topic Re: BofA CLI Request Denial in Credit Cards

BofA CLI Request Denial

Anonymous — Thu, 26 Jan 2017 23:16:14 GMT

Hi everyone! I have a question regarding CLI requests for BofA. Im rebuilding my credit from a few mistakes in my youth and I recently applied and was accepted to a Capital One platinum credit card with a $500 limit and a few days later for the Bankamericard 123 rewards card from BofA with a $500 limit (I was very excited about this). I was also made an AU on my father's AMEX charge card. I have since started using the BofA card as my primary and have been speding and paying off in full. I have had the card for less than a month but I have already put $1500 through it and paid it off and currently have no balance. I have an income of 43K and wanted to see if I could call a credit analyst to see if my original credit pull from two weeks ago could be used to consider me for a cli. I asked for an increase to $1500 explaining that I would like to be able to use the card throughout the month and make one lump sum payment before the due date rather than 3-4 payments throughout the month. I was denied citing that my account was too new and that i had to wait at least 3 months. I called in half expecting that to happen but I was hoping for the best. I also knew they would use the same pull from the application so i wasnt too worried. Now that I was denied I am worried that this CLI request denial will remain in BofA's records and negativelly affect me when I try to make a larger CLI request in 7 months to $5000. My Fico 8 is currently EQ:651 TU:661 EX:647 I also have one Charge off that i paid in full from one year ago.

I wanted to ask this forum for some advice and to determine if my worries about the CLI are reasonable and also if my planned request for $5000 from $500 is reasonable after 7 months of on time payments without carrying a balance.

Re: BofA CLI Request Denial

AverageJoesCredit — Thu, 26 Jan 2017 23:29:55 GMT

Hi Credit Panda, welcome to the forum!. I myself am relatively new to Boa, have had a cc for about 9 months so i dont have a great deal of experience but i can say i believe no harm no foul on your recent request. Heck, you are only human and were just doing something most of would do, try to get alittle more from that hp.

Unfortunately, what they told you was true, the account was too new. But keep the faith, make use of your card so they see you are a worthy customer and when its time to solicite a cli im sure they will hook you up. Not sure if theyll give you the full 5,000 you ask for, but they could or they could increase to a limit thet are comfortable giving. The thing i love with them is their cards can grow nicely with time so keep the faith and best of luck with your next request

Re: BofA CLI Request Denial

Anonymous — Thu, 26 Jan 2017 23:40:16 GMT

Thank you ive been a long time lurker but decided to go ahead and join in on the conversation. Thank you for your response. I think that in my recent interest in rebuilding my credit i might have become slightly obsessed with the cause and effect of my every move... But yes even if im not approved for the full $5000 i would still be content with something half way. I guess its just up to me being patient and responsible now.

Re: BofA CLI Request Denial

AverageJoesCredit — Fri, 27 Jan 2017 00:42:41 GMT

Thats the spirit. Ill tell ya, i went from $1500 to $4200 to $8500 in my first 8 months with Boa so as you can see, with just mainting good credit habits and doing things right, im on the up and up. I look forward to perhaps Boa being my first 10k card. Just make sure when its time to ask your cli, ask for what youd like, in your case i think you would like 5k, because i understand they dont counter so at least your covered if they decide to give you full amount

Re: BofA CLI Request Denial

Anonymous — Fri, 27 Jan 2017 04:57:05 GMT

If you have two $500 cards, then you only have two $500 cards.

"Capital One platinum credit card with a $500 limit and a few days later for the Bankamericard 123 rewards card from BofA with a $500 limit".

What else can you share about yourself and your credit situation other than these two cards?

AAOA: ?

Derogs ?

Util: ?

Total EQ/ TU/ EX Inquiries: ?

Installment Loans: ?

Last 12 months: ?

Last 6 months: ?

New Accounts in last 12 months: ?

Last 6 months: ?

Total lines of credit? Credit Line / current balance?

