are less willing to extend credit to students, but didn't expect them to be so stingy.

What is your income like? My student card started at $700, and I've asked for a CLI once and it went up to 2.6k.

Re: Why is BOA so stingy?

uswala — Wed, 05 Nov 2014 17:08:16 GMT

They have been good to me as well. I started with $1100 and on first CLI I asked $5000 and got it. Was converted to Visa Signature as well.

Re: Why is BOA so stingy?

Anonymous — Wed, 05 Nov 2014 17:18:39 GMT

@jsucool76 wrote:
@Anonymous wrote:
I have credit lines ranging for 2.2k to 12.4k through other banks with a total of 45.8k credit. I don't understand why they refuse to increase the credit line of 700 or approve me for new cards even though they are my first card and I have had it for just under 2 years. I know they are less willing to extend credit to students, but didn't expect them to be so stingy.
What is your income like? My student card started at $700, and I've asked for a CLI once and it went up to 2.6k.

60k

Re: Why is BOA so stingy?

Jlu — Wed, 05 Nov 2014 17:42:02 GMT

Wierd.

BoA loves me

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/UPDATED-PAGE-4-A-LOVE-STORY-starring-Bank-of-America-and-yours/td-p/3488033

Re: Why is BOA so stingy?

HiLine — Wed, 05 Nov 2014 20:11:58 GMT

A more appropriate question would be:

Why does BofA not want to give you more credit?

Which prompts me to ask you a related question:

How much do you use your BofA card if at all?

BofA has been extremely generous to me and many others. Back when my highest limit was 2k, they gave me a CLI to 12k on one card.

Re: Why is BOA so stingy?

B335is — Wed, 05 Nov 2014 20:14:29 GMT

BoA has also been great to me. Does OP have any negatives or high balances on credit report? Have you actually applied for a CLI or new card from BoA?

Re: Why is BOA so stingy?

revvystoke — Wed, 05 Nov 2014 20:19:15 GMT

No complaints with BOA here, they are very lenient and generous with credit.

Re: Why is BOA so stingy?

Membersince2013 — Wed, 05 Nov 2014 20:35:55 GMT

That's funny. They've given me close to 20k of credit.

Re: Why is BOA so stingy?

Anonymous — Wed, 05 Nov 2014 20:45:22 GMT

@HiLine wrote:
A more appropriate question would be:

Why does BofA not want to give you more credit?

Which prompts me to ask you a related question:

How much do you use your BofA card if at all?

BofA has been extremely generous to me and many others. Back when my highest limit was 2k, they gave me a CLI to 12k on one card.

I used it as my only credit card prior to getting my other credit cards ~3 months ago. Since the CL is so low I can't make significant purchases w/o going over 10% utilization but currently I charge $40/month on my BBR card. I have no negatives and PIF for everything. I have applied and gotten 6 other cards in the past 3 months from many conservative lenders such as US Bank (Cash+) and Cap1 (QS) but even when I ask for a CLI before I applied for these new cards they rejected me. I'm guessing it may be my low AAoA but it doesn't seem to affect any others. It is my oldest non-AU account at just under 2 years and my credit scores around ~750.

Re: Why is BOA so stingy?

baller4life — Wed, 05 Nov 2014 20:41:30 GMT

Love BOA!! We're best buds!

Re: Why is BOA so stingy?

B335is — Wed, 05 Nov 2014 20:47:51 GMT

When you applied for CLI did you ask for reconsideration? If you're fishing for a soft pull CLI it probably isnt going to happen. BoA usually hard pulls for them, but also returns the favor more so then other lenders.

Re: Why is BOA so stingy?

Anonymous — Wed, 05 Nov 2014 20:49:41 GMT

@B335is wrote:
When you applied for CLI did you ask for reconsideration? If you're fishing for a soft pull CLI it probably isnt going to happen. BoA usually hard pulls for them, but also returns the favor more so then other lenders.

For both application of new card and CLI they just said they feel they have extended enough credit to me at the current moment.

Re: Why is BOA so stingy?

B335is — Wed, 05 Nov 2014 21:02:46 GMT

I would submit the online form or apply for a non student card.

