topic Tips for BofA CLI? in Credit Cards

Tips for BofA CLI?

flyingpenguin — Mon, 27 May 2013 02:29:00 GMT

Hey guys, so I want to request a CLI on my BofA Travel Rewards card since it's my lowest limit by far:

BofA Travel Rewards: $1700

Citi Forward: $5500

US Bank Cash+: $11,000

AMEX BCP: $12,100

My main concern is that I haven't had much activity on it lately. I opened it in 2007 as a student platinum plus @ $700 and got two auto CLI's of $500 each before the financial crisis hit, none since then (lol). After I got my Citi Forward in 2009, I pretty much sock drawered this one. I recently PC'd to Travel Rewards. I only put one purchase on it in 2012 (in March). This year, I ran some small purchases on it in February and April (like $70 total). Right now I have $450 on it, which I plan to pay off before the statement cuts.

Since it's almost definitely going to be a HP, I want to make it count.

1) How much of a CLI should I request? Would it be crazy to ask for 10k, since that's over 5x my current limit?

2) Can I include my bonus under Total Income? It says: "We collect income information to determine your ability to pay. Examples may include income earned from employment (salary, overtime, bonus), retirement/pension benefits and rental properties." so it sounds like yes. But maybe to be safe, I won't.

3) I think it would probably be a good idea to wait a few more months to show more usage, to justify why I want a CLI. Do you think that's necessary? How much should I run through it?

4) I've been paying off in full before the statement cuts. Would it be better to let a balance report?

5) BofA pulls TU for CLI, right? I have 0 inq on TU, 1 on EQ, and 2 on EX.

Thanks for any advice!

Re: Tips for BofA CLI?

LS2982 — Mon, 27 May 2013 02:30:51 GMT

@flyingpenguin wrote:
Hey guys, so I want to request a CLI on my BofA Travel Rewards card since it's my lowest limit by far:

BofA Travel Rewards: $1700
Citi Forward: $5500
US Bank Cash+: $11,000
AMEX BCP: $12,100

@Anonymous main concern is that I haven't had much activity on it lately. I opened it in 2007 as a student platinum plus @ $700 and got two auto CLI's of $500 each before the financial crisis hit, none since then (lol). After I got my Citi Forward in 2009, I pretty much sock drawered this one. I recently PC'd to Travel Rewards. I only put one purchase on it in 2012 (in March). This year, I ran some small purchases on it in February and April (like $70 total). Right now I have $450 on it, which I plan to pay off before the statement cuts.

Since it's almost definitely going to be a HP, I want to make it count.

1) How much of a CLI should I request? Would it be crazy to ask for 10k, since that's over 5x my current limit?

2) Can I include my bonus under Total Income? It says: "We collect income information to determine your ability to pay. Examples may include income earned from employment (salary, overtime, bonus), retirement/pension benefits and rental properties." so it sounds like yes. But maybe to be safe, I won't.

3) I think it would probably be a good idea to wait a few more months to show more usage, to justify why I want a CLI. Do you think that's necessary? How much should I run through it?

4) I've been paying off in full before the statement cuts. Would it be better to let a balance report?

5) BofA pulls TU for CLI, right? I have 0 inq on TU, 1 on EQ, and 2 on EX.

Thanks for any advice!

I would wait and I would include your bonus money. No clear cut bureau on who they pull. I wouldn't leave a balance, charge and PIF.

Re: Tips for BofA CLI?

Creditaddict — Mon, 27 May 2013 02:46:50 GMT

I would do it now... tell them you have not used the card because it sucks and you recently pc but if it is not as much or higher then your other credit lines you will continue to ignore them. include any money you have to repay. and TU I think mostly. Ask for $15k, they can counter!

Re: Tips for BofA CLI?

09Lexie — Mon, 27 May 2013 03:11:37 GMT

I would wait until you pay the balance.

Re: Tips for BofA CLI?

ezdoesit — Mon, 27 May 2013 03:19:58 GMT

@Creditaddict wrote:
I would do it now... tell them you have not used the card because it sucks and you recently pc but if it is not as much or higher then your other credit lines you will continue to ignore them. include any money you have to repay. and TU I think mostly. Ask for $15k, they can counter!

+1 but what is your overall profile like do you have a balance on just the BOA card. If so definitely app because you util would be real low anyway.

Re: Tips for BofA CLI?

Anonymous — Mon, 27 May 2013 03:45:40 GMT

@flyingpenguin wrote:
Hey guys, so I want to request a CLI on my BofA Travel Rewards card since it's my lowest limit by far:

BofA Travel Rewards: $1700
Citi Forward: $5500
US Bank Cash+: $11,000
AMEX BCP: $12,100

@Anonymous main concern is that I haven't had much activity on it lately. I opened it in 2007 as a student platinum plus @ $700 and got two auto CLI's of $500 each before the financial crisis hit, none since then (lol). After I got my Citi Forward in 2009, I pretty much sock drawered this one. I recently PC'd to Travel Rewards. I only put one purchase on it in 2012 (in March). This year, I ran some small purchases on it in February and April (like $70 total). Right now I have $450 on it, which I plan to pay off before the statement cuts.

Since it's almost definitely going to be a HP, I want to make it count.

