How soon to ask for a BOA CLI after auto increase & other ?

[Bankermeister]

Hey all.

I received an CL auto increase from BOA for my BOA Cash Rewards Platinum Plus Visa in May 2015. They bumped it from $1.5K to $3.5K.

This past July (2015), I recently paid off a significant portion of my credit cards.  .I currently have the following:

-Chase SWA Visa ($8K bal, $9K limit).  Chase reduced this limit on me in Dec 2014 from $12K due too many new acounts.

-BOA Cash Rewards Platinum Plus Visa ($1.5K bal, $3.5K limit)

-Credit One Bank Visa ($500 bal, $2.2K limit).

-Discover IT ($0 bal, $1.5K limit).

-FNB Omaha Visa ($0 bal, $1.7K limit)

-Capital One Platinum MC ($0 bal, $300 limit)

-AMEX Premium Rewards Gold ($0 bal, paid off monthly)

Yesterday's Equifax FICO (from this site): 685

Last Month (July) FAKO score from Discover site: 683  (prior to paying off other cards)

Current FAKO score from Capital One: 704

No dings in last 7 years, No Mortgage, No auto loan payment. $70K student loans in payment (all current).

Recent inquiries on CR since March 2015- EQ: 1; TU: 0; EX: 5 (2 drop off in Oct)

$55K-$60K  annual salary

A few days ago I asked Cap One for PC and card with no annual fee and higher limit.  I asked via chat service.  No go.

I also asked Discover for CLI through luv button, that too, no go.  Both soft pulls.

I plan to buy a house in the next year or so.  I'd like to get all of my scores in the mid 700's.

I was hoping to get a CL increase so I could close the Cap One (low limit,high annual fee) and Credit One (duh?) accounts without impacting my utilization.

1)  Are they using old soft scores from a few months back when making these decisions?

2)  Do I have a better chance for a CLI with BOA? if so, how soon do I ask for it?

3)  What are the chances Chase would restore my original $12K limit?

3)  Is there another card I have a better chance at getting a larger CL?  (not a veteran)

4)  Am I better off continuing to garden, paying down the Chase and others?

I appreciate all valid advice provided.

[ojefferyo]

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@Bankermeister wrote:

Hey all.

I received an CL auto increase from BOA for my BOA Cash Rewards Platinum Plus Visa in May 2015. They bumped it from $1.5K to $3.5K.

This past July (2015), I recently paid off a significant portion of my credit cards.  .I currently have the following:

-Chase SWA Visa ($8K bal, $9K limit).  Chase reduced this limit on me in Dec 2014 from $12K due too many new acounts.

-BOA Cash Rewards Platinum Plus Visa ($1.5K bal, $3.5K limit)

-Credit One Bank Visa ($500 bal, $2.2K limit).

-Discover IT ($0 bal, $1.5K limit).

-FNB Omaha Visa ($0 bal, $1.7K limit)

-Capital One Platinum MC ($0 bal, $300 limit)

-AMEX Premium Rewards Gold ($0 bal, paid off monthly)

Yesterday's Equifax FICO (from this site): 685

Last Month (July) FAKO score from Discover site: 683  (prior to paying off other cards)

Current FAKO score from Capital One: 704

No dings in last 7 years, No Mortgage, No auto loan payment. $70K student loans in payment (all current).

Recent inquiries on CR since March 2015- EQ: 1; TU: 0; EX: 5 (2 drop off in Oct)

$55K-$60K  annual salary

A few days ago I asked Cap One for PC and card with no annual fee and higher limit.  I asked via chat service.  No go.

I also asked Discover for CLI through luv button, that too, no go.  Both soft pulls.

I plan to buy a house in the next year or so.  I'd like to get all of my scores in the mid 700's.

I was hoping to get a CL increase so I could close the Cap One (low limit,high annual fee) and Credit One (duh?) accounts without impacting my utilization.

