Bank Of America CLI???

[JStyleszx]

I’ve had a cash rewards card since May 2017 and i starting to find out about the sp cli they give. Back in Oct i was scared to ask for a high limit.. $1700 to $5000. Trying to pull the trigger at aim at $25k or 50% of my income.. ($42k income) so $21k.

Read that they soft pull TU . At the time my tu was 667. Now it is 709. I’ve been approved for 2 new cards for a total of $13k credit.. Should i wait till they hit my report & will bring my total util from 31% to 20%? Possibly bringing my TU score higher

Or should i just go for it ?

[Anonymous]

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@JStyleszx wrote:
I’ve had a cash rewards card since May 2017 and i starting to find out about the sp cli they give. Back in Oct i was scared to ask for a high limit.. $1700 to $5000. Trying to pull the trigger at aim at $25k or 50% of my income.. ($42k income) so $21k.

Read that they soft pull TU . At the time my tu was 667. Now it is 709. I’ve been approved for 2 new cards for a total of $13k credit.. Should i wait till they hit my report & will bring my total util from 31% to 20%? Possibly bringing my TU score higher

Or should i just go for it ?

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@JStyleszx It is unlikely that BofA will approve a CLI of more than 3X your current limit. So if I were in your shoes I would ask for $18K and allow them to counteroffer the amount they are currently willing to extend.

Also, you have to wait at least 91 days after a CLI before requesting another one or you will be denied.  Depending on when in October your first CLI was approved you may have to wait before applying again.

Finally, it would be better to make the CLI request before the new accounts report to the credit bureau; reducing the chance that you would be denied for credit seeking.

[K-in-Boston]

In my experience, the floodgates opened at 720.  It's hard to say whether your score will go up or down because there are a lot of factors at play.  You're going to take dings for new accounts but also gain because of the decreased utilization.  Most likely, if your utilization is higher than 29.00% you're going to see a boost since utilization generally outweighs account aging.  Personally I would wait until you hit 720 or higher, and then shoot for the moon since they always counter.

[JStyleszx]

Yes . I’ve been approved on Oct 15th. Will most likely request on Jan 15th. I like my chances & i might just settle for the maximum 3x increase then.. i look forward to ask cli before my cards report.

[Anonymous]

I remember one poster with a CL of $7K asked the forum what to request. Decided on 50K. Got CL to 37K.

I was at 35.8K. Requested to 50K. Got it. The luv button showed up again 2 months later? Clicked it and got my hand slapped (we'll get back to you.... I'm still waiting Zzzzzz).

[TSlop]

I've only tried it once so far. I opened the card with $17k and tried for a CLI to $50k. They ended up giving me $37.5k. I'm not sure if they always counter or if I asked for too much. I forget when I did it last year, but the button is already back to ask for more. I doubt I will though, since the letter in the mail said they've extended me the maximum amount of exposure.

In my opinion, since it is a soft pull, I'd go for it and shoot for the stars. You can always do it again when the button comes back after your scores are up some more.

[kudosalert]

If I'm readying your numbers correctly. Your current CR limit is at $5000 and the combined credit limits on your two newest cards are $8000 bringing your total CL to $13k. If this is the case, you might get a letter from BOA saying at the are denying you because they think your current CL is sufficient. Why? BC it happened to me. Not exactly scientific work but none of us really know for sure except for given data points. I asked BOA for an increase when I had similar CL as you (denied). When I did it again, I had another card with 15k limit. They approved me the 2nd time around.

I would do it (if you see the button), since it will be a SP. Check out my post on when I asked BOA for a CLI of 99,000$. 

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@JStyleszx wrote:
I’ve had a cash rewards card since May 2017 and i starting to find out about the sp cli they give. Back in Oct i was scared to ask for a high limit.. $1700 to $5000. Trying to pull the trigger at aim at $25k or 50% of my income.. ($42k income) so $21k.

Read that they soft pull TU . At the time my tu was 667. Now it is 709. I’ve been approved for 2 new cards for a total of $13k credit.. Should i wait till they hit my report & will bring my total util from 31% to 20%? Possibly bringing my TU score higher

Or should i just go for it ?

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