Approved for BoA card but limit too low

Anonymous · ‎03-27-2018

My Discover intro 0% APR is expiring and I have a limit on it of $10,800, with a balance of $2100. I figured I'd take advantage of BoA's $0 fee & 0% APR intro and transfer the balance to it to pay down over 15 months with no interest, but I didn't request the balance transfer as part of the application process though it did have that option. Imagine my surprise when I was informed the limit I was granted was $1000 when I got the almost instantaneous online approval. FICO 8 score is 719, bankruptcy filed more than 8 years ago, current total credit utilization is 12%. Anyone have any strategy to suggest for increasing the limit once I receive the card & activate so I can transfer the whole Discover balance?

Anonymous · ‎03-27-2018

Call and talk to an analyst.

Anonymous · ‎03-27-2018

Should I do that now using the reference number I got, or wait until I receive the card?

Anonymous · ‎03-27-2018

@Anonymouswrote:
Should I do that now using the reference number I got, or wait until I receive the card?

There is no need to wait. Go ahead and call the backdoor number for a credit analyst now.

Anonymous · ‎03-28-2018

now

Anonymous · ‎03-29-2018

@Anonymouswrote:
My Discover intro 0% APR is expiring and I have a limit on it of $10,800, with a balance of $2100. I figured I'd take advantage of BoA's $0 fee & 0% APR intro and transfer the balance to it to pay down over 15 months with no interest, but I didn't request the balance transfer as part of the application process though it did have that option. Imagine my surprise when I was informed the limit I was granted was $1000 when I got the almost instantaneous online approval. FICO 8 score is 719, bankruptcy filed more than 8 years ago, current total credit utilization is 12%. Anyone have any strategy to suggest for increasing the limit once I receive the card & activate so I can transfer the whole Discover balance?

Out of curiosity, was BofA part of your BK?

Anonymous · ‎03-29-2018

It was not. Wells, AmEx, Citi - haven't tried to resume any relationship with them, even with BK > 8 years ago (filed in Jan. '10). Spoke with credit analyst using back door # 866.618.4585. Analyst was very nice & put request through, but it was declined again (w/out a CR hard pull - used the same one as was used on the application) since I'm not a BoA customer in any other way and they want to see "how IO handle my account for a period of 3 months or so.

Anonymous · ‎03-29-2018

@Anonymouswrote:
It was not. Wells, AmEx, Citi - haven't tried to resume any relationship with them, even with BK > 8 years ago (filed in Jan. '10). Spoke with credit analyst using back door # 866.618.4585. Analyst was very nice & put request through, but it was declined again (w/out a CR hard pull - used the same one as was used on the application) since I'm not a BoA customer in any other way and they want to see "how IO handle my account for a period of 3 months or so.

I'm in the same boat as you, no love from BOA & Citi.

Anonymous · ‎03-29-2018

At the risk of sending the discussion on a tangent, for which I apologize in advance, has anyone had success in applying for a BoA card several years after a BK in which a secured product (i.e., mortgage or second mortgage) with BoA was included, where one still has a checking account with BoA?

Anonymous · ‎03-29-2018

@Anonymouswrote:
It was not. Wells, AmEx, Citi - haven't tried to resume any relationship with them, even with BK > 8 years ago (filed in Jan. '10). Spoke with credit analyst using back door # 866.618.4585. Analyst was very nice & put request through, but it was declined again (w/out a CR hard pull - used the same one as was used on the application) since I'm not a BoA customer in any other way and they want to see "how IO handle my account for a period of 3 months or so.

If you had a prior relationship i.e "Checking Account" in good standing over time it may have helped. BOA does appear to be prove yourself first kind of bank but once your established they are terrific.