Bank of America CLI

[LittleSal]

Does Bank of America consider deposit accounts (checking & savings) when deciding CLI’s on their credit cards?

I’m thinking about moving some money out of BoA but won’t if it will affect my CLI chances. I have a Cash Rewards card at $16k that is due for increase soon. Would like to see it around $50k at some point.

Thanks

[xaximus]

I don't have any money in any of their accounts, other then one that has probably 1-2K in it. I personally think that BoA is more income driven, so they prefer to see a good income and good paying habits. That has been my experience with BoA but as always, YEMV.

[coldfusion]

Beyond the obvious correlation with their secure cards, with 1 other potential exception* there is no definitive known quid pro quo template but it's widely believed that BoA does take into consideration one's overall business with the bank when reviewing CLI requests. 

*There are muliple DP where they have approved business cards on the condition that the applicant also open a CD. 

[xaximus]

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@coldfusion wrote:

Beyond the obvious correlation with their secure cards, with 1 other potential exception* there is no definitive known quid pro quo template but it's widely believed that BoA does take into consideration one's overall business with the bank when reviewing CLI requests. 

*There are muliple DP where they have approved business cards on the condition that the applicant also open a CD. 

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I do believe a banking account is useful if you are applying for the Premium Rewards card as well. I've seen/heard/read of people having banking accounts with BoA when apping for the Premium Rewards card. 

[Priory_Man]

I don't think they do, I recently had my Cash rewards CL raised to $50k and I don't carry a huge amount in my checking or savings accounts.

[Anonymous]

Congrats on that. How much did it increase from? And is that a hard inquiry or a soft inquiry? Thanks

[Peteyglad]

All I have with BOA is a basic savings account with a few hundred dollars in it to avoid the monthly fee.

[imaximous]

I don't think it matters too much if you have a good profile, but they like you more if you have at least some money with them. We only have a checking account where we keep money for our travels/vacation/etc. Balance is usually around 10k and we replenish as needed, but it's also been pretty low at times.
DW has a $50k card that she got about 7 months ago. I have 2 cards with about $70k.
However, a while back I got a denial for a new app, and one of the reasons was something related to insufficient assets with BoA and affiliates.

[Longroad]

Not sure if they do or not. I have a small checking account that I basically use for miscellaneous debit card transactions and had a travel rewards card that started at $3500 a couple of years ago then went to $5000 last July via the luv button. Added a SIMPLE IRA account with Merrill through my business in October '18 and it is now right at $10K. Just asked for a CLI to $15K yestereday and was given $11,600. I'll take it. Don't know if the ML account had anything to do with it or not. 

[Priory_Man]

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@Anonymous wrote:

Congrats on that. How much did it increase from? And is that a hard inquiry or a soft inquiry? Thanks

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It was $31k and it was only a SP.