topic Re: Bank of America CLI in Credit Card Applications

Bank of America CLI

Mike1014805 — Sun, 02 Jan 2022 07:13:41 GMT

So I've had my bank of america customized cash rewards card now for 9 years. And yet, I've been stuck at a $2,000 limit the entire time I've had the card. Yet, in November of 2021, I was approved for a $5,500 Venture Card and $3,300 Amazon Visa. I also have a Discover It with $3,000 and I'm pre-approved for other cards.

My Transunion Score is a 720 (so it's not even that bad). Yet, whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different.

Does anyone else have the same issue I'm having with them? Should I stop using the card for a little while?

Side note: I even tried calling BofA and a rep told me it's because of how the credit card account is set up (apparently they bucket their cards like Capital One. This was also my very first credit card). She suggested applying for a new card at this point. However, wouldn't I be instantly denied a new card with them if I'm always being denied a CLI?

(I also know I mentioned this back in November of last year...but after reaching out to Bank of America...I'm looking for updated advice on what I should do now).

Re: Bank of America CLI

OmarGB9 — Sun, 02 Jan 2022 07:34:54 GMT

It's possible it's bucketed in a similar way to how Cap One buckets accounts. And while I'm not too familiar with BoA, just because they're denying a CLI, it doesn't mean they'd deny a new card, especially if your account truly is bucketed. There are plenty of lenders, (i.e. Capital One, NFCU) who have a tendency to deny a CLI on an existing account, but then approve a whole new account. There's only 1 way to test that theory of course: by applying.

Re: Bank of America CLI

AverageJoesCredit — Sun, 02 Jan 2022 12:41:56 GMT

@Mike1014805 wrote:
So I've had my bank of america customized cash rewards card now for 9 years. And yet, I've been stuck at a $2,000 limit the entire time I've had the card. Yet, in November of 2021, I was approved for a $5,500 Venture Card and $3,300 Amazon Visa. I also have a Discover It with $3,000 and I'm pre-approved for other cards.

My Transunion Score is a 720 (so it's not even that bad). Yet, whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different.

Does anyone else have the same issue I'm having with them? Should I stop using the card for a little while?

Side note: I even tried calling BofA and a rep told me it's because of how the credit card account is set up (apparently they bucket their cards like Capital One. This was also my very first credit card). She suggested applying for a new card at this point. However, wouldn't I be instantly denied a new card with them if I'm always being denied a CLI?

(I also know I mentioned this back in November of last year...but after reaching out to Bank of America...I'm looking for updated advice on what I should do now).

For most who dont have assets with BOA, many get capped at 50% of their incomes as BOA often doesnt feel comfortable extending more credit though of course there are always outliers/exceptions . If you have more than a 4k income you should be ok lol and i would venture that you should use a hard pull to apply a new card to see where you stand. If rejected its only a hard pull you can move on.

Re: Bank of America CLI

tcbofade — Sun, 02 Jan 2022 13:49:46 GMT

Apply for the second card.

DW has a BofA card with a $5k limit and they won't give her a CLI... so she applied for a second card, and was approved with a $14k starting line.

Every bank is different... for some, a new account will garner a larger line than a CLI that you can't get approved for...

Re: Bank of America CLI

Anonymous — Sun, 02 Jan 2022 18:15:32 GMT

@Mike1014805 wrote:
So I've had my bank of america customized cash rewards card now for 9 years. And yet, I've been stuck at a $2,000 limit the entire time I've had the card. Yet, in November of 2021, I was approved for a $5,500 Venture Card and $3,300 Amazon Visa. I also have a Discover It with $3,000 and I'm pre-approved for other cards.

My Transunion Score is a 720 (so it's not even that bad). Yet, whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different.

Does anyone else have the same issue I'm having with them? Should I stop using the card for a little while?

Side note: I even tried calling BofA and a rep told me it's because of how the credit card account is set up (apparently they bucket their cards like Capital One. This was also my very first credit card). She suggested applying for a new card at this point. However, wouldn't I be instantly denied a new card with them if I'm always being denied a CLI?

