topic Re: Is my new Bank of America Credit Card Bucketed? in Credit Cards

Is my new Bank of America Credit Card Bucketed?

debtphobe — Tue, 02 Aug 2022 19:32:59 GMT

Hi All,

I just got approved from BOA (my first BOA card) for a measly $1200 credit line. I have other credit cards with $35k, $27k, $22k, $17k, etc limits. My income is $230k and my Experian score is 718. Not too many inquiries (7,5,7). I filed for BK in November 2015. I can't say for sure whether BOA was IIB or not.

My question is this: Am I now in Bank of America hell? In other words, does this card have any chance of increasing? If not, I'm inclined to cancel it before it technically opens and shows up on my reports.

Thanks in advance for your opinions/insights!!

Re: Bank of America Low Opening Credit Limit Question

OmarGB9 — Tue, 02 Aug 2022 19:04:45 GMT

Don't know the answer to your question, but I *can* tell you that the account is going to show up on your reports regardless of whether you cancel now or later.

Re: Bank of America Low Opening Credit Limit Question

debtphobe — Tue, 02 Aug 2022 19:10:33 GMT

Thanks @OmarGB9 .

That's a huge bummer. I just got approved today (and had to jump through hoops -- send tax returns, etc.). If I have no chance of getting this increased, I'd want to cancel immediately.

Re: Bank of America Low Opening Credit Limit Question

OmarGB9 — Tue, 02 Aug 2022 19:23:22 GMT

@debtphobe wrote:
Thanks @OmarGB9 .

That's a huge bummer. I just got approved today (and had to jump through hoops -- send tax returns, etc.). If I have no chance of getting this increased, I'd want to cancel immediately.

I wish I could tell you whether it's "bucketed" to borrow a term from Capital One's tendencies, but I don't know much about BoA. Sorry it was approved for such a small amount after all that effort.

As far as the account reporting, unfortunately as soon as you're approved, an account is slated to be reported, even if you don't "activate the card" and even if you cancel right away. The only thing that would happen is that it would report as closed by the time it shows up.

Re: Is my new Bank of America Credit Card Bucketed?

SouthJamaica — Tue, 02 Aug 2022 21:07:53 GMT

@debtphobe wrote:
Hi All,

I just got approved from BOA (my first BOA card) for a measly $1200 credit line. I have other credit cards with $35k, $27k, $22k, $17k, etc limits. My income is $230k and my Experian score is 718. Not too many inquiries (7,5,7). I filed for BK in November 2015. I can't say for sure whether BOA was IIB or not.

My question is this: Am I now in Bank of America hell? In other words, does this card have any chance of increasing? If not, I'm inclined to cancel it before it technically opens and shows up on my reports.

Thanks in advance for your opinions/insights!!

It will show up on your reports no matter what you do.

Re: Is my new Bank of America Credit Card Bucketed?

K-in-Boston — Tue, 02 Aug 2022 22:22:09 GMT

I don't think BoA buckets cards based on an applicant's credit profile at the time of application the way CapOne does. Lending decisions seem to be based on profiles, particularly credit scores, credit history, and income/assets. I had an MBNA card with around a $5000 limit that was acquired by BoA, scores were probably down around 700 due to utilization and applying for new credit around that time and for about a decade after. It's currently at $94,900.

As others have stated, the card will report for up to 10 years even if you close it today. BoA credit line increase requests are done with soft inquiries, so I'd use it and then just shoot for the moon with CLI requests every now and then. 720 TU FICO 8 seems to be about where BoA is more comfortable (they typically use EX for applications and TU for account management and increases), so if your TU score is around there you are either close or good on that front. Also, while it's not a lot in comparison to many here, "7,5,7" for inquiries on each bureau is quite a large number compared to most consumers. (The average consumer has about 0.6 inquiries in the past year.)

Re: Is my new Bank of America Credit Card Bucketed?

debtphobe — Tue, 02 Aug 2022 22:47:17 GMT

Thanks for the reply @K-in-Boston and @SouthJamaica !! very helpful and much appreciated!!

