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Bank americard strategy

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Anonymous
Not applicable

Bank americard strategy

I got bank americard with the hopes to BT some Amex balances that ran up on their 0% time. Unfortunately, I had a rocky past with bofa. Had a few cards shut down for missed payments... But always paid them to 0 without taking settlement offers.

Due to my past, despite being approved for a usbank card at 15k the same day, bofa only gave me 1k. Not very useful, but hey, I'm in with them again.

Two questions,
1. How quickly can you get a CLI on bank of America?
2. The bank americard has crap cash back so I may not really have a use for it without going out of my way. However, it has a $0 BT fee for 60 days... Can that be used several times?
3. I was thinking, i make several 1000 dollar payments to various cards per month to ensure they're all PIF by statement date... Could I show positive activity by doing a $1000 BT from my amex then pay it on bofa a few days later, then do a $1000 BT on my amazon card and pay a few days later, etc. Then a $500 BT to my marvel card and pay a few days later... Or would they just be pissed that I made them do 20 BTs and didn't give them a chance to let them make any money off of it? I would only consider doing this if the answer to 2 is yes, unlimited times.
Message 1 of 13
12 REPLIES 12
Anonymous
Not applicable

Re: Bank americard strategy

Congrats on the approval!

 

Before jumping to those conclusions, give them a call and see if they can raise it.

Explain to them you have a larger than 1K BT you want to perform and you also

want to keep your utility in check.

 

I do not think you would have to mention about your history with them, as they already approved.

 

Now if all else fails, check your online account and normally in red there is a link to raise your limit.

Monster thread on the BOA cli soft pull, i think it is 3 month in between, but not sure on first.

 

After then you may decide to try other thangs, but i dont think the 20 BT will fly by them without questioning,

since your account may be under watch....unsure on that but can only assume.

 

hth, good luck

Message 2 of 13
mikesonthemend
Valued Contributor

Re: Bank americard strategy

I have always wondered, but OP made me even more curious. Do creditors record when their balances are paid off via a balance transfer? Might be a valuable data point to a creditor. Is it possible blanace transfers are also tracked in some qualitative way by the new creditor?

 

I miss the days I didn't care about this stuff.




Living through Darwinism is so much worse than learning about about it in school.
Message 3 of 13
UncleB
Credit Mentor

Re: Bank americard strategy


@mikesonthemend wrote:

I have always wondered, but OP made me even more curious. Do creditors record when their balances are paid off via a balance transfer? Might be a valuable data point to a creditor. Is it possible blanace transfers are also tracked in some qualitative way by the new creditor?

 

I miss the days I didn't care about this stuff.


I supposed if a creditor were really motivated they could take a 'deep dive' on one's credit reports and determine if a BT was likely used, but generally speaking when a BT is done the card that is paid off treats the payment just like any other.

 

FWIW I've done plenty of BTs over the years (for better or for worse) and I've never had a problem. Smiley Wink

Message 4 of 13
coldfusion
Credit Mentor

Re: Bank americard strategy


@Anonymous wrote:

Congrats on the approval!

 

Before jumping to those conclusions, give them a call and see if they can raise it.

Explain to them you have a larger than 1K BT you want to perform and you also

want to keep your utility in check.

 

I do not think you would have to mention about your history with them, as they already approved.

 

Now if all else fails, check your online account and normally in red there is a link to raise your limit.

Monster thread on the BOA cli soft pull, i think it is 3 month in between, but not sure on first.

 

After then you may decide to try other thangs, but i dont think the 20 BT will fly by them without questioning,

since your account may be under watch....unsure on that but can only assume.

 

hth, good luck


The 'Request a credit line increase' hyperlink is blue, not red.   You're correct that emperially based on DP reported it most often reappears after 3 months, although I know from personal experience that isn't always the case.  I've had them reappear within 2 weeks. 

 

One has to keep in mind that the link's appearance doesn't mean that you are eligible for a CLI, only that the bank considers you eligible to *request* a CLI.  

 

I would call ASAP and ask for a reconsideration of the credit limit because you want to use it make a balance transfer.  Be prepared to tell them the amount of the planned BT. 

 

(7/2025)
FICO 8 (EX) 850 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 5 of 13
Anonymous
Not applicable

Re: Bank americard strategy

Recon decision was that they couldn't recon an approval, only a decline.

CLI decision said its been less than 3 months (3 hours, actually) since the account has been open.
Message 6 of 13
zerofire
Valued Contributor

Re: Bank americard strategy

I would question why someone would be so cruel when you can just pay the original creditor and the debt would be wiped out. Also you will not be able to do BT's every few days as Bank of America will stage the payments. It takes about 1-3 weeks for a set of BT's to be completed. Maybe it is me but I am having a hard time understanding why you would want to be so overly complicated just to show spend to a bank that does not care about it.