(I also know I mentioned this back in November of last year...but after reaching out to Bank of America...I'm looking for updated advice on what I should do now).

I did a similar post on my BofA cards being bucketed as well. My cards are decades older then yours are. Although the term "bucketed" mostly applies to cards with CL's of up to $1,000 I have discovered on here that BofA can do an internal "bucket" once they feel your cards line is sufficient for your income and profile.

What I came away with my post on this issue with BofA was that I may have reached my maximum allowed without it going before a UW.

With a real FICO of 720 there must be something on your credit report holding you back, maybe a late payment or a high utilization on a card? I would suggest you try and fix the problem that is holding your score down prior to looking for a CLI or a new card.

Please add to this post any info that can help determine what is keeping your score down.

Thanks

Mark

Re: Bank of America CLI

SoCalGardener — Sun, 02 Jan 2022 19:53:09 GMT

@Mike1014805 wrote:

My Transunion Score is a 720 (so it's not even that bad). Yet, whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different.

What reasons have they provided? In my experience [not just with BofA] denial reasons can range from the logical to the ridiculous! But sometimes there's a glimmer of truth in there, so if we knew what they're telling you, it might help.

Also, I didn't get a CLI on my BofA CCR card for many years--and then I did. A big one. That was several months ago. So you never know!

It would also be helpful if we knew some of your other data points, such as overall utilization, your average age of accounts, whether there are any derogatories on your reports, and so on. The more we know, the better.

Re: Bank of America CLI

Mike1014805 — Mon, 03 Jan 2022 00:08:42 GMT

- I have a couple of c/o on my report from around 6 years ago when I lost my job.

- my utilization rate is at 0% because I pay all my cards in full each month

- I use all of my credit cards regularly

- carrying a balance does NOT nelp your credit score (despite the popular myth/belief it does)

- I make 70,000 a year so its not my income. My debt to income ratio is only 16% (student loans, a car loan, and a VERY small personal loan)

- my credit age history is 12 years

- reasons for denial are always random, and bank of america is the only one that denies me for the reasons they give: charge off from 6 years ago, a late payment on one or more of my accounts (even though I'm never late), my student loan balances even though I make biweekly payments

- my current scores are:

Transunion 720

Experian 717

Equifax 709

Re: Bank of America CLI

Anonymous — Mon, 03 Jan 2022 00:20:30 GMT

@Mike1014805 wrote:
- I have a couple of c/o on my report from around 6 years ago when I lost my job.
- my utilization rate is at 0% because I pay all my cards in full each month
- I use all of my credit cards regularly
- carrying a balance does NOT nelp your credit score (despite the popular myth/belief it does)
- I make 70,000 a year so its not my income. My debt to income ratio is only 16% (student loans, a car loan, and a VERY small personal loan)
- my credit age history is 12 years
- reasons for denial are always random, and bank of america is the only one that denies me for the reasons they give: charge off from 6 years ago, a late payment on one or more of my accounts (even though I'm never late), my student loan balances even though I make biweekly payments
- my current scores are:
Transunion 720
Experian 717
Equifax 709

It is the C/O's that are mostly holding your scores down. Banks like BofA are reluctant to give CLI's while the C/O's are still on your report.

Well as far as your utilization is at zero is also a big drag on your scores. By not owing any money out you take a big hit on your CR's. Who ever told you that having a zero utilization is good for your scores is dead wrong.

I let 2% utilization report every month. I vary which cards I allow to report. Then I pay it off right away to avoid interest. I tried the " zero utilization" theory and it always lowered my scores by up to 40 or so points. You should try this and you will see a big jump in your scores. FICO dings you for not having any reported balances on your CC's

Thanks

Mark

Re: Bank of America CLI

Mike1014805 — Mon, 03 Jan 2022 01:47:50 GMT

If you use your card and pay it off, then your card is reported as used and paid in full for that month. They also report how much you spend on that card and how much you paid. More than one bank told me this while I was doing research on mortgages. You shouldn't carry more than 10% if you HAVE to carry a balance. That balance will show you live outside your means. But every month all of my cards get reported as used. 0-2% is ideal for your total available credit.

