@xenon3030 wrote:I received the denial letter, citing that the decision was based on recent balance/credit trends and the relationship to BOA and affiliates. It seems that they used the prior SP data from TU and the credit lock was not an issue.
I guess, to get a CLI, it is better to have a premium tier with them (I lost my preimium tier status some months ago). Also, I am not sure their comments on recent balances and credits. Doing PIF or spending ~1k/month while having ~12k credit line might not be an optimum plan from their view. Anyway, these are my guesses. Please inform if you have recommendations on the ways to get CLI.
PS: I see whether I can move some of my stocks from Etrade or the other brokerage accounts to ML to hit the minimum asset of 20k to gain the Gold tier.
@xenon3030 , I don't have a premium status or tier with BOA - in fact, I have a single card. I have no other accounts with them and do not anticipate adding anymore. My typical use is to carry a balance of less than 15% for months on end and then paying it off at once. I then have let it sit empty for a while and then repeat the cycle.
I don't know that there's a special formula, that's just what's worked for me.
I got no CLIs for 12 months after I got the card. I've received a CLI roughly every 91 days since then. My CL is roughly 35% of my gross annual income.
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My payment strategy with BofA changed a few times but CLIs are still every 3 months.
For 6 months, I paid in full. My first CLI request was at 6 months, 2X CLI.
Next 6 months or so, I paid very little and used my 0% purchase APR. I got 2 CLIs, both 2X.
Then I paid my balance in almost full, and did a 0% APR BT. Requested a CLI once, almost 40% CLI.
In 15 months my CL grew from 1.5K to 8.3K.
@Roisin - how long have you had the card? My profile is less desirable so it took a year before I finally got my first CLI. I saw accounts of others that got a CLI within three or four months of opening the card.
@Roisin wrote:
@SweetCreditObsession wrote:@Roisin - how long have you had the card? My profile is less desirable so it took a year before I finally got my first CLI. I saw accounts of others that got a CLI within three or four months of opening the card.
@SweetCreditObsession I've had the card a little over a year. Although my UTL isn't high, I'm using my 0% APR to the max, and not PIF each month. Honestly, I've taken "better care" of cards from banks that I favor over BoA (bad parent here, I have favorites) which oddly, is my primary bank. They've been good to me, just not great. We'll see if the card feels better about me after I pay it off in a few weeks.
@Roisin, thanks for the follow up. You're doing something right so keep it up