BOA cash rewards questions

[Doodlebug30]

Ok, so Im not sure if this is the right place for this but here goes. I have had a BOA cash rewards card for about 17 months. Perfect payment history, plenty of spend. All 3 scores are over the 700 mark and the only thing holding them back is late payments on old student loans,. These payments are about to fall off this coming summer so they are almost 7 years old. 

What I dont understand is what does BOA expect to see in order to get a CLI? I have asked several times. Always an instant denial. My SL is $2k. I have put ALOT of money through this card and always PIF. I dont get it. This is my favorite card and i would use it even more if i had the SL on it. I understand its obviously all they are ok with giving me but am i missing something here? 

They have a specialized offer for me in my account for the travel rewards which i suspect if i applied for i would be approved and probably for a higher SL than my cash rewards. So why not just give me a CLI instead?? 

For DPs, i have both a checking and savings account with them so i do have a relationship there... Anyone have any experience with these ppl? Willing to share any similar stories? 

Thanks!

[cashorcharge]

Well, the first two things I would ask, you've already answered....relationship and history.  Assuming there is nothing in your profile standing in your way, I would suggest you read this:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/BofA-Cash-Rewards-100-CLI-SP-after-2nd-review...

I had a similar situation as they weren't my bank and I wasn't getting CLI's.  After the immediate denial online, I called a CSR who saw the decline and suggested I call UW.  The number is in my post.  I called, discussed the situation and they agreed to manually review this and low and behold, it was approved.  I did this twice last year.  I have since done more with them but you may want to try calling as I did.  Good luck!

[FinStar]

OP, you mentioned you've requested several times for a CLI and it ends up being declined. What are the reasons they state on the letters?  Are they referencing the late payments on the student loans?  What is the FICO score they're providing you on the BoA website?

Also, *if* you were to get approved for the Travel Rewards card with a much higher line than Cash Rewards, you can always reallocate limits.

[Doodlebug30]

Thank you!! I will def call them!

[Doodlebug30]

@FinStar The credit score they have is 718. & Most of the time they do site the lates. But I don't understand since they approved me with them. & They're nearly 7 years old.... I've thought about grabbing the travel card & reallocating but I just have no use for that card. Idk. I kind of just figured I'll have to wait until my lates fall off but it's just annoying bc all my other lenders have no issue giving me increases... 

[FinStar]

CC lenders incorporate a variety of account tranche profiles when acquiring any number of potential customers.  There's millions of algorithm-driven variations of course, but essentially you can be approved with a moderate-risky profile even if credit is not-so-perfect.  Yet, once approved, it doesn't mean "free roaming" around credit increase land.  Some accounts stay in those tranches (or buckets if you would) and never move.  Others, depending on internal behavioral scoring, profitability factors, portfolio segmentation, etc., may shift toward more desirable tranches.  When that happens, then those accounts tend to see growth (i.e. CLIs).

In a nutshell, all you can do is be patient, optimize your profile and perhaps once those derogatory items fall off, it's possible your account can qualify for a CLI.  Thankfully, as far as BoA goes, requests are SP.

[Namaste7]

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@Doodlebug30 wrote:

[...] I kind of just figured I'll have to wait until my lates fall off but it's just annoying bc all my other lenders have no issue giving me increases... 

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👆 Agreed. There are two things BofA loves: primary banking and a clean profile. Your lates should be dropping off soon, request the CLIs after they drop.