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

AverageJoesCredit
Mega Contributor

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


@mark3038 wrote:

@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


No worries, we all have different incomes and use our credit differently.  But its amazing what can be accomplished when one manages the credit  given from lenders. Some lenders will go above and beyond what you make while others will not bunch sn inch no matter how well you do with their creditSmiley Wink

Message 11 of 13
scorefreak
Valued Member

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

BOA is generally horrible with granting CLIs in such a short period after either opening a card or since your last CLI.

 

While most banks would suggest 6 months before your next CLI, I think BOA is in the 12+ months bracket. They do look at overall debt on your CR. 

 

My advice is to not bother with them. They have gotten really weird about extending credit in general after getting wrapped up in the Too Big To Fail bialout fiasco a few years ago. 

Message 12 of 13
Aim_High
Senior Contributor

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


@scorefreak wrote:

BOA is generally horrible with granting CLIs in such a short period after either opening a card or since your last CLI.

 

While most banks would suggest 6 months before your next CLI, I think BOA is in the 12+ months bracket. They do look at overall debt on your CR. 

 

My advice is to not bother with them. They have gotten really weird about extending credit in general after getting wrapped up in the Too Big To Fail bialout fiasco a few years ago. 


Yes, pretty much any lender will look at DEBT on your credit report when considering whether to grant a CLI, but the earlier discussion was whether they considered total credit limits available, not debt. 

 

I've had some sort of relationship whether banking, checking, investments or a combination over twenty years and I don't think they're any more "weird" than other major lenders.  It's true that they are more a relationship bank and give preference to customers who have deposit accounts and investments to qualify for their Preferred Rewards program.  And yes, they probably do warm up more slowly than some other lenders who give generous CLIs very early-on.  They like to have you as a customer for awhile before they reward you with more.  But when they do, it comes fast and easy.  My Customized Cash Rewards card grew like gangbusters over a couple of year period after they went to Soft Pull CLIs without heavy spending.  Beside applying for my second card, it's how I got my TCL with them up to $99.9K.  Several of our others members have the same and we have others who went into six digit limits.  Patience.  

 

patience-young-grasshopper.jpg



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 13 of 13
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