BOA CLI @ 50% Utilization

[Anonymous]

I recently got a promotion. I have a $2000 CL but currently have $1000 balance. Looking to pay that off soon in full once I receive my bonus. I want to start charging evyerthing to this card and pay in full instead of using my debit card.

Is it realistic to get my CL increased to $5k? What about 10k? I am making about $80k/yr, 720 credit score. I only have one credit card, but would like to expand this.

[Creditaddict]

If this is all the credit you have you may want to consider adding 2 more credit cards.  BofA certainly would probably love to be your go to card but to go from a 2-5 or 10k with only the history they see on their card they might be concerned at what level would you be in over your head since you are not maintaining any other credit.

Consider a Citi Forward or something of the likes and maybe a store card orAmex.

Do you want BofA to be your primary because the rewards or is this your primary bank and want to build stronger relationship with them etc.

[Anonymous]

I actually would rather use an AMEX Blue Cash but i don't know if I would be approved since I haven't PIF my BOA Card and am at 50% util. I want to just get a credit increase to also lower my utilization. 

[Creditaddict]

Well if you have not applied for anything else then I would probably risk the inq and go for it.  make sure to check the new Blue programs that recently came out and get the one that is going to be the best for your type of spending.  If you got declined for the Blue, a lot of people like to start out with a charge card like the gold to get foot in door with Amex and gold charge card is free for first year and if you applied for it at same time as blue if that was declined it would be on the same credit pull.

[tntexans72]

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@Anonymous wrote:

I actually would rather use an AMEX Blue Cash but i don't know if I would be approved since I haven't PIF my BOA Card and am at 50% util. I want to just get a credit increase to also lower my utilization. 

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Amex is a tricky lender...but they have been generous lately. Your income definitely support you getting a 2nd or 3rd card with a $5k CL minimum. Bofa will probably won't give you that kind of boost but it doesn't hurt to ask first. I wouldn't be hesistant to pull the trigger on a Amex BC or BC Preferred to get some great rewards if I were you. That way, you can go back to Bofa and have some leverage when asking for a CLI as these lenders are fighting for your business and base on your credit history...it's solid imho.

[Anonymous]

Amex is tricky. Get your util below 10% for couple of months and try to speak with BoA to get a CLI but  " WITHOUT HARD PULL". apply for Amex blue if that is good for you and I am sure you should be fine. Else Citi is also a generous lender if you are interested.

[scientifics]

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@Anonymous wrote:

I actually would rather use an AMEX Blue Cash but i don't know if I would be approved since I haven't PIF my BOA Card and am at 50% util. I want to just get a credit increase to also lower my utilization. 

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Get your balance down below 30% and then try for Chase Freedom and/or Amex Blue Cash Everyday.

[tntexans72]

I agreed with OP...taking the safe/cautious route is the best way to go. Having 1 CC @ 50% util is huge, but your CL is only $2k. Minimum payment per month is probably less than $50.00 and your making $80K per year? Trust me when I tell you this but if your credit reports are clean, AAoA is 2.5yrs plus...lenders (sharks) are licking their chops when they see your application

Good luck!!

[aftermath]

BofA is generous with their credit lines as long as you give them a valid reason and show usage on their card.

My wife's BofA card started off as a secured with $500.

She used it well for 3 years and called in and asked for a CLI to $10,000.

She showed perfect payment history and PIF every month and her income supported her requested ammount so it was given without a hard pull.

Just ask, it doesn't hurt to try.

[score_building]

As PP a good rule of thumb is be <30% UTI (and the lower the better) when applying for any new credit (for best results.)