Bofa CLI - denied - SP via phone request

[Anonymous]

I would be waited it out as suggested by @archane. Do you have other accounts relationships with BofA such as checking account and savings account, I mean these things can help. I have had a long relationship with BofA since the mid-90 just with a checking account. My credit card was a secured card with a $99.00 deposit for a $500.00 SL in the Spring of 2014, after graduated to an unsecured rewards card, there was 3 request for CLI's attempt in 3 years, all have been approved. Today the BofA rewards card is at $18K and is continuing to grow. LOL, many in here grew much faster and even lot higher on their CLI's than me. Kudos to them! Good luck!

[Anonymous]

Do you actually put spend on these cards?

On one level, it’s weird because you’re a preferred client. But the CLD reads unsurprising considering Amex also CLDed you.

I’m in agreement with other posters, I’d give it time. There’s no reason why you need to attempt CLIs on both cards simultaneously. BoA hasn’t changed they way they extend credit even though they have changed CLIs from HP to SP.

BoA is likely going to want to see a continued pattern of good credit behavior before opening up the floodgates again. They likely won’t be excited by what sounds like a lot of recent activity (read: 3 new cards). It almost sounds like you’re trying to sprint it when they’re telling you it’s a marathon. I’d give it some time, especially considering the new account activity—at least 6 months. But I’d also put some spend (but PIF) through the cards to help BoA understand why they should give you more credit. Spend and payoff for 6 months and hopefully that resets the AA clock.

The other route you can go and I’m NOT advising this but in May, before they started SP for CLIs, I applied for a CLI and it went pending which I assumed meant declined. All of my other CLIs from BoA were instant. I shrugged and applied for a new card and the new card was instantly granted with a higher SL than I requested during my CLI request.

I wouldn’t take the declinations for CLI personally as the CLD was likely the result of a risk algorithm. Regarding the declination for CLIs, many of us have been here. It does get better with time. If you opt to wait, time will have aged your accounts further and your score will likely be even better than the “very good” score you currently have. If you opt for a new card, taking the hard pull, you could transfer credit limits to the preexisting cards.

[AverageJoesCredit]

The 11 accounts in 2 years isnt the problem. Many of us have that or more and many here do just fine getting massive increases. When you have money or even more investments with Bo as they can shower you with love. Whatever caused the cld from Amex and Boa, that's the root of the problem here imo. OP stated high utilization on all cards so perhaps OP was near m as x ame not making significant payments? Speculation of course but I'd just give it time. If you are a preferred client than eventually theyll open back up , hopefully

[Anonymous]

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@AverageJoesCredit wrote:
The 11 accounts in 2 years isnt the problem. Many of us have that or more and many here do just fine getting massive increases. When you have money or even more investments with Bo as they can shower you with love. Whatever caused the cld from Amex and Boa, that's the root of the problem here imo. OP stated high utilization on all cards so perhaps OP was near m as x ame not making significant payments? Speculation of course but I'd just give it time. If you are a preferred client than eventually theyll open back up , hopefully

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I've opened 11 CC accounts and 2 installment loans in the past two years and haven't had any problems either (though, having nicely rounded off my portfolio with yesterday's Paypal 2% MC acquisition, I'm going to be focusing for at least the rest of the year on growing those accounts). I think the real reason for the CLD's is somewhere in the OP's full credit reports, so I'd ask the OP to take a good look at them and sing out if they see something that doesn't look right. In fact, nothing ever operates in isolation with regards to credit - the FICO score itself is a weighted amalgam of half-a-dozen different factors that can affect your credit, all working together to produce the snapshot number.

[arkane]

Depending on how fast and furious OP ran up the cards, my guess is bust-out alerts got tripped in Amex and BoA's systems.

[Anonymous]

@arkane
My score was steady above 700’s till dec 2017, and most of my cards were applied and approved during June, July 2017.. and I was in need of money did a couple of balance transfers on most of the cards to take advantage of zero balance transfers... thats when fico score started declining as expected due to high utilization... and some of the cards started to reduce credit limit during December, and Immidiatley paid off the cards... and waited for 6 months till this month to restore the credit score and I started seeing some positive note... amex cli $ Discover cli got approved... and checked bofa no luck .... may be bofa has some strict rules and like some one said they might have flagged me red... I will wait for some time as you suggested

And one more thing I applied for Uber Visa yesterday... got need to review message... going to call recon tomorrow... credit analyst said its pending with different department and they are only available during weekdays... this is going to my last application and I will start gardening...

[FinStar]

OP, given that Barclays rescinded your recent approval and BoA currently has you flagged, it might be a good idea to just let things rest for a while.

The AA algorithm is factored into any potential lending decisions since it's part of the behavioral scoring associated with your BoA account(s). Some of these AA outcomes can last 6-12 months or much longer.

On the upside, they didn't close your accounts since that's also known to be the case whenever BoA wants to exit the relationship altogether.

[arkane]

I think BoA is a relationship bank in the sense that you have to earn their trust, but once you do they give you a ton of leeway. I had some major (unexpected) holiday spend during Nov 2013, and I had to let my statement cut at $4454/5000, or 90% util aka maxed out. I did PIF as soon as I had the cash since I didn't have a 0% offer, but I experienced no AA whatsoever from BoA.