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53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

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Valued Contributor

53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

I have a Visa card with Bank of America that is almost 19 years old.  I converted it several years ago from a regular visa to the Cash Rewards.  (I don't even think they offered this card in 2000.)  I banked with BoA several years ago but no longer have active accounts with them.

 

I haven't even used this card very much in last few years but just enough to keep it active.  This is one of my oldest accounts, however, so I want to keep it open.  The last big use for it was about 5-10 years ago when I had a big balance transfer offer that I took advantage of for most of my existing credit line at that time.

 

My credit line for past couple of years was sitting at $32.6K and that was after a hard pull, back when they used to require that.  My credit score and my income have substantially improved in recent years, and I also read that they now do soft pulls.  I decided to try my luck.  Reading about others' successes with initiating credit line increases gave me more confidence to request it myself.  As I've learned, the squeaky wheel definitely gets the grease. 

 

Imagine my surprise when they notified me by email a few hours later that I had been approved for a 53% increase on my credit line from $32.6 to $50.0K !!!   Smiley Very Happy

 

 

 

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Data Points:

FICO Bankcard Score 8:

    (TU) 843 (04/19/19)

    (EQ) 840 (04/23/19)

    (EX) 803 (05/09/19)  > *more HPs from recent Chase apps

AAoA: 10 years +

AoOA: 25+ years

Income: High (well into six figures)

Total Credit Card lines: $374.9K  after recent increases on 3 accounts

Credit Card debt: PIF mostly before due dates

Utilization rate: 01%

*My highest three Credit lines are now $50K, 50K, and 49.5K. 

*My lowest CL is $21.9K.  I closed all my smaller store accounts.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Note: I am definitely seeing how leveraging credit lines between accounts

over time helps to raise your overall limits.  It appears when banks see

other high limits, they are more willing to raise your account to stay competitive!



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 1 of 27
26 REPLIES 26
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New Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

WOW!!!! You have impressively high limits. I can't believe your lowest CL is that high, if I even had one card with a limit that high I would be over the moon! CONGRATS! Also interesting point on banks seeing other high limits! Does anyone else have experiences with this working in their favor?





Message 2 of 27
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Valued Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

@

 

 

500K+ TCL / 800+ FCOs
Message 3 of 27
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Established Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

CONGRATS!! 🎉🎉🍾








Message 4 of 27
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Community Leader
Super Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

Congrats on your increase

Message 5 of 27
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New Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

@Obscure-Expert Interesting, I was able to do the same thing calling the Uber credit analyst but them bumping it up actually made it my highest line of credit. Thanks for the info!




Message 6 of 27
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Valued Member

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

NIce!!! Congrats Smiley Very Happy

Starting Lineup

Bench

Current FICO 8 Scores

Message 7 of 27
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Valued Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

@creditslug



" ... WOW!!!! You have impressively high limits. I can't believe your lowest CL is that high, if I even had one card with a limit that high I would be over the moon! CONGRATS!"

Thanks creditslug! I've had credit cards for over 35 years and my oldest current card will be 26 years old next month, so I've been doing this for awhile longer than many of you on this forum. Age tends to be favorable to credit scores and limits for various reasons. You'll get there one day, probably sooner than I did. Smiley Happy


I've come to realize in recent years that I probably wasn't "AIMING_HIGH" enough when it came to my limits and scores. Heck, when I first got credit, there wasn't any such thing as a "FICO SCORE". LOL. That didn't come around until about 1989, I think? Credit scoring has changed a lot since then and the average consumer has gotten a lot smarter. A lot of the web-based credit-monitoring sites and online information about credit scoring have helped me to better understand what the lenders are looking for. My Fico Forums is a great resource too.


I also went through a rough credit patch a few years ago due to some career changes.  Being on this forum has made me appreciate how much you need to push for those higher limits, but you have to have the track record and credit score to put yourself in the position for the lender to want to give you more credit.

 

I purposely closed some of my lower-end cards a few years ago to try to simplify my credit and shift more into cash-back mode rather than balance-transfer mode.  I've also been working for years to raise my lowest limits. It takes time.  One card went from $1K to $22K over those years in slow steps.  I think having fewer low CL accounts and more high CL accounts may help you to get the higher limits.  IMO, a lot of low-limit accounts makes you look more like a rookie to lenders.  I think it's better to have more high-limit cards if you want the high limits.   Just my thoughts on it. Who knows what those guys are thinking?!?  LOL Smiley Very Happy  I just know it was only about ... 8? ... years ago that I first got a $25K limit and I was udderly amazed at such a high limit.  Now, I'm shooting for that to be my LOWEST card limit.


Lesson: Don't close your older cards! Some may close or fall off your report for different reasons. Hang onto those old accounts when you can. Two of my three highest limits are on my oldest cards. Even with my high scores and high income, the highest SL I've ever received is $35K.



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 8 of 27
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Valued Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

"@

 

 

 

 



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 9 of 27
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Frequent Contributor

Re: 53% CLI with SP on my Bank of America Cash Rewards -- Woo Hoo!!!

Congrats!!!

 

Why do I feel like you left some on the table ... ? Smiley Surprised








Les murs ont des oreilles .
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