How to Increase "Credit Limits"!?!?!?

[fogg30]

Ok, I have never asked any creditor I have had a CC with to increase my balance (mainly because I was in bad standing with them already due to late payments or had high UTI or because I didn't want a higher limit as I was afraid I would use it all up as I wasn't so disciplined in the past) so I am new to this!

Last year two charge cards I have (Old Navy & Target) increased my limits voluntarilly, but again I have never called to ask anyone to do so.  Always to scard too!

How should it be done?

Also, if your UTI (balance is close the the limit) high is it still possible to get a CL???

I mainly want to see if I can get my limit on my BOA Gold Visa Card increased.  It was originally a secured BOA card with a limit of $500 that after using the card good for a year was switched by BOA to an "unsecured" card at the end of last year.  My balances have been close to the limit recently and went over a few times too, but I have always brought them back down and paid on time.  Do I have any chance of getting a limit increase from them, now or in the future (if so what timeframe)???

Thank you for any advise!  =)

[Anonymous]

Util plays a pretty big roll in CLI's from my experience.  However BofA is pretty generous with them.  I would try BofA's online button and see what happens.  What are you scores right now and util on that card?

[fogg30]

I haven't checked my TU & EX recently but last year they were around 600 (they are much lower then my EQ because my student loans were supposed to be removed but haven't, they were removed from EQ)........my EQ score is 637 right now.......it was 677 at the end of last year but when down because my car was stolen and I had to purchase a new car and had several inquires and a new loan now!

My BOA CL is 500 and I am at 450 now but last statement was 480!

[Anonymous]

Not sure if they are going to like the high balance on the BofA.  When did it go unsecured?

[Anonymous]

I agree with chi.  Pay that balance down a little and hit the online luv button.  If that doesn't work, call a backdoor number and speak to a human.  No need to be scared.

I was in a very similar position.  I had a BoA secured card that recently graduated to unsecured.  My limit was still pretty small at $1K so I hit the online luv button.  Because of a misleading item on EX, I was declined.  I called 866-865-7842 and the credit dept analyst was very helpful when I asked for a manual review.  I told her I would like to use the card more, but I simply needed more purchasing power for it to be of real use to me.  Two seconds later she said I was approved for $5K (though the actual line is now $10K!!).

Good luck!!

[Anonymous]

PAY DOWN YOUR DEBTS ON THE CARDS YOU HAVE BECAUSE THEY NORMALLY WILL NOT GRANT A INCREASE BECAUSE U ARE NOT SHOWING THAT YOU MANAGE CREDIT WELL BECAUSE YOU ARE CLOSE TO UR LIMITS....USUALLY THEY WILL GRANT A INCREASE WHEN THE CARDS HAVE LOWER BALANCES WHICH GIVE U A BETTER UTILIZATION LOOK AND SHOWS THEM YOU ARE RESPONSIBLE...I WOULDN'T ASK UNTIL I DID SO...BUT THAT'S JUST MY OPINION..

[fogg30]

Well I had paid the card down quite a bit at the end of last year but due the economy problems recently and my husband losing 1/2 his hours at work I had to use the card to buy groceries/gas so it went up again!  =(

I recently made a large payments to get it down again and will continue to do so each month.

At what UTI (balance amount....$300, $250, $200.....my CL is $500) should I apply for a CU??? 

Should I wait for it to be at that a lower UTI for a few months before requesting the CI as well???

Thank you for all the great advise!  =)

[Anonymous]

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fogg30 wrote:

Well I had paid the card down quite a bit at the end of last year but due the economy problems recently and my husband losing 1/2 his hours at work I had to use the card to buy groceries/gas so it went up again!  =(

I recently made a large payments to get it down again and will continue to do so each month.

At what UTI (balance amount....$300, $250, $200.....my CL is $500) should I apply for a CU??? 

Should I wait for it to be at that a lower UTI for a few months before requesting the CI as well???

Thank you for all the great advise!  =)

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I know that the standard advice is to pay down the balance first, but my experience with BofA is that they are MORE ikely to give a CLI if you've got a high balance on the account. On the one where I DIDN'T have high util., they shot me down with the explanation, "your credit limit is sufficient for use." On the one that was nearly maxed out, they gave me a 50% online increase upon my request. Made the requests within less than one week of each other.

Just my experience, mind you . . .

[Anonymous]

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@Anonymous wrote:

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@fogg30 wrote:

Well I had paid the card down quite a bit at the end of last year but due the economy problems recently and my husband losing 1/2 his hours at work I had to use the card to buy groceries/gas so it went up again! =(

I recently made a large payments to get it down again and will continue to do so each month.

At what UTI (balance amount....$300, $250, $200.....my CL is $500) should I apply for a CU???

Should I wait for it to be at that a lower UTI for a few months before requesting the CI as well???

Thank you for all the great advise! =)

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I know that the standard advice is to pay down the balance first, but my experience with BofA is that they are MORE ikely to give a CLI if you've got a high balance on the account. On the one where I DIDN'T have high util., they shot me down with the explanation, "your credit limit is sufficient for use." On the one that was nearly maxed out, they gave me a 50% online increase upon my request. Made the requests within less than one week of each other.

Just my experience, mind you . . .

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That's extremely interesting. Anyone else have a similar experience?

[Anonymous]

I've had BOA give me CLIs when I was at 20% utilization on a card and when I was at less than 1% utilization on a card. It doesn't seem consistent enough for me to detect a true pattern.

I will say that one does reach a point where BOA feels like you have enough credit with them for your income, and they begin using that as the rationale to deny further CLIs.