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+1 to what others have said about the HP. Bite the bullet and go for it! You've got a year's history with them, shoot for $5K. It's likely you'll either get it or BofA will counter offer. I have the card, tried for a CLI from $7500 to $10K and was instantly approved. Didn't know what to expect with CLI request, so figured I wouldn't get too greedy! $10K is fine for me, especially since I also now have a Merrill Lynch Platinum Plus from BofA as well, with another $10K CL.
I asked for CLI in early Jan online. They HP TU. Did not have any Inq on TU at the time.
I was at 8.3k, asked for 15k, they automatically gave me 10k, I called to recon, but a no go. Account only 8 months old. Started with 2k limit in April.
I would say ask for way more. I had a cl of 500 and after 11 monthe of having the card and pif every month, I asked for a cli of 2500 more. I figured go big or go home, the guy just asked me why I needed the increase ( I said I wanted to cl comparable to my other cards) and then within 2 seconds he said congrats we are able to give you that increase...
Well I tried. Did it online, and I asked for 2,000 total credit limit, told them I made $29,000 per year with rent of only $250 per month. They said they'd send a letter with the response within 5-7 business days.
I don't think that sounds promising. That was Saturday, and so far nothing's changed online. Should I call in and see what they say, maybe try to sway them?
@Anonymous wrote:Well I tried. Did it online, and I asked for 2,000 total credit limit, told them I made $29,000 per year with rent of only $250 per month. They said they'd send a letter with the response within 5-7 business days.
I don't think that sounds promising. That was Saturday, and so far nothing's changed online. Should I call in and see what they say, maybe try to sway them?
I just recently asked for a CLI on my BankAmericard on 2/01. They did a HP and pulled my TU (I'm in CA). I asked if it can be a SP, but he informed me that CLI's are always HP...YMMV. The CLI was instant. As soon as I got off the phone with the analyst, I logged on to my online account and saw the new credit limit.
I would definitely call in and speak to a credit analyst. They'll ask you a few questions about your CR, such as any delinquencies, your card utilization, etc., as well as your income, job status, and the reason you want the CLI. You have a higher chance of getting a CLI if you call in since you can explain your situation in depth. As long as you have a good account history (at the very least, a year) and you have no major derogs in your CR, you shouldn't have an issue getting an increase. I even got a letter about my request and it also included my TU FICO score.
Good luck!