Best time for BoA CR CLI-> declined.. next step?

[lowspender]

Thanks for checking this out- PLEASE SEE current/final question is about BoA cli limits, relative to sl's..

Hey all, question for those of you aware of BoA best practices, maybe reporting in general.

Have had my CR card from BoA for 5 months. 1-2 months ago (don't recall now, was the wrong timing then), I got the luv button. That seems to be near the early/normal end of things. I've read 6-7 months is common and 12 months, less often. So, I think I'm on track for an increase.

What's I'm trying to figure out is.. how much my relationship with BoA matters for a cli (have read they're very relshp oriented).. as well as my current fico and util. I planned to open a checking acct with them (this cc is my lone tie to them), but I haven't done the paperwork yet.

The day many people see the luv button can be a dream come true..
At the time, I knew clicking it would be a waste. My scores were much lower than when I'd apped, as I posted a high util percentage on that card from spend in July.. (93%), for dramatic effect, to encourage them I needed more. Not sure that's considered sound science here, I figured it couldn't hurt, didn't expect luv so early. Also, despite ignoring Chase lately, I'm spoiled by them reporting a $0 balance immediately, BoA and most others make you wait the rest of the statement. 

They mention looking at your card/acct balances when you hit that button, on BoA's page. As of 8/28 I'll be under 30% indiv on their (20% in aggregate when it reports), so I'm certainly going to let that hit the bureaus before requesting the cli.

Is it strongly recommended to have a checking acct with them/likely to have a big effect on my outcome? If I open one on 8/28.. is a 5 day old checking acct going to have much impact, if I request next week? Not sure if it existing with funds is enough, or how much they want to see it mature..

My bigger issue is util. Is BoA going off of the bureaus last report, or current acct balance in their system, when considering a cli? This SL ($2500) is really still a toy limit. While it's been a little heavier couple months spend.. every time I make a mid month payment, it's filled again in a few days.

I want to make purchases, but trying to time them with a cli request is making me batty. I have about 25% of the card to spend between now and Wednesday. My CFU card doesn't report again until the 16th, so that could be paid off well before it reports, but I'd rather use it to get BoA to open up more. Also, want to keep my 5 month AZEO intact (I know, it would still report as such). Also, all the times I billed on Chase than pif with no cli.. bugs me some. It shouldn't, but does..

I noticed that the month before I posted the watermark util on my TU, it one of my reports looked like I hadn't paid anything down, as my balance went from 40%-60% in a month, due to the timing of when my multiple payments were. I'd paid off about the entire SL, that month. I know, bureaus can't tell what you've paid/spent and reporting increasing balances isn't ideal, planning better not to do that.

I used to keep cards under 5% (don't use them). Have been trying to balance high enough util to get a cli, while using the 0% apr. Those goals are in conflict, for me. So back to the cli, for now. 

Practicing AZEO

As for stats, with this being open 5 months, aaoa (3 cards, with BoA) is back to just over 3 yrs

Ex 706 (was 775) 

Eq/TU 760-766(was 828 and 835, posted that on here before, no obv reason for the gap vs Ex).

Hp's- Ex is now 1 in 6 2 in 12/24, TU 1 in 12/24, Eq 0 (and TU has always been my highest score, even with no hp's on Eq) 
CFU is 1 yr old as of a few days ago, limit on that is 1/3 of BoA, been underground since I got the CR card.

9 mo old SSL

UPDATE: CLI Declined (see post #32 further below)

[coldfusion]

Don't try to overthink things here.   They're a relationship bank, but you've already established the relationship so opening up a checking account in itself isn't likely to offer huge value unless you're going to run 4 figures worth through it every month.

If you got the "request a credit limit" increase hyperlink it means that the autobot determined you're eligible to request a CLI and that determination isn't tied to any kind of schedule - I've had it appear 3 weeks after an approval, had them all disappear the same night back in May 2020, and then reappear on all my CC on the same night several weeks ago.    If at some point the current algorithm determines you're no longer eligible the link will disappear as part of the nightly batch run.

Odd will be better if you have been letting balances report every month and PIF the reported balance or the current balance,  vs. if you regularly carry balances and make payments.

Just remember that the request triggers a soft pull from Transunion.

[cashorcharge]

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@coldfusion wrote:

Don't try to overthink things here.   They're a relationship bank, but you've already established the relationship so opening up a checking account in itself isn't likely to offer huge value unless you're going to run 4 figures worth through it every month.

