topic Re: CLI question in Credit Cards

CLI question

Anonymous — Fri, 18 Jan 2008 16:30:08 GMT

If I go through BOA's website and request a CLI using the magic button, will it pull credit as a hard hit?

arbaker

Re: CLI question

Anonymous — Fri, 18 Jan 2008 16:50:31 GMT

arbaker, when I did that last month, it resulted in no hard inq on me. Don't know about a soft inq though.

Re: CLI question

Anonymous — Fri, 18 Jan 2008 16:52:56 GMT

If I'm not mistaking... its a soft pull. I know for a fact its not a hard pull.

Re: CLI question

Anonymous — Fri, 18 Jan 2008 16:55:20 GMT

Thanks -you both so much. They had offered a higher limit, and I declined at the time...stupid I now know. I wanted to call them back and tell them to raise it back to 10K. That will certainly help utilization.

Thanks for quick responses.

EQ-693---almost there!

Re: CLI question

Anonymous — Fri, 18 Jan 2008 16:59:19 GMT

Wow! That will certainly help on the utils!

Good luck to you, and please let us know how you fare.

Re: CLI question

ficonovice — Fri, 18 Jan 2008 21:04:12 GMT

I just got a BOA gold visa 1 month ago with a $3500 credit limit. Thanks to this post I couldn't resist going for some love. The first screen said there wouldn't be a hard inquiry unless notified, so I proceeded. It asked me how much of an increase I'd like and what my profession/salary was and if I owned or rented my home.

I asked for $10,000 and.........a decision will be made within one business day and if approved will be immediately available.

I suppose this is a denial, but we'll see. I should have waited because I just received the card this month. DOH!!

Re: CLI question

fused — Fri, 18 Jan 2008 22:38:00 GMT

ficonovice wrote:

I just got a BOA gold visa 1 month ago with a $3500 credit limit. Thanks to this post I couldn't resist going for some love. The first screen said there wouldn't be a hard inquiry unless notified, so I proceeded. It asked me how much of an increase I'd like and what my profession/salary was and if I owned or rented my home.

I asked for $10,000 and.........a decision will be made within one business day and if approved will be immediately available.

I suppose this is a denial, but we'll see. I should have waited because I just received the card this month. DOH!!

Maybe not a denial! Check your limit online.

Re: CLI question

Anonymous — Sat, 19 Jan 2008 00:08:15 GMT

I just had to share. I submitted a CLI online with Bank of America. It said I should know by tomorrow. I couldn't wait so I called them. The lady went ahead and approved by CLi to $8000.

No I just have to pay them off

BofA Rewards 14% CL-$8000 Current Balance $4000

BofA Platinum 12% CL-$8000 Current Balance $1500

Capitalone 14% CL-$4500 Current Balance $0

If I can get 1% BT on my capitalone card, should I move the $4000 to that card? I plan to ask for a CLI on the other BofA card tomorrow. (just to reduce util)

Almost to 700!

Re: CLI question

Anonymous — Sun, 20 Jan 2008 00:20:10 GMT

BUMP...

Please advise?

Re: CLI question

ficonovice — Mon, 21 Jan 2008 14:15:19 GMT

Wow....CLI approved for $10,000 and is available immediately via their web-site info. $3,500 to $10,000 in the first month of having the card. So far, no complaints here!!!!!

Now I'm going to verify that it was a soft pull and not a hard one...

My only frustration is that I got the increase on the day of/after my 1st statement cut. Statement doesn't reflect the increase, so I'll have to wait anotehr 30 days for the bureaus to see the nice increase.

This is now my highest limit card, followed by Citi Diamond Preferred for $8,500 received 3 months ago.

Re: CLI question

ficonovice — Mon, 21 Jan 2008 15:07:29 GMT

I just pulled my experian report which always reports new information quickly.

Stumper:

My new credit limit of $10,000 is showing on my new BOA account. Balance is $500.00, limit is $10,000. This is the first month this card has reported a balance and I've had the card one month (it initially reported 3 days after I was approved). My EXP score dropped 5 points (745 to 740) with the $6,500 additional credit available.

