topic Re: Balance Transfer before requesting CLI in Credit Cards

Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 01:30:09 GMT

I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 02:47:17 GMT

@Anonymous wrote:
I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!

BofA, aka"Unpredictable Bank" will undoubtedly look at several factors in deciding CLI.

1. Payment history

2. Overall UTIL

3. New tradelines

4. AA with other creditors

Lowering your UTIL with BofA can't hurt, but may not be a deciding factor

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 02:49:46 GMT

What are the terms of the BT offer? Does it make economic sense? If not don't do it. If so, it is always better to ask for a CLI when you don't need it.

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 02:55:03 GMT

Well, there is a promotion going on with my CapOne card for BT with no fees and the rate is about the same, so I was thinking about doing so.

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 02:58:38 GMT

@Anonymous wrote:
Well, there is a promotion going on with my CapOne card for BT with no fees and the rate is about the same, so I was thinking about doing so.

So it will cost you pretty much zero? Where will that leave your UTIL on that card and overall. How about your score?

Re: Balance Transfer before requesting CLI

Takunda1 — Fri, 28 Aug 2009 03:17:03 GMT

@Anonymous wrote:
I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!

Do not req CLI from BOA, there are multiple threads on here of requesting a CLI, being denied and immediately card is closed.

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 03:20:41 GMT

@Takunda1 wrote:
@Anonymous wrote:
I have a BoA card with a $3000 limit and a $1600 balance. Now it's been 1 year since I've had this card and I would like to try my luck with the luv button or calling them for a CLI. Since requesting for a CLI with over 50% utilization doesn't look too good, I was wondering if it would be a smart move to do a BT of $1600 to another card of mines? That way I can ask for a CLI on my BoA card with a $0 balance which should give me a better chance right? Will this work? Any suggestions appreciated. Thanks!

Do not req CLI from BOA, there are multiple threads on here of requesting a CLI, being denied and immediately card is closed.

There are a few threads that say that. And then there is me. I was upped from $3.5K to $7.5K on a luv button request in mid-July. Clearly the request is not without risks. If your CBR's are not good you don't want to do it. Both a computer and a human will be reviewing same.

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 04:08:36 GMT

That would make my other card have about 50% utility, so it'd be the same except my BoA is the one that will be asking for a CLI so it would look nice if it had a zero balance. I have a perfect payment history and my EQ score is 681 and Experian from creditchecktotal of 714. Doing this BT would cost me nothing. My point is, does your CURRENT balance on the card affect the chances of a CLI at all?

Message Edited by damet on 08-27-2009 09:08 PM

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 04:19:45 GMT

I wouldn't ask if I were you. I tried asking for a CLI before a BT and they ended up closing both of my credit cards for no apparent reason. I didn't have a balance on either account so I guess they closed them while they had the chance to.

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 14:53:35 GMT

@Anonymous wrote:
That would make my other card have about 50% utility, so it'd be the same except my BoA is the one that will be asking for a CLI so it would look nice if it had a zero balance. I have a perfect payment history and my EQ score is 681 and Experian from creditchecktotal of 714. Doing this BT would cost me nothing. My point is, does your CURRENT balance on the card affect the chances of a CLI at all?

You already know the answer - of course it does. If you are not going to make the BT don't ask for the CLI. If your overall UTIL is high don't make the BT and don't ask. If you have reasonable UTIL and can make the BT and request the CLI before it reports - PERFECT!

Message Edited by creditwherecreditisdue on 08-28-2009 10:53 AM

Re: Balance Transfer before requesting CLI

Anonymous — Fri, 28 Aug 2009 14:40:28 GMT

@Anonymous wrote:
That would make my other card have about 50% utility, so it'd be the same except my BoA is the one that will be asking for a CLI so it would look nice if it had a zero balance. I have a perfect payment history and my EQ score is 681 and Experian from creditchecktotal of 714. Doing this BT would cost me nothing. My point is, does your CURRENT balance on the card affect the chances of a CLI at all?
Message Edited by damet on 08-27-2009 09:08 PM

A 681 is not a great score for a prime lender, such as BoA. If you were able to pay the $1600 off and allow it to update to the CRA's, this would not only have a zero balance, but probably bump your FICO. But if the balance shows up on another CC, then your FICO will not be improved.

Do you have the ability to pay it off short term or under the table to see what the FICO increase would be? I personally don't thing a sub-700 score is a good starting point, but I could be wrong....

What does FICO simulator say with paying down/off CC balances will result in?

Message Edited by txjohn on 08-28-2009 07:40 AM

Re: Balance Transfer before requesting CLI

Anonymous — Tue, 08 Sep 2009 23:10:14 GMT

Well BoA doesnt pull a credit report for a balance increase right? I mean if I just move the $1600 to another card, then when I ask for a CLI, BoA will see that I have a nice zero balance. Of course if they pull a Credit Report it will show no change in score, however they dont do that for a CLI. Just for CLI purposes, it would be good to do a BT?

Re: Balance Transfer before requesting CLI

Anonymous — Wed, 09 Sep 2009 00:01:42 GMT

@Anonymous wrote:
Well BoA doesnt pull a credit report for a balance increase right? I mean if I just move the $1600 to another card, then when I ask for a CLI, BoA will see that I have a nice zero balance. Of course if they pull a Credit Report it will show no change in score, however they dont do that for a CLI. Just for CLI purposes, it would be good to do a BT?

BofA will look at your CBR for a CLI. Most likely that will be a soft INQ run at the time of your request. There is also some small chance that they will pull a hard INQ. That is not very likely and you will be informed before it will be done.