BOA cli feedback

[mrcrisp023]

Hey all,

I'd like some feedback on the BOA cli process.  I was approved for the Unlimited Cash Rewards Visa signature back in late October.  I must have barely sqeaked by because I I had to send in POI ($250K) and only got approved for $500 (some late payments still lingering on my CR, plus I did apply in the midst of an app spree).  I really want to make this my primary card and get a high CL on it.  I've been running almost $2k through it each month and paying off in full.  I haven't had the CLI button available in my account (app or desktop version), so I called as a shot in the dark 3 weeks ago, got a a denial letter in the mail saying my account hasnt been opened for 3 months yet, and that I have limited or no deposit or investment balances with them or their affiliates (which I'm not sure I understand, I have a checking and savings account with them and I have part of my checks direct deposit to them, almost $6k a month).  I knew it was a little early, so I figured I wait until my 3rd statement cut and hopefully the link would be showing.  I checked this morning (statement cut yesterday), but still no link.  What gives?  Should I call again and request another one or will I just be denied for another silly reason?  My scores in my signature are current.  

Thanks!

[coldfusion]

3 months is generally way too early to request a CLI from BoA.    In many cases it can take a year before a successful request. 

The "request a credit limit increase" hyperlink is automatically generated when the current iteration of an internal algorithm has determined that you're eligible to request an increase. It is not a preapproval nor is it definitive, as there are multiple data points that confirm it's possible to call in and be approved for an increase even if the account does not have a hyperlink displayed.

Without knowing the details regarding your specfic profile it's speculative as to why you got a $500 limit in the first place but having multiple lates reporting especially if they're relatively recent would definitely be a contributing factor.

[mrcrisp023]

Got it. Yea I saw a lot of DP's about 3 months being the eligibility point for BOA CLI's so I figured I give it a shot. Same for calling in for the CLI as you noted. I did just call and said it was sent to an analyst for review, so I'm prepped for the denial. I'm curious what the reasons will be this time, since the card has been open for over 3 months now. If the only reason they note is the deposit/investment balances, I'm def going to call for recon or clarity because that doesn't make sense with the deposits I have flowing through my accounts.

[isik]

I opened my BofA CCR as my first US credit card, they gave me a $1.5k CL. I also opened a checking account and waited 3 days before applying for the credit card (what the branch manager recommended, apparently increases my chances significantly).

The link was always there for me. I requested my first CLI at 6 months, and every 3 months since then. Always approved. The link turns red after requests, and turns blue again in 3 months, I assume this color change has something to do with my eligibility to request a CLI.

@mrcrisp023 wrote:

got a a denial letter in the mail saying my account hasnt been opened for 3 months yet, and that I have limited or no deposit or investment balances with them or their affiliates (which I'm not sure I understand, I have a checking and savings account with them and I have part of my checks direct deposit to them, almost $6k a month).

---

This is weird. Maybe their internal system somehow doesn't recognize that you also have checking accounts?

[atarvuzdar]

Personally, I never applied for a CLI until I saw the link available. Sometimes it would show up after 3 months, sometimes longer. My income is on par with yours. I have checking and savings with BoA and direct deposit my entire paycheck. Just takes some time to increase. You can see in my sig how successful I've been with CLI's. 

[mrcrisp023]

Thanks. I'm still waiting to get the letter to see what the reason for denial was. $500 is just such a tedious limit to work with. I just have to be patient.

[MT64]

@mrcrisp023curious to hear the denial reasons if you don't mind sharing. I'm guessing your CLI chances may increase once you pass 700 mark. My personal experience (with other banks) in the past has been that once you reach 700, they flood you with offers, etc.

[mrcrisp023]

They came back with “current or past delinquency, public record, collection” etc. So they must be flagging on one of my old delinquencies cuz I don’t have anything else derogatory on there.

[direct007]

You've got to play the long game with Bank of America and if you do it right, they can be very generous.

First, I would wait until your late pays are off your credit report.

If you are actually making $250k/year, not only run your deposits through, but keep a steady growing balance in your account(s).

Bank of America is a relationship based bank.  If they see you have the funds in your account, steady dependable deposits and a clean credit report, they will let you grow your credit limits to a potentially high limit. 

You will also qualify for better rewards if your bank account balances hit certain plateaus in their preferred rewards program.  I usually ask for a credit line increase no more than once per year and it's usually a percentage of the existing line.