topic Re: Bank of America Credit Card in Credit Card Applications

Bank of America Credit Card

Anonymous — Sun, 25 Jan 2015 21:48:47 GMT

Hello all,

I have a Bank of America cash rewards credit card that I opened as a student in October 2014. (First credit card)

The inital credit limit was $700, but after two months I called the backdoor line and had it raised to $1500. I asked for $3000 but they said that I had limited credit history so that was all they could do.

I have about $6000 in student loans, and a capital one quicksilver on credit steps with a $300 limit.

I have never been late for a single payment, in fact i always pay early, which is why i'm asking this question.

Is it too soon to ask BOA for another CLI? I have spent at least $6000 on the card in the last two months.

I just wonder if BOA would recognize that I need a higher limit due to the spend on the account, I cant hold a balance for more than 10 days and it's very frustrating.

Any help is appreciated, thanks!

Re: Bank of America Credit Card

HiLine — Sun, 25 Jan 2015 21:55:43 GMT

You just asked for a CLI a month ago. Just chill. If you need to spend more than the limit, just keep paying down the balance anytime you want without waiting till the end of the statement cycle.

Re: Bank of America Credit Card

Strogen — Sun, 25 Jan 2015 22:00:52 GMT

@Anonymous wrote:
Hello all,

I have a Bank of America cash rewards credit card that I opened as a student in October 2014. (First credit card)

The inital credit limit was $700, but after two months I called the backdoor line and had it raised to $1500. I asked for $3000 but they said that I had limited credit history so that was all they could do.

I have about $6000 in student loans, and a capital one quicksilver on credit steps with a $300 limit.

I have never been late for a single payment, in fact i always pay early, which is why i'm asking this question.

Is it too soon to ask BOA for another CLI? I have spent at least $6000 on the card in the last two months.

I just wonder if BOA would recognize that I need a higher limit due to the spend on the account, I cant hold a balance for more than 10 days and it's very frustrating.

Any help is appreciated, thanks!

If you put a lot of spend on the card then go ahead and ask for an increase. IF the last increase you got was in October then you are good to go to ask for another.

Since October I got the same card as yours from $3500 - $5000 - $10000. All by using the online system. It started at 1K back in 2011.

When I asked for 10K I had put nothing on the card since I asked for 5K and got the 7-10 day message but later that evening it was at 10K.

With that kinda spend and enough income your almost guaranteed an increase. But it is a TU Hardpull for me everytime.

Go for it! Just be sure you put enough income.

Re: Bank of America Credit Card

HiLine — Sun, 25 Jan 2015 22:04:04 GMT

@Strogen wrote:
@Anonymous wrote:
Hello all,

I have a Bank of America cash rewards credit card that I opened as a student in October 2014. (First credit card)

The inital credit limit was $700, but after two months I called the backdoor line and had it raised to $1500. I asked for $3000 but they said that I had limited credit history so that was all they could do.

I have about $6000 in student loans, and a capital one quicksilver on credit steps with a $300 limit.

I have never been late for a single payment, in fact i always pay early, which is why i'm asking this question.

Is it too soon to ask BOA for another CLI? I have spent at least $6000 on the card in the last two months.

I just wonder if BOA would recognize that I need a higher limit due to the spend on the account, I cant hold a balance for more than 10 days and it's very frustrating.

Any help is appreciated, thanks!

If you put a lot of spend on the card then go ahead and ask for an increase. IF the last increase you got was in October then you are good to go to ask for another.

If you read the very first 2 sentences of the original post, you'd know that the condition isn't met.

Re: Bank of America Credit Card

Anonymous — Sun, 25 Jan 2015 22:16:36 GMT

Thanks for the responses.

So despite the fact that i've paid in full and maxed the balance at least twice a month since I had the card, they still wouldn't allow another increase?

Seems like an odd business practice, I clearly know how to manage my credit!

Re: Bank of America Credit Card

Anonymous — Sun, 25 Jan 2015 22:20:39 GMT

It's also really damaging my credit score because since i'm always maxing it out, my utilization either posts at 0% or 90%+, usually the latter unfortunately.

Re: Bank of America Credit Card

Strogen — Sun, 25 Jan 2015 22:25:40 GMT

@Anonymous wrote:
It's also really damaging my credit score because since i'm always maxing it out, my utilization either posts at 0% or 90%+, usually the latter unfortunately.

