Two months ago Bank of America converted my secured card to a Platinum and gave me $1500 CL. THis is a good sign. I keep the balance at zero and pay it off as soon as I use it. The downside is that it is my only credit card and the $1500 represents all of my available credit. I know that to boost my scores I need more available. Does anyone have any experience requesting a credit line increase? What are the implications? They make it pretty easy to do, but I'm hesitant. Anyone have any advice on this? If I don't request it, how long do they take to review and automatically give me more credit? Every six months? Every quarter?
They will pull a credit bureau and look at your overall performance, being that this is your only credit card and you were just given a credit line increase I would wait at least 6 months before asking for more. Charge some things you would normally buy and pay it in full each month to show that you can handle your credit wisely. Some credit card companies are not doing the automatic credit line increases like they used to due to Bk a few years ago, they just aren't giving them as freely as they once did.
Actually, if your Bank of America card is registered on their website, you can simply request a credit line increase by logging in and clicking the customer service tab at the top. They don't even perform a hard inquiry since the BOA-MBNA merger. The worst they can do is decline it and it's not like this is Chase which does hard pulls for everything.
