I am thinking I need to increase our credit limit with Bank of America so that when our 0% DISCOVER offers end in DEC/JAN I will have enough of a credit line there to handle the remaining debt load. I've been using BofA since February 01.. started with a 6800 CL, then a 9300, lastly a 12,000 CL last January. The account has a ZERO balance right now.. ( due to DISCOVER 0% offer).. I need to boost the CL to 14-15. Can I expect more automatic increases and further offers on this account? Cherie
maybe I have hope ..How long has wife had the card? IYO do you think they will write/call with an offer since we paid off the account. If not, I will enjoy DISCOVERs ZERO offers for a while then do a PFB letter in a few months.
BofA M/C is $9000. BofA Visa is $10,300. Two months I request to increase credit limit and they denied because insufficent income for limit increase. They told me they can do increase without hard inquiry every 12 months. Ron.
A friend gave me a photocopy of her Bank of America bill (Visa, I think) so I could reimburse her for some things she had charged for me. I noticed her credit limit was $38000... She runs a computer business from home and used to charge thousands each month at her wholesaler, resell the equipment at retail, and then immediately pay off the bill. So I guess high usage will get you a higher credit line.
The 6/9-month mark on your BofA account seems to make a difference in getting higher limits / lower APR. My current APR there is 12.9% - to me that's a sock drawer rate. They wouldn't budge. I'll retry later this month, on the 9-month mark, and should have better luck. Saar
The increase you all are refering to...is this an automatic review by BofA at the 6 or 9 mark or are you requesting the increase? I have BofA, and would like an increase, but if they are going to do it automatically between 6 - 9 months, I guess I would just wait & see what happens.
Dear Wealth.. For WIW, I started with a BofA card with a CL of$ 6800 in Feb of 2001. It was a BT offer of 8.9% until paid. The balance was paid off with another lower rate card in December of 01. I got the automatic credit raise on my January 02 statment to $9300. Shortly after, a BT offer came to get a limit raise to 12,000 if I used it for a balance transfer. Now, I am hoping for automatic credit limit raise to 14-15 and a great BT deal so I can combine two payments to one. Cherie
Their system allows CL increases every 6 months... BUT a BT offer can still be applied. I started at $5k, 9 months later $7.5k, 6 months later $10k. The following month a BT offer came for prime + 0, and an increase up to $12.5k. I called them, said I'll take them up on their offer, but would prefer to write the BT check myself. They increased the limit on the spot, even though 1 month earlier they just increased it. The way I have understood it - when you ask for a CL increase, the rep may or may not ask for "how much" ... to which I always reply, "I'm trying to raise my ratios and score - what's the max. you can offer" and the system gives them a number. Hope that helps- mj
MJ, Do you think Bank of America CC is agressive in wanting the business of people with good credit? A few weeks ago BofA called me with an offer when I made a payment of 2200 against the card. The 2200 went to a Discover Platinum card that was @ 0% until December. About a week later, the BofA was paid off with a 2nd Discover offer for 0% until January. The BofA balance in now zero on a 12,000 CL. Do you think they will call or send something in the mail wanting our business back? Right now nothing could be better than DISCOVERS 0% offers.. but just thinking down the road towards December and January. Cherie
Interesting info on my BOA cc I received a change in terms a few months ago, and didn't pay any attention to it..(my bad!) Well, my last statement showed a decrease in the minimum payment from around $100/month to under $30/month, and again this month after a BT that should have raised the payment again based on the old formula of the minimum being 2.2% of the balance. Well, I assumed a web page error, so I emailed BOA, and received the following reply: Please refer to the new Change in Terms you received last spring. Beginning in June, the minimum amount due is either 2.20 percent of the statement balance or the amount of your finance charges plus $10.00, which ever is lower. Your finance charges total $19.89, plus $10.00, your minimum amount due is $29.89. You can pay more than the minimum amount on your statement. Prior to the recent Change in Terms, the minimum payment was only 2.20 percent of the statement balance, which would be $106.89 for your July 8th statement. Amazing...it would only take me 100? years to pay off the balance at this rate! This must be the answer to the great prime + 0% BT rate they have. In any case, I'm relieved to know that if I were to pay the $29.89 I wouldn't be charged a late fee, and paying the $100+ per month should look good on my account, right? On the CL increase thing, I talked to a rep last week, and was told that the credit dept. could give me a raise 6 months after my last raise which was in January. I will wait a couple of weeks then try for one.
