Declined BOA CLI

[Anonymous]

I was approved at BOA this past Monday for $900. http://ficoforums.myfico.com/t5/Credit-Card-Approvals/APPROVED-at-BOA/td-p/5023123 Because of the low SL, I requested a CLI immediately as long as they could use the same pull. Denied and got the letter now.

Reasons:

• Your card account has been open for less than 3 months
• The amount of deposit and investment balances you have with us and our affiliates is insufficient

They cited the same Ex FICO 08 score as on my approval letter.

Further down in the "key factors that adversely affected your credit score" list:

• Length of time (both accounts and revolving accounts)
• Too few accounts
• No installment loans
• Too many inq last 12 months

No surprises there except for the fact that as of my app, I had in the last 12 months all of 1 inq on my Ex. A little disappointed but I won't mind taking an HP on TU in 6 months or so.

[bigpoppa09]

Just wait until after 3 months and request it again.

[coldfusion]

You can also regularly check online for a luv button to appear.

From the main page go to  Accounts, select this card, and under Card Details, just above "Next closing date:", when you qualify to apply you'll have an 'Apply for credit limit increase' link show up. 

You'll be prompted to type in your requested new credit limit and they'll either accept/deny/counter. 

IME requesting CLIs on multiple cards on the same day is only a single HP (TU).

[trant3]

Sorry to hear the troubles with BOA. The CLI request probably HP'd your TU report, explaining the "too many inquiries".

[Gmood1]

The first reason was the major factor. It's 90 days in-between CLI request with BofA. As mentioned above, you'll know it's time when the text appears.
As for the "Too many INQs within 12 months". This is something that is a generic response. I've stated it till I was blue in the face and folks still don't get it. Lol
INQs are the least of your worries. An SSL will help your credit more then adding another CC.

[kdm31091]

The $900 SL indicates they want to see how you manage the card. It's unlikely they would be willing to budge on the limit at this time.

I would give it at least 3 but preferably 6 months of usage and payments before trying again and burning HPs on it. Build a history with them.

[AverageJoesCredit]

Give it 3 months at least. Card was too new. But hey, you tried nothing wrong with thst and you didnt use another hp for the answer. Just member, next one will be hp so just decide if 3 or 6 months is more palatable

[Anonymous]

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@coldfusion wrote:

You can also regularly check online for a luv button to appear.

From the main page go to  Accounts, select this card, and under Card Details, just above "Next closing date:", when you qualify to apply you'll have an 'Apply for credit limit increase' link show up. 

You'll be prompted to type in your requested new credit limit and they'll either accept/deny/counter. 

IME requesting CLIs on multiple cards on the same day is only a single HP (TU).

---

Just confirmed: no link/button available. Should I request sky-high and let them counter, or should I enter something within actual expectations?

As of now, I don't need more CL, but I do want to have it available since my Disco is the only card on which I can make a large purchase. I'll plan to keep my spending up (Not maxing out or anything) and request after statement 5 or 6. My TU is already 12 months clean.

I still remain confused as to the second reason i.e., "The amount of deposit and investment balances you have with us and our affiliates is insufficient". Have others had this issue? I wonder now if it would have been wise to open the savings account (despite the face that I have only the exact $300 there to avoid fees) and let that sit for a day beore requesting a CLI.

[coldfusion]

I personally would be fairly aggressive in asking for a CLI as the worst outcome of a burned INQ and no increase would not cause me to lose sleep.  You may be more comfortable with asking for a smaller increase and that's OK too as long as at a minimum it's  what you think you will need to use the card effectively moving forward. 

As to the 2nd reason listed, I suspect it was chosen because you only opened your account the same day you applied for the card. BoA is a relationship bank and they factor in other accounts, how long they've been open, and the account balances when making credit decisions.

Keep in mind that the listed reasons for denials are selected from a standard template.  Some listed reasons for denials are sometimes chosen to meet reporting requirements and not necessarily because they were really relevant.