topic Re: Question about CLI? in Credit Cards

Question about CLI?

cet2062 — Sun, 15 Jan 2012 17:11:51 GMT

Hi,

I've had credit about 7 months with a Bank of America Student Platinum Plus. My limit is currently $600 and I'm wondering when would be an appropriate time to ask for a CLI. I've read the more available credit you have the better your credit score is! Also what the requirements might be?

And if it would be wise to try and apply for another card?

Thanks

Re: Question about CLI?

steve23111 — Sun, 15 Jan 2012 20:39:06 GMT

Each card issuer has their own requirements, but a general rule is that every 6 months with some usage of the card, a CLI might be available to you.

If you haven't been using the card, or have only used it a few times, the creditor may be hesitant to extend a CLI.

Some more specifics of your situation may be helpful. I'm sure someone with a BoA card will come along shortly with the details of their CLI policy.

Re: Question about CLI?

Creditaddict — Sun, 15 Jan 2012 22:26:23 GMT

@cet2062 wrote:
Hi,

I've had credit about 7 months with a Bank of America Student Platinum Plus. My limit is currently $600 and I'm wondering when would be an appropriate time to ask for a CLI. I've read the more available credit you have the better your credit score is! Also what the requirements might be?

And if it would be wise to try and apply for another card?

Thanks

Yes you can request CLI on Bank of America every 6 months, I believe lately the computer kicks back to call in to complete request, don't be afraid to do that... you will get a credit person to make the decision right on the spot.

Further if this is your only card I would look into 1 or 2 other cards, maybe even outside a student card if you have valid work that pays over 12k a year (not sure exact figure but some credit cards have min. income)

Citi Forward has been popular

a store card like Macys, Walmart, Express are good options too.

Higher credit lines don't equal better credit score, but if you have just 1 card and the statement posts with a $500 balance on your $600 limit it is going to hurt your score because the util is considered almost maxed out. If you had a few other cards with no balances it could balance out some of your util on the other card.