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@SouthJamaica wrote:
@Malcono wrote:
@SouthJamaica wrote:
@Asilomar
When I applied for a CLI with Bank of America it was a hard pull.
They've been doing Soft Pulls for CLIs for a bit over a month now.
Well, that's good to know. Too bad I have no use for the card
It's been nothing but verifiable soft pulls since May 21st. Maybe this will give you use for the card.
Oh wow, crazy for me to comprehend that having just one card with an upper-limit utilization, and one other card with a bit of a balance, would preclude me from any given card (such as the HSBC ones you mentioned), in light of the fact my total util ratio is still under 20%, my FICO is EQ715 & TU719, and my income is several multiples beyond the combined limits of all my cards!
Just to be clear, I'm definitely not dead set on the Cap1; like I mentioned, I've never applied for or had any Cap1 card because I was always taught (and for some reason never really questioned) that Cap1 is a lesser brand for people with bad credit (I know now that that's a fallacy).
Bottom line here is that I just haven't had any luck finding a card that seems to be a better fit for my current needs and wants, which can be boiled down to the following:
(1) good duration for the BT interest rate promo—15 months on the Cap1 QSR and Savor seems to be around the norm, and is identical to the BankAmericard;
(2) low balance transfer fee—the Cap1 QSR's 3% transfer fee seems to be the norm, but the BankAmericard notably offers a promotional 60-day 0%/$0 transfer fee that would save ~$210 on a $7k transfer (however, those savings are mostly matched by the the Cap1 QSR paying a $150 cash reward for spending $1,000 within the first 3 months);
(3) known to give high initial limits—the BankAmericard apparently provides an average credit limit just under $4k, while the Cap1 QSR's $6.1k average is over $2k higher (couldn't find this data on the Cap1 Savor), and apparently can even start close to or beyond $10k for people with 700+ scores;
(4) relatively low APR following promo expiration—as low as 14.74% on both the Cap1 QSR and BankAmericard, while the Cap1 Savor lags behind with a 16.24% minimum; and
(5) benefits that continue on after BT paid off—both the Cap1 QSR and Savor have decent cashback programs, while the BankAmerica offers no rewards whatsoever.
The only other thing I can think of is that if I applied for the BankAmericard and was approved for a pidly balance, perhaps I could just reallocate whatever I need from the $11,300 limit I have available on my current BofA card? Or would that reallocated limit potentially not be utilizable for the $0/0% transfer fee and/or 15-month 0% BT interest promo? Nevertheless, I don't see what the BankAmericard is good for other than BTs, and thus doesn't have the kind of lasting rewards that would keep it in my wallet after paying off the BT.
I really just wish my next card could by another Citi card, but I obviously couldn't BT from one Citi card to another.
Nonetheless, if you have (or anyone has) any other suggestions for cards that they think better fit my purposes and goals, I am absolutely still all ears!
I can confirm from firsthand experience that, as of at least 3 weeks ago, the CLI that BofA approved for my Travel Rewards card (a massive $6,600 increase, no less) was a soft pull and NOT a hard pull. Apparently BofA changed their corporate policy on CLI's across the board, and only does soft pulls now. I was definitely nervous to follow the advice of some random internet article saying to request a CLI that had always resulted in an HP with BofA, but they were right!
Personally, I wouldn't care about your number(s) 5 and 6. When it comes to transfering balances, if I were you, I'd narrow your focus. You're trying to get the girl and the Ferrari.
You want and need rewards? Get different cards for that.
Totally get your point, and agree completely. I guess what I mean to say is that the Cap1 QSR and BankAmericard seem to be essentially the same exact card, except the former also has rewards and the latter has none. All else equal, I'll take the rewards 10 times out of 10. I just don't see anything about the BankAmericard that makes it better in any way than, or sets it above for my present BT purposes, the Cap1 QSR.
As for your other tips, fortunately I'll definitely have my overall util under 9% by year-end. Also, what exactly is "individual util"? I've never heard that term floated before!
@Anonymous wrote:Totally get your point, and agree completely. I guess what I mean to say is that the Cap1 QSR and BankAmericard seem to be essentially the same exact card, except the former also has rewards and the latter has none. All else equal, I'll take the rewards 10 times out of 10. I just don't see anything about the BankAmericard that makes it better in any way than, or sets it above for my present BT purposes, the Cap1 QSR.
As for your other tips, fortunately I'll definitely have my overall util under 9% by year-end. Also, what exactly is "individual util"? I've never heard that term floated before!
The better card is the one that gives you the largest starting limit and the one that allows for the greatest limit growth in a short period of time. BofA is the better grower in almost every scenario I've ever heard of.
But, as I said earlier, if you've maxed out your exposure with BofA then all my BofA-centric advice is pointless.
FinStar answered your other question. And, he/she alluded to it here:
*Highlighted emphasis mine*
Some lenders are very sensitive to even a single card in a consumer's file being maxed out. FinStar is saying that HSBC is one of them and that your two cards' individual utilization, one being 89%, would likely prevent you from getting another HSBC product. And other lenders may feel the same way. Some are more fussy about utl than others.
