Bank of America CLI Questions - TIA for any Help!

[Anonymous]

Hey y'all,

I've been doing a lot of reading up on how BofA has been lately with their CLIs and just curious whether those with personal experience or insight could chime in on a few questions.

(1) Does anyone know which agency BofA typically pulls from for their HPs? As I explain below, I pretty much won't take any risk of pulling on my Equifax.

(2) Is there any upside to calling one of the backdoor numbers (and if so, which one) versus the online approach?

(3) Is there anything I can do to increase the likelihood of getting a CLI approved (e.g., leave the "amount" field blank if I apply online, etc.)?

In case it's helpful, by way of background, I recently went fishing and got a couple of new cards (Chase Slate and Discover It) to do some maneuvering via balance transfers, get my utilization ratio down, and jack my credit score up (which it did immediately, even with the HPs -- each of my scores is now about 700). I now have seven total cards, as follows:

1. BofA Travel Rewards Platinum -- $0(used)/$1,700(limit) -- had since 2007

2. Citi Platinum Dividend -- $4,500/$7,100 -- had since 2008

3. Chase Freedom -- $500/$5,000 -- had since 2008

4. Amex Blue Cash Preferred -- $3,800/$5,000 -- had since 2015

5. Amex Delta Gold -- $0/$1,000 -- had since 2015

6. Chase Slate -- $3,300/$3,500 -- just got last month (April 2016)

7. Discover It -- $3,500/$6,500 -- just got last month (April 2016)

TOTAL = $15,600/$29,800 ~ 52% utilization

There are two clear outliers here in terms of how low the credit lines are -- BofA ($1,700) and Amex Delta Gold ($1,000). The BofA I've obviously had for nine years now, which certainly helps my length of credit history, so I won't get rid of the card at this point (even though I really have no use for it and barely use it, hence the $0 balance). The last time I requested a CLI on the BofA was almost a year ago in July 2015 (when the limit was a laughable $700 - the same it was back in 2007), and they did a HP on my Transunion (the only HP showing on my Transunion report, compared to the SIX on my Equifax, none of which will come off until 2 in March 2017 and 1 more in May 2017). BofA DENIED my request, which had me thinking about getting rid of the card, perhaps out of pure frustration, since they hadn't given me any increase despite multiple requests over the course of having the card, and despite all my other cards dwarfing its limit for the last several years. Then, BofA randonly gave me an automatic $1,000 CLI a few months ago in March 2016. I still want the limit higher though because of how far it is off my others; I can't even make a damn purchase on the BofA without jacking up the utilization ratio of that card.

Thanks anyone for any wisdom you can offer!

[newhis]

1.- TU

2.- You can try online, then call and ask reconsideration with same HP.

3.- Lower your util

If your Slate is already reporting 3300/3500 (over 90% util), I don't think they will give you an increase. 2 new cards with high balance is a red flag for many lenders. The only way to know is ask for one. Good luck.

[Anonymous]

Thanks for the quick reply! The Slate hasn't reported yet, but what happened with that one was in the app for that card, they asked how much I wanted to BT from another card, so I put $5,000 (hoping that would entice me to give me a high limit) and so when they gave me a $3,500 limit, I was kinda of stuck with it. The other option to get that one down would be to move some of the limit from the Freedom over to the Slate. Would that be worth it?

As for the high util on the Citi, I also just BTd a bunch onto that one on a 15 month 0% BT promo. The Amex will be paid off in the coming months before the 0% promo wears off.

It's also curious to me then why BofA would give me the random auto CLI in March in light of the high util (before I increased my total limit by $10k upon getting the new cards last month). ¯\_(ツ)_/¯

[Anonymous]

Well, having not slept last night because of work, I'm in a very "eff it" sort of mood (delirium?) and decided to pull the trigger and ask for $15k. BofA countered and instantly approved for $5,500! Worth calling in and asking for a recon?

[Anonymous]

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@Anonymous wrote:

Well, having not slept last night because of work, I'm in a very "eff it" sort of mood (delirium?) and decided to pull the trigger and ask for $15k. BofA countered and instantly approved for $5,500! Worth calling in and asking for a recon?

