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Bank of America CLI

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Mike1014805
New Contributor

Bank of America CLI

So I've had my bank of america customized cash rewards card now for 9 years. And yet, I've been stuck at a $2,000 limit the entire time I've had the card. Yet, in November of 2021, I was approved for a $5,500 Venture Card and $3,300 Amazon Visa. I also have a Discover It with $3,000 and I'm pre-approved for other cards. 

 

My Transunion Score is a 720 (so it's not even that bad). Yet,  whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different. 

 

Does anyone else have the same issue I'm having with them? Should I stop using the card for a little while?

 

Side note: I even tried calling BofA and a rep told me it's because of how the credit card account is set up (apparently they bucket their cards like Capital One. This was also my very first credit card). She suggested applying for a new card at this point. However, wouldn't I be instantly denied a new card with them if I'm always being denied a CLI?

 

(I also know I mentioned this back in November of last year...but after reaching out to Bank of America...I'm looking for updated advice on what I should do now). 

13 REPLIES 13
OmarGB9
Community Leader
Super Contributor

Re: Bank of America CLI

It's possible it's bucketed in a similar way to how Cap One buckets accounts. And while I'm not too familiar with BoA, just because they're denying a CLI, it doesn't mean they'd deny a new card, especially if your account truly is bucketed. There are plenty of lenders,  (i.e. Capital One, NFCU) who have a tendency to deny a CLI on an existing account, but then approve a whole new account. There's only 1 way to test that theory of course: by applying. 


Last App: 1/10/2023
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Currently rebuilding as of 04/11/2019.

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Current FICO 8 scores:


Message 2 of 14
AverageJoesCredit
Legendary Contributor

Re: Bank of America CLI


@Mike1014805 wrote:

So I've had my bank of america customized cash rewards card now for 9 years. And yet, I've been stuck at a $2,000 limit the entire time I've had the card. Yet, in November of 2021, I was approved for a $5,500 Venture Card and $3,300 Amazon Visa. I also have a Discover It with $3,000 and I'm pre-approved for other cards. 

 

My Transunion Score is a 720 (so it's not even that bad). Yet,  whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different. 

 

Does anyone else have the same issue I'm having with them? Should I stop using the card for a little while?

 

Side note: I even tried calling BofA and a rep told me it's because of how the credit card account is set up (apparently they bucket their cards like Capital One. This was also my very first credit card). She suggested applying for a new card at this point. However, wouldn't I be instantly denied a new card with them if I'm always being denied a CLI?

 

(I also know I mentioned this back in November of last year...but after reaching out to Bank of America...I'm looking for updated advice on what I should do now). 


For most who dont have assets with BOA,  many get capped at 50% of their incomes  as BOA often doesnt feel comfortable extending more credit though of course there are always outliers/exceptions . If you have more than a 4k income you should be ok lol and i would venture that you should use a hard pull to apply a new card to see where you stand. If rejected its only a hard pull you can move on.  

Message 3 of 14
tcbofade
Super Contributor

Re: Bank of America CLI

Apply for the second card.

 

DW has a BofA card with a $5k limit and they won't give her a CLI... so she applied for a second card, and was approved with a $14k starting line.  Smiley Very Happy

 

Every bank is different... for some, a new account will garner a larger line than a CLI that you can't get approved for...

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 4 of 14
Anonymous
Not applicable

Re: Bank of America CLI


@Mike1014805 wrote:

So I've had my bank of america customized cash rewards card now for 9 years. And yet, I've been stuck at a $2,000 limit the entire time I've had the card. Yet, in November of 2021, I was approved for a $5,500 Venture Card and $3,300 Amazon Visa. I also have a Discover It with $3,000 and I'm pre-approved for other cards. 

 

My Transunion Score is a 720 (so it's not even that bad). Yet,  whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different. 

 

Does anyone else have the same issue I'm having with them? Should I stop using the card for a little while?

 

Side note: I even tried calling BofA and a rep told me it's because of how the credit card account is set up (apparently they bucket their cards like Capital One. This was also my very first credit card). She suggested applying for a new card at this point. However, wouldn't I be instantly denied a new card with them if I'm always being denied a CLI?

 

(I also know I mentioned this back in November of last year...but after reaching out to Bank of America...I'm looking for updated advice on what I should do now). 


I did a similar post on my BofA cards being bucketed as well. My cards are decades older then yours are. Although the term "bucketed" mostly applies to cards with CL's of up to $1,000 I  have discovered on here that BofA can do an internal "bucket" once they feel your cards line is sufficient for your income and profile.

 

What I came away with my post on this issue with BofA was that I may have reached my maximum allowed without it going before a UW.  