Dude, like I said. Ask for an increase. If the spend is there and what you say is true I dont see why they woudlnt give you at least something.

We cant tell what BoA will or wont do, you need to ask them yourself. Namly by asking for an increase.

Now go to BoA website, log in and ask for an increase then report back. lol

Re: Bank of America Credit Card

HiLine — Sun, 25 Jan 2015 22:24:43 GMT

Here's a solution.

Push a payment from your bank to your BofA credit card to cover your anticipated expenses and then some.

For example, if you expect to spend 3k this month, then push 4k to the card. You will then start out with a negative 4k balance. Even if you go over the anticipated expenses a bit, your balance will still be negative and be reported as 0%.

Do this for 3 months, then ask for a CLI. 10k will probably be in your bag.

Re: Bank of America Credit Card

HiLine — Sun, 25 Jan 2015 22:25:52 GMT

@Strogen wrote:
@Anonymous wrote:
It's also really damaging my credit score because since i'm always maxing it out, my utilization either posts at 0% or 90%+, usually the latter unfortunately.
Dude, like I said. Ask for an increase. If the spend is there and what you say is true I dont see why they woudlnt give you at least something.

We cant tell waht BoA will or wont do, you need to ask them yourself. Namly by asking for an increase.

Now go to BoA website, log in and ask for an increase then report back. lol

You said: Ask for an increase if xyz. Well, xyz isn't met.

Re: Bank of America Credit Card

Strogen — Sun, 25 Jan 2015 22:29:54 GMT

@HiLine wrote:
@Strogen wrote:
@Anonymous wrote:
It's also really damaging my credit score because since i'm always maxing it out, my utilization either posts at 0% or 90%+, usually the latter unfortunately.
Dude, like I said. Ask for an increase. If the spend is there and what you say is true I dont see why they woudlnt give you at least something.

We cant tell waht BoA will or wont do, you need to ask them yourself. Namly by asking for an increase.

Now go to BoA website, log in and ask for an increase then report back. lol
You said: Ask for an increase if xyz. Well, xyz isn't met.

He said he put plenty of spend through the card. thats all that matters. I have had BoA give me increases less than a month apart.

Nothing is immpossible with BoA it seems.

Re: Bank of America Credit Card

HiLine — Sun, 25 Jan 2015 22:48:30 GMT

Strogen wrote:

HiLine wrote:

Strogen wrote:

geohawkins wrote:

It's also really damaging my credit score because since i'm always maxing it out, my utilization either posts at 0% or 90%+, usually the latter unfortunately.

Dude, like I said. Ask for an increase. If the spend is there and what you say is true I dont see why they woudlnt give you at least something.

We cant tell waht BoA will or wont do, you need to ask them yourself. Namly by asking for an increase.

Now go to BoA website, log in and ask for an increase then report back. lol

You said: Ask for an increase if xyz. Well, xyz isn't met.

He said he put plenty of spend through the card. thats all that matters. I have had BoA give me increases less than a month apart.

Nothing is immpossible with BoA it seems.

That's right. No lender is more generous than Bank of America about credit limit increases. But they also pull hard inquiries. Unless you aren't concerned about hard inquiries, I would take it a bit more slowly.

On top of that, my pre-payment solution should resolve the original poster's concern.

Re: Bank of America Credit Card

Anonymous — Sun, 25 Jan 2015 22:49:30 GMT

Thanks for insight guys.

I thought i would ask for a CLI and if I didn't get one I'd do what HiLine suggested and just push extra funds onto the card for 3-6 months.

I used the CLI button online and got the 7-10 days message, of course.

Last time I called the backdoor number so there was no waiting. I assume the 7-10 days message means no?

Thanks guys.

Re: Bank of America Credit Card

Strogen — Sun, 25 Jan 2015 23:04:55 GMT

@Anonymous wrote:
Thanks for insight guys.

I thought i would ask for a CLI and if I didn't get one I'd do what HiLine suggested and just push extra funds onto the card for 3-6 months.

I used the CLI button online and got the 7-10 days message, of course.

Last time I called the backdoor number so there was no waiting. I assume the 7-10 days message means no?

Thanks guys.

Like I said before, I got that message when I asked for a CLI last week. Afew hours later my limit was at 10K.

So someone will go over it, I presume Monday-Friday. Just keep an eye on your limit. Good luck.