This has all been extremely helpful; seriously, thank you for the time and input! I spent literally 2 hours calling BofA’s backdoor and credit analyst numbers (and even just the regular ole credit card customer service) with the intent of:
(1) seeking reversal of their decision to grant my CLI only in part (up to $11.3k), rather than the full $14.1k credit line I requested;
(2) if unable to reverse for the same reason they previously gave (i.e., that I’ve supposedly maxed out my credit with BofA), request an explanation of why they consider my credit with them maxed out, provide further information and explanation regarding my finances, and persuade them to at least consider me not maxed out in credit with them (even if they nonetheless refuse to reverse the decision not to fully grant my CLI);
(3) ask whether any of the foregoing, or any other factor, would make me unlikely or dubious to be approved for a meaningful credit line (or perhaps even denied) if I were to apply now for a BankAmericard; and
(4) explain the purpose behind why I would be applying for a new card with them, and note that I would need to be approved for a large SCL to make it worthwhile for me to even consider BofA in helping reach my current BT goal.
Instead, I stayed on hold for over 45 minutes with each of 3 different BofA numbers, and never even got a live person on the phone, much less the opportunity to find out these things that’d be very helpful (and potentially even determinative) for me to know.
In your experience, would being currently maxed out on credit with BofA (if they indeed consider me to be at that point, and refuse to reconsider) increase the possibility of being DENIED outright for another card with them? Or would that just make BofA more likely to give me a negligible credit line, without being likely to affect my approvability? I absolutely won’t apply to a card that carries a plausible risk of rejection—I’ve never been denied any form of credit in the dozens of applications I’ve submitted through the years, and I don’t plan to get my first denial now when I have my highest FICO score ever.
Bottom line—if you were advising your kids/spouse/parents what to do in my exact situation, what would be your ultimate recommendation on the card I should apply for?
@Anonymous wrote:
This has all been extremely helpful; seriously, thank you for the time and input! I spent literally 2 hours calling BofA’s backdoor and credit analyst numbers (and even just the regular ole credit card customer service) with the intent of:
(1) seeking reversal of their decision to grant my CLI only in part (up to $11.3k), rather than the full $14.1k credit line I requested;
(2) if unable to reverse for the same reason they previously gave (i.e., that I’ve supposedly maxed out my credit with BofA), request an explanation of why they consider my credit with them maxed out, provide further information and explanation regarding my finances, and persuade them to at least consider me not maxed out in credit with them (even if they nonetheless refuse to reverse the decision not to fully grant my CLI);
(3) ask whether any of the foregoing, or any other factor, would make me unlikely or dubious to be approved for a meaningful credit line (or perhaps even denied) if I were to apply now for a BankAmericard; and
(4) explain the purpose behind why I would be applying for a new card with them, and note that I would need to be approved for a large SCL to make it worthwhile for me to even consider BofA in helping reach my current BT goal.
Instead, I stayed on hold for over 45 minutes with each of 3 different BofA numbers, and never even got a live person on the phone, much less the opportunity to find out these things that’d be very helpful (and potentially even determinative) for me to know.
In your experience, would being currently maxed out on credit with BofA (if they indeed consider me to be at that point, and refuse to reconsider) increase the possibility of being DENIED outright for another card with them? Or would that just make BofA more likely to give me a negligible credit line, without being likely to affect my approvability? I absolutely won’t apply to a card that carries a plausible risk of rejection—I’ve never been denied any form of credit in the dozens of applications I’ve submitted through the years, and I don’t plan to get my first denial now when I have my highest FICO score ever.
Bottom line—if you were advising your kids/spouse/parents what to do in my exact situation, what would be your ultimate recommendation on the card I should apply for?
You bring up some good points, but the main thing I would really highlight is not to overthink it. Honestly. Like anything else in life, we are all naturally curious as to how things work and what "right" path would lead to a satisfactory result (and avoid pitfalls if possible) based on the instance of probabilities and unexplored experiences.
To be honest, leave BoA as is. No need to reverse anything. The analysts are only going to provide best case scenarios, but there is still no guarantee on the outcome. Persuasion at best only goes so far, even if you have $X parked with BoA or Merrill. Just like a drop of water on your shower curtain or glass door, it can take any direction.
That being said, depending on your income, your experience and relationship with BoA, how you utilize your cards, their age, the internal behavioral score (which will not be provided to you), etc., will eventually determine "capacity" which in turn raises the internal exposure ceiling. This can change over time and also depends on other factors such as your credit score, DTI and all the other "stuff" that most folks have pointed out earlier when they SP your reports.
Of noteworthy, if you were to apply and get approved, it would likely yield a smaller SL that what you currently have - possibly. Not the end of the world of course. BoA grows, and you can reallocate CLs between products. It used to be that such requests would go the HP route, but it's leaning to be more along SPs - the jury is still out on that one since not enough DPs are available yet on reallocations. So, you can still leverage the BankAmericard product, but may have to reduce exposure somewhere else (in the interim).
Lastly, don't be afraid of rejection. It happens to all of us at some point - nothing ventured, nothing gained.
ETA - I would definitely consider a CU product that may have a BT offer, such as PenFed (others may also suggest alternatives).