If you got the "request a credit limit" increase hyperlink it means that the autobot determined you're eligible to request a CLI and that determination isn't tied to any kind of schedule - I've had it appear 3 weeks after an approval, had them all disappear the same night back in May 2020, and then reappear on all my CC on the same night several weeks ago.    If at some point the current algorithm determines you're no longer eligible the link will disappear as part of the nightly batch run.

Odd will be better if you have been letting balances report every month and PIF the reported balance or the current balance,  vs. if you regularly carry balances and make payments.

Just remember that the request triggers a soft pull from Transunion.

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Thanks @coldfusion 

You were instrumental in my own BofA approval guidance and I'm almost to 6 months, have the link and was going to use it soon.  I've been pushing heavy spend through each moth BUT have been PIF before the statement and not letting anything report. I think I'll change it up as you noted. Also, thanks for the heads up on TU. Wasn't sure they initiated another SP on the spot or used a copy on file as part of the score they provide regularly. 🥂

[coldfusion]

When you're comfortable with the state of your credit report IMO you should just go ahead and make the request and not tie it to some specific threshold or timeline, unless they're part of what would make you comfortable.   You've been doing a lot of the right things that they like; you don't need to strive for perfection.

[lowspender]

Thanks so much, @coldfusion

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@coldfusion wrote: Don't try to overthink things here.   They're a relationship bank, but you've already established the relationship so opening up a checking account in itself isn't likely to offer huge value unless you're going to run 4 figures worth through it every month.

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I wondered if I was overthinking it -typical for me- thanks! Ok, I'll pass on the checking for now then. I wasn't going to be running funds through the checking.. just put a grand in and let it collect dust.

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@coldfusion wrote: the autobot determined you're eligible to request a CLI and that determination isn't tied to any kind of schedule - I've had it appear 3 weeks after an approval, had them all disappear the same night back in May 2020, and then reappear on all my CC on the same night several weeks ago.  If at some point the current algorithm determines you're no longer eligible the link will disappear as part of the nightly batch run.

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No schedule for receiving the link.. and it can disappear? Both of those are news to me.. thanks.

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@coldfusion wrote: Odd will be better if you have been letting balances report every month and PIF the reported balance or the current balance,  vs. if you regularly carry balances and make payments.

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Ok, maybe I haven't been doing it ideally. I don't mean minimum payments, still, you're saying any size other than PIF is not just less than desirable, it likely lowers my chances?
E.g, Spend 2k, Pay $1k that week, Spend $1k, pay $1.5k, some purchases much smaller etc. I haven't managed to report $0 yet. I'd have to guess on some purchases and pay them off before making them, there's always a charge pending for a couple days.

Will PIF with BoA, even if it registers a balance by the time the bureaus get it, mean anything to BoA? I missed a chance to report a $0 balance for this statement. My util will drop a lot and that TU SP (glad it's not Ex) will likely be in the 800's, but I won't be in the single digit util category this month.

[coldfusion]

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@lowspender wrote:

Thanks so much, @coldfusion

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@coldfusion wrote: Don't try to overthink things here.   They're a relationship bank, but you've already established the relationship so opening up a checking account in itself isn't likely to offer huge value unless you're going to run 4 figures worth through it every month.

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I wondered if I was overthinking it -typical for me- thanks! Ok, I'll pass on the checking for now then. I wasn't going to be running funds through the checking.. just put a grand in and let it collect dust.

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@coldfusion wrote: the autobot determined you're eligible to request a CLI and that determination isn't tied to any kind of schedule - I've had it appear 3 weeks after an approval, had them all disappear the same night back in May 2020, and then reappear on all my CC on the same night several weeks ago.  If at some point the current algorithm determines you're no longer eligible the link will disappear as part of the nightly batch run.

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No schedule for receiving the link.. and it can disappear? Both of those are news to me.. thanks.

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@coldfusion wrote: Odd will be better if you have been letting balances report every month and PIF the reported balance or the current balance,  vs. if you regularly carry balances and make payments.

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Ok, maybe I haven't been doing it ideally. I don't mean minimum payments, still, you're saying any size other than PIF is not just less than desirable, it likely lowers my chances?
E.g, Spend 2k, Pay $1k that week, Spend $1k, pay $1.5k, some purchases much smaller etc. I haven't managed to report $0 yet. I'd have to guess on some purchases and pay them off before making them, there's always a charge pending for a couple days.

