Having a Hard Time Improving Scores and Credit Limits

[FiscalMindedOB]

Good Afternoon,

I got so frustrated with BofA that I finally got the nerve to come here to seek some help from the community.

I currently have (3) cards with a total amount of ($13500):

BofA Americard - 5500 

TD BankCard - 500

Fidelity Rewards Visa - 7500 

My BofA started as a $500 secured card, that became unsecured, and the limit was increased to 2k and then 5.5k, over the course of 1-2 years. That was at least 3 years ago. Since then, I have had at least 3 reported salary increases, took out a 401k home loan from my retirement (paid off in full after year) and purchased a home of <500K. My last run of credit scores from a refinance was:

TU: 694

EQ: 691

EXP: 673

Last year, I wanted to get a higher credit limit so I started paying a bill of $200/1st -of-month to my BankAmericard and paid it off the next day because my BofA close date is the 4th of every month. After 6 months, I reached out to BofA for an increase from 5.5.k to 25k. This was denied.

This year, I asked for an increase from 5.5k to 11k, and that was denied. The reasoning was:

Current or past deliquncy, derogatory public record(s), and/or collection account(s)

Obviously, I would need to review my credit report, but maybe I don't know what to look for and what I should ask to be removed? I went through credit repair with a program in my state so I could prepare to purchase a home and saw vast improvement (culminating in my home purchase). Not sure if scores from CK, Discover, and BoA count for much but I have 741 on CK (both scores), 716 on Discover, 741 on BofA.

Looking for guidance like next steps to get a higher credit limit and get my lender scores above 700.

Thank you,

FMOB

[OmarGB9]

I don't know what scores BoA provides, but unless it's a version of FICO, you can pretty much ignore it. Same goes for Credit Karma, as they provide Vantage 3.0 scores which no lender uses. Discover provides either TU FICO 8 if you're talking about the score that's on your monthly statement, otherwise if you signed up separately for their credit monitoring, it's a EX FICO 8. The scores you provided from your refinance pull are mortgage scores, which, while they *are* real FICOs, are versions really only used by mortgage lenders and a select few credit card companies. Do you happen to know your FICO 8 scores?

And we need a bit more info on your profile. Based on the BoA denial reasons for the CLI, it appears you have charge offs and/or collections showing on your reports. Can you please list all of those out? Then maybe we can help you figure out how to possibly increase your scores/get credit limit increases (CLI).

[Pikaboo-icu]

Welcome to MyFico..

I would suggest pulling your credit reports for free here: https://www.annualcreditreport.com/index.action 

Starting there will help the members know what needs to be done to help you.

Good Luck.. CHEERS

[Anonymous]

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@FiscalMindedOB wrote:

Good Afternoon,

I got so frustrated with BofA that I finally got the nerve to come here to seek some help from the community.

I currently have (3) cards with a total amount of ($13500):

BofA Americard - 5500 

TD BankCard - 500

Fidelity Rewards Visa - 7500 

My BofA started as a $500 secured card, that became unsecured, and the limit was increased to 2k and then 5.5k, over the course of 1-2 years. That was at least 3 years ago. Since then, I have had at least 3 reported salary increases, took out a 401k home loan from my retirement (paid off in full after year) and purchased a home of <500K. My last run of credit scores from a refinance was:

TU: 694

EQ: 691

EXP: 673

Last year, I wanted to get a higher credit limit so I started paying a bill of $200/1st -of-month to my BankAmericard and paid it off the next day because my BofA close date is the 4th of every month. After 6 months, I reached out to BofA for an increase from 5.5.k to 25k. This was denied.

This year, I asked for an increase from 5.5k to 11k, and that was denied. The reasoning was:

Current or past deliquncy, derogatory public record(s), and/or collection account(s)

Obviously, I would need to review my credit report, but maybe I don't know what to look for and what I should ask to be removed? I went through credit repair with a program in my state so I could prepare to purchase a home and saw vast improvement (culminating in my home purchase). Not sure if scores from CK, Discover, and BoA count for much but I have 741 on CK (both scores), 716 on Discover, 741 on BofA.

Looking for guidance like next steps to get a higher credit limit and get my lender scores above 700.

