topic Re: BOA CLI easy for the wealthy? in Credit Cards

BOA CLI easy for the wealthy?

lizabeth — Tue, 29 Jul 2008 00:21:26 GMT

I am wondering if qualifying for a BOA CLI is at a direct result of stating a large yearly income.
I am approaching having a flawless credit history and I cannot get BOA to get me out of the 1,000 cl. It's a new card, but I hear stories nearly everyday of people getting cli's almost automatically after asking. I've already asked twice with an agent and they ask me all these questions about my income and then end up saying 'Ask again later once we can see how you take care of the card'... Yeah right, why couldn't they have said that from the get go without asking me in depth details on income, mortgage, etc...
LOTS of people have gotten CLI's upon activation. I am a year out of college and making my way up the financial ladder, so I am by no means making an outstanding salary.
Is this the reason?

Do they want a triple figure salary?

Re: BOA CLI easy for the wealthy?

Watchmann — Tue, 29 Jul 2008 00:26:22 GMT

Times are rapidly changing, so what has happened previously may not be the norm today, re. CLI's. Since the account is only a year old I think you can chalk it up to lack of extended history with BoA. Keep plugging along and PIF each month, and let it age a bit. You have time on your side. CLI's will come in due course.

Re: BOA CLI easy for the wealthy?

jaxstraw — Tue, 29 Jul 2008 00:30:42 GMT

I just posted another thread where they gave me a CLI on recon.

What's not in the post is that I was denied the last THREE times I tried for a CLI.

It will happen, it's just a matter of timing that you have little control over.

And luck.

Jax

Re: BOA CLI easy for the wealthy?

Anonymous — Tue, 29 Jul 2008 00:34:48 GMT

BoA WILL grow with you, but if they want to see more history, then show them you can handle the card. My personal income is only 15k. HHI is about 40k. That is not alot by no means.

After mine unsecured after 9th statement, I was given an increase to 5k. I am sure they will cap me due to a low HHI. I am fine with the 5k and if I can show them responsible use, then I just may be able to get increases later. However, I am fine for now. I'm trying to learn patience. It's my new goal I set for myself.

Point is, I am not wealthy, but surviving and taking care of my cards. They are in turn taking care of me. Give them sometime if that is all they are asking.

Re: BOA CLI easy for the wealthy?

Anonymous — Tue, 29 Jul 2008 02:17:54 GMT

My mother never made more than around 32k/year.

Her BofA CL is 25k.

Re: BOA CLI easy for the wealthy?

Anonymous — Tue, 29 Jul 2008 02:30:39 GMT

With BOA, income definitely seems to play a part. I have seen posts, and gotten letters myself stating my credit is sufficient considering my income.

However, this also doesn't seem to keep BOA from giving auto-CLIs as well.

Re: BOA CLI easy for the wealthy?

Anonymous — Tue, 29 Jul 2008 02:51:14 GMT

FretlessMayhem wrote:
With BOA, income definitely seems to play a part. I have seen posts, and gotten letters myself stating my credit is sufficient considering my income.

However, this also doesn't seem to keep BOA from giving auto-CLIs as well.

Yup, b/c I'm an AU on mom's 25k card I can't get BofA to take me over 5k on MY card. I get the same letter about sufficient credit for income.

Ahhh.. time for a new career for Peas? LOL

Re: BOA CLI easy for the wealthy?

Anonymous — Tue, 29 Jul 2008 03:00:26 GMT

Who knows with any of the cc's sometimes I wonder if its not who you are talking to. Point in case hubbys BOA CL is 48,700. and mine is a measly 7800. We both have the same HHI. Plus he has a 32,000. LOC with BOA. I think I would have to beg to get an increase. On my knees no less. Vicki

Re: BOA CLI easy for the wealthy?

fused — Tue, 29 Jul 2008 04:39:50 GMT

Yes, income is big. My recommendation is to use the card, use the card, use the card for many of your necessities and then PIF. Keep doing this, you will get your way.

Re: BOA CLI easy for the wealthy?

Anonymous — Tue, 29 Jul 2008 16:31:04 GMT

Hi lizabeth,

I agree with the folks who have posted. Just use the card a lot and

PIF frequently. This habit over time should help to accelerate your CLI's.

There is one other option that might be possible:

Look into becoming a Private Banking client with Bank of America.

I'm not sure of the exact criteria, but normally there is either a net worth

requirement or an income requirement (6-figures). So in your case, if

a "large yearly income" means 6-figures then Private Bankers can

issue "overrides" for their clients. It just means that your private banking relationship

with BofA would take precedence (override) normal qualifications for loans, lines

of credit, etc. However, times are tight right now. So BofA may have raised

their Private Banking standards, but it's something to look into. Essentially,

once you have a Private Banker you go thru one person for all of your banking needs.

They handle all of the paperwork and red tape for you. Pretty cool, huh???!!!

Anyway, like I said it's just a possibility. But if you call BofA and find out that you qualify,

I'd say that it's definitely worth pursuing.

Good luck to you!!!

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 07-29-2008 09:31 AM

Re: BOA CLI easy for the wealthy?

lizabeth — Wed, 30 Jul 2008 04:02:21 GMT

just a quick update:

the clouds opened up today and i got a wonderful CRA who went over my report with me.
she asked me a few income questions, asked how much i pay in school loans a month, how much my rent is, etc... (the usual).... and then i told her i was about to switch employment to a company (that she personally loves)...so we had a nice little connection going on and she offered taking me from 1,000 to 2,500.... THREE cra's before that straight up said no. shows that you just have to keep talking to different people!! by the way, my card is about THREE DAYS OLD.

Re: BOA CLI easy for the wealthy?

jaxstraw — Wed, 30 Jul 2008 09:20:17 GMT

Congrats , It's like I said, it's a matter of luck sometimes. Who you talk to,what kind of mood they're in, etc.

Jax

Re: BOA CLI easy for the wealthy?

Anonymous — Wed, 30 Jul 2008 12:14:36 GMT

Super Congrats lizabeth!!!!

It just goes to show ya that persistence pays.

I'm glad that everything worked out for you.

It looks like you're on your way now...

Edit to add: My previous post to you about becoming

a PB client was meant as an aspiration. I know you're

just starting out, but you'd be surprised how many people

actually qualify for this service. So check around and see

what's out there...

Congrats again!!!

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 07-30-2008 05:14 AM