And like I said, BofA is the only bank I have these issues with on my credit report.

Re: Bank of America CLI

OmarGB9 — Mon, 03 Jan 2022 03:02:54 GMT

@Mike1014805 wrote:
If you use your card and pay it off, then your card is reported as used and paid in full for that month. They also report how much you spend on that card and how much you paid. More than one bank told me this while I was doing research on mortgages. You shouldn't carry more than 10% if you HAVE to carry a balance. That balance will show you live outside your means. But every month all of my cards get reported as used. 0-2% is ideal for your total available credit.

And like I said, BofA is the only bank I have these issues with on my credit report.

There's a difference between carrying a balance and paying interest, and *reporting* a certain balance. You don't have to pay interest when you let a balance report. You simply use all cards as normal and whatever card you want to let report a balance, then you pay it down to $X balance before the cycle closes and let the statement generate. As soon as the statement generates/the small balance is reported to the bureaus, you can then pay off that small balance right away.

And also, it has actually been proven time and time again on these very forums that paying all cards to zero and letting no balances report actually penalizes you because the FICO algorithm likes to see some usage. It's not a myth.

Re: Bank of America CLI

Anonymous — Mon, 03 Jan 2022 22:26:10 GMT

I started with an opening limit of $2100 around May 2020 on a cash rewards card. I requested and was approved for an increase to $3500 at some point, and have been stuck there ever since.

The problem with BOA is that it's a hard pull most times. They denied me for a CLI and a new card last year, so for now I've sock drawered the card, let a few charges automatically draft monthly, pay it down to less than 6% utlization and keep it pushing.

Re: Bank of America CLI

coldfusion — Tue, 04 Jan 2022 01:23:27 GMT

@Anonymous wrote:

The problem with BOA is that it's a hard pull most times. They denied me for a CLI and a new card last year, so for now I've sock drawered the card, let a few charges automatically draft monthly, pay it down to less than 6% utlization and keep it pushing.

BoA switched in April-May 2018 to using Transunion soft pulls to evaluate CLI requests.

Re: Bank of America CLI

SoCalGardener — Tue, 04 Jan 2022 01:31:07 GMT

@Anonymous wrote:
I started with an opening limit of $2100 around May 2020 on a cash rewards card. I requested and was approved for an increase to $3500 at some point, and have been stuck there ever since.

The problem with BOA is that it's a hard pull most times. They denied me for a CLI and a new card last year, so for now I've sock drawered the card, let a few charges automatically draft monthly, pay it down to less than 6% utlization and keep it pushing.

As @coldfusion noted, BofA does soft pulls for CLIs--and I can verify that personally.

Several months ago I wanted to ask for a CLI, but I wanted to be 100% sure first that there would not be a HP; I asked BofA directly, and was assured that there would not be, so I went ahead and pulled the trigger. No HP! Just a very nice CLI.

Re: Bank of America CLI

csulaguy — Wed, 14 Sep 2022 11:20:48 GMT

Screw BofA! Like the OP, I've had my account now two years, and always been stuck at $3100. It doesn't matter whether I request $90K or $100, it always gets declined. Doesn't matter whether my total utilization is under 10% or over 20%. I had a bad relationship with BofA in the past with their keep the change program, because I found a legal loophole to get my max contribution matched during a promotion, and BofA didn't like that (ended up getting all my money and the promotion with the threat of legal action, though). I kept getting letters in the mail telling me I was preapproved, then signed up for my Customized Cash Rewards, and been bucketed since inception.

Oh, and they're definitely SP. No HP with BofA for a CLI. Still cracks me up they can't even approve a $100 increase.