Thank you,

FMOB

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I would certainly check your credit reports as already mentioned.  Since you don't have a Discover card, I would assume you are looking at Experian FICO 8.  The FICO from your BOA account is Transunion FICO 8.

[Anonymous]

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@FiscalMindedOB wrote:

Good Afternoon,

I got so frustrated with BofA that I finally got the nerve to come here to seek some help from the community.

I currently have (3) cards with a total amount of ($13500):

BofA Americard - 5500 

TD BankCard - 500

Fidelity Rewards Visa - 7500 

My BofA started as a $500 secured card, that became unsecured, and the limit was increased to 2k and then 5.5k, over the course of 1-2 years. That was at least 3 years ago. Since then, I have had at least 3 reported salary increases, took out a 401k home loan from my retirement (paid off in full after year) and purchased a home of <500K. My last run of credit scores from a refinance was:

TU: 694

EQ: 691

EXP: 673

Last year, I wanted to get a higher credit limit so I started paying a bill of $200/1st -of-month to my BankAmericard and paid it off the next day because my BofA close date is the 4th of every month. After 6 months, I reached out to BofA for an increase from 5.5.k to 25k. This was denied.

This year, I asked for an increase from 5.5k to 11k, and that was denied. The reasoning was:

Current or past deliquncy, derogatory public record(s), and/or collection account(s)

Obviously, I would need to review my credit report, but maybe I don't know what to look for and what I should ask to be removed? I went through credit repair with a program in my state so I could prepare to purchase a home and saw vast improvement (culminating in my home purchase). Not sure if scores from CK, Discover, and BoA count for much but I have 741 on CK (both scores), 716 on Discover, 741 on BofA.

Looking for guidance like next steps to get a higher credit limit and get my lender scores above 700.

Thank you,

FMOB

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Once you pull for free your 3 CRA reports from 

http://www.annualcreditreport.com/ as suggested, you'll be able to see specifically what your derogs are. The Repair place may simply have had you pay off the CA without having them removed. If there were late payments, those certainly will keep reporting and be a ding to your FICO. 

Congratulations on the increases you did enjoy plus your salary raises. Those are all great. 

Additionally, you may want to add a few FI relationships beyond BOA. Are you yet already a member of any CU's? Sometimes those can grow more, apparently after a 6-24 month period. 🙏🏻

Report back with more DP's once you have 'em. 🙏🏻☘️☘️☘️

[FiscalMindedOB]

Evening Omar,

Thank you, and @Anonymous, for providing insights on the scores (confirming that I DO NOT have Discover CC).

From BofA (TU F8): 741

From Discover (EX F8): 716

If you can recommend a good way to get my EQ score, i’m all ears.

After I got my credit report, I don’t see any CO on my EQ or TU credit report. I was prompted with an error on EX report that I needed to make a mail-in request for my credit report. I do see items listing my maximum delinquency for each of my student loans.

Ex:

Maximum Delinquency of 120 days in 01/2015 for $332 and in 04/2015 for $537

[FiscalMindedOB]

Evening Pikaboo,

I was able to pull my TU and EQ credit reports, but EX told me I needed to send in my request for the report by mail. Will comply and i'll get it when I get it. 

Thank you,

[FiscalMindedOB]

Thank you for confirming that

[FiscalMindedOB]

Thank you for that info, I was able to pull them and I do so notes for excessive delinquency, but I don’t see very many other derogatory items (that I know of to look for). Definitely open to understanding what language I should be looking for to identify deorg marks.

Yeah, I worked with a woman who had me contact my debtors and be explicit in asking them to remove their accounts for things like health and insurance payments. Albeit, wouldn’t hurt me to review again and see what may be there.

Thank you! It’s been a long road but worthwhile in the end.

I do have a relationship with a couple CU. If I could find a decent CC to extend my limit, I would be open to it.

Will keep the thread updated, thanks

[USMC_Winger]

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@FiscalMindedOB wrote:

If you can recommend a good way to get my EQ score, i’m all ears.

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Citibank credit cardholders can get their EQ FICO 8 scores monthly in the cardholder's online account or the Citi app.  However, this doesn't include Citibank cards with other brands like the American AAdvantage or Hilton HHonors cards.