So, I applied for a B of A card on 2/15/2023, and the screen said we'll let you know why we didn't say yes by a letter in the mail. So, I assumed it was a denial, but instead I got some sort of form to send to let them verify my SS# and a request to verify my income.
So, after I proved who I was and documented $135,380 in income a year, they gave me a card... with a $2,400 SL.
So I'm happy... but I"m not happy. You know?
I've had the card for 30 days, and my balance is $566.91. That means that 30 days from now, I'll have $1,133.82 or thereabouts. And yes, they'll give me a $200 bonus for using their card pretty much exclusively. But, after the 3rd month, I'll probably owe around $1500 on a $2400 SL for a 62.5% usage and that basically means I won't be able to use the card any more and it'll be a drag on my credit.
In fact, I should probably stop using the card after 2 months. That means, what? I'll need to app another card? I've already opened 4 cards in the past 12 months.
I'm assuming they're not going to give me a bigger SL until I've had the card at least 6 months. Am I wrong?
Congrats!!
if you push payments towards your bill prior to your statement date, your balance will report as $0 and you won't experience a credit drop due to high utilziation
my thoughts: short of cycling it 3+ times in a month, spend as much as you want to spend, push payments when they're needed and ask around here for when BoA does CLIs.
0/6, 2/12, 7/24
@GZG wrote:Congrats!!
if you push payments towards your bill prior to your statement date, your balance will report as $0 and you won't experience a credit drop due to high utilziation
my thoughts: short of cycling it 3+ times in a month, spend as much as you want to spend, push payments when they're needed and ask around here for when BoA does CLIs.
Yeah, the thing is it's 0% for 18 months, so normally I just take however much I owe, divide it by 18, reduce the number in my spreadsheet to 17, then next month to 16, etc. For example, let's say I got the card and had to pay for a year's worth of insurance @ $1,800 a year. I would charge the $1800 and pay $100 a month for 18 months until it was all paid off by the end of the 0% APR rate.
So... could I just PIF before the statement date? Yes, I suppose I could. It just seems to defeat the point of having a 0% APR credit card, though.
@Zosimus wrote:
@GZG wrote:Congrats!!
if you push payments towards your bill prior to your statement date, your balance will report as $0 and you won't experience a credit drop due to high utilziation
THIS>>> my thoughts: short of cycling it 3+ times in a month, spend as much as you want to spend, push payments when they're needed and ask around here for when BoA does CLIs. <<<THISYeah, the thing is it's 0% for 18 months, so normally I just take however much I owe, divide it by 18, reduce the number in my spreadsheet to 17, then next month to 16, etc. For example, let's say I got the card and had to pay for a year's worth of insurance @ $1,800 a year. I would charge the $1800 and pay $100 a month for 18 months until it was all paid off by the end of the 0% APR rate.
So... could I just PIF before the statement date? Yes, I suppose I could. It just seems to defeat the point of having a 0% APR credit card, though.
Congrats on your BOA - Unlimited Cash Rewards!
What were your plans with this card? There are plenty of 0% cards. Were you planning to take the 0% and use whatever the the entire credit line was given? Do you need the 0% for this amount? As @GZG advised... the bigger picture is to build a releationship quickly by usage and payment in the short term and encourage BOA to increase your line so it's NOT a drag on your credit.
Congrats on the approval
Congratulations!