1) How much of a CLI should I request? Would it be crazy to ask for 10k, since that's over 5x my current limit? If your income can support this new CL, go for it. it's perfectly fine.

2) Can I include my bonus under Total Income? It says: "We collect income information to determine your ability to pay. Examples may include income earned from employment (salary, overtime, bonus), retirement/pension benefits and rental properties." so it sounds like yes. But maybe to be safe, I won't. To be safe, you can always put just your base income under income section, and put your bonus under "other income" section.

3) I think it would probably be a good idea to wait a few more months to show more usage, to justify why I want a CLI. Do you think that's necessary? How much should I run through it? I don't think it's necessary.

4) I've been paying off in full before the statement cuts. Would it be better to let a balance report? It doesn't matter. They can see how much you use and pay each month in your CR.

5) BofA pulls TU for CLI, right? I have 0 inq on TU, 1 on EQ, and 2 on EX. They can pull from any bureau(s).

Thanks for any advice!

Best of luck with the CLI!

Just make sure you have low utilization overall and you should be good.

Re: Tips for BofA CLI?

flyingpenguin — Mon, 27 May 2013 03:50:27 GMT

@ezdoesit wrote:
@Creditaddict wrote:
I would do it now... tell them you have not used the card because it sucks and you recently pc but if it is not as much or higher then your other credit lines you will continue to ignore them. include any money you have to repay. and TU I think mostly. Ask for $15k, they can counter!
+1 but what is your overall profile like do you have a balance on just the BOA card. If so definitely app because you util would be real low anyway.

Sorry if I was unclear - the $450 currently on it hasn't reported - the statement will cut in about 2 weeks, but I'll pay it off before then. Currently I only have AMEX reporting, with a balance of about $250. I try to only have one card report at a time. I could switch it over to BofA for a few months. I'm thinking I should wait to request the CLI in August, when I'll have 6 months of regular use. (I know I'm probably overthinking this ) Thanks for the replies so far!

Re: Tips for BofA CLI?

Creditaddict — Mon, 27 May 2013 03:59:31 GMT

@flyingpenguin wrote:
@ezdoesit wrote:
@Creditaddict wrote:
I would do it now... tell them you have not used the card because it sucks and you recently pc but if it is not as much or higher then your other credit lines you will continue to ignore them. include any money you have to repay. and TU I think mostly. Ask for $15k, they can counter!
+1 but what is your overall profile like do you have a balance on just the BOA card. If so definitely app because you util would be real low anyway.
Sorry if I was unclear - the $450 currently on it hasn't reported - the statement will cut in about 2 weeks, but I'll pay it off before then. Currently I only have AMEX reporting, with a balance of about $250. I try to only have one card report at a time. I could switch it over to BofA for a few months. I'm thinking I should wait to request the CLI in August, when I'll have 6 months of regular use. (I know I'm probably overthinking this ) Thanks for the replies so far!

WAY OVER THINKING... In 6 months that INQ could be just that, 6 months old! If $200 something is what's on your report and you have 3 cards over $10k, BofA should be golden for the $15k but if they are feeling stupid I guess they could fall less than $10k but they tend to be generous and you for sure support with other banks now they need to step up or move out! DO IT DO IT DO IT.... like now, online!

Re: Tips for BofA CLI?

SRAGS — Mon, 27 May 2013 04:20:44 GMT

Best bet 10k. To 12 k. They may pull any credit bureau. Thanks

Re: Tips for BofA CLI?

flyingpenguin — Mon, 27 May 2013 16:16:06 GMT

Thanks guys. Since my inquiries on EX are very recent (Feb and Apr), I think I'll wait like 2 months, then request a CLI of $10k. Although maybe I'll get impatient and do it earlier than that.

One more question. I have checking and savings accounts with BofA. Would it make any difference if I transferred a bunch of money to them before asking for the CLI? lol. I imagine it would only possibly make a difference on a manual review.

Re: Tips for BofA CLI?

Creditaddict — Mon, 27 May 2013 16:28:32 GMT

This isn't even your number one card and you don't need it by the other 3 banks that have given you the cl you deserve and have earned.... If Bank of America doesn't see that then you don't need them therefore you should not delay what you deserve... INQ are still going to be there in 2 months and you don't have that many and BofA doesn't really care that much atleast based on my partners approval after being declined USBank for new accounts.

I wouldnt bother transferring all the money either.... this is probably going to be instant in the end when you do it and then all this time and thought is going to be really stressful for nothing

Re: Tips for BofA CLI?

Anonymous — Tue, 28 May 2013 09:59:17 GMT

@flyingpenguin wrote:
Thanks guys. Since my inquiries on EX are very recent (Feb and Apr), I think I'll wait like 2 months, then request a CLI of $10k. Although maybe I'll get impatient and do it earlier than that.

One more question. I have checking and savings accounts with BofA. Would it make any difference if I transferred a bunch of money to them before asking for the CLI? lol. I imagine it would only possibly make a difference on a manual review.

If your util is low now, go for it now. No need to wait.

Transferring money to your checking/savings at the last minute will not help much. BofA, Citi, Wells Fargo and Chase looks at your average daily balance as a metric, not current balance.