Bofa CLI - denied - SP via phone request

[Anonymous]

Need your help guys...

I know recently Bofa started issuing CLI with  SP. I wanted to try and confirm this over the phone with rep and they did confirm that it is going to be a SP.

I have 2 cards with bofa.. Travel rewards and cash rewards. During 2017 December bofa decreased CL on both the cards from $4800->$2600(Travel Card) and $4500 -> $1300(cash rewards) due to heavy utilization on all of the cards.

And few months back I cleared all of cards balances and scores are now over 700 on 3 credit report agencies.

requested CLI for $20000  on both the cards and denied with below reason and recieved a letter also.

Reason is “We have had a recent credit line change on this account”. 

The only change I had is when they decreased my limit 6 months ago.

Tried again few days back declined for the 2nd time same reason.

I am seeing the luv button online on both of the accounts since 3-4 months, is it worth to try online? Anyone experienced this?

I really want to increase limits on these cards.

My profile -

Income - $125k

As per recent bofa letter - Transunion score - 745

experian - as per Amex - 740

equifax - as per DCU - around 700 

I have 11 cards in total.( all opened in last two years)

oldest account - 2 years old

Amex BCE - limit $30k

Amex Every day - SP got approved 10 days back - SL-$10k

Amex Hilton Honors - SP goth approved yesterday- SL - $6k

US bank cash plus - $5k - got approved 5 days back

Discover IT card - limit -$9200

2nd discover IT card - limit -$3200

DCU visa - limit -$5k

chase Sapphire Prefered-limit - $15k

chase freedom unlimited - $10k

bofa cash rewards visa - $1300

bofa travel rewards - $2600

[Anonymous]

"I have 11 cards in total."  ( all opened in last two years)

I believe there in your answer.

What's your total utilization on all accounts?

[Anonymous]

Total utilization less than 5%... but the reason mentioned is not related to too many accounts or too many recent accounts opened... I dont have any Recent HP ‘s... all HP’s are almost 1 year old... except one recent HP from US bank and that is also after I requested the CLI with bofa... and none of recently opened accounts are reported to credit bureaus..

[arkane]

Did the CLD happen while you were paying down your balances or after you paid them down? Either way their systems have tagged you as a risk hence the AA. Not to mention 11 cards in 2 years, plus the Cash+ that just got approved 5 days ago. Asking for a CLI to 20k after a CLD just seems a bit far-fetched IMO, so it's no surprise you got denied.

If you really want to try again, I'd start with trying to restore your old limits first. Whatever happens, low lay for the next 3 months at least, use the cards sparingly (<8.9% util) and always PIF each month. Show them you don't have any issues managing your credit and slowly get back in with them, then you can start asking for much large CLIs.

[Anonymous]

@arkane

i requested CLI after 3 months of paying down the balances... and when I saw my credit score went upto 745... and I requested CLI before the new accounts... there was no activity on credit file like new HP’s or new accounts when I was requesting CLI.... and no negative marks either so far....

another note... along with bofa few months back amex decreased my CL from 18k to 10k and I immediately payed the balance around 10k on the card... and after a month they restored my credit limit to 18k... and I requested credit limit increase... to 30k... SP got approved....

bofa I always paid in full except for 2-3 months with zero apr on purchases offer... donno why they are not restoring limits... all my cards report 1-5% of balances or zero

[arkane]

This is just IMO but asking for a 20k limit after a CLD down to low 4-figure limits just isn't realistic at all. It's pretty obvious BoA does not trust you much at this point, so I'd forget about the 20k limit for now. If you really want to, start with asking if you could have old your limits restored since you paid down everything and your util is under control. Show responsible usage for another 3-6 months, then try again after that time.

[Anonymous]

First I requested them to restore ... they asked me to mention the amount... I thought of lets shoot for the moon(as I read in other forums)and they may counter offer... so requested for 20k ... simply denied.... on the 2nd requested requested for 10k ...denied

I am more looking at the reason description... I dont think its generic reason when they deny CL... is there any time period I need to wait when this kind of CL changes happen before I request CLI?

and also I am thinking about applying for uber visa before 3 new cards show up on credit report... Barclay pulls Transunion and I only have 1 recent inquiry and three 1-2 years old inquiries total 4... will I get approved?

[Anonymous]

It's your credit profile history relatively new compared all eleven credit cards accounts being established in two years.

[arkane]

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@Anonymous wrote:

First I requested them to restore ... they asked me to mention the amount... I thought of lets shoot for the moon(as I read in other forums)and they may counter offer... so requested for 20k ... simply denied.... on the 2nd requested requested for 10k ...denied

I am more looking at the reason description... I dont think its generic reason when they deny CL... is there any time period I need to wait when this kind of CL changes happen before I request CLI?

Not sure, maybe somebody else knows. But I think the message from BoA is pretty clear at this point. I'd really not waste any more time for now and just come back to it in 3-6 months.

and also I am thinking about applying for uber visa before 3 new cards show up on credit report... Barclay pulls Transunion and I only have 1 recent inquiry and three 1-2 years old inquiries total 4... will I get approved?

INQ is fine but I'd be more concerned about how Barclays would view your 11 accounts in 2 years. Still it's only a HP so doesn't hurt to try since your scores and income are both good.

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[Anonymous]

It makes me feel pretty bad when I think about bofa... I have over 2+  years relationship with them and have checking acoount with direct deposit (75% of my paychek), savings account plus  investment account and I am a Prefered client... all other lenders trust me except bofa...