Re: BofA CLI Request Denial

Anonymous — Fri, 27 Jan 2017 06:23:16 GMT

@Anonymous wrote:
Hi everyone! I have a question regarding CLI requests for BofA. Im rebuilding my credit from a few mistakes in my youth and I recently applied and was accepted to a Capital One platinum credit card with a $500 limit and a few days later for the Bankamericard 123 rewards card from BofA with a $500 limit (I was very excited about this). I was also made an AU on my father's AMEX charge card. I have since started using the BofA card as my primary and have been speding and paying off in full. I have had the card for less than a month but I have already put $1500 through it and paid it off and currently have no balance. I have an income of 43K and wanted to see if I could call a credit analyst to see if my original credit pull from two weeks ago could be used to consider me for a cli. I asked for an increase to $1500 explaining that I would like to be able to use the card throughout the month and make one lump sum payment before the due date rather than 3-4 payments throughout the month. I was denied citing that my account was too new and that i had to wait at least 3 months. I called in half expecting that to happen but I was hoping for the best. I also knew they would use the same pull from the application so i wasnt too worried. Now that I was denied I am worried that this CLI request denial will remain in BofA's records and negativelly affect me when I try to make a larger CLI request in 7 months to $5000. My Fico 8 is currently EQ:651 TU:661 EX:647 I also have one Charge off that i paid in full from one year ago.

I wanted to ask this forum for some advice and to determine if my worries about the CLI are reasonable and also if my planned request for $5000 from $500 is reasonable after 7 months of on time payments without carrying a balance.

Welcome CreditPanda,

I started with BOFA with a $500 secure CC, after 6 months and found this forum i went ahead and asked for an unsecure CC and was approved for $1500, after 2 years i have 25K, there is not secret formula here (at least for me), just use the card and PIF, i never let any balance report and give them some time to know you, i also have my CHK and SAV with them so, anyways, if you are patience you will get there.

Hope all the best

Re: BofA CLI Request Denial

noobody — Fri, 27 Jan 2017 06:38:06 GMT

I have 5k BOA at 2006, I still have 5K boa at 2017.
YES, NO CLI for eleven years!
Declined CLI around 2011 with HP, haven't ask since, since i don't need it.
To be fair, most people here fairly happy with BoA cli policy, they HP, but usually pretty generous

Re: BofA CLI Request Denial

Chris679 — Fri, 27 Jan 2017 10:06:38 GMT

@Anonymous wrote:
Hi everyone! I have a question regarding CLI requests for BofA. Im rebuilding my credit from a few mistakes in my youth and I recently applied and was accepted to a Capital One platinum credit card with a $500 limit and a few days later for the Bankamericard 123 rewards card from BofA with a $500 limit (I was very excited about this). I was also made an AU on my father's AMEX charge card. I have since started using the BofA card as my primary and have been speding and paying off in full. I have had the card for less than a month but I have already put $1500 through it and paid it off and currently have no balance. I have an income of 43K and wanted to see if I could call a credit analyst to see if my original credit pull from two weeks ago could be used to consider me for a cli. I asked for an increase to $1500 explaining that I would like to be able to use the card throughout the month and make one lump sum payment before the due date rather than 3-4 payments throughout the month. I was denied citing that my account was too new and that i had to wait at least 3 months. I called in half expecting that to happen but I was hoping for the best. I also knew they would use the same pull from the application so i wasnt too worried. Now that I was denied I am worried that this CLI request denial will remain in BofA's records and negativelly affect me when I try to make a larger CLI request in 7 months to $5000. My Fico 8 is currently EQ:651 TU:661 EX:647 I also have one Charge off that i paid in full from one year ago.

I wanted to ask this forum for some advice and to determine if my worries about the CLI are reasonable and also if my planned request for $5000 from $500 is reasonable after 7 months of on time payments without carrying a balance.

