Best High SL for BOA Rewards Cards?? (Please Help)

[Anonymous]

Hi All

So. I am wondering if anyone knows which BOA rewards card has a decent SL?  Do any of them have minumum SL's like $5k to start or $10k? Which ones?  I could use the Cash, Travel, or Premium Rewards. They all would help me, but would love to know what the Highest, lowest and overall best SL's each is. Any BOA masters awake?? Thank you.

Mark

[CreditCuriosity]

Its really profile specific and all the cards listed have a potential of having a good SLof 5k and lot higher.  First and foremost it really depends if you have a bit of history with BofA imo as if you don't have a CC with them now chances are they won't throw you a 10-20k approval  as those are built with either a relationship with them or from a card that has been built up over time with CLI's. BofA from what I have seen typically don't throw out huge approvals out the gate like say Chase. If I was to pick the one with the min. of at least 5k it would be the preferrred rewards as starts as a signature and I believe BofA still honors the 5k min. on that card and card is intended more-so for people with assets at bofa, altough certainly not needed you will just return alot more rewards if you have 100k parked with them or merill.

[Viva-LV]

+1  Depends on your profile.  I started out with the Cash rewards @ $6500 sl, with no relationship.  That grew within two years to my current cl with BOA of $76k (two cards).

[kdm31091]

Of the three I would think the Premium Rewards has the toughest underwriting. Other than that I don't really think the SL relates to the card product specifically. It just depends on your profile.

If I had to hazard a guess the Cash Rewards is probably their easiest rewards card to get, but that doesn't mean you will get a high limit. That said with BOA the SL isn't that big of an issue because they tend to be accomodating with CLI over time. YMMV of course but they seem to be pretty willing to increase limits if you show responsible use.

[Anonymous]

Thanks so much for your response. I don’t have a credit card w BOA but I do have a personal checking acct and my business has an act w them. I don’t Think the business account will weigh in, as my name is not on it., But I have moved a lot of money in and out of my personal checking account, and there is about $25,000 in it now. Maybe that will at least get me over the hump? Everything else makes a lot of sense! Thank you.

M

[Anonymous]

Wow. How did you go from that SL to your current SL? That is a huge increase. How does a CLI work with them, if that’s how you achieved that? Were you given any automatic CLI’s Or were they all personal requests? Thank you again.

M

[CreditCuriosity]

What is your current Experian Fico 08 score if you don't mind me asking?  I wet from a 17k merill lynch to 40k all with SP cli's.  BofA after 3-6 months will allow each CLI to be a (soft pull) against your TU credit file.  If you had 25k parked in their the premium rewards card and the sign-up bonus might be a good card for you.  Depending on your score/income and other factors in your profile you could end up with a decent sl.. Someone earlier today was approved for that exact same card at 15k with around a 710 Experian score, but alot more goes into starting amounts and or approvals than score alone..  How many accounts have you opened in the last 2 years, what is your average age of account approx, any baddies on your report, if so what, how many HP's do you have on experian and things like that.  If you can give us a better picture of your credit profile we can speculate a bit more, but nothing in the credit world is guaranteed

[Anonymous]

Ok. Here goes:

Exp- 731
TU- 730
EQ- 730
FICO 8- 731
(Scores have dropped over 6mnths w me using the cards more and having a balance and the HPs from card apps below).

Utilization 23%
Age of Cr- 5+yrs
HPs- Exp-10 TU-10 Eq-3 (4 Falling if each in leads than a month)

I have opened 5 cards in the last 2yrs. 3 in last 6mnths.
Chase SP- $10k
Chase FU ($12k)
Amex Cash Mag- $12k
Discover- $5k (not sure why lower limit w them).
Cap One Savor- $5k

Mazda Lease through Chase- perfect standing.

A couple of car loans that have been paid in full w perfecto payments.

No late payments no derogatory marks.

Hmmmmmm.... Anything else I’m missing? And again, I have a BOA personal checking I use a lot and they keep hounding me with “special offers” worked great w Chase.
How bad are inquiries? They all off yes, how many is too many? Seriously. lol. I’d love one more card then gardening.
Thx
Mark

[Anonymous]

I meant to say in the HP section that 4 inquiries will be falling off each bureua in less than a month. Also, like I said, my FICO 8 was 760+ months back but has dropped to current score for reasons listed but NO DEROGATORY ANYTHING.

M

[CreditCuriosity]

I think you might be ok...  Inquiries IMO are overrated, although some lenders look at new accounts more-so than others being Cap1, Chase to name a few and very new account sensitive.  The utilization is a bit on the high side, ideally you want to keep that down under 10% aross the board..  Are any of cards near max?  Also are you pre-approved on any of their cards on their web-site under offeres with SET apr's and not range of 14.99-23.99; meaning BofA Premium Rewards 17.99 apr and not a range?  People have certainly been approved for that card or bofa cards with more inquiries and if you have that kinda cash approx 25k sitting in their account any given time that helps a bit as well..  Let me know about the offers, but alot of times credit is an educated risk/gamble even if you got approved and say started out with 5k, assuming your assets support it that CL can grow very rapidly by sp's.  Although I suspect with your profile which is pretty decent you will start above 5k assuming none of your cards are "maxed".  Also 5 cards in the last 2 years isnt bad at all and well within BofA tolerances.