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Bank of America says no to credit increase on my cash rewards visa.

firefox100
Valued Contributor

Bank of America says no to credit increase on my cash rewards visa.

As I posted before I was able to get an credit increase on my Citi DC mastercard. I also tryed to request credit increase on my Bank of America Visa cash rewards credit card. The card was open in April of this year with starting cl of 16K and lowest intrest rate, have tryed couple of times to request cli no go did take 2K from my BOA master to make the cl on Visa 18K When I got the card put about 2.2K on card and have paid down the account 1075 dollars, did try to recon no go spent about 15mins on phone with nice person the problem is I don't use enough of credit line and also was that my mastercard which has 23K limit is not use very much. O told the recon person that I only use the mastercard when the bank has good balance offer, this cards has no rewards. O well I gave it good try. My fico scores are 809 transunion and income is 85K.

Message 1 of 13
12 REPLIES 12
mark3038
Established Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@firefox100 wrote:

As I posted before I was able to get an credit increase on my Citi DC mastercard. I also tryed to request credit increase on my Bank of America Visa cash rewards credit card. The card was open in April of this year with starting cl of 16K and lowest intrest rate, have tryed couple of times to request cli no go did take 2K from my BOA master to make the cl on Visa 18K When I got the card put about 2.2K on card and have paid down the account 1075 dollars, did try to recon no go spent about 15mins on phone with nice person the problem is I don't use enough of credit line and also was that my mastercard which has 23K limit is not use very much. O told the recon person that I only use the mastercard when the bank has good balance offer, this cards has no rewards. O well I gave it good try. My fico scores are 809 transunion and income is 85K.


By telling the bank that you only use the account when the interest rate is at zero or around there you just shot yourself in the foot. The bank does not want to hear that your account will never make them a profit. What would be there insentive to lend you more? If you told them you where going to buy a new washer and dryer and pay it out over a year at the current interest rate that gives them insentive to give you more.

 

Also based on your income, and not knowing your other expenses you may be at the maximum they would want to lend to you. Your CL's seem high for an income of $85K. You may be asking for the moon. It sounds like it but I dont know

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 2 of 13
AverageJoesCredit
Mega Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@mark3038 wrote:

@firefox100 wrote:

As I posted before I was able to get an credit increase on my Citi DC mastercard. I also tryed to request credit increase on my Bank of America Visa cash rewards credit card. The card was open in April of this year with starting cl of 16K and lowest intrest rate, have tryed couple of times to request cli no go did take 2K from my BOA master to make the cl on Visa 18K When I got the card put about 2.2K on card and have paid down the account 1075 dollars, did try to recon no go spent about 15mins on phone with nice person the problem is I don't use enough of credit line and also was that my mastercard which has 23K limit is not use very much. O told the recon person that I only use the mastercard when the bank has good balance offer, this cards has no rewards. O well I gave it good try. My fico scores are 809 transunion and income is 85K.


By telling the bank that you only use the account when the interest rate is at zero or around there you just shot yourself in the foot. The bank does not want to hear that your account will never make them a profit. What would be there insentive to lend you more? If you told them you where going to buy a new washer and dryer and pay it out over a year at the current interest rate that gives them insentive to give you more.

 

Also based on your income, and not knowing your other expenses you may be at the maximum they would want to lend to you. Your CL's seem high for an income of $85K. You may be asking for the moon. It sounds like it but I dont know

Thanks

Mark


Not really. Boa usually only likes to lend about half ones income without assets so 40-42K sounds about right on a 85k income. Usage would most likely help OPs case but not gaurenteed.

Message 3 of 13
mark3038
Established Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@AverageJoesCredit wrote:

@mark3038 wrote:

@firefox100 wrote:

As I posted before I was able to get an credit increase on my Citi DC mastercard. I also tryed to request credit increase on my Bank of America Visa cash rewards credit card. The card was open in April of this year with starting cl of 16K and lowest intrest rate, have tryed couple of times to request cli no go did take 2K from my BOA master to make the cl on Visa 18K When I got the card put about 2.2K on card and have paid down the account 1075 dollars, did try to recon no go spent about 15mins on phone with nice person the problem is I don't use enough of credit line and also was that my mastercard which has 23K limit is not use very much. O told the recon person that I only use the mastercard when the bank has good balance offer, this cards has no rewards. O well I gave it good try. My fico scores are 809 transunion and income is 85K.


