Bank of America Mastercard - instant approval for low credit limit. Next step? Never activate or CLI at activation?

[GaPeach]

I received a pre-selected offer in the mail for Bank of America. I currently have a FAKOs of 677/677/667 (EX/TU/EQ). I also have $22,800 in credit, spread out over 5 cards. 9K highest limit, 2K lowest limit, including a signature Visa and an AmEx. Oldest credit card account is at least five years old, newest is couple of months. Everything else falls in between. I have older installment accounts (only one open, rest are paid/closed in good standing). Pretty much middle of the road on credit rebuilding, current standing, etc.

 

So I applied for the BOA MC. Received instant approval of $500. That is almost an insult credit limit, considering the work I have put in to increase my scores, increase my limits, etc.

 

Soooo, should I chalk this up to a learning experience of a wasted inquiry and never activate this card when it comes in and to just let my open accounts age for a while? Or should I call BOA when I receive the card and ask for CLI?

 

Thanks in advance for any advice and/or experience examples.

[mindcrime]

You could call the EO on Monday.

[moosetracks]

You have taken the hit for the inquiries so I would keep the card and as stated contact the EO or the backdoor for a CLI.

[nht]

The account status is already "open" and will remain so, even if you don't activate the plastic card itself.

 

You'll need to call to close the account, unless actually mailing back that card cut in half is how you roll.

 

I also think you have nothing to lose by calling to request a recon on the $500 CL first.

 

At the same time, you can find out who (whom?) they pulled and what that FICO score was.

[shifter]

just call the UW.

[JayB27]

just call the UW.

+1, you could do very well with one call.

[TexasRN]

Mine went from $1500 to $6600 with one TU pull at 30 days. It will grow.

[GaPeach]

Called backdoor number. Shot down due to about three (old 2011 or 2012-ish) unpaid medicals on my report (totaling about 2700 total).

[Konrad2012]

Called backdoor number. Shot down due to about three (old 2011 or 2012-ish) unpaid medicals on my report (totaling about 2700 total).

Ummm...multiple two year old unpaid baddies aren't considered "old" to lendors...

 

Is your Amex issued by Centurion, or another bank?

[GaPeach]

 

Called backdoor number. Shot down due to about three (old 2011 or 2012-ish) unpaid medicals on my report (totaling about 2700 total).

Ummm...multiple two year old unpaid baddies aren't considered "old" to lendors...

 

Is your Amex issued by Centurion, or another bank?

 

 

AmEx was issued by AmEx. Does not list a bank on the back. Does that mean it's from Centurion?

[cv91915]

 

 

Called backdoor number. Shot down due to about three (old 2011 or 2012-ish) unpaid medicals on my report (totaling about 2700 total).

Ummm...multiple two year old unpaid baddies aren't considered "old" to lendors...

 

Is your Amex issued by Centurion, or another bank?

 

 

AmEx was issued by AmEx. Does not list a bank on the back. Does that mean it's from Centurion?

 

 

Which American Express card do you have?

[GaPeach]

 

 

 

Called backdoor number. Shot down due to about three (old 2011 or 2012-ish) unpaid medicals on my report (totaling about 2700 total).

Ummm...multiple two year old unpaid baddies aren't considered "old" to lendors...

 

Is your Amex issued by Centurion, or another bank?

 

 

AmEx was issued by AmEx. Does not list a bank on the back. Does that mean it's from Centurion?

 

 

Which American Express card do you have?

 

 

A Delta Skymiles AmEx.

[Cappy]

 

 

 

 

Called backdoor number. Shot down due to about three (old 2011 or 2012-ish) unpaid medicals on my report (totaling about 2700 total).

Ummm...multiple two year old unpaid baddies aren't considered "old" to lendors...

 

Is your Amex issued by Centurion, or another bank?

 

 

AmEx was issued by AmEx. Does not list a bank on the back. Does that mean it's from Centurion?

 

 

Which American Express card do you have?

 

 

A Delta Skymiles AmEx.

 

 

That's from Amex directly, not BOA

 

Wrong creditor

[shifter]

That's from Amex directly, not BOA

The BofA MC was a separate topic.

[Konrad2012]

Yes I was seeing if Peach had a Centurion issued Amex or a USAA or other issuer. Kinda surprised to see a Centurion with recent bads but good for them.

 

I would suggest getting advice in the medical forum for ways to get those medicals taken care of so you aren't dealing with them until 2019.

 

And don't take it as an insult. Look at the positive that with not so old unpaid baddies and new accounts they still offered you an unsecured product, yet take the low credit line as a sign you still have work to do.

Edited December 29, 2014 by Konrad2012

[GaPeach]

Yes I was seeing if Peach had a Centurion issued Amex or a USAA or other issuer. Kinda surprised to see a Centurion with recent bads but good for them.

 

I would suggest getting advice in the medical forum for ways to get those medicals taken care of so you aren't dealing with them until 2019.

 

And don't take it as an insult. Look at the positive that with not so old unpaid baddies and new accounts they still offered you an unsecured product, yet take the low credit line as a sign you still have work to do.

 

Thanks! No insult at all.

And trust me, I was as surprised as the next person to get an AmEx and an instant approval at that. Right on the heels of the AmEx 5K approval, Chase auto-increased my CL on the visa signature from 5K to 9K, so honestly I think I got a little "big for my britches" by being taken aback by a $500 CL from BOA. When I talked to the credit analyst this morning, she said despite credit limits on other cards, the reason they started me at $500 was because of the medicals and once those were rectified, my CL would increase dramatically. So I'll definitely get those taken care of sooner than later....just trying to make sense of WhyChat's medical stuff/handbook now because those three medicals showing are from collection agencies.

[JayB27]

Start a thread over there in the med forum, he will walk you thru it.

 

It is as easy as paying the OC with a bank money order. BUT, you have to follow a process first.

 

Don't delay, do it up.

[GaPeach]

Start a thread over there in the med forum, he will walk you thru it.

 

It is as easy as paying the OC with a bank money order. BUT, you have to follow a process first.

 

Don't delay, do it up.

 

Thank you! Will do!