TU:816 12/19/24 Bank of America--EX: 809 01/03/25 Experian--EQ:836 01/06/25 myFICO--Gardening since N/A
Active:
Bank of America (Customized Cash Rewards VSC, Unlimited Cash Rewards WMC{PT}), Capital One (Discover It DC, Savor WEMC), Chase (Amazon Prime VSC, Freedom Flex WEMC [x2]), Citi (Custom Cash WEMC, Dividend MC), Citizens GreenSense WMC, Curve WEMC{S}, FNBO Ducks Unlimited VSC, GBank VSC, Imprint Rakuten AC,PenFed Pathfinder Rewards VSC, Santander Ultimate Cash Back WMC, Synchrony PayPal Cashback WMC, UMB Simply Rewards VSC[Milford Federal], US Bank (Cash+ VSC [x2], Kroger Rewards WEMC, Pick n Save/Metro Market Rewards WEMC, Shield VC)
Wishlist: AAA Daily Advantage, AOD Signature, Aven, Bellco Colorado Rewards, Nusenda Platinum Cash Rewards, PCMCU Platinum Rewards, Redstone FCU Signature
Message 7 of 13
Anonymous
Not applicable

Re: Bank americard strategy

Zerofire,

You say I'm trying to show spend on a bank that doesn't care? Am I completely oblivious about bofa? Can I just hold on to this card for 6 months, not spend a dollar, and all of a sudden have a good relationship with them?

I got the card for balance transfer, they didn't give me a large enough limit... So if this balance transfer doesn't work it's basically SD day 1...

i figured at least this way I'd show utilization, either to PC or to get a much more substantial CL for a future BT offer they might send... Or even to get a completely different card down the line with them...
Message 8 of 13
xaximus
Valued Contributor

Re: Bank americard strategy

OP - I'm not sure how comfortable and how okay BoA would be with multiple BTs. I would do one or two over a period of 60 days (may 3 if pushing it) and then see if you can get a CLI. With your SL being at 1K, you should be able to get a relatively decent bump.


Scores - All bureaus 770 +
TCL - Est. $410K
Message 9 of 13
zerofire
Valued Contributor

Re: Bank americard strategy

@Iambecomedeath

Bank of America is a relationship bank and what you describe is close to what would take to get them to help you. You admitted that in the past you had issues with BoA. The bank also agrees but has regardless both allowed you back in and gave you an elevated SL under slow CL start. BoA usually hands out 200-800 SL's for customers that have no current relationship with higher scores given higher SL. I remember starting with them at 200, 300, or 600(long ago). If you wish to build the relationship you will need to use the card like normal over a length of time charging a little bit even at no rewards due to the card you chose. BoA is tolerant of utilization on their BT cards and really is only after the money of businesses. They want you in and spending(swiping or dipping) not holding a set of BT's.

 

@xaximus

Bank of America will not care how many he does as long as he does not go past his credit line. I have had 12-24 BT's on my Bankamericard all in the 60 days because of all the cards that I have at other banks. The only hiccup was that a BT specialist called to confirm that what I had requested was valid since some BT's were a second transfer to some cards. Since it was near the end of the 60 days by then they also agreed that any BT that was requested in the 60 days that was reprocessed after the period ended, like the confirmed ones, will have their fee's waved if they are charged. 2 fees were charged but without a call a credit was applied.

TU:816 12/19/24 Bank of America--EX: 809 01/03/25 Experian--EQ:836 01/06/25 myFICO--Gardening since N/A
Active:
Bank of America (Customized Cash Rewards VSC, Unlimited Cash Rewards WMC{PT}), Capital One (Discover It DC, Savor WEMC), Chase (Amazon Prime VSC, Freedom Flex WEMC [x2]), Citi (Custom Cash WEMC, Dividend MC), Citizens GreenSense WMC, Curve WEMC{S}, FNBO Ducks Unlimited VSC, GBank VSC, Imprint Rakuten AC,PenFed Pathfinder Rewards VSC, Santander Ultimate Cash Back WMC, Synchrony PayPal Cashback WMC, UMB Simply Rewards VSC[Milford Federal], US Bank (Cash+ VSC [x2], Kroger Rewards WEMC, Pick n Save/Metro Market Rewards WEMC, Shield VC)
Wishlist: AAA Daily Advantage, AOD Signature, Aven, Bellco Colorado Rewards, Nusenda Platinum Cash Rewards, PCMCU Platinum Rewards, Redstone FCU Signature
Message 10 of 13
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