topic Re: BOA Help in Credit Cards

BOA Help

crnbread73 — Mon, 16 Jul 2018 23:38:11 GMT

So a little history... I have been working on improving my credit for several years. Have worked really hard and it is slowly starting to improve. Only 1 credit report shows just 1 baddie and it is old over 4 years. Yes I have a lot of inquiries but I have a perfect payment history for the past 5 years and a substantial income. I started my rebuild with a BOA secured card. I was finally after 2 years able to graduate to unsecured and then it took another year to get a CLI. I am still at only a $1000 sl and they are still refusing to grant a CLI. Does anyone have any suggestions on breaking through with them. In the past week I have been upgraded with Cap One to a Venture Card, Approved by both Chase and Amex for a travel card but BOA refuses to budge. I requested the CLI prior to the other actions. I just don't get what they what from me. I use the card then pay it off. I don't carry a balance usually or if I do it is a small one. What gives? Also got a CLI with Chase for my Freedom card from $500 to $3000.

Re: BOA Help

Anonymous — Mon, 16 Jul 2018 23:59:17 GMT

Sorry to hear you're having a tough time with them. You're more likely to get some better answers if you list your three FICO 08 scores and how many Inq. If you don't know, you can find out here for a dollar.

Good luck.

Re: BOA Help

Anonymous — Tue, 17 Jul 2018 01:54:14 GMT

@Anonymous wrote:
Sorry to hear you're having a tough time with them. You're more likely to get some better answers if you list your three FICO 08 scores and how many Inq. If you don't know, you can find out here for a dollar.
Good luck.

Re: BOA Help

crnbread73 — Tue, 17 Jul 2018 02:07:41 GMT

My credit scores are all hovering around 650. Not sure the exact number of inquiries. But I have been with this bank for around 5-6 years with a positive credit history with them. At this time right now all of my credit cards are PIF except for Care Credit which is around 50% DTI. Again I have NEVER had a late payment in 6 years of payment history with them nor any of my other cards. I did fall behind when the housing market crashed but once I started rebuilding not one late. No baddies with the exception of 1 on Transunion and it is over 4 years old and under $600. Plus just got approved for United Mileage Plus and Amex. Also CLI with my freedom from $500 to $3500. I do bank with Chase but not as long as BOA. Also income is 6 figures. So again can't figure out why they refuse the increase when other cards are more than willing.

Re: BOA Help

goal_digger — Tue, 17 Jul 2018 03:04:14 GMT

OP, what were the denial reasons on your CLI request(s)? While not set in stone they can give you an idea about what a creditor is looking for based on your individual profile.

Also, congrats on your Amex and Chase approvals! Goes to show your BOA relationship and rebuild have not been in vain...

Re: BOA Help

FinStar — Tue, 17 Jul 2018 03:15:52 GMT

As mentioned by the above poster, what were the reasons cited for declining the CLI?

While Chase and AMEX may be yielding some positive results, every lender is different when it comes to their own UW criteria. On the upside, any BoA CLI requests are SP so you can always try again when your profile is more optimal.

Re: BOA Help

risingup2day — Tue, 17 Jul 2018 06:07:31 GMT

I’m sorry to hear you are having problems with BOA too. Do you bank with BoA? I don’t and that’s why I think it’s is taking FOREVeR to graduate 🎓. Honestly, I thought about opening up an account because they are offering me a free $100 if I open a checking account with two qualifying deposits. Get that free $100 and see if the card graduate then bounce out like Tigger! I’m 16 months in on my card and it has yet to graduate. Score are currently 675 +-5 and and utilization is around 11%? I’m lost when it comes to BoA. I have other cards major cards IE; Reg VISA, Visa siggy, Reg MC, WMC, and Discover with SL ranging from $15k all the way to the bottom, where my BoA is @$500😶. Just left pondering this mystifying dance with BoA.💃🕺🏽

Re: BOA Help

xaximus — Tue, 17 Jul 2018 13:46:31 GMT

I had this issue long ago with BoA as they had not increased my CL for a long time. I had requested it several times over the years but always got denied due to amount in revolving too high, or too low usage, or some random crap like that. None of it made sense since most of the time, I kept a tiny balance and let it revolve.

I would keep a small balance and PIF, use your other cards and don't bother with this one. When the usage diminishes, either you'll get CLIs or your other cards will grow. I wouldn't bother dancing with any company that refuses to give CLI's when I'm DD'ing their card.

Re: BOA Help

crnbread73 — Tue, 17 Jul 2018 15:20:49 GMT

When I signed up for the card I did bank with them. I have left since as I opened an account with Chase and then opened an account with DCU in order to refi my car. Their reasons for the denial is the collections account. The irony is that when I graduated and got the CLI I had more than this one collection account and my score was lower. It really makes no sense to me.

Re: BOA Help

JR_TX — Tue, 17 Jul 2018 15:41:11 GMT

@OP
You’re BoA Secured card even though already graduated is a “Bucketed” card. No matter what you do it will never ever grow!!!
Your best course of action is to watch your EX score FICO8 and as soon as it goes over
700, app for a new BoA card. When you receive your new card close your graduated one and move the limit to your new card. Don’t worry about AAoA as even closed FICO includes that in the score algorithm. Then join us in the 3-Month SP CLI party at the BoA Arena!

Re: BOA Help

xaximus — Tue, 17 Jul 2018 16:12:03 GMT

@crnbread73 - JR_TX is correct - since it was a secured card, it wont move up very much at all. I would SD it for now till your scores are up, get a new BoA card and then consolidate them.

@JR_TX - excellent advice, thank you!