topic Re: How much CLI? in Credit Cards

How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 20:45:23 GMT

Hi all, love these forums! Lots of really nice members who give great information and advice! I'm going to apply for a CLI for my BoA Cash Rewards card. Right now, my limit is at 700$. I've had the card with them since 11/12 and have had a low utl + pif every month. How much of a credit limit increase should I ask for? I was thinking maybe 2x or 3x?

Re: How much CLI?

GatorGuy — Wed, 10 Jul 2013 20:47:07 GMT

How much has your score increased since you have been with them? What about your income? Any other cards?

Re: How much CLI?

Anonymous — Wed, 10 Jul 2013 20:50:34 GMT

Just ask for say 3-4x. They should counter offer you if that can't raise it by that much. You are taking a HP for it anyways, so might as well ask for as much as you can.

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 20:58:10 GMT

@GatorGuy wrote:
How much has your score increased since you have been with them? What about your income? Any other cards?

Well before I got the card, I had no credit history at all. I don't know my score yet except for on creditsesame which is at 722. My personal income is 12,000 a year and my wife makes the same. Is it considered household income or just person? This is the only card I have.

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 21:00:12 GMT

@Anonymous wrote:
Just ask for say 3-4x. They should counter offer you if that can't raise it by that much. You are taking a HP for it anyways, so might as well ask for as much as you can.

Oh wow, I didn't even know they counter off you. My thought was if I ask too much they might just deny me so I wanted to ask for as much as I can without seeming greedy lol.

Re: How much CLI?

09Lexie — Wed, 10 Jul 2013 21:12:28 GMT

To answer the question on HHI, it would depend on how their question is posed. If they say, YOUR income then its just you.

Re: How much CLI?

09Lexie — Wed, 10 Jul 2013 21:12:55 GMT

To answer the question on HHI, it would depend on how their question is posed. If they say, YOUR income then its just you.

Edit: duplicate post.

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 21:16:35 GMT

@09Lexie wrote:
To answer the question on HHI, it would depend on how their question is posed. If they say, YOUR income then its just you.

On the application, it just says Annual Income which is why I'm a little confused.

Re: How much CLI?

Anonymous — Wed, 10 Jul 2013 21:26:22 GMT

It's best to assume everything to be personal income until they specifically ask for household income.

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 21:30:15 GMT

@Anonymous wrote:
It's best to assume everything to be personal income until they specifically ask for household income.

That's what I figured. Do they actually check? For example if I make 12k and I put 15 or 20k would that matter? The problem for me is, Most of the money I make is all cash so there isn't really a way for me to show how much I make at this time...

Re: How much CLI?

GatorGuy — Wed, 10 Jul 2013 21:33:15 GMT

@b1gr3dmachin3 wrote:
@Anonymous wrote:
It's best to assume everything to be personal income until they specifically ask for household income.
That's what I figured. Do they actually check? For example if I make 12k and I put 15 or 20k would that matter? The problem for me is, Most of the money I make is all cash so there isn't really a way for me to show how much I make at this time...

I say ask for $4k and accept whatever they offer you. No they won't verify your income unless your spending really seems to be out of proportion to your income but that is very rare.

Re: How much CLI?

Anonymous — Wed, 10 Jul 2013 21:43:30 GMT

Lying about your income is considered as fraudulent misrepresentation. You should search around to look at what you are getting yourself into, and its a lot more serious than it may seem. It's best to not do it entirely. Besides, writing 12, 15, or even 30k income isn't going to have that big of an effect. Your CL is at best going to be a few hundred bucks higher, but the risk is definitely not worth it.

If required, you would prove your income on your taxes. And your taxes is based on your own bookkeeping or your CPA.

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 21:49:02 GMT

Okay thanks guys for the advice. Wow ask for 4k from 700? that's a big jump! Would be awesome if they approved it though lol

Re: How much CLI?

OptimalCS — Wed, 10 Jul 2013 22:07:06 GMT

Ask and it shall be given!

I recently requested a CLI from Home Depot.

I wanted a large limit bc I hate having to worry about util being under 10%.

