I've had my Bank of America Cash Rewards card for about 7 months now, and I have never had the button appear. When I manually search for the CLI request button it comes up with "You don't currently have any eligible accounts". I got fed up and called BOA and the rep didn't give an answer as to why I don't have the button available, but that I was eligible and she would do it for me. So we did that verbally and I ended up getting a letter in the mail for a denial with two reasons: "Account is not 12 months old" and "Insufficient deposit/assets with BOA" (it's my understanding that this one is BOA's general "no cli for you" message). I'm fine if they don't want to give me an increase, but i've never seen anyone else get denied with the "Account not 12 months old" message. Has anyone else experienced not having the CLI button or getting this message as a denial? Scores in sig are up to date.
Nope, never secured. SL $2,000. My scores were probably about 10 points lower. I had just recently gotten my car loan and wanted to app some cards before the account hit my reports. I did, and still do, have quite a few inquires. I think I also had one or two accounts under 6 months old. It would make sense if they had marked me as higher risk, but I would think they would still allow me to ask for cli and just deny it.
I can tell you me and at least 1 other person have gotten the same message. I read 1 person got a modest CLI after the 1 year mark and 3 months later got another much bigger CLI taking their limit to $20k. Hang in there
Yep, I got the exact same reasons when I tried for a CLI before my card was a year old. After the year mark, I went from $7k to $14k, and 3 months later went to $25k. It was a bit slower than I expected, but it happened. So definitely try back after you hit a year.
Bank of America as a relationship bank wants you to build a relationship. It sounds like you might just have a CC and nothing else. They are really trying to find a reason but have no way to monitor you if you do not show some finance's. Usually reason 2 is a realistic one that they would use to override reason one if there was good understanding. Reason one is also really simple where you need to wait a bit longer before they can trust you with more credit. When I first got my Cash Rewards card I had my main limit equal to your cash limit. I had banked with them for years as well at that point. They did not trust me either but were at least willing to take a risk by being my first credit card. I am sure if you let the time rack up you can get them out of their shell and comfortable. Nowadays when I call they still thank me for being a loyal customer from x year.
@Anonymous wrote:
@zerofire wrote:Bank of America as a relationship bank wants you to build a relationship.
I really wish people would stop propogating this type of response. It's not the end all be all of why a CC won't grow with them.
I had no relationship with them at all other than an over a decade closed checking account before applying for a CR and being instapproved for 10K. I hit the CLI button a few times over a year and was able to get to 65K w/o any issues.
When the gravy train dried up the relationship excuse came up for a denial reason. I suspect it's more related to income vs limit though as it's 50% on the dot. The reason is a FLUFF response to whatever you're trying to get out of them at the moment you submit your app.
I disagree. It may not be the "end all be all" but it is not "a FLUFF response" either. All you have to do is check out their new 3/12 rule that rewards people that already have a relationship with them. Yes, you got instantly approved with no previous relationship with them but maybe your profile was strong enough to justify it. I sat with a Bank of America banker and discussed credit cards for almost an hour. Some of the nuggets I got from him were really eye-opening. And yes, having accounts with them is 100 percent a factor. Especially if your profile is borderline, your prior relationship with them could be the difference between getting approved or being denied.