By telling the bank that you only use the account when the interest rate is at zero or around there you just shot yourself in the foot. The bank does not want to hear that your account will never make them a profit. What would be there insentive to lend you more? If you told them you where going to buy a new washer and dryer and pay it out over a year at the current interest rate that gives them insentive to give you more.

 

Also based on your income, and not knowing your other expenses you may be at the maximum they would want to lend to you. Your CL's seem high for an income of $85K. You may be asking for the moon. It sounds like it but I dont know

Thanks

Mark


Not really. Boa usually only likes to lend about half ones income without assets so 40-42K sounds about right on a 85k income. Usage would most likely help OPs case but not gaurenteed.


Yes, if those are his only two CC's, most have cards with other lenders as well which brings up the low income issue

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 4 of 13
AverageJoesCredit
Mega Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@mark3038 wrote:

@AverageJoesCredit wrote:

@mark3038 wrote:

@firefox100 wrote:

As I posted before I was able to get an credit increase on my Citi DC mastercard. I also tryed to request credit increase on my Bank of America Visa cash rewards credit card. The card was open in April of this year with starting cl of 16K and lowest intrest rate, have tryed couple of times to request cli no go did take 2K from my BOA master to make the cl on Visa 18K When I got the card put about 2.2K on card and have paid down the account 1075 dollars, did try to recon no go spent about 15mins on phone with nice person the problem is I don't use enough of credit line and also was that my mastercard which has 23K limit is not use very much. O told the recon person that I only use the mastercard when the bank has good balance offer, this cards has no rewards. O well I gave it good try. My fico scores are 809 transunion and income is 85K.


By telling the bank that you only use the account when the interest rate is at zero or around there you just shot yourself in the foot. The bank does not want to hear that your account will never make them a profit. What would be there insentive to lend you more? If you told them you where going to buy a new washer and dryer and pay it out over a year at the current interest rate that gives them insentive to give you more.

 

Also based on your income, and not knowing your other expenses you may be at the maximum they would want to lend to you. Your CL's seem high for an income of $85K. You may be asking for the moon. It sounds like it but I dont know

Thanks

Mark


Not really. Boa usually only likes to lend about half ones income without assets so 40-42K sounds about right on a 85k income. Usage would most likely help OPs case but not gaurenteed.


Yes, if those are his only two CC's, most have cards with other lenders as well which brings up the low income issue

Thanks

Mark


I wish i could declare 85k low incomeSmiley Wink I'd be a really happy LIARSmiley Happy

Message 5 of 13
Aim_High
Senior Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@mark3038 wrote:

@AverageJoesCredit wrote:

 ... Boa usually only likes to lend about half ones income without assets so 40-42K sounds about right on a 85k income.


Yes, if those are his only two CC's, most have cards with other lenders as well which brings up the low income issue


@mark3038, a lot could depend on overall profile but I tend to agree with @AverageJoesCredit.  From my experience, it has appeared that, when underwriting revolving credit like a credit card, the majority of lenders including BofA use a formula that bases risk exposure off total credit limits with them, not across all lines of credit.  Smaller lenders, credit unions, or applications for secured installment debt such as a mortgage may be more conservative in that respect.  Of course, when lenders keep tabs on your credit report and start seeing increasing utilization across other cards, they can be quick to take AA.   That is more their means of factoring in that debt at other financial institutions.



Length of Credit > 35 years; Total Credit Limits > $600K
AoOA > 28 years (Jun 1993); AoYA (Nov 2021)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 6 of 13
mark3038
Established Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@Aim_High wrote:

@mark3038 wrote:

@AverageJoesCredit wrote:

 ... Boa usually only likes to lend about half ones income without assets so 40-42K sounds about right on a 85k income.


