BofA Inquiry Help please

RsxWithSlicks · ‎08-28-2014

So I just got my Bank Of America Cash Rewards card approval on 06/14/14 with a $1500 CL.

I initiated an online chat session with Bank of America yesterday (08/27/14) in regards of getting a possible credit limit increase. The person I was speaking with assured me that it would NOT be a hard pull. So I went with it and got an increase raising me to a $3000 CL and was quite happy. Then this morning (08/28/14) my Capital One Credit Tracker notifies me that I got a hard pull by BofA yesterday. I started up another chat session in hopes of getting the hard pull removed or reduced to a soft pull. However BofA has told me that IF I request for the hard inquiry to be removed, I will also lose the CLI. There is no way I can keep the CLI without keeping the hard inquiry.

I explained that I made sure it wasn't going to be a hard inquiry since I was planning on applying for auto loans and didn't want anything bringing down my credit score at all. I asked if I kept the hard inquiry, would they use the scores from that or pull ANOTHER hard inquiry IF I chose to apply for an auto loan through them. I was informed by the chat specialist that I would be receiving another hard pull as its another application.

I kindly thanked them for their time. Told them I would think about it and get back to them by the end of the day in response to the CLI/hard inquiry removal. Any thoughts/advice on this? Please and thank you in advance.

heyarrnold · ‎08-28-2014

Same situation with me, except it was with Wells Fargo.

I called the EO and they took care of it for me. They also, however; took back the credit limit increase. I closed the account right after.

I requested my credit limit increase via phone. If they can access your conversation with the agent, then you should be fine!

RsxWithSlicks · ‎08-28-2014

I actually was worried about this situation happening and printed out the chat conversation with the BofA representative in both a digital (PDF) and a hard copy (printout). If they still deny, I am highly considering closing the account as well.

Will closing an account that has been open for such a short time affect my score? Wondering if it would be better to hold off till after I apply for Auto Loans before closing?

heyarrnold · ‎08-28-2014

@RsxWithSlicks wrote:
I actually was worried about this situation happening and printed out the chat conversation with the BofA representative in both a digital (PDF) and a hard copy (printout). If they still deny, I am highly considering closing the account as well.

Will closing an account that has been open for such a short time affect my score? Wondering if it would be better to hold off till after I apply for Auto Loans before closing?

Contact the EO. They should be able to remove the inquiry for you.

No. It will stay on your reports for 10 years. The only thing would be that your available credit limit would drop after closing the account.

JLK93 · ‎08-28-2014

Congrats on your CLI.

BOA virtually always does a HP on TU for a CLI.

They will use the same HP for 30 days.

CSR's very seldom know whether it will be a soft pull or a hard pull.

Always remember this last point.

JLK93 · ‎08-28-2014

Don't stress out over 1 inquiry.

It won't make much difference.

It will only effect your Fico score for 1 year.

It will have little effect after 6 months.

RsxWithSlicks · ‎08-28-2014

Sorry for lack of understanding but whats an EO?

Thanks but it doesn't look like the CLI is going to stick. I might not have minded it being a hard pull so much if I wasn't focused on trying to get an auto loan. And the fact that they need to do another hard pull IF I decide to apply for an auto loan through them is kind of rediculous in my opinion. Am I overreacting here..?

JLK93 · ‎08-28-2014

@RsxWithSlicks wrote:
Sorry for lack of understanding but whats an EO?

Thanks but it doesn't look like the CLI is going to stick. I might not have minded it being a hard pull so much if I wasn't focused on trying to get an auto loan. And the fact that they need to do another hard pull IF I decide to apply for an auto loan through them is kind of rediculous in my opinion. Am I overreacting here..?

What do you mean by the CLI is not going to stick.

I've never heard of anything like that before.

heyarrnold · ‎08-28-2014

@RsxWithSlicks wrote:
Sorry for lack of understanding but whats an EO?

Thanks but it doesn't look like the CLI is going to stick. I might not have minded it being a hard pull so much if I wasn't focused on trying to get an auto loan. And the fact that they need to do another hard pull IF I decide to apply for an auto loan through them is kind of rediculous in my opinion. Am I overreacting here..?

EO = Executive Office. They do what normal CS cannot.

Here is a list of backdoor numbers:

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/m-p/408066

EO number:

704-386-5687, keep dialing 0 at the prompts, and then key in your option when it says "In order to get you to an associate, you must make a valid selection", then press 1.

RsxWithSlicks · ‎08-28-2014

Well tried calling the EO number but apparently the offices are closed already. I'll try again tomorrow and report what happens.

Thank you for the advice and help so far. Much appreciated.