Re: Bank of America Credit Card

HiLine — Sun, 25 Jan 2015 23:38:36 GMT

I would actually bet in favor of an approval. Good luck!

Re: Bank of America Credit Card

pipeguy — Sun, 25 Jan 2015 23:46:16 GMT

@Strogen wrote:
He said he put plenty of spend through the card. thats all that matters. I have had BoA give me increases less than a month apart.

Nothing is immpossible with BoA it seems.

I spent several hours yesterday asking - demanding - begging BoA to close my Cash Rewards Visa account on chat and email - they flat out refused, so yeah closing an account with BoA is "impossible" for me (I might post this experience, but I'm not going to hijack this tread to do it)

Re: Bank of America Credit Card

Strogen — Mon, 26 Jan 2015 03:04:04 GMT

@pipeguy wrote:
@Strogen wrote:
He said he put plenty of spend through the card. thats all that matters. I have had BoA give me increases less than a month apart.

Nothing is immpossible with BoA it seems.
I spent several hours yesterday asking - demanding - begging BoA to close my Cash Rewards Visa account on chat and email - they flat out refused, so yeah closing an account with BoA is "impossible" for me (I might post this experience, but I'm not going to hijack this tread to do it)

And why didnt you call in about that? Seems the normal thing to do.

Re: Bank of America Credit Card

Anonymous — Mon, 26 Jan 2015 03:12:37 GMT

@Anonymous wrote:
Thanks for the responses.

So despite the fact that i've paid in full and maxed the balance at least twice a month since I had the card, they still wouldn't allow another increase?

Seems like an odd business practice, I clearly know how to manage my credit!

You only have four months of history. From the underwriter's point of view, that is not enough to definitively demonstrate that you know how to manage credit.

Re: Bank of America Credit Card

TravellingNomad — Mon, 26 Jan 2015 04:48:53 GMT

Good luck on the cli request OP. But regardless of how great BofA is when it comes to cli requests, there is a reason why banks say "call us back in 6 months and we can see what we can do." Your 1st credit card was approved about 4 months ago...you have a very thin credit file. Always remember that where your credit profile and lenders are concerned, its all about the waiting game and showing lenders you can handle your credit card. 3-4 months of use is usually not enough time for lenders to gauge you.

Re: Bank of America Credit Card

Anonymous — Mon, 26 Jan 2015 13:07:45 GMT

GeoHawkins i would wait atleast 6 months remember it will always be a HP. in the meantime why dont you try lowering the APR. it took me 3 mins when i called on friday. went from 18.9 to 15 if i recall

@Anonymous wrote:
Hello all,

I have a Bank of America cash rewards credit card that I opened as a student in October 2014. (First credit card)

The inital credit limit was $700, but after two months I called the backdoor line and had it raised to $1500. I asked for $3000 but they said that I had limited credit history so that was all they could do.

I have about $6000 in student loans, and a capital one quicksilver on credit steps with a $300 limit.

I have never been late for a single payment, in fact i always pay early, which is why i'm asking this question.

Is it too soon to ask BOA for another CLI? I have spent at least $6000 on the card in the last two months.

I just wonder if BOA would recognize that I need a higher limit due to the spend on the account, I cant hold a balance for more than 10 days and it's very frustrating.

Any help is appreciated, thanks!

Re: Bank of America Credit Card

Anonymous — Mon, 26 Jan 2015 13:40:12 GMT

@TravellingNomad wrote:
Good luck on the cli request OP. But regardless of how great BofA is when it comes to cli requests, there is a reason why banks say "call us back in 6 months and we can see what we can do." Your 1st credit card was approved about 4 months ago...you have a very thin credit file. Always remember that where your credit profile and lenders are concerned, its all about the waiting game and showing lenders you can handle your credit card. 3-4 months of use is usually not enough time for lenders to gauge you.

+1 This is good insight.

Telling the OP to "just push the luv button isn't as good advice. He has a very thin file. And from everything that I've read with BoA (and my personal experience) they are not Capital One/American Express and throw cards and money at you. I think one persons' experience is not enough to say, "buy! buy! buy!"

As responsible individuals on this forum and influencing others with our recommendations, I think we should take better care in our choices. The OP is gonna incur a HP when he/she really isn't at a point that they should be doing so.

One idea that came to mind is why not have the OP app for a card that may offer a larger limit? Is he eligible for a NFCU card? But again, OP's file is thin.