Yes, if those are his only two CC's, most have cards with other lenders as well which brings up the low income issue


@mark3038, a lot could depend on overall profile but I tend to agree with @AverageJoesCredit.  From my experience, it has appeared that, when underwriting revolving credit like a credit card, the majority of lenders including BofA use a formula that bases risk exposure off total credit limits with them, not across all lines of credit.  Smaller lenders, credit unions, or applications for secured installment debt such as a mortgage may be more conservative in that respect.  Of course, when lenders keep tabs on your credit report and start seeing increasing utilization across other cards, they can be quick to take AA.   That is more their means of factoring in that debt at other financial institutions.


Well live and learn. I have a few BofA cards but they have high limits so I never asked for a CLI. So if he has $300K in open credit with a $85K income they will give him more?? They dont consider his cards at other banks into all this? WOW, again, live and learn.

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 7 of 13
mark3038
Established Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@AverageJoesCredit wrote:

@mark3038 wrote:

@AverageJoesCredit wrote:

@mark3038 wrote:

@firefox100 wrote:

As I posted before I was able to get an credit increase on my Citi DC mastercard. I also tryed to request credit increase on my Bank of America Visa cash rewards credit card. The card was open in April of this year with starting cl of 16K and lowest intrest rate, have tryed couple of times to request cli no go did take 2K from my BOA master to make the cl on Visa 18K When I got the card put about 2.2K on card and have paid down the account 1075 dollars, did try to recon no go spent about 15mins on phone with nice person the problem is I don't use enough of credit line and also was that my mastercard which has 23K limit is not use very much. O told the recon person that I only use the mastercard when the bank has good balance offer, this cards has no rewards. O well I gave it good try. My fico scores are 809 transunion and income is 85K.


By telling the bank that you only use the account when the interest rate is at zero or around there you just shot yourself in the foot. The bank does not want to hear that your account will never make them a profit. What would be there insentive to lend you more? If you told them you where going to buy a new washer and dryer and pay it out over a year at the current interest rate that gives them insentive to give you more.

 

Also based on your income, and not knowing your other expenses you may be at the maximum they would want to lend to you. Your CL's seem high for an income of $85K. You may be asking for the moon. It sounds like it but I dont know

Thanks

Mark


Not really. Boa usually only likes to lend about half ones income without assets so 40-42K sounds about right on a 85k income. Usage would most likely help OPs case but not gaurenteed.


Yes, if those are his only two CC's, most have cards with other lenders as well which brings up the low income issue

Thanks

Mark


I wish i could declare 85k low incomeSmiley Wink I'd be a really happy LIARSmiley Happy


LOL I did not mean to offend anyone. My income is a tad higher then his, I am just into the 7 figures and I do respect these lower incomes on this site, sorry about thatSmiley Sadsmileyindifferent:

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 8 of 13
firefox100
Valued Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.

Mark, I have 2 creditcards with BOA one of the cards is for spending the cash rewards the other card has no cash back and is used only for balance transfers from time to time. I have about 255K of open lines and out standing balance on all cards around 1700 dollars. I do have couple hundred k in savings. I have 45K on 2 cards with US bank and my discovercard has cl of 29K.

Message 9 of 13
mark3038
Established Contributor

Re: Bank of America says no to credit increase on my cash rewards visa.


@firefox100 wrote:

Mark, I have 2 creditcards with BOA one of the cards is for spending the cash rewards the other card has no cash back and is used only for balance transfers from time to time. I have about 255K of open lines and out standing balance on all cards around 1700 dollars. I do have couple hundred k in savings. I have 45K on 2 cards with US bank and my discovercard has cl of 29K.


You are doing really well. That is a lot of open credit for your $85K income, I am sure you are good at managing your finances or you would not have a quarter million in open cards. I am happy to see that. So many on here are not that fortunate and we all try to give them advice to help them improve their life.

 

Keep up that savings account. I have done the same over the years. Check out the post on the credit cards section "how many cards is too many" and post your success

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 10 of 13
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