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B of A Cash Rewards Approved $2500, But....

Dave4fun
Regular Contributor

B of A Cash Rewards Approved $2500, But....

Well, yes approved…..but I was absolutely stunned by the small starting credit line. I expected at least $20K. I kept looking for the other 0 at the end of $2500. B of A has constantly loaded my mailbox with offers for months now. This Cash Rewards card I researched on MyFico and through B of A information resources. And, of course their lovely SP credit line increases. It seemed like a good fit. I thought I would be putting my summer travel on it and earn 3% in the category. Not so sure about that now. In fact rather doubtful, the limit is too small to work with.

 

I did not need this card, just thought well it seems like a good fit and I had a great relationship with B of A years ago. We drifted apart but I had 2 credit cards and a large personal line of credit. Eventually they were closed but again on good terms. In fact I was quite happy with them, but then other lenders come along with new product offers. 

 

Data Points: 0 Inquiries, FICO 8 is 750 on Experian ( I believe they pull Experian, I’m in CA). 755 on TU and EQ. Income is 6 figures. Lowest credit line for my accounts is $4K and that is my Chevron gas card. All the others are $10K - $40K. Signature has other details.

So, color me purple, or perplexed, I am really stunned by the low limit.

FICO 8 EQ: 838, TU: 834, EX: 831 Total Rev CL: $430,000 - BANK of AMERICA/CHASE/CITIBANK/DISCOVER/ USBANK/AMEX/NORDSTROM/MACYS/BARCLAYS/FNBO/ JCPENNY/TARGET/CHEVRON/1ST UNITED CU/PATELCO CU/SYNCH 2% MC/ VENMO VISA Sig/ DILLARDS AMEX/ PENFED PLAT REWRDS/AAoA 13 years
Message 1 of 13
12 REPLIES 12
James_A
Valued Contributor

Re: B of A Cash Rewards Approved $2500, But....

Sorry. Hopefully it can be reconned to a workable limit.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board


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Message 2 of 13
Remedios
Moderator

Re: B of A Cash Rewards Approved $2500, But....

Congrats on your approval 

 

It will grow in time 

Undead Danny Trejo looks strangely like dead Danny Trejo, who looks exactly like alive Danny Trejo. Thanks, Netflix!
Message 3 of 13
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: B of A Cash Rewards Approved $2500, But....

Welcome to the new BofA. They start you low and after a few years of history, let you SP up to $99k if your income supports it.




Message 4 of 13
Dave4fun
Regular Contributor

Re: B of A Cash Rewards Approved $2500, But....


@Brian_Earl_Spilner wrote:

Welcome to the new BofA. They start you low and after a few years of history, let you SP up to $99k if your income supports it.


Thanks @ Brian...  That is what I was thinking, I guess...So anyway I will put the $1K on for the sub, then SD and try for CLI this Fall. 

FICO 8 EQ: 838, TU: 834, EX: 831 Total Rev CL: $430,000 - BANK of AMERICA/CHASE/CITIBANK/DISCOVER/ USBANK/AMEX/NORDSTROM/MACYS/BARCLAYS/FNBO/ JCPENNY/TARGET/CHEVRON/1ST UNITED CU/PATELCO CU/SYNCH 2% MC/ VENMO VISA Sig/ DILLARDS AMEX/ PENFED PLAT REWRDS/AAoA 13 years
Message 5 of 13
gdale6
Moderator

Re: B of A Cash Rewards Approved $2500, But....


@Dave4fun wrote:

@Brian_Earl_Spilner wrote:

Welcome to the new BofA. They start you low and after a few years of history, let you SP up to $99k if your income supports it.


Thanks @ Brian...  That is what I was thinking, I guess...So anyway I will put the $1K on for the sub, then SD and try for CLI this Fall. 


SDing the card is not going to get you CLIs with BoA, they want use. Grats on the new card and you can pay if and recharge multi times in a month with them.

Message 6 of 13
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: B of A Cash Rewards Approved $2500, But....


@Dave4fun wrote:

@Brian_Earl_Spilner wrote:

Welcome to the new BofA. They start you low and after a few years of history, let you SP up to $99k if your income supports it.


Thanks @ Brian...  That is what I was thinking, I guess...So anyway I will put the $1K on for the sub, then SD and try for CLI this Fall. 


At least you can SP CLIs now. But like gdale said, they want use.




Message 7 of 13
FinStar
Moderator

Re: B of A Cash Rewards Approved $2500, But....

Based on the signature details, it would appear that they felt comfortable with the SL at this point given your overall exposure. Again, it's all profile specific plus as others mentioned upthread, it'll grow over time *if* you use the card. SD'ing after the SUB isn't really gonna help much.

Of the TCL listed in your signature, on average, how much are you cycling through your lines and are you letting any of that activity report consistently?
Message 8 of 13
Dave4fun
Regular Contributor

Re: B of A Cash Rewards Approved $2500, But....


@FinStar wrote:
Based on the signature details, it would appear that they felt comfortable with the SL at this point given your overall exposure. Again, it's all profile specific plus as others mentioned upthread, it'll grow over time *if* you use the card. SD'ing after the SUB isn't really gonna help much.

Of the TCL listed in your signature, on average, how much are you cycling through your lines and are you letting any of that activity report consistently?

Great Question FinStar!  Four cards typically carry a a couple hundred or less  each month. I have car payment, loan is half paid off from 2016. Of course Mortgage. I have 3 Chase cards, I always let those report, because right after they report I pay them off and they report the zero balance right away. I love Chase for that! Disco is Daily Driver. Run $500 - $1000 a month, usually PIF b-4 statement cut, but sometimes will let a couple of hundred report. 

FICO 8 EQ: 838, TU: 834, EX: 831 Total Rev CL: $430,000 - BANK of AMERICA/CHASE/CITIBANK/DISCOVER/ USBANK/AMEX/NORDSTROM/MACYS/BARCLAYS/FNBO/ JCPENNY/TARGET/CHEVRON/1ST UNITED CU/PATELCO CU/SYNCH 2% MC/ VENMO VISA Sig/ DILLARDS AMEX/ PENFED PLAT REWRDS/AAoA 13 years
Message 9 of 13
pinkandgrey
Community Leader
Senior Contributor

Re: B of A Cash Rewards Approved $2500, But....

Congrats! Now where’s your approval thread for your HUGE new Barclay card? 

Discover It: 19.7k
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Apple Card: 1.5k
Message 10 of 13
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