Your worries about this CLI affecting future requests are unfounded. You hit the nail on the head with your other reply about obsessing about every little move. $500 to $5000 may be a strech but you have nothing to lose by requesting it. Keep in mind though that BoA only does HP CLI I think. If you really could use the extra limit so you don't have to pay a bunch of times per month then it would probably be worth it. If you just want to keep up with the jones so the credit limit looks good on paper or the dreaded "pad my utilization" then it might be smart to wait a bit.

Re: BofA CLI Request Denial

Anonymous — Fri, 27 Jan 2017 20:18:55 GMT

Yes you are correct I only have 2 credit cards at the moment. Both of which i acquired in the first week of this month. Heres my Credit History:

Fico 8 Scores: EQ: 651 TU: 661 EX: 667 (Dropped recently after 3 New accounts were reported)

AAOA: 3Yr 1Mo (dropped from 4.5 years aftrer new accounts)

Derogs: Wells Fargo CC Charge off 1Yr old (paid in Full in November) (Working on writing a GW letter to ask if they could possibly remove this. Not expecting it but i was going through an extremely difficult time after being unexpectedly cut off during college and the part time job i had couldnt cover my CC debt and all other expenses.)

Also 1 collection account on Equifax only from a utility bill for $72 (4 years old) (Will be sending a PFD letter)

Util: 0%

Total EQ/ TU/ EX Inquiries: 6/3/5

Installment Loans: 5 Total. 4 Student loans balance at 12K and payments are current. 1 car loan only 1K remaining will be paid off in a few months (2 missed payments back to back 2 years ago)

New Accounts in last 12 months: 3 CC

Last 6 months: 3CC

Total lines of credit: 2 individual responsiblity and 1 AU AMEX Charge Card Credit Line / current balance: 1000 / 0

Re: BofA CLI Request Denial

Anonymous — Sat, 28 Jan 2017 05:55:00 GMT

Dear CreditPanda,

Thanks for sharing your information!
Great Fico Scores, a solid foundation to continue building on. Two personal revolvers, and existing installment loans.

Fico 8 Scores: EQ: 651 TU: 661 EX: 667

3 New Accounts in last 6 months (Jan 2017)
$500, Capital One platinum credit card
$500, Bankamericard 123 rewards card

AU AMEX Charge Card

Total Inquiries: EQ/ TU/ EX Inquiries: 6/3/5

AAOA: 3Yr 1Mo, was recently 4.5 years

Installment Loans: 5 Total.
4 Student loans balance at 12K, payments are current.
1 car loan only 1K remaining, to be paid off in a few months, 2 missed payments 2 years ago

With myself being an impatient person who has a history of making immediate impact and achieving results, I hate waiting, or experiencing delays. My recent experience of rebuilding has severely caused me to take a different path and look at the long game, which I am still struggling with. Looking at this Credit Game seems to me like soccer, a long drawn out game with lots of time taken up by patiently advancing the ball from player to player, eventually getting it towards the goal, without any guarantee to even be able to take a shot at scoring. This is clearly NOT how I am hard wired. Yet, I have played the game, patiently gone along, WAITED, and have been rewarded. * And I hated every minute of it.

However, you are in a good position to build on your current scores, and increase them along with your credit lines and individual credit limits.

The two existing personal cards will build trust and credibility with both CapOne & BoA. 6 months plus will put both in a receptive position to grant credit line increases.
In the mean time, you will do your normal payment in full on time. And you can request additional lines of credit. Given that you have the Installment aspect of the credit mix taken care of, additional credit cards should be considered by yourself.

Browsing of various credit unions to see which might appeal to yourself as a person, or your interests, or geography, or easily approved credit is a viable option. Myself, I was completely oblivious to them, inspite of having been a member of Alaska Federal decades ago.

Membership at credit unions are easy to meet, for example, Pen Fed would cost $5 to join. Applying for a Cash Rewards Visa card would be an option. If not approved, a "recon" can be done, and /or an application of a no rewards Promise card is an options. Why this example? Typically there is only one Hard Pull for most applications for 90 day, which would allow acquisition of a Promise card if a Cash Rewards card is not approved. This would contrast with Navy Federal which does a HP for both membership, and then a credit card application. Two to get a card? Yes, and while it is endless in getting an HP for each action, it is quite worth it.

