How to go about increasing my credit line with BofA CC

[Anonymous]

My Credit score is steady 770 for a while, but my credit line with bank of amercia is $3300 and did not increase for atleast 2 years.

I always pay my credit card bills before the statment closes, and leave around $50 for the statement to keep credit utilization low and credit score high.

I don't really need a higher credit line, but I read this is encoureged just in case.

What is the best stratagy to increase my credit line?

I see 2 options:

1. keep the utilization low, and request a CLI through the button on thier website (I'm worried it'll be declined due to the low utilization)

2. have a high utilization for 1 month and take the hit on the credit score and then request CLI.

[FinStar]

My suggestion is to submit the request when it's most optimal for you along your credit profile. If you have not received any auto-CLIs in the past 2 years (or any pre-selected offers for a SP CLI) then you can simply submit the request.

Keep in mind that any customer-initiated CLI requests are HP. Shoot for the moon when submitting the request (provided your income/profile supports it).

[Peteyglad]

I would just hit the cli button. In my experience you do not need a lot of usage on the card to get a high credit limit. 

[simplynoir]

And to add the above points the HP used for the CLI request can be used to ask for a CLI again for up to 30 days and includes applications for new credit cards I believe as well. So for instance if you shoot low for your CLI request to be safe and are automatically approved go back and request again shooting higher to get the most out of the HP.

[coldfusion]

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@simplynoir wrote:

And to add the above points the HP used for the CLI request can be used to ask for a CLI again for up to 30 days and includes applications for new credit cards I believe as well. So for instance if you shoot low for your CLI request to be safe and are automatically approved go back and request again shooting higher to get the most out of the HP.

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The HP for the CLI will almost certainly be from TU and as mentioned above it can be reused for the next 30 days both for CLI requests and for new apps.  As I've mentioned on this site previously,  I've used a single HP successfully to get a CLI on each of 2 different cards and get 1 new card.

If you're not planning on reusing the HP there's no real concern in shooting relatively high as BoA will counter. 

If you get an immediate approval for a CLI request, you can request a 2nd CLI for same card on the same day, but the 2nd request will be immediately forwarded for manual review.    You have to do it the same day as that luv button will disappear during the run of that night's batch update.  

If you have multiple cards showing a luv buttons,  requesting a CLI on one card does not cause the luv button on the other cards to go away. 

[navajomyst2003]

I have a Visa and a MC with BOA, with aggregate credit lines of around $90k.  Took about 5 years to build them up taking hits along the way when I asked for CL increases.  Now I just use them as 18-month zero interest financing lines for large purchases, improvement projects and things like that.  The 18-month no interest offers come in the mail every month, at least for now.  We'll see if that changes as interest rates continue to creep up.

[Anonymous]

Just don't be surprised if you get two HPs should you decide to go for another CC 

[Anonymous]

Thank you!

How much is it reasonable to request for a CLI, given that my current limit is $3300? (770 credit score and high income, but income is deposited to another bank)

My only other card is Discover, and from what I hear they tend to be very cearful with CLIs.

What would you consider to be 'shooting for the moon' in this situation?

[FinStar]

I'd likely suggest anywhere from $15K to $20K, or depending what you're comfortable with. They will counter if anything.

[Anonymous]

You can do like I did.  Close BOA card with 1k limit and then apply for new BOA card a month later and get 20k limit.