@Anonymous wrote:
@Bostonito wrote:
@Anonymous wrote:
@Bostonito wrote:Just used the "request CLI" link in online banking and got the message "You will receive a written decision in 7 to 10 business days."
From what I read on the forum this is most likely a denial.
Had an existing CL of $400, asked for $5,000, figuring I would get a counter-offer anyway. Maybe it has to do with not being an US citizen and only having limited credit history. Income and savings in my BoA accounts speak for me.How much history you have with this card? Sorry about that denial :/
Data points you would like to share so others can help you out why they denied you?
That part where you said not being a US citizen can'y be true because that is discrimination.
The BoA (secured) CC was my first CC when I moved to the US around 9 months ago. No former credit history, start from scratch, hence also no negative entries. Deposit $300 for the secured card.
Got an auto-CLI from $300 to $400 end of October.
Called and asked it to be unsecured end of November and they did at the beginning of December, got my $300 back.
At the time I had used it as my sole deposit account for my pay and had around $15k combined in checking and savings. I currently still have roughly that money in the accounts and get my pay there, but deposit is at a lower amount since I split the pay with a Chase checking account.
Current scores: 726 TU FICO8, 714 EX FICO8, 736 EX FICO9. No clue about EQ.It hasn't been three months since your last CLI hence the denial. I posted before that I was about days away from 3 months and was denied. Tried again after a few days of my 3 month mark - approved.
That makes sense... I was under the impression that as long as the button for the CLI showed up, we are good to go. It had not shown up until a few weeks after the auto-CLI. I guess I will wait then. Thank you for the insight!
@Anonymous wrote:I have logged in/out numerous times from desktop and mobil app...still nothing....I'm assuming SP, not sure yet.....
No, you are completely good. Usually takes at least an hour or two to show up for me, and usually shows up on mobile first. As long as you saw a congratulations screen, you're golden.
@Bostonito wrote:
@Bostonito wrote:Just used the "request CLI" link in online banking and got the message "You will receive a written decision in 7 to 10 business days."
Had an existing CL of $400, asked for $5,000, figuring I would get a counter-offer anyway. Maybe it has to do with not being an US citizen and only having limited credit history. Income and savings in my BoA accounts speak for me.To follow-up, the letter BoA sent me said:
"We are unable to approve your recent credit request on the above referenced account for the following reason or reasons:
The amount of credit extended to you by us and/or our affiliates is sufficient."
Well, personally I don't think that $400 is sufficient to buy much more than groceries and fill up gas but it's BoA's loss that my regular airfare and the bigger purchase from time to time go to my AmEx Gold (where I have a SL of $10,000).
Nevertheless I have to admit I have not been using the BoA CC a lot anyway since I got the AmEx end of November. Before I had put more than $400 on the card in certain months and paid the balance before the statemend closed.
Your request was just too aggressive; based on my personal experience its unlikely that BoA will approve more than 3X the current credit limit. Plus you have to wait at least 90 days from your last CLI before making another request.
@Anonymous wrote:
@Bostonito wrote:
@Bostonito wrote:Just used the "request CLI" link in online banking and got the message "You will receive a written decision in 7 to 10 business days."
Had an existing CL of $400, asked for $5,000, figuring I would get a counter-offer anyway. Maybe it has to do with not being an US citizen and only having limited credit history. Income and savings in my BoA accounts speak for me.To follow-up, the letter BoA sent me said:
"We are unable to approve your recent credit request on the above referenced account for the following reason or reasons:
The amount of credit extended to you by us and/or our affiliates is sufficient."
Well, personally I don't think that $400 is sufficient to buy much more than groceries and fill up gas but it's BoA's loss that my regular airfare and the bigger purchase from time to time go to my AmEx Gold (where I have a SL of $10,000).
Nevertheless I have to admit I have not been using the BoA CC a lot anyway since I got the AmEx end of November. Before I had put more than $400 on the card in certain months and paid the balance before the statemend closed.Your request was just too aggressive; based on my personal experience its unlikely that BoA will approve more than 3X the current credit limit. Plus you have to wait at least 90 days from your last CLI before making another request.
From $400 to $5000 is quite the leap at 12.5x, however, here's what I'd do if I were you, based on my 11-12 years of being a BoA customer and going from ~$2K CL to $40K CL on 2 CC's each:
1. Use the card every month. To automate it, add it to your Amazon account and set it up to auto reload gift cards. Doesn't have to be much - maybe $5 every 2 to 4 weeks.
2. Within a week of very likely getting a counter offer of less than $5k, call their reconsideration line and request to speak to a manager. When asked to justify your reasoning for $5k, give them all of these reasons:
- My credit score is xxx, so that demonstrates my creditworthiness
- My income is $xxx, so I'm certain I can cover the expenses on a higher CL
- I have multiple cards with xxxxx credit limit, so I have a history and good relationship with other banks
- I always pay on time, and I'm also looking to build my credit further.
Deliver those 4 bullets confidently and you'll have a much higher chance of getting the $5k, or at least something close to it.
3. Ask for 2x CL every 3-6 months
4. #profit
Been in the garden for a long time, just went from 30K to 50K with CLI button. I guess I left some on the table! . We'll see in 90 days or so.
@TravelWithMiles wrote:Been in the garden for a long time, just went from 30K to 50K with CLI button. I guess I left some on the table!
You can ask again. No need to wait.