topic Re: Getting a 25K Limit in 10 months- in Credit Cards

Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 03:39:59 GMT

Is it possible to get a 25K Limit on my BoA Mastercard? My current limit is 12.5K.

All my scores are in low-mid 700s and I have 6 other credit accounts all with CLs above 10K except for one. I've been with BoA since 2003. I want the increase because the card has a 5.9% Fixed APR and I want to use it purchase a new car for 21K that I plan to pay off in 36 months.

Some questions I'm considering is - should I just go ask for a $25K CL or do smaller asks over the next 9 months? Should I increase utilization on the card? (Currently, the util remains among 1-3% and is PIF each month). Any other strategies?

Any advice, tips, or points of consideration are greatly appreciated?

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 03:54:10 GMT

not sure if this is a real good call or not-

max a card when you can get an installment loan for the same APR.

pjriverap wrote:
Is it possible to get a 25K Limit on my BoA Mastercard? My current limit is 12.5K.

All my scores are in low-mid 700s and I have 6 other credit accounts all with CLs above 10K except for one. I've been with BoA since 2003. I want the increase because the card has a 5.9% Fixed APR and I want to use it purchase a new car for 21K that I plan to pay off in 36 months.

Some questions I'm considering is - should I just go ask for a $25K CL or do smaller asks over the next 9 months? Should I increase utilization on the card? (Currently, the util remains among 1-3% and is PIF each month). Any other strategies?

Any advice, tips, or points of consideration are greatly appreciated?

Re: Getting a 25K Limit in 10 months-

fused — Mon, 17 Mar 2008 04:07:17 GMT

I will tell you about my story...and this is no BS. I apped in 02/06 for an FIA (BoA) Fidelity 529 Plat Visa and begged them to approve me. They did but for only a 500 CL. Two years later this CC has a CL of 25K and I just put in another request for an additonal 5K...I have a feeling they might TD this one.

Keep in mind I have kept my util low on all of my CCs for the most part and I asked for CLIs frequently and here's how it went.

05/06 CLI of 500, new CL 1K

07/06 CLI of 1,500, new CL 2.5K

10/06 CLI of 2,500, new CL 5K

01/07 CLI of 5,000, new CL 10K

04/07 CLI of 5,000, new CL 15K

11 or 12/07 CLI of 3,000, new CL 18K

02/08 CLI of 7,000, new CL 25K

I would ask big and accept what they offer and space the requests every few months. I have to believe you are in a far better postion than I ever was. If you own a house, this will be looked at very favorably. Charge a lot and make large payments consistently. I have found BoA/FIA to be very generous with their best card holders.

Re: Getting a 25K Limit in 10 months-

fused — Mon, 17 Mar 2008 04:07:48 GMT

As for Timothy's advice, I agree 100%!

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 04:08:36 GMT

@Anonymous wrote:

not sure if this is a real good call or not-

max a card when you can get an installment loan for the same APR.

@pjriverap wrote:
Is it possible to get a 25K Limit on my BoA Mastercard? My current limit is 12.5K.

All my scores are in low-mid 700s and I have 6 other credit accounts all with CLs above 10K except for one. I've been with BoA since 2003. I want the increase because the card has a 5.9% Fixed APR and I want to use it purchase a new car for 21K that I plan to pay off in 36 months.

Some questions I'm considering is - should I just go ask for a $25K CL or do smaller asks over the next 9 months? Should I increase utilization on the card? (Currently, the util remains among 1-3% and is PIF each month). Any other strategies?

Any advice, tips, or points of consideration are greatly appreciated?

If I can get a car loan for a similar or less APR I will take that route...however, I want to have an alternative option just in case. Valuable thought though.

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 04:19:25 GMT

Do keep in mind that your 5.9% Fixed APR can also be increased. Whereas a 5.9% lifetime of the balance BT offer would have a "locked-in" rate that could not be changed, unless you do not meet your financial responsibilities.

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 06:25:43 GMT

@fused wrote:

I will tell you about my story...and this is no BS. I apped in 02/06 for an FIA (BoA) Fidelity 529 Plat Visa and begged them to approve me. They did but for only a 500 CL. Two years later this CC has a CL of 25K and I just put in another request for an additonal 5K...I have a feeling they might TD this one.

Keep in mind I have kept my util low on all of my CCs for the most part and I asked for CLIs frequently and here's how it went.

