Reached my limit with BofA

[SouthernCredit]

So, I've had the luv button on both of my BofA cards (Premium and Cash Rewards cards) for several months now, but have been waiting for 6 months to pass since my last increases, which were substantial - about 25k over both cards. Once my 6 months went by this week, I logged in and picked the card with the lower limit - Premium Rewards, which was sitting at 25k. Requested increase to 35k; instant approval to 34k. I'm thinking, "great, onto the next one." Move over to my Cash Rewards, only to find out my increase on Premium was taken from the limit on Cash Rewards. Bummed me out something fierce. Requested an increase back to my previous limit, got the 7-10 day message. 

Letters came today, and it appears that I am at my limit with BofA. 65k in total exposure over the 2 cards, plus an auto loan with a balance of about 23k. Scores are 740s across the board, income is 160k. Not sure if Covid related, or if I'm truly at my limit with them, as I've seen some ridiculous limits on this board. 

[thornback]

Well that sucks... Sorry.  It would be nice if they asked first if you'd like to reallocate limits instead of just taking it up in themselves to do so... 

Could be Covid-realated - wishing you better luck next time!

[SouthernCredit]

@thornback  Yeah, not happy they did it without asking, but I intend to call in this week and have them move them back to the previous limits. Shouldn't be a big deal, and I thankfully didn't need the increases. Just an inconvenience.

[SweetCreditObsession]

Sorry this happened to you

[Gmood1]

Same has happened to quite a few of us.

Give it a month or so. The luv button will return.

You can then move some of the CL back if you wish.

[AverageJoesCredit]

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@SouthernCredit wrote:

So, I've had the luv button on both of my BofA cards (Premium and Cash Rewards cards) for several months now, but have been waiting for 6 months to pass since my last increases, which were substantial - about 25k over both cards. Once my 6 months went by this week, I logged in and picked the card with the lower limit - Premium Rewards, which was sitting at 25k. Requested increase to 35k; instant approval to 34k. I'm thinking, "great, onto the next one." Move over to my Cash Rewards, only to find out my increase on Premium was taken from the limit on Cash Rewards. Bummed me out something fierce. Requested an increase back to my previous limit, got the 7-10 day message. 

Letters came today, and it appears that I am at my limit with BofA. 65k in total exposure over the 2 cards, plus an auto loan with a balance of about 23k. Scores are 740s across the board, income is 160k. Not sure if Covid related, or if I'm truly at my limit with them, as I've seen some ridiculous limits on this board. 

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At 160k income, you might have a little left as they normally go 50% income without assets/ banking relationship.  Do you run up these current limits  and actually  need more or is it just wishful thinking?

[Anonymous]

Its unfortunate that a reallocation of limits happened to you but as I recall there's specific language in the CLI app that BofA reserves the right to shift your limits around.  I can't check since I don't currently have a luv button, but I know that is is also true for opening an additional card.

The card applications all state "You also understand that if you have existing credit card accounts with Bank of America, we may utilize the available credit on the existing account(s) to approve your new credit card which could include moving credit from an account with a lower annual percentage rate and/or fee structure to a higher annual percentage rate and/or fee structure without increasing your overall credit limit. "

Like several other people on this forum my limits are capped at $99.9K which is why I haven't asked for a CLI although I've been eligible since last September since its likely they would just shuffle the amounts around as happened to you.  But as advised upthread you can always call in and ask for them to shift the limits to the amounts you prefer.

[Meanmchine]

Sorry things didnt turn out better.  Give them a call on Tuesday and see if they can re-adjust yor limits for you. Good luck

[CreditCuriosity]

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With your income you are about at the limit to income with BofA at 65kish..  You possibly could squeeze a bit more out of them with a higher score, but fairly close at least based on my experience as we have similiar incomes and simliar exposures and I have been tapped out with them for awhile have a bit more than you, but a bit of that is on a business card of theirs and 61.5k on personal scores approx 800 give or take.

Auto loan won't count only towards your DTI as it is a secured asset vs. unsecured to what you have with them.

[SouthernCredit]

@AverageJoesCredit The Cash Rewards, the card they took limit from, sees a good bit of shuffle, as I frequently take advantage of the 12 month 0% BT offers; sometimes a lot, sometimes a little, but I almost always have a BT being paid down. Premium Rewards was just wishful thinking, and not really needed. 

I did failed to mention that I do have a decent relationship with BofA, as they hold my primary checking, savings, and a Merrill IRA, as well as the 2 cards and auto loan.