Will PIF with BoA, even if it registers a balance by the time the bureaus get it, mean anything to BoA? I missed a chance to report a $0 balance for this statement. My util will drop a lot and that TU SP (glad it's not Ex) will likely be in the 800's, but I won't be in the single digit util category this month.

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No.  It isn't necessarily the reporting of a balance, it's the carrying of a balance you want to minimize.  If you pay the entire statement balance each month such that you never accrue any interest charges you're good.    Depending on how much and how many cards report a balance your FICO scores may take a bit of a hit but that shouldn't be a concern.

And while some cardholders may be put on a schedule for having the hyperlink appear it isn't a one size fits all policy, and if your credit profile changes or market conditions change yes they can withdraw the hyperlink to request a CLI.      Remember however that having the link does not guarantee a request will be approved or counteroffered, and not having the link doesn't mean you cannot call in and successfully request a CLI.

[lowspender]

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@coldfusion wrote:

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@lowspender wrote:

Will PIF with BoA, even if it registers a balance by the time the bureaus get it, mean anything to BoA? I missed a chance to report a $0 balance for this statement. My util will drop a lot and that TU SP (glad it's not Ex) will likely be in the 800's, but I won't be in the single digit util category this month.

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No.  It isn't necessarily the reporting of a balance, it's the carrying of a balance you want to minimize.  If you pay the entire statement balance each month such that you never accrue any interest charges you're good.    Depending on how much and how many cards report a balance your FICO scores may take a bit of a hit but that shouldn't be a concern.

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Makes sense, only a balance that seems "unable" to be paid, causes problems. If it were costing me interest, I'd have paid it off immediately- I'm still in my 0% apr with the card. Definitely cost me fico points last month. Now a concern, with how it might affect a cli. That was the conflict I realized in the o.p.. trying to spend my way to a cli (pif helps), while using the 0% apr. Optimizing for score/cli now, so carrying little to no balance is more important. Practicing AZEO with this as the one.

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@coldfusion wrote: And while some cardholders may be put on a schedule for having the hyperlink appear it isn't a one size fits all policy, and if your credit profile changes or market conditions change yes they can withdraw the hyperlink to request a CLI.      Remember however that having the link does not guarantee a request will be approved or counteroffered, and not having the link doesn't mean you cannot call in and successfully request a CLI.

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Wow, this is a very informative response, @coldfusion. Schedule, if any, depends on the cardholder.. and BoA may revoke your request option. Even then, having the link.. doesn't guarantee you will be approved?! I wouldn't even have considered that. I wanted to optimize my fico and ties to BoA before applying.. but there's a chance they've offered me it, only to.. deny it outright. Well, hope that doesn't happen. Also.. I thought the link was the earliest sign of an available cli; didn't know that could be circumvented.

[coldfusion]

Appearance of the link only means that an internal autobot has determined you're eligible to request a CLI. Not unlike an invitation to apply vs. a prequalifier or preapproval - and there has been plenty of evidence here over the years that even preapprovals from issuers do not always lead to an approval.

[Taurus22]

@coldfusion   Just an additonal question here for myself.....I always thought it was best to have UTI @ 10% or below for best odds/results of a CLI request?  Or is that just something that is considered a soft rule for the wise grasshopper? 

EDIT: And I want to clarify, 10% UTI on the particular card you are requesting CLI for, not overall UTI%

Also, does any UTI% BT balance on your BoA card (under a 0% BT promo) have any bearing on CLI requests?

[FinStar]

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@Taurus22 wrote:

@coldfusion   Just an additonal question here for myself.....I always thought it was best to have UTI @ 10% or below for best odds/results of a CLI request?  Or is that just something that is considered a soft rule for the wise grasshopper? 

EDIT: And I want to clarify, 10% UTI on the particular card you are requesting CLI for, not overall UTI%

Also, does any UTI% BT balance on your BoA card (under a 0% BT promo) have any bearing on CLI requests?

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I can't speak for coldfusion, but that's not been my experience, especially when I've let some BoA cards report >10% and then PIF -- CLI's have been successful on my end.  Then again, my profile will be vastly different than yours, including income, AAoA, BoA/ML relationship, etc.

As far as carrying a BT, while I've never carried one on any BoA/ML cards, I don't think that's prevented a CLI (or future CLIs) for most folks.  @K-in-Boston comes to mind who would be able to provide some insight as well.