These are just some items to consider, as well as mega-threads containing incredible information which can provide inspiration and insight on how people have made positive progress and the actions they have taken.

Best Wishes!!!!

Issues: Wells Fargo CC, Utility Bill
Wells Fargo CC Charge off 1 Yr old, paid in Full in Nov 2016, working on a GW letter
Utility bill collection for $72, 4 years old, working on sending a PFD letter

* one question, do you happen to know if the BofA card is a fully un-secured card, or a no deposit secured card?

* * I ask because I have the exact same card at $500, and I didn't know it was the no deposit secured card until I requested the credit line increase hyperlink at 4 months. I had severe shock at the time.

Helpful & Interesting mega-threads

Anonymous — Sat, 28 Jan 2017 06:00:17 GMT

fyi

Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-p/4591561

Bankruptcy Friendly Credit Cards
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

HOW TO: From BK7 discharge to 700 in 24 months or less!
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p/1384075/highlight/true#M9218?q=bk+to+700+in+2+years

The Best (and Worst) Secured Credit Cards according to Beverly Harzog' opinion
http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

Re: BofA CLI Request Denial

Anonymous — Tue, 11 Jul 2017 04:20:15 GMT

I was looking back through my old posts and saw this. A few days ago i went a head and asked BofA for that CLI to $5000. They countered and took me from $500 to $2300! So to anyone seeing this and wondering, its definitely possible to have decent increases as long as you stay responsible! Good Luck everyone and have a great day!

Re: BofA CLI Request Denial

NRB525 — Tue, 11 Jul 2017 13:30:22 GMT

Congrats on the increase!

Re: BofA CLI Request Denial

AverageJoesCredit — Tue, 11 Jul 2017 14:47:21 GMT

Well done

Re: BofA CLI Request Denial

JR_TX — Tue, 11 Jul 2017 15:09:52 GMT

'Grats in your 4X CLI Panda! By the way if you don't mind me asking, what's your TU score at time approval? They pulled TU right?

Re: BofA CLI Request Denial

Anonymous — Tue, 11 Jul 2017 15:12:28 GMT

Yes they pulled TU and no I don't mind at all! my TU fico 08 was 698 at the time of the pull

Re: BofA CLI Request Denial

JR_TX — Tue, 11 Jul 2017 21:48:12 GMT

Thanks Panda! Yeah so 700s or at least close to it is really the magic number for BofAs instant approval.

Re: BofA CLI Request Denial

iwazl71 — Tue, 11 Jul 2017 22:42:15 GMT

No, it wont affect your request coming down the road. BOA requires at least 6 months between CLIs. I started with a 5k card 4 years ago. It's now my highest card at 80k. just ask every 6 months and it will grow.

Re: BofA CLI Request Denial

Anonymous — Fri, 21 Jul 2017 16:49:54 GMT

@Anonymous wrote:
I was looking back through my old posts and saw this. A few days ago i went a head and asked BofA for that CLI to $5000. They countered and took me from $500 to $2300! So to anyone seeing this and wondering, its definitely possible to have decent increases as long as you stay responsible! Good Luck everyone and have a great day!

Congrats on your CLI!!

Re: BofA CLI Request Denial

K-in-Boston — Fri, 21 Jul 2017 18:01:17 GMT

@iwazl71 wrote:
No, it wont affect your request coming down the road. BOA requires at least 6 months between CLIs. I started with a 5k card 4 years ago. It's now my highest card at 80k. just ask every 6 months and it will grow.

Your signature is what I hope mine looks like this time next year! Just an FYI, I am 6 for 6 on CLIs at 3 month intervals as soon as the Request a credit line increase link comes back with BOA (all in the $8,100 - $15k range) so it may depend on the profile, but 3 months seems to be fine for me.

Congrats CreditPanda, the BOA CLIs just get bigger and bigger from here! BOA HPs are worth every point they may or may not take away from your TU score.