Questions about CLIs when you're a SAHM

[Aim_High]

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@Anonymous wrote:

@Aim_High 

It's very late, so I'll be brief.

Confirming that I received a $4k increase from NFCU with no notification of a hard pull.

Setting my clock for 6 months. 

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Awesome, congrats @Anonymous!  

Yep, you should be good for at least another $4K in six months, maybe more if the economy starts to recover more by then. 

[Taurus22]

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@Aim_High wrote:

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Both Bank of America and Navy Federal currently do soft-pull credit limit increases so why not just go for it?  While neither one is known for requiring heavy spend before approving an increase like some lenders, putting some spend-and-pay on a card before asking for a higher limit never hurts.  Lenders will normally look at how your score has changed for better or worse since they last reviewed your file,  your debt load, the usage and payment history on your account, and your reported income and housing payment.  Since you're a SAHM, most lenders allow you to report household income that you have access to for repayment of debt. 

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@Aim_High    I wanted to inquire about this statement, regarding BoA.  I have been tangling with this for a few months now. When I go to my CC page and click "Request a credit line increase" I get the following verbage:

This verbage clearly states they will require a copy of my credit report for CLI, which usually indicates HP.  I have been checking in repeatedly, waiting for this verbage to change to SP language but no luck so far. I opened this card in March 2019 (currently zero balance) and have had no CLI's (neither requested nor auto-) since opening the card. Is this a case of needing to call in to a CSR to request this over the phone for a SP? Just wanting to get clarification.... Thanks!

[Aim_High]

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@Taurus22 wrote:

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@Aim_High wrote:

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Both Bank of America and Navy Federal currently do soft-pull credit limit increases so why not just go for it?  While neither one is known for requiring heavy spend before approving an increase like some lenders, putting some spend-and-pay on a card before asking for a higher limit never hurts.  Lenders will normally look at how your score has changed for better or worse since they last reviewed your file,  your debt load, the usage and payment history on your account, and your reported income and housing payment.  Since you're a SAHM, most lenders allow you to report household income that you have access to for repayment of debt. 

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@Aim_High    I wanted to inquire about this statement, regarding BoA.  I have been tangling with this for a few months now. When I go to my CC page and click "Request a credit line increase" I get the following verbage:

This verbage clearly states they will require a copy of my credit report for CLI, which usually indicates HP.  I have been checking in repeatedly, waiting for this verbage to change to SP language but no luck so far. I opened this card in March 2019 (currently zero balance) and have had no CLI's (neither requested nor auto-) since opening the card. Is this a case of needing to call in to a CSR to request this over the phone for a SP? Just wanting to get clarification.... Thanks!

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Well @Taurus22  ... now you've got me wondering! 🤔.

I went to my Bank of America login and had the "Request Credit Limit increase" button. Like you, I got this hard pull language but I don't remember seeing this in the past year!

Bank of America did used to be hard pull for CLI pre-COVID so I'm wondering if they have gone back to that? Or maybe if it's profile dependent?  The other possibility is they could warn that but then usually don't actually do the hard pull.  So to be honest, I'm not sure!

Maybe we need someone to test the system. 😉.   Let's check the other forum threads to see if there are recent data points. 

[Anonymous]

@Aim_High & @Taurus22 

Confirming that I get the same language. But I have not actually gone through with the CLI as I'm still considering asking for a product switch.

[coldfusion]

BoA used to HP CLI requests, usually from TU but occasionally from EX, up until May 2018. 

They have never removed the language about CLI requests potentially generating a HP.

There has only been 1 report here since then that I have ever seen of an HP for a CLI request since then and that was made a few weeks after the cutover IIRC in the related master BoA SP CLI thread. 

It's always prudent to hold off on requesting a CLI from them if you're in a situation where a hard pull is absolutely contraindicated but emperically the risk of actually taking a HP continues to appear to be minimal. 

[Taurus22]

@coldfusion 

Thanks for the info.....I really didn't intend to hijack the OP's thread with this, but since I've been eagerly awaiting my chance to get a CLI on my BoA Cash Rewards, this just peaked my interest. I think maybe I will try to call in and speak with a CSR and see what they will do for a manual CLI request.

Now, back to your regularly scheduled SAHM thread....  

[Anonymous]

@Taurus22  - I didn't consider it a hijack at all!

[Anonymous]

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@Aim_High wrote:

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Which Bank of America Rewards card do you have?  Better Balance Rewards?  From my experience, BofA is pretty easy with product changes so changing to a Cash Rewards should be easy and possible.  However, whether it's worth it depends on how much you spend and the comparative rewards you would earn on either card.  Cash Rewards is a great program for the right person since it pays up to 3% back on your selected category on spending of up to $10K annually.  That's $300 if you max it out. 

Both Bank of America and Navy Federal currently do soft-pull credit limit increases so why not just go for it?  While neither one is known for requiring heavy spend before approving an increase like some lenders, putting some spend-and-pay on a card before asking for a higher limit never hurts.  Lenders will normally look at how your score has changed for better or worse since they last reviewed your file,  your debt load, the usage and payment history on your account, and your reported income and housing payment.  Since you're a SAHM, most lenders allow you to report household income that you have access to for repayment of debt. 

USAA will require a hard pull for a CLI. 

If you like the cards you have and don't really want or need more credit, I'd suggest just product-changing your existing cards and trying to increase the limits.  Some people don't like to have too many cards to juggle and like to just keep things simple to manage.  Three cards from three lenders is a good mix, and you don't sound hungry to optimize your spending categories or complicate things. 

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FINALLY got two seconds to put together to make the BofA call.  Asked for a product change and a CLI in the same call. Supposedly the product change is in the works and should not be an issue because I was already "invited" to apply for their Cash Rewards card. I got the pitch to do the product change AND apply for a second one, which I declined for the time being.

CLI approved to bring me up to a $20k limit. Now I wish I'd asked for more, but I was distracted with a little toddler pumpkin running around me during the call. Happy Halloween!

I think I'm done with the majority of my spree now. NFCU and BofA CLIs, new Amazon Prime Rewards Signature Visa and a Carter's Card for the kid clothes discount. Not bad. Thanks for all your help, @Aim_High , much appreciated.

Edit:  Yes, it was a soft pull for the BofA CLI.

[Remedios]

Congratulations on your approval.

This thread is now closed for additional messages