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Hi guys. I'm projected to have a 766 credit score by this July and i want to apply for a Bank Of America Visa Signature Card.
I have 0 negatives. Highest limit card is $2k and my other two cards are $600 and $400 limits. And i have two $3k personal loans. I've heard that i need atleast a $5k limit to get a Visa Signature Card but also heard that $2k limit is enough to get one as well. Thank You guys for your feedback!
I heard that 5k limit doesn't matter now, weird, but if true, good for us newbies? Even 500 SL can be Sig?
Issuers have a certain amount of discretion as to the threshold at which hey will issue a Visa Signature.
USBank is for example notorious for issuing $500 Cash+ Visa Signature cards. That is an outlier.
Some issuers, and Bank of America falls into this category, only issue a Visa Signature for a $5K+ credit limit but if a card has a starting limit of less than $5K and later grows via CLI requests to a limit of $5K they will reissue the card as a Visa Signature while retaining the account number.
There are a few cards from other issuers that if issued with a starting limit of less than $5K will never be upgraded to a Visa Signature regardless of how much the limit eventually grows. The now-discontinued Uber Visa was such an example.
Bank of America sticks to the standard $5K minimum.
@Goodcreditoneday wrote:Hi guys. I'm projected to have a 766 credit score by this July and i want to apply for a Bank Of America Visa Signature Card.
I have 0 negatives. Highest limit card is $2k and my other two cards are $600 and $400 limits. And i have two $3k personal loans. I've heard that i need atleast a $5k limit to get a Visa Signature Card but also heard that $2k limit is enough to get one as well. Thank You guys for your feedback!
For a DP, I had only one card reporting with <$1k limit/12 mo history, clean otherwise blank credit history. App'd & was approved for BofA CCR with SL <$2K and received VISA Signature. No BofA bank accounts of any kind prior. This was just a few months ago. Also worth a mention...my reported income is extremely low.
Oh wow! Ok that's really good info! I'd be ok with a $2k Card starting off even tho i already have one lol Thank You.
I would also suggest opening a checking/Savings acct with them prior to your app if you don't already have one as BoA is quite well known to be a "relationship" lender. It will also increase your chance of approval and somewhat higher SL...
That is of course if you must have a credit product from them.
@JR_TX wrote:I would also suggest opening a checking/Savings acct with them prior to your app if you don't already have one as BoA is quite well known to be a "relationship" lender. It will also increase your chance of approval and somewhat higher SL...
That is of course if you must have a credit product from them.
I don't know about that. Yes they appreciate a relationship beyond credit products, but unless one has substantial, seven figure assets with BoA/Merrill Lynch, I doubt it has much, if any, impact on approval/SL.
@OmarGB9 wrote:
@JR_TX wrote:I would also suggest opening a checking/Savings acct with them prior to your app if you don't already have one as BoA is quite well known to be a "relationship" lender. It will also increase your chance of approval and somewhat higher SL...
That is of course if you must have a credit product from them.
I don't know about that. Yes they appreciate a relationship beyond credit products, but unless one has substantial, seven figure assets with BoA/Merrill Lynch, I doubt it has much, if any, impact on approval/SL.
They might've changed in recent year/months but that's how I got back in with them after burning them for over $30K in my BK7 dc in 2011. They took me back in with a $99/500 offer back in 2015 after a denial in which they specifically mentioned my relationship (Checking/Savings) with them since the 90's.
Now I think I'm back in full graces with them as I've already stopped asking for CLI for years now since I have more than enough I could ever need for the credit card.
Obviously everything is YMMV just stating my experience with them.
Tacking on for another DP - just approved for BoA Customized Cash, as I've moved over most of my investment/retirement accounts to BoA so want the increased rewards. $4k SL but it's a VISA Signature card, so at least in my case there wasn't a $5k minimum.
Sounds like the $5k Visa Signature requirement may be lifted on these newer credit card products from BoA. Historically, they have definitely been sticklers to that $5k requirement, and it may still hold true for the older cards. Citi is another example where they'll definitely issue low limit World Elite MasterCard products, and Chase is an example where $5k Visa Signature and $10k Visa Infinite minimums are absolutely firm.