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Just my take on it. I have three cards with BofA and have had tons of experience in the last year. I would say do not call for recon simply because you might get a closer review and those high utilizations might come back to bite you. Lower your utilization and come back in six months and ask again. Give your card tons of use in the meantime and you should be a shoe-in. Also, they have pulled other CB's when I asked for CLI's. Once was Equifax and they have pulled TU as well as Experian. All over the place for me. 

Congratulations on your new account limit. Very nice limit indeed!

[Anonymous]

I'll certainly heed that advice - thanks again for your input!

[Anonymous]

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@Anonymous wrote:

I'll certainly heed that advice - thanks again for your input!

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My pleasure! 

[takeshi74]

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@Anonymous wrote:

Does anyone know which agency BofA typically pulls from for their HPs?

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Don't overlook resources such as the Credit Pulls Database (Google to find).

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@Anonymous wrote:

Is there any upside to calling one of the backdoor numbers (and if so, which one) versus the online approach?

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Method does not change your credit profile or income, so no.

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@Anonymous wrote:

Is there anything I can do to increase the likelihood of getting a CLI approved (e.g., leave the "amount" field blank if I apply online, etc.)? 

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Again, credit profile and income are primary considerations.  You can improve your credit profile.  Idenitify issues and start by addressing the ones with the biggest impact.  The amount you request does not change what you qualify for.

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@Anonymous wrote:

TOTAL = $15,600/$29,800 ~ 52% utilization 

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Make sure you read up about the standard FICO scoring factors

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

...and other considerations.

Revolving utilization has a signfiicant impact and falls under Amounts Owed.  30% is the generally suggested maximum but it is far from ideal.  Get that revolving utilization down before applying for anything, requesting CLI's etc.

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@Anonymous wrote:

There are two clear outliers here in terms of how low the credit lines are -- BofA ($1,700) and Amex Delta Gold ($1,000).  

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They do not matter the way you seem to think they do.  Creditors do not simply match limits.  Limits factor into revolving utilization.  Revolving utilization factors into Amounts Owed.  All that is just for FICO scoring which is only one thing that a creditor considers.  The creditor will consider your entire credit profile and income as well and compare to the underwriting criteria for the product to determine the limit that you qualify for.  Don't focus on just limits.  It all matters.

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@Anonymous wrote:

BofA DENIED my request, which had me thinking about getting rid of the card, perhaps out of pure frustration, since they hadn't given me any increase despite multiple requests over the course of having the card, and despite all my other cards dwarfing its limit for the last several years. Then, BofA randonly gave me an automatic $1,000 CLI a few months ago in March 2016. I still want the limit higher though because of how far it is off my others; I can't even make a damn purchase on the BofA without jacking up the utilization ratio of that card.

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Creditors and products do not have identical underwriting criteria, risk tolerance, etc.  You cannot assume that one creditor should "keep" up with others.  Again, limits and CLI's are based on what you qualify for with the creditor.  They may seem random to you in some cases but they are not just random.  If your limit didn't increase then you didn't qualify when considered.  If you got a CLI then you qualified when considered.

Revolving utilization is balance(s) / limit(s).  You can pay down the balance on a low limit card prior to report date to manage the revolving utilization that is reported.

[Anonymous]

Wow, this is all extremely helpful information to know. Thank you for taking the time to write that up! I'm surprised to hear they don't match limits of other companies, considering I'd imagine most of the big banks probably have very similar underwriting criteria and my date provided to all of them is obviously the same. I've had Chase match another bank for me, but there was a lot of b*tching that went into that one!

Regarding my utilization ratio, for now, the way things work is my cards gather a balance over the year and then get paid to zero with my year-end bonus (this year, I had some unexpected + substantial expenses in January and February that set me back bigtime).

Strange thing is, I've checked my reports and BofA doesn't appear to have done a HP, which I've read they do practically invariably. Lucky me?

[newhis]

I think I have read 3 or 4 posts from people that didn't see the HP right away and after a few days it appears. So don't hold your breath.

Congrats on your CLI.