Re: Why is BOA so stingy?

Anonymous — Wed, 05 Nov 2014 21:18:15 GMT

Just to add my 2 cents, they have been stingy to me too, no auto cli. I had to call to request a cli. I figure after putting nealy 36K through the card and keeping a low uti (Less than 15% but most months pif) that they could have at least auto cli me...smh. Also their fraud alogorithm is too strict. If I'm shopping online at different stores, BofA always freezes my card after the 3rd purchase...smh Ok I'm done ranting about BoA lol.

Re: Why is BOA so stingy?

jsucool76 — Thu, 06 Nov 2014 05:53:47 GMT

@Anonymous wrote:
@HiLine wrote:
A more appropriate question would be:

Why does BofA not want to give you more credit?

Which prompts me to ask you a related question:

How much do you use your BofA card if at all?

BofA has been extremely generous to me and many others. Back when my highest limit was 2k, they gave me a CLI to 12k on one card.

I used it as my only credit card prior to getting my other credit cards ~3 months ago. Since the CL is so low I can't make significant purchases w/o going over 10% utilization but currently I charge $40/month on my BBR card. I have no negatives and PIF for everything. I have applied and gotten 6 other cards in the past 3 months from many conservative lenders such as US Bank (Cash+) and Cap1 (QS) but even when I ask for a CLI before I applied for these new cards they rejected me. I'm guessing it may be my low AAoA but it doesn't seem to affect any others. It is my oldest non-AU account at just under 2 years and my credit scores around ~750.

You can easily make a purchase of even $700 and just pay it off before the statement cuts. Your utilization won't be affected on your credit report - so this isn't really an excuse.

Have you ever had a negative with them in the past? Any old delinquent BoA accounts?

Re: Why is BOA so stingy?

Anonymous — Thu, 06 Nov 2014 06:03:29 GMT

@jsucool76 wrote:
@Anonymous wrote:
@HiLine wrote:
A more appropriate question would be:

Why does BofA not want to give you more credit?

Which prompts me to ask you a related question:

How much do you use your BofA card if at all?

BofA has been extremely generous to me and many others. Back when my highest limit was 2k, they gave me a CLI to 12k on one card.

I used it as my only credit card prior to getting my other credit cards ~3 months ago. Since the CL is so low I can't make significant purchases w/o going over 10% utilization but currently I charge $40/month on my BBR card. I have no negatives and PIF for everything. I have applied and gotten 6 other cards in the past 3 months from many conservative lenders such as US Bank (Cash+) and Cap1 (QS) but even when I ask for a CLI before I applied for these new cards they rejected me. I'm guessing it may be my low AAoA but it doesn't seem to affect any others. It is my oldest non-AU account at just under 2 years and my credit scores around ~750.
You can easily make a purchase of even $700 and just pay it off before the statement cuts. Your utilization won't be affected on your credit report - so this isn't really an excuse.

Have you ever had a negative with them in the past? Any old delinquent BoA accounts?

It is not a student card, its a BBR card. and no negatives ever. My credit history is very short ~2 yrs.

Re: Why is BOA so stingy?

HiLine — Thu, 06 Nov 2014 07:07:02 GMT

Ok if you only spend 10% of the credit limit each month, the bank will have no reasons to give you higher limits. Try spending 200% of the credit limit for a few months and asking for a credit limit increase again. I got my credit limit bumped from 2k to 12k by spending at least 1k per month, some months even 2k-3k for a whole year.

Re: Why is BOA so stingy?

HiLine — Thu, 06 Nov 2014 07:10:32 GMT

And 2 years is not a very short credit history. After my first year of building credit I was able to get approved for any card I wanted. After the second year I got approved for the lowest rate possible for my auto loan. Feel free to check out my blog to follow my credit journey and get some tips.

Re: Why is BOA so stingy?

Chris679 — Thu, 06 Nov 2014 07:17:56 GMT

OP, 7 cards in the past six months is a lot. I mean ALOT. It's not a terrible idea in the beginning to build a thick file but understand that this screams risk to creditors. Lay low for 6-12 months and you will have a lot more success trying to increase limits.