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Bank of America Visa Signature Question!

Bank of America Visa Signature Question!

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! 

Message 1 of 10
9 REPLIES 9
fantic
Regular Contributor

Re: Bank of America Visa Signature Question!

I heard that 5k limit doesn't matter now, weird, but if true, good for us newbies? Even 500 SL can be Sig?

Apr/21 CO Plat. SC(500->700), Aug; CITI DC(1000->1500), Sep; CFF(500), Oct; Amazon store card(2100->4000), CITI Best Buy store card(2000), Nov; Tomo(2000->3000), Jan/22; CO SO(2000), Feb/22; Disco It CB(3000)
Next cards; travel card(Delta Gold?), CITI CC? Credit Union card(PenFed?)
FICO8 EX 717 EQ 731 TU 735 util 2%(of 16700)
AAoA 8m AoOA 1y2m AoYA 4m Cards 2/6 7/12 8/24 Inq EX 10/6 24/12 EQ 1/6 3/12 TU 3/6 5/12
Message 2 of 10
coldfusion
Community Leader
Super Contributor

Re: Bank of America Visa Signature Question!

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.  

(6/2022)
FICO 8 (EX) 830 (TU) 836 (EQ) 831
FICO 9 (EX) 843 (TU) 845 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 3 of 10
Who_wuda_thought
Contributor

Re: Bank of America Visa Signature Question!


@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! 


@Goodcreditoneday

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.

 

Message 4 of 10

Re: Bank of America Visa Signature Question!

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.

Message 5 of 10
JR_TX
Valued Contributor

Re: Bank of America Visa Signature Question!

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.

 

New cc TLs : 0/6 ; 0/12 ; 2/24 | HPs EX 1 EQ 3 TU 1 | AAoA 6y6m | UTIL 1% - 3% | $269K+ Total Limits

Message 6 of 10
OmarGB9
Community Leader
Super Contributor

Re: Bank of America Visa Signature Question!


@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.


Last App: 12/27/2021
Penfed Power Cash Rewards Visa Signature

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 7 of 10
JR_TX
Valued Contributor

Re: Bank of America Visa Signature Question!


@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.

New cc TLs : 0/6 ; 0/12 ; 2/24 | HPs EX 1 EQ 3 TU 1 | AAoA 6y6m | UTIL 1% - 3% | $269K+ Total Limits

Message 8 of 10
CommuneNefas
Established Member

Re: Bank of America Visa Signature Question!

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. 

Message 9 of 10
K-in-Boston
Moderator

Re: Bank of America Visa Signature Question!

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.

Message 10 of 10
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