Re: Is my new Bank of America Credit Card Bucketed?

purebulldogs — Tue, 02 Aug 2022 22:54:40 GMT

If there's no annual fee I would keep it open. It should grow over time.

I used to wonder about capital one bucket cards but today a coworker was telling me his, capital one bucket $500 limit card was converted to another capital one card. He now has a 25k limit so I view bucket cards as having some potential even though they get stuck for a while. He was able to build a positive relationship with capital one. I used to think the bucket cards were a waste but they aren't. They help build a relationship with the issuer even if they can be frustrating at times

I would do the same with Bank of America. Build a positive relationship with bank of America and you'll be able to have bigger lines whether it's that card or another one with them

Re: Is my new Bank of America Credit Card Bucketed?

W261w261 — Wed, 03 Aug 2022 00:33:24 GMT

In one of my less splendiforous moves earlier this year, I decided to app the Amex Blue Cash Preferred. They gave me a 1k limit, I got po'd , and closed the account immediately. The result was another account on my record, a loss of the SUB on the BCP via pop-up when I tried a couple of months later, a drop in my AAoA, a (temporary) ban on applying for any card in the Blue family, and regret that I had acted with my emotions and not my intellect. Every time I look at my CR's, there it is. I never activated it, but it lives on, and on, and on.

The good news is I just was approved for the new BCE with a 15k limit. Hard to believe anything has changed in 5 months, but there you are.

Re: Is my new Bank of America Credit Card Bucketed?

CreditAggie — Wed, 03 Aug 2022 15:28:23 GMT

From my experience, a low SL on a BofA card doesn't indicate it being "bucketed" the way Capital One cards are commonly described as. I got a $1,000 SL on my CCR and requested a CLI to $10K a year later and it was approved. BofA might warm up to you more when the BK falls off of your reports and your score increases.

Re: Is my new Bank of America Credit Card Bucketed?

JLRDC909 — Wed, 03 Aug 2022 18:23:35 GMT

If you filed C7 then it won't be removed until 2025. No matter how much rebuilding you do, a BK still remains on the report. A C13 might be off by now.

I filed C7 years ago and remember that after years 7-10 I got back in with Citi and Amex. But everytime I tried to get a CLI it was always denied for "BK noted on your CR".

if the BK is still showing, just count your blessings they have even approved you. Regardless of income and how much you have on deposit with some banks, a BK will prevent you from getting some approvals.

After the C7 was removed I was able to start getting all the prime cards again. Hard to say if BofA is Bucketed and I would assume that even the analysts probably don't know. The account is open so no use to close it.

Re: Is my new Bank of America Credit Card Bucketed?

Taurus22 — Wed, 03 Aug 2022 19:50:07 GMT

I agree with those stating to let BoA warm up to you. They tend to be somewhat generous with requested CLI's and they are SP increases, so it will eventually grow to the current limits on your other cards. Just keep an eye on your BoA card portal....whenever you see the "Request Credit Limit Increase" luv button, then you should be eligible. You can request CLI's with them once every 3 months-minimum as long as the luv button is showing on the portal.

Congrats on your approval! Just let it grow.

Re: Is my new Bank of America Credit Card Bucketed?

SouthJamaica — Wed, 03 Aug 2022 19:55:45 GMT

@Taurus22 wrote:
I agree with those stating to let BoA warm up to you. They tend to be somewhat generous with requested CLI's and they are SP increases, so it will eventually grow to the current limits on your other cards. Just keep an eye on your BoA card portal....whenever you see the "Request Credit Limit Increase" luv button, then you should be eligible. You can request CLI's with them once every 3 months-minimum as long as the luv button is showing on the portal.

Congrats on your approval! Just let it grow.

My story with BoA is weird. I went from 0 BoA cards to 5, probably within a year or year and a half. It was a mix of personal cards and business cards. They were very generous in granting new cards, good SL's, and CLI's, and had good promo balance transfer offers. Then one day, at a time when I had total limits with them of around 100k, they closed all 5 of my accounts, never explaining why other than to say I had sufficient available credit.

My guess is that the real reason was that I was making very good use of their generous balance transfer offers, which wasn't profitable for them.

