topic Re: Requesting a large credit limit increase - what is reasonable? in Credit Card Applications

Requesting a large credit limit increase - what is reasonable?

Anonymous — Wed, 12 Feb 2020 16:36:54 GMT

I have a Bank of America card with a very low APR that is currently paid off. I have some home improvement projects starting next month that I need to bridge finance for a few months and need more capicity on my card. Currently I have a $17K limit on this card and I would like to double it. This is my only exposure to BofA so no other cards from them in the mix.

My credit score is 775 and this card has been open for 13 years. At certain times it had a high balance but it is at $0 today.

Is asking for double too much? Should I push for more?

Is it better to call when asking for a large increase?

Do card issuers ever reject and close the account completely?

I plan to apply for the Navy Fed Platnium on the same day but will go for the limit increase first. How fast does any increase hit my report?

Re: Requesting a large credit limit increase - what is reasonable?

Anonymous — Wed, 12 Feb 2020 16:46:13 GMT

Just shoot for the moon. They will counter with what you can get.

NFCU doesn't care about limits on other cards so I wouldn't be worried about having your limit update with BoA. If NFCU seems you worthy of a large limit, you'll get it, and if not, you'll get a smaller one.

Re: Requesting a large credit limit increase - what is reasonable?

Anonymous — Wed, 12 Feb 2020 16:49:24 GMT

Once granted an increase, your new CL should report shortly after your next statement cut with whom you received the increase from. Good luck with your request!

Re: Requesting a large credit limit increase - what is reasonable?

Credit_hawk — Wed, 12 Feb 2020 16:51:35 GMT

BofA allows you to request a credit limit increase online without hard pulling your report. In your case, apply online and request $35k if that's roughly what you seek and your income supports it. The good thing about Bank of America is they will counter offer your request if they can't give all that you're asking rather than decline you. Good luck!

@Anonymous wrote:
I have a Bank of America card with a very low APR that is currently paid off. I have some home improvement projects starting next month that I need to bridge finance for a few months and need more capicity on my card. Currently I have a $17K limit on this card and I would like to double it. This is my only exposure to BofA so no other cards from them in the mix.

My credit score is 775 and this card has been open for 13 years. At certain times it had a high balance but it is at $0 today.

Is asking for double too much? Should I push for more?
Is it better to call when asking for a large increase?
Do card issuers ever reject and close the account completely?
I plan to apply for the Navy Fed Platnium on the same day but will go for the limit increase first. How fast does any increase hit my report?

Re: Requesting a large credit limit increase - what is reasonable?

Anonymous — Wed, 12 Feb 2020 17:13:01 GMT

Go more than double, and use the website. Ask over 50K. No need to walk on egg shells. Ask for $55K or ask for 85K. Then end result will be the same.

The worst that can happen is a No. You are very likely to get an increase, and likely to get a big increase if you haven't had one in 13 years.

Re: Requesting a large credit limit increase - what is reasonable?

M_Smart007 — Wed, 12 Feb 2020 20:36:47 GMT

@Anonymous wrote:
Just shoot for the moon. They will counter with what you can get.

NFCU doesn't care about limits on other cards so I wouldn't be worried about having your limit update with BoA. If NFCU seems you worthy of a large limit, you'll get it, and if not, you'll get a smaller one.

Saeren is spot on!!! .. "Shoot for the Moon" .. they will counter you if your high request is not granted.

Re: Requesting a large credit limit increase - what is reasonable?

AllZero — Wed, 12 Feb 2020 21:31:23 GMT

Good luck. Report back with your success.

Re: Requesting a large credit limit increase - what is reasonable?

Anonymous — Wed, 12 Feb 2020 23:02:22 GMT

Best of luck!

Re: Requesting a large credit limit increase - what is reasonable?

TekkenQQ7 — Wed, 12 Feb 2020 23:16:06 GMT

Best of luck and don't be shy.

Re: Requesting a large credit limit increase - what is reasonable?

seattletravels — Thu, 13 Feb 2020 04:07:41 GMT

Good luck! Let us know how it goes!

Re: Requesting a large credit limit increase - what is reasonable?

Anonymous — Tue, 18 Feb 2020 22:27:06 GMT

Well I went for it, asked for $50K and got bumped to $28K. Not all I was looking for, $50K would have made this pretty easy but every little bit helps. They don't offer this card anymore so I am thinking that my low APR means they don't want to expand it too much. Thanks to everyone for the advice!

Re: Requesting a large credit limit increase - what is reasonable?

CreditInspired — Tue, 18 Feb 2020 22:49:00 GMT

Kudos on the approval and nice CLI.

Re: Requesting a large credit limit increase - what is reasonable?

FinStar — Tue, 18 Feb 2020 22:58:26 GMT

Thanks for the update @Anonymous and congrats on the CLI.

Locking this thread as you have been approved for the CLI request. Please feel free to start a new approval thread in the Approvals forum if you would like to do so.