 

With a real FICO of 720 there must be something on your credit report holding you back, maybe a late payment or a high utilization on a card? I would suggest you try and fix the problem that is holding your score down prior to looking for a CLI or a new card.

 

Please add to this post any info that can help determine what is keeping your score down.

Thanks

Mark

Message 5 of 14
SoCalGardener
Valued Contributor

Re: Bank of America CLI


@Mike1014805 wrote:

 

My Transunion Score is a 720 (so it's not even that bad). Yet,  whenever I ask for a CLI with BofA, I'm always denied, and the reason why is always different

 


What reasons have they provided? In my experience [not just with BofA] denial reasons can range from the logical to the ridiculous! But sometimes there's a glimmer of truth in there, so if we knew what they're telling you, it might help.

 

Also, I didn't get a CLI on my BofA CCR card for many years--and then I did. A big one. That was several months ago. So you never know!

 

It would also be helpful if we knew some of your other data points, such as overall utilization, your average age of accounts, whether there are any derogatories on your reports, and so on. The more we know, the better.

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 6 of 14
Mike1014805
New Contributor

Re: Bank of America CLI

- I have a couple of c/o on my report from around 6 years ago when I lost my job.

- my utilization rate is at 0% because I pay all my cards in full each month

- I use all of my credit cards regularly

- carrying a balance does NOT nelp your credit score (despite the popular myth/belief it does)

- I make 70,000 a year so its not my income. My debt to income ratio is only 16% (student loans, a car loan, and a VERY small personal loan)

- my credit age history is 12 years 

- reasons for denial are always random, and bank of america is the only one that denies me for the reasons they give: charge off from 6 years ago, a late payment on one or more of my accounts (even though I'm never late), my student loan balances even though I make biweekly payments

- my current scores are: 

Transunion 720

Experian 717

Equifax 709

Message 7 of 14
Anonymous
Not applicable

Re: Bank of America CLI


@Mike1014805 wrote:

- I have a couple of c/o on my report from around 6 years ago when I lost my job.

- my utilization rate is at 0% because I pay all my cards in full each month

- I use all of my credit cards regularly

- carrying a balance does NOT nelp your credit score (despite the popular myth/belief it does)

- I make 70,000 a year so its not my income. My debt to income ratio is only 16% (student loans, a car loan, and a VERY small personal loan)

- my credit age history is 12 years 

- reasons for denial are always random, and bank of america is the only one that denies me for the reasons they give: charge off from 6 years ago, a late payment on one or more of my accounts (even though I'm never late), my student loan balances even though I make biweekly payments

- my current scores are: 

Transunion 720

Experian 717

Equifax 709


It is the C/O's that are mostly holding your scores down. Banks like BofA are reluctant to give CLI's while the C/O's are still on your report.

Well as far as your utilization is at zero is also a big drag on your scores. By not owing any money out you take a big hit on your CR's. Who ever told you that having a zero utilization is good for your scores is dead wrong. 

I let 2% utilization report every month. I vary which cards I allow to report. Then I pay it off right away to avoid interest. I tried the " zero utilization" theory and it always lowered my scores by up to 40 or so points. You should try this and you will see a big jump in your scores. FICO dings you for not having any reported balances on your CC's

Thanks

Mark

Message 8 of 14
Mike1014805
New Contributor

Re: Bank of America CLI

If you use your card and pay it off, then your card is reported as used and paid in full for that month. They also report how much you spend on that card and how much you paid. More than one bank told me this while I was doing research on mortgages. You shouldn't carry more than 10% if you HAVE to carry a balance. That balance will show you live outside your means. But every month all of my cards get reported as used. 0-2% is ideal for your total available credit. 

 

And like I said, BofA is the only bank I have these issues with on my credit report. 

Message 9 of 14
OmarGB9
Community Leader
Super Contributor

Re: Bank of America CLI


@Mike1014805 wrote:

If you use your card and pay it off, then your card is reported as used and paid in full for that month. They also report how much you spend on that card and how much you paid. More than one bank told me this while I was doing research on mortgages. You shouldn't carry more than 10% if you HAVE to carry a balance. That balance will show you live outside your means. But every month all of my cards get reported as used. 0-2% is ideal for your total available credit. 

 

And like I said, BofA is the only bank I have these issues with on my credit report. 


There's a difference between carrying a balance and paying interest, and *reporting* a certain balance. You don't have to pay interest when you let a balance report. You simply use all cards as normal and whatever card you want to let report a balance, then you pay it down to $X balance before the cycle closes and let the statement generate. As soon as the statement generates/the small balance is reported to the bureaus, you can then pay off that small balance right away.

 

And also, it has actually been proven time and time again on these very forums that paying all cards to zero and letting no balances report actually penalizes you because the FICO algorithm likes to see some usage. It's not a myth.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 10 of 14
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