Focus growing first the small or the large cards?

[Anonymous]

I have a BOA cash rewards with 20k limit

recently they pre-aproved me for the travel rewards, i went for it, and got only a 1k  Starting limit...

(existing customers get a HP or SP?)

The Luv button has been off, not showing up since march, when i asked for a CLI on the 20k cash rewards (denied).

I was wondering if the best strategy for growing limits in any card ( to have a huge amount overal to pad utilization) would be:

1-to use a lot this new 1k card so that they see i need more and give me a CLI.

or

2- to keep using the 20k card because is older and/or  if the cli comes will be much large.

(i expect next CLI on the cash rewards will be 10k+ more instead of a small CLI on the 1k card, that will be maybe a couple grand)

( not sure if this theory is correct)

At this time i dont care about the cashback, i just want to grow them a lot. so i am using only one card alone until it grows to its maximum. and then move to the next.

I will keep growing them, but in february i will transfer the limit of the 20k to the 1k and close it to avoid the anual fee.

After being done with BOA i will focus on my  CITI double cash with 4.2k SL.

I also have an amex that recently went from 2k to 6k

i have a capital one quiksilver that started with 1k and credit stepped to 1.5k.

FICO 730 no baddies. oldest account almost 3 years income 96k

so i general, to get more growing should i use a lot first the small limit cards or should i use a lot first the big limit cards ?

[wasCB14]

How do you have a $20k BofA Cash Rewards card with an annual fee?

You might want to use your DC occasionally starting now, as (last I checked, around 2018) you could ask Citi for a SP CLI every 6 months or so.

[FinStar]

OP,

Any new BoA applications are HP regardless if you're an existing customer.  In addition to what's mentioned above, you can effectively transfer or reallocate a portion of the larger card's CL (typically a SP review) this way you have some breathing room and leverage it's potential growth.  There was likely a reason why you were only approved for $1K, but nonetheless, an approval.

Also, what were the reasons cited for not getting a CLI back when you requested it?

Lastly, temper your expectations with regard to the potential CLI amount.  During these economic times and the tightening in UW across the board may not yield the desired outcome.  Just be sure that your profile is continually optimized for better results.

[longtimelurker]

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@FinStar wrote:

Lastly, temper your expectations with regard to the potential CLI amount.  During these economic times and the tightening in UW across the board may not yield the desired outcome.  Just be sure that your profile is continually optimized for better results.

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This!    Your goal I was wondering if the best strategy for growing limits in any card ( to have a huge amount overal to pad utilization) would be:

You are asking the issuer to do the equivalent of telling you "I know you have some cards that give you lots of rewards, but please move all your spending to a no rewards, high APR card, because that is better for us"

They would rather any CLs are used to generate swipe fees (and interest if possible!) rather than sit unused, padding a user's utilization which is of no benefit to them (and has a reserve cost)

[Anonymous]

the cash rewards started as a secured card, with the 39 dollars fee, i have asked multiple time to waive it but they say its not possible, only solution is to get another cash rewards.

i did not get the letter with the reasons for the last cli deniel because i had moved out.but it was in march,

on emonth early in february i had a pre aproved offer for the travel rewards, but i went for the cash rewards, to resolve thie anual fee problem, and got denied. transunion was in the 720´s

i think i got the small SL because this was only 3 months after getting my CITI double cash, probably.

longtimelurker i did not understand your message, im sorry could you explain better?

the new card has lower apr than the 20k cash rewards but i PIF. but definitely lower cashback, are you saying they gave me the travel rewards to save on rewards ??? makes sense because i am prefered client and i was maxing out the 3,75% on travel quarter after quarter. i just got the 25k bonus in few weeks. but now need to decide if i will put my spending o the small one or go back to the big one?

I think being an alien with only a ITIN number instead of SSN puts me in some kind of lower bucket for credit UW in the banks.

its like if im handicapped.

even for applications many banks, apartments, bond companies, they can not find my profile, many of them...

[coldfusion]

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@Anonymous wrote:

the cash rewards started as a secured card, with the 39 dollars fee, i have asked multiple time to waive it but they say its not possible, only solution is to get another cash rewards.

i did not get the letter with the reasons for the last cli deniel because i had moved out.but it was in march,

on emonth early in february i had a pre aproved offer for the travel rewards, but i went for the cash rewards, to resolve thie anual fee problem, and got denied. transunion was in the 720´s

i think i got the small SL because this was only 3 months after getting my CITI double cash, probably.

longtimelurker i did not understand your message, im sorry could you explain better?

the new card has lower apr than the 20k cash rewards but i PIF. but definitely lower cashback, are you saying they gave me the travel rewards to save on rewards ??? makes sense because i am prefered client and i was maxing out the 3,75% on travel quarter after quarter. i just got the 25k bonus in few weeks. but now need to decide if i will put my spending o the small one or go back to the big one?

I think being an alien with only a ITIN number instead of SSN puts me in some kind of lower bucket for credit UW in the banks.

its like if im handicapped.

even for applications many banks, apartments, bond companies, they can not find my profile, many of them...

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You got the small SL on your TR card because it was a courtesy approval - you caught a bit of a break from the underwriter.

brainstorming an option here:

- check with BoA that they will allow a Travel Rewards -> Cash Rewards product change (I believe they do but you should validate)

- reallocate some CL from your existing CR to your TR

- in several months request the TR -> CR PC

- after the PC and you have the replacement Cash Rewards card in hand (that can take a month) reallocate all but $500 from your old to your new card then close out the old card with the annual fee

[longtimelurker]

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@Anonymous wrote

longtimelurker i did not understand your message, im sorry could you explain better?

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I was echoing the message to temper your expectations in this environment.    While "growth" for util padding has long been an aim here, it certainly isn't in the interest of the issuers.   Basically you are asking them to tie up reserves to give you a large CL of which you will use very little, thus earning them little swipe fees.

Of course, from your point of view, that's fine, you get util padding and your score goes up.  Not so good for them! So my analogy, like them asking you to give up rewards because that's good for them.

[Anonymous]

its not little swipe fees, i have been running 2k every month on BOA cards for almost 3 years since i got the first, thats why it went to 20k. the question now is keep running those 2k on the 20k card or on the 1k card ? i believe if i run it on the 1k there are more chances for a CLI sooner. but will be smaller.

i dont understand why they gave me a courtesy aproval, if i fif not ask for anything... they were the ones who initiated this by giving me a pre aproval offer that showed up in my dashboard for the second time in 6 months.

so its kind of lame from them, to seduce you with the pre aproval offer make you get a HP and then give you a thousand bucks... totally lame.

i think instead of the product change i will apply for the cash rewards first to see if i can get the 200 dollars SUB, if denied i will go the product change route, makes sense?