Global situation help / CLI request

Anonymous · ‎08-15-2018

Hello !

I spent past few months reading forums, but still have some questions. Let me first talk about my experience (which I posted in another topic)

I have a checking with bofa since 2016, last january I applied for BofA cash rewards and was approved with 1500$ cl. been using it without late payment, always paying in full after statement (always less than 30% of cli) . Last June, the link to request cli appeared so I tried (even if my fico score isn't available, because credit history was less than 6 months). I gave it a try with 5000$ and wasn't autoapproved. 24h later I received an email with approval of 5000$ CL. I was so happy, I decided 2 days later to apply to amex bce (to receive univesal studios bonus) and I guess this was the strategic error I've made : I was approved but only with 500$ cl and with email steps stating that I needed to to carry balance for 6 months etc...

Today, after 6 months, I am able to view my FICO in my AMEX account : 750. To imporve my score, they're highlighting that I have a very few accounts open. So I have two quick questions :

Should I request 3x CLI, even if I am on credit steps ? I saw on the forum few persons being lucky. I wasn't planning to do so, but the 750 score was a pretty good surpise
Is it the right time to open a new credit card ? I am looking for a travael card to avoid foreign fees, maybe BofA travel rewards ?

Many thanks !

ChessChik47 · ‎08-15-2018

@Anonymous wrote:
Hello !

I spent past few months reading forums, but still have some questions. Let me first talk about my experience (which I posted in another topic)
I have a checking with bofa since 2016, last january I applied for BofA cash rewards and was approved with 1500$ cl. been using it without late payment, always paying in full after statement (always less than 30% of cli) . Last June, the link to request cli appeared so I tried (even if my fico score isn't available, because credit history was less than 6 months). I gave it a try with 5000$ and wasn't autoapproved. 24h later I received an email with approval of 5000$ CL. I was so happy, I decided 2 days later to apply to amex bce (to receive univesal studios bonus) and I guess this was the strategic error I've made : I was approved but only with 500$ cl and with email steps stating that I needed to to carry balance for 6 months etc...

Today, after 6 months, I am able to view my FICO in my AMEX account : 750. To imporve my score, they're highlighting that I have a very few accounts open. So I have two quick questions :
Should I request 3x CLI, even if I am on credit steps ? I saw on the forum few persons being lucky. I wasn't planning to do so, but the 750 score was a pretty good surpise - Since it's been past 6 months are you technically still "on credit steps"? I think you can request a CLI and the worse they can say is 'no'.
Is it the right time to open a new credit card ? I am looking for a travael card to avoid foreign fees, maybe BofA travel rewards ? If your profile supports a new card, go for it. Your score is good, so just make sure all the other factors are as well (i.e. income, utilization is under control, etc.)
Good luck to you!

Anonymous · ‎08-15-2018

Thanks for the answer !
Sorry for not being clear enough, my Amex is around 70 days old only !

Anonymous · ‎08-16-2018

Hello,

Tried my luck and was immediatly approved for 1500$

any other suggestions are more than welcome

SweetCreditObsession · ‎08-16-2018

You're doing great! You might let these age a bit until you've got at least a year and then try for Citi.

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Anonymous · ‎08-16-2018

@Anonymous wrote:
Hello !

I spent past few months reading forums, but still have some questions. Let me first talk about my experience (which I posted in another topic)
I have a checking with bofa since 2016, last january I applied for BofA cash rewards and was approved with 1500$ cl. been using it without late payment, always paying in full after statement (always less than 30% of cli) . Last June, the link to request cli appeared so I tried (even if my fico score isn't available, because credit history was less than 6 months). I gave it a try with 5000$ and wasn't autoapproved. 24h later I received an email with approval of 5000$ CL. I was so happy, I decided 2 days later to apply to amex bce (to receive univesal studios bonus) and I guess this was the strategic error I've made : I was approved but only with 500$ cl and with email steps stating that I needed to to carry balance for 6 months etc...

Today, after 6 months, I am able to view my FICO in my AMEX account : 750. To imporve my score, they're highlighting that I have a very few accounts open. So I have two quick questions :
Should I request 3x CLI, even if I am on credit steps ? I saw on the forum few persons being lucky. I wasn't planning to do so, but the 750 score was a pretty good surpise
Is it the right time to open a new credit card ? I am looking for a travael card to avoid foreign fees, maybe BofA travel rewards ?
Many thanks !

So correct me if I am wrong,

Your first CC(BOA Cash rewards) opened Jan 2017 with CL 1500 which grew to 5000

and AMEX is fairly new with 70 days.

So I am assuming your Avg age of accounts is 9 months?

Anonymous · ‎08-16-2018

Thanks for the suggestion.
I should get BofA fico score soon to confirm my good scores

My goal is probably 3 cards by the end of the year.

Anonymous · ‎08-16-2018

@dhi : Actually, I got cash rewards on Jan 18, average is 4 months only

Anonymous · ‎08-16-2018

@Anonymous wrote:
@Anonymous : Actually, I got cash rewards on Jan 18, average is 4 months only

Well, you have a very good total credit limit for such young accounts. I would not apply for any credit card at least for 7-9 months, however, every 45-50 days I would try to request CLI on BOA account (thanks to their SP for CLI requests).

Anonymous · ‎08-16-2018

@Anonymous wrote:
Thanks for the suggestion.
I should get BofA fico score soon to confirm my good scores

My goal is probably 3 cards by the end of the year.

I am sure you would be approved for the third card but trust me it would come with a price (low credit limit) wait for some more time you will have a better starting limit with the scores you have and limits which are growing.