I asked for 8k and ended up being approved for 8.8k up from $1,500.

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 22:09:09 GMT

@OptimalCS wrote:
Ask and it shall be given!

I recently requested a CLI from Home Depot.

I wanted a large limit bc I hate having to worry about util being under 10%.

I asked for 8k and ended up being approved for 8.8k up from $1,500.

Wow, that's a huge increase lol gives me hope

Re: How much CLI?

GatorGuy — Wed, 10 Jul 2013 22:33:07 GMT

@b1gr3dmachin3 wrote:
Okay thanks guys for the advice. Wow ask for 4k from 700? that's a big jump! Would be awesome if they approved it though lol

I have definitely heard of crazier things happening.

Re: How much CLI?

takeshi74 — Wed, 10 Jul 2013 22:46:06 GMT

@b1gr3dmachin3 wrote:
Do they actually check?

They can. It isn't common but it does happen.

@b1gr3dmachin3 wrote:
For example if I make 12k and I put 15 or 20k would that matter?

It will matter if they ask you to verify.

@b1gr3dmachin3 wrote:
The problem for me is, Most of the money I make is all cash so there isn't really a way for me to show how much I make at this time...

That's the double-edged sword with cash income. Do you not deposit the cash? Do you not have regular deposit records?

Re: How much CLI?

b1gr3dmachin3 — Wed, 10 Jul 2013 22:55:02 GMT

@takeshi74 wrote:
@b1gr3dmachin3 wrote:
Do they actually check?
They can. It isn't common but it does happen.

@b1gr3dmachin3 wrote:
For example if I make 12k and I put 15 or 20k would that matter?
It will matter if they ask you to verify.

@b1gr3dmachin3 wrote:
The problem for me is, Most of the money I make is all cash so there isn't really a way for me to show how much I make at this time...
That's the double-edged sword with cash income. Do you not deposit the cash? Do you not have regular deposit records?

I deposit some of the cash in my bank. I'm not super worried about it because when I applied for the card I have now they didn't ask an questions so why should these guys? My main concern was whether to put my personal income or the income of both my wife and I.

Re: How much CLI?

Anonymous — Thu, 11 Jul 2013 23:02:07 GMT

@b1gr3dmachin3 wrote:
@takeshi74 wrote:
@b1gr3dmachin3 wrote:
Do they actually check?
They can. It isn't common but it does happen.

@b1gr3dmachin3 wrote:
For example if I make 12k and I put 15 or 20k would that matter?
It will matter if they ask you to verify.

@b1gr3dmachin3 wrote:
The problem for me is, Most of the money I make is all cash so there isn't really a way for me to show how much I make at this time...
That's the double-edged sword with cash income. Do you not deposit the cash? Do you not have regular deposit records?

I deposit some of the cash in my bank. I'm not super worried about it because when I applied for the card I have now they didn't ask an questions so why should these guys? My main concern was whether to put my personal income or the income of both my wife and I.

Just activated my BOA cash rewards today--they had initially set a $1500 cl. I asked for a cli when activating- they pulled TU (haven't seen it yet but I could tell by talking with the senior credit anylyst they had me speak with and what she mentioned about my AAOA-my TU is alot longer than EX or EQ). I work in restaurant---my W-2 documented yearly income is about $13,000 - LOL -low, low, low!!! I have to file a form 4137 to claim my additional income when filing taxes (yes, on loans I pretty much so have self employed status because the majority of my income is cash) which brings me up to around $31,000 (still low but -hey- not all of us make 6 figures!) Not sure if this is reassuring to you but they did not ask for income verification--but mine does match what is on my original application and could be supported with bank statements and prior years returns. They granted the CLI to $5700 to match my Discover. It is important to me to keep my utilization low and I told them this. Their customer service was great and you do get a chance to actually speak with a credit anylyst when the decision is being made--I put the request in with a regular CS rep and was given a number to call within 24 hours to speak with them and receive answer. There were no further questions asked other than those asked when request was put in w/ general CS. I don't recall whether or not they inluded HHI as part of their longggggggg list of income that would qualify but it was an open ended list and they did not exclude it.GL