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I love Bank Of America

Scupra
Super Contributor

Re: I love Bank Of America


@Essential67 wrote:

I am confused. Is big CL really useful? I read that lets say if you trying to get credit for property and they can give you X, but because huge CL they will subtract this CL.  

For example, you want to take 500k for house and you have 70k CL. They will give you 430k right? 


I think you are confusing available credit and DTI Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
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Message 21 of 41
iv
Valued Contributor

Re: I love Bank Of America


@Essential67 wrote:

I am confused. Is big CL really useful? I read that lets say if you trying to get credit for property and they can give you X, but because huge CL they will subtract this CL.  

For example, you want to take 500k for house and you have 70k CL. They will give you 430k right? 


...no. Not at all.

 

Normally, your unused/available CL has absolutely no bearing on mortgage loan qualification.

 

Nor does the amount of outstanding debt, directly.  (The amount of your monthly minimum repayments does, though.)

 

Having 70k in unused credit card CLs will not "subtract" from the amount a lender is willing to extend you.  (Nor will 250k, etc...)

 

Certain portfolio lenders or Credit Unions may have their own oddball rules about total exposure, but that's not a "standard" thing.  Having more available card CL than the amount of a mortgage is not all that uncommon (at least around here...)

 

EQ8:850 TU8:850 EX8:850
EQ9:850 TU9:850 EX9:850
EQ5:796 TU4:806 EX2:809 - 2021-04-06
Message 22 of 41
BronzeTrader
Valued Contributor

Re: I love Bank Of America

Nice. But what was y9ur largest spending with any of your credit card? Bought a car with it? 

Message 23 of 41
BronzeTrader
Valued Contributor

Re: I love Bank Of America

The story just doesn't connect. If you have that kind of income, why the bank gave you $500 or $5,000 starting CL? I know each time I applied CCs with BA and with $100,000 income, BA gave me $21,000 CL automatically. 

 

Also, it seems this was your only CC and you had to pay back a couple times a month. Why? Many of us here hold 10 or 20 credit cards. 

 

And last, with that kind of income, you can get CCs with open CL. No need to get HPs every couple of months. You can rest and spend your CC, instead of beating the little BA rep so hard. 

 

Just puzzling. But enjoy.

Message 24 of 41
Grabiela
New Contributor

Re: I love Bank Of America

NOP i just put my regular purchases food,gas, restaurant, and trips to central america and spain and france.

Message 25 of 41
Grabiela
New Contributor

Re: I love Bank Of America


@BronzeTrader wrote:

The story just doesn't connect. If you have that kind of income, why the bank gave you $500 or $5,000 starting CL? I know each time I applied CCs with BA and with $100,000 income, BA gave me $21,000 CL automatically. 

 

Also, it seems this was your only CC and you had to pay back a couple times a month. Why? Many of us here hold 10 or 20 credit cards. 

 

And last, with that kind of income, you can get CCs with open CL. No need to get HPs every couple of months. You can rest and spend your CC, instead of beating the little BA rep so hard. 

 

Just puzzling. But enjoy.


I was born in the U.S. but my parents took me to live with them to Honduras, My mom add me to her credit card went i was 17 years old. Then i finish my university but i did have a gas card shell when i was 19. when i apply to the BOA credit card that was my limit that they gave me because i did an error with my income i only put 30500 intead of 350000.00 but them i did call them and ask for more and they did approved it. that income its from my job and the other part of that income its from my apartments that i rent in total 7. My parents gave it to me  before they past away. And i still rent them

Message 26 of 41
etx
Frequent Contributor

Re: I love Bank Of America


@BronzeTrader wrote:

The story just doesn't connect. If you have that kind of income, why the bank gave you $500 or $5,000 starting CL? I know each time I applied CCs with BA and with $100,000 income, BA gave me $21,000 CL automatically. 

 

Also, it seems this was your only CC and you had to pay back a couple times a month. Why? Many of us here hold 10 or 20 credit cards. 

 

And last, with that kind of income, you can get CCs with open CL. No need to get HPs every couple of months. You can rest and spend your CC, instead of beating the little BA rep so hard. 

 

Just puzzling. But enjoy.


Another thread he stated an income of $35K when applying for a different card 3 years ago, the same time he applied for this BOA card. He was also a full time student at the time, working full time.  If he went from $35K to $690K in 3 years, well played. 

Message 27 of 41
BronzeTrader
Valued Contributor

Re: I love Bank Of America

Good story. So you grow your CL over like 20 or 30 years? 

 

When you were 19, you couldn't put $350,000 as your income, since that was almost all from your parents. 

 

Now, why don't you get a card without credit line? I don't think any of the BA cards are good for international travel. Get AmEx Platinum, or something higher still. Just don't understand your points here. 

Message 28 of 41
BronzeTrader
Valued Contributor

Re: I love Bank Of America


@etx wrote:

@BronzeTrader wrote:

The story just doesn't connect. If you have that kind of income, why the bank gave you $500 or $5,000 starting CL? I know each time I applied CCs with BA and with $100,000 income, BA gave me $21,000 CL automatically. 

 

Also, it seems this was your only CC and you had to pay back a couple times a month. Why? Many of us here hold 10 or 20 credit cards. 

 

And last, with that kind of income, you can get CCs with open CL. No need to get HPs every couple of months. You can rest and spend your CC, instead of beating the little BA rep so hard. 

 

Just puzzling. But enjoy.


Another thread he stated an income of $35K when applying for a different card 3 years ago, the same time he applied for this BOA card. He was also a full time student at the time, working full time.  If he went from $35K to $690K in 3 years, well played. 



Amazing! 

Message 29 of 41
Credit_hawk
Established Contributor

Re: I love Bank Of America

ETX and Bronze Trader are investigating. They're like the myFICO FBI! Smiley Happy

FICO- Experian: 797, TransUnion: 781, Equifax: 804 (Updated Monthly)
Message 30 of 41
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