Re: Is my new Bank of America Credit Card Bucketed?

debtphobe — Thu, 04 Aug 2022 00:24:47 GMT

Thanks @CreditAggie @SouthJamaica @Taurus22 and @JLRDC909 for thr responses! Very informative and helpful!!

Re: Is my new Bank of America Credit Card Bucketed?

RehabbingANDBlabbing — Tue, 09 Aug 2022 09:06:29 GMT

I don't think BofA participates in bucketing. I have seen my own $300 secured card grow to a $7,500 unsecured card just a few years ago. My DH got a secured card from them recently and it graudtaed after 6 months and also got a CLI to double his deposit. I think it is much more accurate to say they are a relationship bank. They want to see deposits, they want to see good credit (718 ain't quite there yet, 760 with a good payment history, low utilizatio, and relatively few inquiries will get you there), and they want to see usage and on-time payments. Then they will roll out the red carpet for you. It just takes time and patience. Grab the signup bonus, use the card to your advantage, and it will grow.

Re: Is my new Bank of America Credit Card Bucketed?

DeeCorey — Tue, 09 Aug 2022 11:13:13 GMT

I had a similar experience last year. I was receiving pre-qual mailers from BoA and decided to apply for the basic no-rewards balance transfer card, and was approved for a measly $500 SL. I immediately canceled the card because it was useless to me for that amount. Yes, it still shows up on my credit report but I don't care. I wasn't interested in having an open $500 trade line that wasn't even getting any rewards. It was almost insulting. I didn't need a "relationship" with BoA that bad. 🤷🏾‍♂️

Re: Is my new Bank of America Credit Card Bucketed?

ChessChik47 — Tue, 09 Aug 2022 12:44:12 GMT

@debtphobe wrote:
Hi All,

I just got approved from BOA (my first BOA card) for a measly $1200 credit line. I have other credit cards with $35k, $27k, $22k, $17k, etc limits. My income is $230k and my Experian score is 718. Not too many inquiries (7,5,7). I filed for BK in November 2015. I can't say for sure whether BOA was IIB or not.

My question is this: Am I now in Bank of America hell? In other words, does this card have any chance of increasing? If not, I'm inclined to cancel it before it technically opens and shows up on my reports.

Thanks in advance for your opinions/insights!!

I don't think you're in BoA "hell". I started with a much lower limit than I expected from them ($5K), considering I had significant assets with them and they are both my personal and business bank; but after about 2 years (in that timeframe they switiched to soft pull credit line increase requests), I got to $70K. I recommend using the card and asking for increases every 4-6 months. Good luck!

Re: Is my new Bank of America Credit Card Bucketed?

arifjk — Wed, 10 Aug 2022 18:26:49 GMT

@debtphobe wrote:
Hi All,

I just got approved from BOA (my first BOA card) for a measly $1200 credit line. I have other credit cards with $35k, $27k, $22k, $17k, etc limits. My income is $230k and my Experian score is 718. Not too many inquiries (7,5,7). I filed for BK in November 2015. I can't say for sure whether BOA was IIB or not.

My question is this: Am I now in Bank of America hell? In other words, does this card have any chance of increasing? If not, I'm inclined to cancel it before it technically opens and shows up on my reports.

Thanks in advance for your opinions/insights!!

My experience with BofA is weird. For sure, BofA is IIB for my BK7, filed in 10/2012. Several years later, I tried to apply any of their cards, I always got rejection, until one time they approved me for $500. That limit never got increased for many years. I decided to cancel it in 2021 since I could not get any CLI - even with HP. After my BK7 fell off in July 2022 (EX), then I applied for BofA Alaska VS, I was not instantly approved but going through manual process, but I got approved for $23k SL. Then I read that you could get another card from BofA from the same pull within 30 days. I applied their CCR and got another $23k SL.

Now, I think in your case, it might be different. I think BofA might not be IIB in your BK. I think since you already got the card and since it will show up in your CR anyway, why don't you keep them for a few months? After that, try to go through the CLI. You will then know the whole story about your card. I am hoping that your card can grow with you as you build relationship again with BofA.