topic Re: Credit Limit Decrease - Bank of America Cash rewards in Credit Cards

Credit Limit Decrease - Bank of America Cash rewards

Anonymous — Tue, 29 Jan 2019 15:33:53 GMT

So I recently applied and got approved for the cash rewards card. 10K limit. I made about 4200 in purchases. My first payment isn’t due until 2/15 and just last week I got an offer for the travel rewards card. Applied and approved for that as well and now my credit limit went from 10K to 6500?

Did I somehow scare BofA for having a large balance and applying for another card? Anyway I can get back my original 10K limit? Btw the new card has a 4000 limit so essentially went from 1 10K card to 2 10.5K total 🤦🏻‍♂️

Re: Credit Limit Decrease - Bank of America Cash rewards

bourgogne — Tue, 29 Jan 2019 15:39:46 GMT

yes. no. I always app with a clean slate but options vary

Re: Credit Limit Decrease - Bank of America Cash rewards

MrDisco99 — Tue, 29 Jan 2019 15:44:27 GMT

Sometimes to approve you for another card they will take credit from an existing account. Amex does this too.

I don’t think it has anything to do with existing balances. It’s more to do with the amount of total credit they are willing to extend over all accounts.

BoA is pretty generous with CLIs so you should be able to make that back up before too long.

Re: Credit Limit Decrease - Bank of America Cash rewards

FinStar — Tue, 29 Jan 2019 16:32:44 GMT

OP, as mentioned above, you likely reached the maximum threshold that BoA is willing to lend at this point in time.

So, be grateful for the 2nd approval even if they had to carve it out from your 1st card. Both will eventually grow with time and patience.

Re: Credit Limit Decrease - Bank of America Cash rewards

Priory_Man — Tue, 29 Jan 2019 17:12:40 GMT

@FinStar wrote:
OP, as mentioned above, you likely reached the maximum threshold that BoA is willing to lend at this point in time.

So, be grateful for the 2nd approval even if they had to carve it out from your 1st card. Both will eventually grow with time and patience.

+1 to this.

Over the years BoA have extended me a fair amount of credit, regardless of how often or little I have used it.

Enjoy the preks of both cards and give them time, they will grow.

Re: Credit Limit Decrease - Bank of America Cash rewards

K-in-Boston — Tue, 29 Jan 2019 17:21:45 GMT

Agree 100% that is all that happened. I had a CLI partially taken back to open a Cash Rewards minutes later, and had the entire starting line from my Premium Rewards card automatically taken from another card. It's not really a CLD, just a reallocation of credit. If they were giving AA, they wouldn't be giving you additional credit accounts.

Re: Credit Limit Decrease - Bank of America Cash rewards

AverageJoesCredit — Tue, 29 Jan 2019 17:41:38 GMT

I just want to add, if you dont have the income to support growth, all the patience in the world wont help. In a case such as myself, my income is low so there is no more growth. No matter how you ask , if your profile doesnt meet their standards , you will only get what they are comfortable with.

Re: Credit Limit Decrease - Bank of America Cash rewards

Anonymous — Wed, 30 Jan 2019 02:08:06 GMT

Thanks everyone. Yeah it seems like I hit the max amount with BofA. I guess I'll have to put these cards to use and hopefully get them back up again!