My util is improved, but score dropped. 11 open accounts, accounts with balances 4 (one of them is my auto loan). Not really whining, but thought the score would and should go up based on better util.

Util improved from 19% to 15%. (It will be under 10% in the next 20-40 days...).

Re: CLI question

Anonymous — Mon, 21 Jan 2008 15:31:44 GMT

ficonovice wrote:
I just pulled my experian report which always reports new information quickly.

Stumper:

My new credit limit of $10,000 is showing on my new BOA account. Balance is $500.00, limit is $10,000. This is the first month this card has reported a balance and I've had the card one month (it initially reported 3 days after I was approved). My EXP score dropped 5 points (745 to 740) with the $6,500 additional credit available.

My util is improved, but score dropped. 11 open accounts, accounts with balances 4 (one of them is my auto loan). Not really whining, but thought the score would and should go up based on better util.
Util improved from 19% to 15%. (It will be under 10% in the next 20-40 days...).

The score drop was most likely due to something else significant with your report. I am sure it had nothing to do with lower util.

At the same time, I wouldn't expect the score to necessarily go up based on going from 19% to 15% utilization. I believe it depends on which bucket you are in, but the score inreases based on utilization don't seem to be on a straight continuum, where 1% decrease in utilization is worth x points. Instead, it seems you get siginificant point jumps by crosing certain utilization thresholds.

For example, going from 20% to 19% may get you 5-6 points, but going from 19% to 18% gets you nothing. BTW, that's just an example, and the numbers are made up, but the point remains.

Re: CLI question

ficonovice — Mon, 21 Jan 2008 15:57:58 GMT

I believe you're right about the buckets and that 19% to 15% would be in the same bucket (probably). I'm just confused why my score dropped and didn't stay the same. There wasn't anything different reporting except the BOA account now has a small balance whereas 3 days ago it was a 0 balance.

Maybe that's what caused a 5 point decrease: Another card with a balance....

Re: CLI question

haulingthescoreup — Mon, 21 Jan 2008 16:03:41 GMT

@ficonovice wrote:
Maybe that's what caused a 5 point decrease: Another card with a balance....

I just lost 34 points, I kid you not, on TU for going from 0 revolving accounts with balances (3 of 8 total) to 2 revolving with balances (5 or 8 total.) Both times the intention was to have one CC reporting, so that tells you a lot about the difficulties of keeping that under control.

I will be very interested to see how many of those 34 points I get back.

Re: CLI question

ficonovice — Mon, 21 Jan 2008 16:09:52 GMT

Wow, sorry you took that hit, but I'm sure it's just temporary.

I'm starting to think I'm analyzing these fico scores a bit too much. Clearly there are "swings" when anything changes and they can be pretty drastic, but the real key is to at least pay your bills on time and be responsible. Month to month, scores will change but rarely to the point of affecting anything in your day to day life.

I plan to just be extremely careful prior to applying for anything significant (mortgage, car, etc..). Other than that, I can deal with the 5-10-20 point variances in my scores. At this time they're all more than adequate (685-740-740). TU hasn't updated 3 accounts for the last 3 months!!!

Re: CLI question

Anonymous — Mon, 21 Jan 2008 19:40:31 GMT

YES

Re: CLI question

Anonymous — Mon, 07 Apr 2008 19:58:29 GMT

hey fused did you ever get approved for this offer? i got the same message today

Re: CLI question

Anonymous — Mon, 07 Apr 2008 20:07:06 GMT

Where is the button on the site, I know i have seen it?

Re: CLI question

Anonymous — Mon, 07 Apr 2008 20:24:29 GMT

@Anonymous wrote:
Where is the button on the site, I know i have seen it?

It's on the far left vertical selection of links on the Accounts Summary page.

Re: CLI question

Anonymous — Mon, 07 Apr 2008 21:24:15 GMT

@Anonymous wrote:

@Anonymous wrote:
Where is the button on the site, I know i have seen it?

It's on the far left vertical selection of links on the Accounts Summary page.

Thanks!

Wasn't it right by the credit limit? I don't see it there anymore? hmmm, maybe I'm not eligible.