topic Re: Us bank vs Bank of America in Credit Cards

Us bank vs Bank of America

Jccflat — Tue, 19 Jan 2021 00:13:17 GMT

Asking for a family member with a 730fico score and 5 inquiries and $250,000 available credit 6% utilization

Which of the two is there a chance to get a higher credit line Bofa or us bank ?

Re: Us bank vs Bank of America

TheFIGuy — Tue, 19 Jan 2021 00:16:21 GMT

If you're specifically talking credit limit, it will be Bank of the Dread (BofA). US Bank is known to be conservative with initial credit limits.

Re: Us bank vs Bank of America

Anonymous — Tue, 19 Jan 2021 00:22:21 GMT

@Jccflat Can you provide a few more details? For instance, how many credit cards do they have open, average age of accounts, X/12 status for inquiries and new accounts?

Which cards are under consideration?

US Bank is known to be more conservative in terms of approval. You can be denied at 2 new accounts or more over the last 12 months for too many recent accounts. This is a YMMV situation though.

Starting limits are really hard to guage unfortunately, even with all the data.

Re: Us bank vs Bank of America

FinStar — Tue, 19 Jan 2021 00:27:30 GMT

It depends @Jccflat. If BoA feels that your family member has sufficient available credit (all things considered), they may not go as high. We're under a different lending environment these days so it could be a toss-up, plus we really don't know what your family member's overall profile is like, besides a couple of items that you've shared.

Has your family member opened >3 accounts in the past 12 months? Do they have any banking relationship with either bank? Which particular cards is your family member interested in for BoA and US Bank?

I'd say, why not go for both? 😜

Re: Us bank vs Bank of America

ccquest — Tue, 19 Jan 2021 17:24:15 GMT

Probably BoA, plus they have SP CLIs available compared to US Bank where you never know if it'll be HP or SP.

Re: Us bank vs Bank of America

barca — Tue, 19 Jan 2021 17:33:12 GMT

I would recommend Bank of America Cash Rewards Card -

known for initial high limits + very good credit line increases over time

Re: Us bank vs Bank of America

K-in-Boston — Tue, 19 Jan 2021 18:23:10 GMT

For initial approvals, there are lots of data points for both banks. If one has the income/assets to support it, the BoA cards can grow fairly easily given a little time with repeated CLI requests as evidenced by the number of us here with $99,900 BoA cards.

Re: Us bank vs Bank of America

AverageJoesCredit — Tue, 19 Jan 2021 19:58:15 GMT

Cant wait to see the movie on Netflix!😄

Re: Us bank vs Bank of America

Anonymous — Wed, 20 Jan 2021 01:02:15 GMT

My vote would be that BoA would offer the superior SL to whatever USB would offer.

Re: Us bank vs Bank of America

Aim_High — Wed, 20 Jan 2021 01:32:28 GMT

@Jccflat wrote:
Asking for a family member with a 730fico score and 5 inquiries and $250,000 available credit 6% utilization
Which of the two is there a chance to get a higher credit line Bofa or us bank ?

I don't even think this one is close from observing the approvals and limits on My Fico. Hands down, I think Bank of America will normally give both higher starting limits and more generous credit limit increases to the same profile. Now if you asked about Wells Fargo versus US Bank, that one would be much closer.

US Bank in general just has more conservative underwriting, including the well-known 1/12 policy on new accounts. (Bank of America's policy is a more lenient 3/12 or 7/12 if you have deposit accounts.) Subjectively, I would estimate if you did an analysis of our approvals, their SLs probably average $5K to $10K lower for similar profiles. On the upper ends, we've have several members on My Fico with Bank of America credit limits of $50K to $100K and even higher. It's rare to see US Bank exceed $50K. One member recently CLI'd an Altitude Reserve up to $60K with heavy spend and I think that is the highest I've seen reported.

Re: Us bank vs Bank of America

Anonymous — Wed, 20 Jan 2021 02:54:47 GMT

The recently reported [HP] CLI on a USB card from $6k to $30k is probably one of the best I've seen, where that sort of CLI has been much more common on BoA cards.

Re: Us bank vs Bank of America

Remedios — Wed, 20 Jan 2021 04:07:19 GMT

@Anonymous wrote:
The recently reported [HP] CLI on a USB card from $6k to $30k is probably one of the best I've seen, where that sort of CLI has been much more common on BoA cards.

My last SP on Cash+ was $7000.00

Also, you completely misunderstood @Anonymous post

He received insrease from $24,000 to $30,000.

My last HP CLI on AR was also $6000.00.

US Bank is far from conservative. They might start some consumers low, but like you stated today "most people don't need this huge credit lines"

I mean what's the point of advocating for moderation in one thread, then worship and glorify excess in another...