1)  Are they using old soft scores from a few months back when making these decisions?   It could be a month old or two

2)  Do I have a better chance for a CLI with BOA? if so, how soon do I ask for it? yes and no, depends how long you've had the card and how you repaid it. 

3)  What are the chances Chase would restore my original $12K limit? doubtful with the current balance you have

3)  Is there another card I have a better chance at getting a larger CL?  (not a veteran) probably not since your utilitization is on the high side

4)  Am I better off continuing to garden, paying down the Chase and others? yes, pay the balances down before applying for anything

I appreciate all valid advice provided.

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[Anonymous]

BoA auto CLI my account a few month ago, which requested a HP for my credit score. I don't know why. Besides, I requested a CLI one month before that and got what I wanted.

[kdm31091]

Pay down the utilization absolutely; that's probably why you aren't getting the CLIs you want.

May isn't long ago though, as far as BOA goes. If they just auto increased you in May, you're unlikely to get anything more, even with a HP. I'd give it 6 months from May at least. Auto increases from them are rare enough -- you don't want to poke the bear by asking for more. Be patient

[WLRK11]

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@Bankermeister wrote:

Hey all.

I received an CL auto increase from BOA for my BOA Cash Rewards Platinum Plus Visa in May 2015. They bumped it from $1.5K to $3.5K.

This past July (2015), I recently paid off a significant portion of my credit cards.  .I currently have the following:

-Chase SWA Visa ($8K bal, $9K limit).  Chase reduced this limit on me in Dec 2014 from $12K due too many new acounts.

-BOA Cash Rewards Platinum Plus Visa ($1.5K bal, $3.5K limit)

-Credit One Bank Visa ($500 bal, $2.2K limit).

-Discover IT ($0 bal, $1.5K limit).

-FNB Omaha Visa ($0 bal, $1.7K limit)

-Capital One Platinum MC ($0 bal, $300 limit)

-AMEX Premium Rewards Gold ($0 bal, paid off monthly)

Yesterday's Equifax FICO (from this site): 685

Last Month (July) FAKO score from Discover site: 683  (prior to paying off other cards)

Current FAKO score from Capital One: 704

No dings in last 7 years, No Mortgage, No auto loan payment. $70K student loans in payment (all current).

Recent inquiries on CR since March 2015- EQ: 1; TU: 0; EX: 5 (2 drop off in Oct)

$55K-$60K  annual salary

A few days ago I asked Cap One for PC and card with no annual fee and higher limit.  I asked via chat service.  No go.

I also asked Discover for CLI through luv button, that too, no go.  Both soft pulls.

I plan to buy a house in the next year or so.  I'd like to get all of my scores in the mid 700's.

I was hoping to get a CL increase so I could close the Cap One (low limit,high annual fee) and Credit One (duh?) accounts without impacting my utilization.

1)  Are they using old soft scores from a few months back when making these decisions?

2)  Do I have a better chance for a CLI with BOA? if so, how soon do I ask for it?

3)  What are the chances Chase would restore my original $12K limit?

3)  Is there another card I have a better chance at getting a larger CL?  (not a veteran)

4)  Am I better off continuing to garden, paying down the Chase and others?

I appreciate all valid advice provided.

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BOA might give you a CLI if you're willing to take a hard pull. Call-in and shoot for the moon. They'll counter-offer if it's too high. Chase is unlikely to restore your previous CL considering your utilization. I'd pay that down ASAP. Your scores should go up when you're below 30% utilization on that card, and it's possible that Chase will give you an auto-CLI a few months after you've paid it down.

As far as another card with a larger CL, have you thought about a credit union? A credit union membership might prove useful when you're shopping for a mortgage. NASA FCU has been known to offer large ($25k) credit limits (with a 7.9% APR on BTs!). Plus, they offer unsecured lines of credit (mine's at 9.90% APR!)

Don't be in a rush to close your high APR cards with AFs. Wait until you've paid down your Chase card and have either acquired a high-limit card or a major CLI (or both!)

Hope this helps. Good luck!