05/06 CLI of 500, new CL 1K

07/06 CLI of 1,500, new CL 2.5K

10/06 CLI of 2,500, new CL 5K

01/07 CLI of 5,000, new CL 10K

04/07 CLI of 5,000, new CL 15K

11 or 12/07 CLI of 3,000, new CL 18K

02/08 CLI of 7,000, new CL 25K

I would ask big and accept what they offer and space the requests every few months. I have to believe you are in a far better postion than I ever was. If you own a house, this will be looked at very favorably. Charge a lot and make large payments consistently. I have found BoA/FIA to be very generous with their best card holders.

Those are some geat CLIs fused! If you don't mind me asking, what was your HHI range during the last few (e.g. 60-80K, 80 -100K, or 100K+)? Thanks for sharing your experience!

Re: Getting a 25K Limit in 10 months-

ngerasimatos — Mon, 17 Mar 2008 06:28:03 GMT

With your scores you should have no issue qualifying for an automobile loan with an APR that low, especially if you finance for 36 months.

What kind of car are you wanting to buy?

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 10:01:01 GMT

Just out of curiosity, was your BoA MasterCard previously an MBNA card? I remember about 4 or 5 years ago, when the Prime Rate was around 4.0-4.5%, I frequently received preapproved offers from MBNA for credit cards that had 5.9% Fixed APRs.

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 16:47:30 GMT

@ngerasimatos wrote:
With your scores you should have no issue qualifying for an automobile loan with an APR that low, especially if you finance for 36 months.
What kind of car are you wanting to buy?

I'm looking at a new Camry possibly...hmm...

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 16:48:24 GMT

@Anonymous wrote:
Just out of curiosity, was your BoA MasterCard previously an MBNA card? I remember about 4 or 5 years ago, when the Prime Rate was around 4.0-4.5%, I frequently received preapproved offers from MBNA for credit cards that had 5.9% Fixed APRs.

Yup, it was an MBNA that I applied for a free t-shirt to get in college and it ended up being a great offer that I've kept since!

Re: Getting a 25K Limit in 10 months-

fused — Mon, 17 Mar 2008 17:38:26 GMT

pjriverap wrote:

Those are some geat CLIs fused! If you don't mind me asking, what was your HHI range during the last few (e.g. 60-80K, 80 -100K, or 100K+)? Thanks for sharing your experience!

100+K HHI

Re: Getting a 25K Limit in 10 months-

jsmith12345 — Mon, 17 Mar 2008 17:46:01 GMT

I charged my BOA up to almost max in one month ($25k at the time) and then paid it off in full (I was testing what a non-reporting CL would do to my credit report). Then I put in for a CLI without entering the amount (you don't have to with BOA). My scores are all mid-700's (I also bank with them, so they know my income is legit). They doubled my CL to $50k the next day. My strategy was to show them I used the credit they had given me, but did it responsibly.... Seemed to work, thought it might be helpful for ya. Good luck on it!

Re: Getting a 25K Limit in 10 months-

Anonymous — Mon, 17 Mar 2008 20:54:43 GMT

Just as a side, check with the car dealership that they would take a CC payment. I have a coworker that wanted to do the same thing but was unable to, He had the credit limit and credit available to make the purchase but either the CC or the dealership would not allow to to make the transaction. (not sure which).... It would really suck that you wold go thru all the work to get the CLI on a CC to make the purchase then one of them putting the kabash on it.

~AttaGirl

Re: Getting a 25K Limit in 10 months-

MidnightVoice — Mon, 17 Mar 2008 20:58:05 GMT

My Toyota dealer will take no more $1000 on a CC

Re: Getting a 25K Limit in 10 months-

Anonymous — Tue, 18 Mar 2008 01:00:21 GMT

@Anonymous wrote:
Just as a side, check with the car dealership that they would take a CC payment. I have a coworker that wanted to do the same thing but was unable to, He had the credit limit and credit available to make the purchase but either the CC or the dealership would not allow to to make the transaction. (not sure which).... It would really suck that you wold go thru all the work to get the CLI on a CC to make the purchase then one of them putting the kabash on it.
~AttaGirl

good point...thanks and will do!

Re: Getting a 25K Limit in 10 months-

Anonymous — Tue, 18 Mar 2008 02:26:49 GMT

@pjriverap wrote:

@Anonymous wrote:
Just as a side, check with the car dealership that they would take a CC payment. I have a coworker that wanted to do the same thing but was unable to, He had the credit limit and credit available to make the purchase but either the CC or the dealership would not allow to to make the transaction. (not sure which).... It would really suck that you wold go thru all the work to get the CLI on a CC to make the purchase then one of them putting the kabash on it.
~AttaGirl

good point...thanks and will do!

BoA might be able to provide you with convenience checks at your 5.9% APR, that a car dealer might accept. You'd have to call BoA and inquire about this.