boa credit line increase denials

DaFico · ‎11-27-2014

Can't for the life of me figure out why Boa refuses to give me a credit line increase. I have zero lates and utilize my card often and responsibly for two years. Yet they continue to say no while capital one continue to say yes. My credit score has done nothing but gone up yet they insist on saying no. All my accounts are paid on time and up to date, yet they say no! Can anybody explain what I might be doing wrong because I don't get it? My EQUIFAX score is 662

Anonymous · ‎11-27-2014

Check your TU score as BOA usually pulls TU for CL increases

DaFico · ‎11-27-2014

I'm still waiting for my TRANSUNION score to update.....does anyone know what score range BOA might be looking for to get a possible increase?

Marcos8 · ‎11-28-2014

It sounds like you tried this more than once with BOA... have they sent you denial letters that list the reasons for denial?

DaFico · ‎11-28-2014

Yes I've sacrificed a few hard inquires for doing so just to hear them say no, but I won't be doing it anymore.....the letters stated I had to much insurmountable debt with my other creditors which I do understand their concern, but I know and understand my situations better than them....I know what I can handle and can't handle. I always pay my debt early and on time. I don't understand why BOA won't allow me to grow with them........they make me feel it's personal

NRB525 · ‎11-28-2014

@DaFico wrote:
Yes I've sacrificed a few hard inquires for doing so just to hear them say no, but I won't be doing it anymore.....the letters stated I had to much insurmountable debt with my other creditors which I do understand their concern, but I know and understand my situations better than them....I know what I can handle and can't handle. I always pay my debt early and on time. I don't understand why BOA won't allow me to grow with them........they make me feel it's personal

Ok, well each lender has to make choices about how much risk they want to take with a borrower.

Those denial letters are your direct comminication back from the lender, telling you what makes them nervous. If you want BOA CLI, then get the other balances down substantially. Can you list what you owe and limits to provide perspective? Declines are not in a vacuum.

Good luck!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

DaFico · ‎11-28-2014

I guess I have to work on getting these balances down with all the other creditors because this $600 credit limit from BOA since day one is for the birds!

Anonymous · ‎11-28-2014

B335is · ‎11-29-2014

OP,

We need more information. What is your AAoA, any negatives (not just on this card), other cards and limits and utilization across all cards? "insurmountable debt" means different things to different people.

Anonymous · ‎11-29-2014

@DaFico wrote:
Yes I've sacrificed a few hard inquires for doing so just to hear them say no, but I won't be doing it anymore.....the letters stated I had to much insurmountable debt with my other creditors which I do understand their concern, but I know and understand my situations better than them....I know what I can handle and can't handle. I always pay my debt early and on time. I don't understand why BOA won't allow me to grow with them........they make me feel it's personal

Did they actually use the term "insurmountable"? That's a pretty strong word. It's basically saying they see more debt than they believe you're capable of paying back....ever.