topic Re: How to go about increasing my credit line with BofA CC in Credit Cards

How to go about increasing my credit line with BofA CC

Anonymous — Wed, 18 Apr 2018 17:17:52 GMT

My Credit score is steady 770 for a while, but my credit line with bank of amercia is $3300 and did not increase for atleast 2 years.

I always pay my credit card bills before the statment closes, and leave around $50 for the statement to keep credit utilization low and credit score high.

I don't really need a higher credit line, but I read this is encoureged just in case.

What is the best stratagy to increase my credit line?

I see 2 options:

1. keep the utilization low, and request a CLI through the button on thier website (I'm worried it'll be declined due to the low utilization)

2. have a high utilization for 1 month and take the hit on the credit score and then request CLI.

Re: How to go about increasing my credit line with BofA CC

FinStar — Wed, 18 Apr 2018 17:42:15 GMT

My suggestion is to submit the request when it's most optimal for you along your credit profile. If you have not received any auto-CLIs in the past 2 years (or any pre-selected offers for a SP CLI) then you can simply submit the request.

Keep in mind that any customer-initiated CLI requests are HP. Shoot for the moon when submitting the request (provided your income/profile supports it).

Re: How to go about increasing my credit line with BofA CC

Peteyglad — Wed, 18 Apr 2018 17:44:53 GMT

I would just hit the cli button. In my experience you do not need a lot of usage on the card to get a high credit limit.

Re: How to go about increasing my credit line with BofA CC

simplynoir — Wed, 18 Apr 2018 17:53:45 GMT

And to add the above points the HP used for the CLI request can be used to ask for a CLI again for up to 30 days and includes applications for new credit cards I believe as well. So for instance if you shoot low for your CLI request to be safe and are automatically approved go back and request again shooting higher to get the most out of the HP.

Re: How to go about increasing my credit line with BofA CC

coldfusion — Wed, 18 Apr 2018 18:28:09 GMT

@simplynoir wrote:
And to add the above points the HP used for the CLI request can be used to ask for a CLI again for up to 30 days and includes applications for new credit cards I believe as well. So for instance if you shoot low for your CLI request to be safe and are automatically approved go back and request again shooting higher to get the most out of the HP.

The HP for the CLI will almost certainly be from TU and as mentioned above it can be reused for the next 30 days both for CLI requests and for new apps. As I've mentioned on this site previously, I've used a single HP successfully to get a CLI on each of 2 different cards and get 1 new card.

If you're not planning on reusing the HP there's no real concern in shooting relatively high as BoA will counter.

If you get an immediate approval for a CLI request, you can request a 2nd CLI for same card on the same day, but the 2nd request will be immediately forwarded for manual review. You have to do it the same day as that luv button will disappear during the run of that night's batch update.

If you have multiple cards showing a luv buttons, requesting a CLI on one card does not cause the luv button on the other cards to go away.

Re: How to go about increasing my credit line with BofA CC

navajomyst2003 — Wed, 18 Apr 2018 19:35:36 GMT

I have a Visa and a MC with BOA, with aggregate credit lines of around $90k. Took about 5 years to build them up taking hits along the way when I asked for CL increases. Now I just use them as 18-month zero interest financing lines for large purchases, improvement projects and things like that. The 18-month no interest offers come in the mail every month, at least for now. We'll see if that changes as interest rates continue to creep up.

Re: How to go about increasing my credit line with BofA CC

Anonymous — Wed, 18 Apr 2018 20:24:22 GMT

Just don't be surprised if you get two HPs should you decide to go for another CC

Re: How to go about increasing my credit line with BofA CC

Anonymous — Thu, 19 Apr 2018 04:10:26 GMT

Thank you!

How much is it reasonable to request for a CLI, given that my current limit is $3300? (770 credit score and high income, but income is deposited to another bank)

My only other card is Discover, and from what I hear they tend to be very cearful with CLIs.

What would you consider to be 'shooting for the moon' in this situation?

Re: How to go about increasing my credit line with BofA CC

FinStar — Thu, 19 Apr 2018 04:27:20 GMT

I'd likely suggest anywhere from $15K to $20K, or depending what you're comfortable with. They will counter if anything.

Re: How to go about increasing my credit line with BofA CC

Anonymous — Thu, 19 Apr 2018 15:07:31 GMT

You can do like I did. Close BOA card with 1k limit and then apply for new BOA card a month later and get 20k limit.

Re: How to go about increasing my credit line with BofA CC

Anonymous — Thu, 19 Apr 2018 16:50:52 GMT

Thank you! I requested $20K and got auto approved for $9K. Does that mean that a hard pull was not required?

Would it be a good stratagy to make another request for manual review to get another bump? should I wait a few days?

Re: How to go about increasing my credit line with BofA CC

Anonymous — Thu, 19 Apr 2018 22:05:51 GMT

Manual review most likely will be a HP

Re: How to go about increasing my credit line with BofA CC

Anonymous — Sat, 21 Apr 2018 18:42:49 GMT

This just happened to me: Hitting the CLI button for BofA CC resulted in automatic CL bump from $3300 to $9K (I've requested $20K) and a HP that resulted in 12 points drop to my score (I'm ok with that).

@simplynoir, According to what you wrote, I can safely request another CLI for the BofA card and my other Discover card, and this will not result in another HP if done within 30 days? What if I get rejected? Could that hurt me in the future even if my score will not be affected?

Now that my CL with BofA is $9K is $20 still a reasonable number to request?

My CL with discover is only $1500. What would be a reasonable number to request here? I heard that Discover tend to be very conservative with CLIs(?)

Thanks for all your help!

Re: How to go about increasing my credit line with BofA CC

Anonymous — Sat, 21 Apr 2018 19:20:48 GMT

For a CLI increase request like other folks said they will HP but also look at your account history (purchases and payment history). If you are a small spender and pif every month it’s very difficult to get sp increases. What I did was maintain a 50% usage with a good amount of spending/payment amounts and I was getting substantial sp increase every six months. This is with Citi but they are a conservative prime lender much like BofA so perhaps my experience has some relevance to your topic.

Concentrate on using one card (while having 0 balance on your other cards) to keep utilization low overall and after heavy usage on that one card they will increase your limit most likely with sp providing your not just making minimum

Re: How to go about increasing my credit line with BofA CC

Anonymous — Sun, 22 Apr 2018 18:48:48 GMT

I already took a HP from BofA, and I want to make sure I maximize the CLI on that HP.

Are you guys sure that if I request another CLI from BofA within 30 days they will use the same HP?

What about if I request a HP from a different card (Discover) within 30 days? Will they use the original HP that was initiated by BofA?

Re: How to go about increasing my credit line with BofA CC

UncleB — Sun, 22 Apr 2018 23:20:45 GMT

My answers in red below.

@Anonymous wrote:
I already took a HP from BofA, and I want to make sure I maximize the CLI on that HP.

Are you guys sure that if I request another CLI from BofA within 30 days they will use the same HP? No, we're not 'sure', but that's what many of us have experienced. These things are always YMMV, but I would say that chances are good you're experience will be similar to the majority here.

What about if I request a HP from a different card (Discover) within 30 days? Will they use the original HP that was initiated by BofA? Nope, that's a different bank and the two have nothing to do with one another. That said, CLIs with Discover are often only a SP, and if they need a HP they'll ask first.

Re: How to go about increasing my credit line with BofA CC

Anonymous — Mon, 23 Apr 2018 01:36:06 GMT

Thank you!