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BofA - Max CL/Based on Income?

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Well as most of us know, BofA if nothing else, is at least fairly generous with their soft pull CLI requests on a regular six month basis. It has also been well established that BofA has a de facto MAX aggregate unsecured credit card limit of $99.9K for most mortals, however IIRC both Hege and PotO have exceeded this.

 

So my question pertains to MAX aggregate BofA unsecured credit card limits in relation to total income so that we can set better/more realistic goals and expectations with BofA and not waste our efforts in pursuing limits beyond the BofA underwriting paradigm.

 

My aggregate limits are just a fraction below 50% of total income, so how far should we push this?

 

 

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7 hours ago, Rogue said:

 

My aggregate limits are just a fraction below 50% of total income, so how far should we push this?

 

 

are you saying BOA exposure or total? My BOA limits are about 10% of my 2019 1040 household AGI (which is what I report when asked)

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10 hours ago, hegemony said:

are you saying BOA exposure or total? My BOA limits are about 10% of my 2019 1040 household AGI (which is what I report when asked)

Aggregate with BofA over two cards.......

 

Well I am not surprised at 10% for you since your Household AGI makes you a 1%er......

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36 minutes ago, Rogue said:

Aggregate with BofA over two cards.......

 

Well I am not surprised at 10% for you since your Household AGI makes you a 1%er......

The income I report to BOA as HHI and how it compares to my limits across my two BOA cards is as I stated. Do you know for sure BOA uses stated income instead of some third party or internal income estimator? Regardless, I speak the truth about my "ratio" regardless what you believe.

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Posted (edited)
9 hours ago, hegemony said:

The income I report to BOA as HHI and how it compares to my limits across my two BOA cards is as I stated. Do you know for sure BOA uses stated income instead of some third party or internal income estimator? Regardless, I speak the truth about my "ratio" regardless what you believe.

I have NO idea what BofA uses for income in their underwriting, hopefully we can develop some info regarding that here....

You missed my point on income and never questioned your 10% figure.  If I am at 50% of income and you are at 10%, does not really makes since unless there is a substantial differential in income. 

 

If a newbie reading this thread sees that Hege "only" has 10% of HHI as total limits with BofA, they may subsequently think that with your 800+ scores and thick file then 10% is the realistic max for them too, yet they are making say $50K a year and thus expect a max of $5K in credit from BofA, which would be an incorrect assumption.

 

Edited by Rogue

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5 hours ago, Rogue said:

I have NO idea what BofA uses for income in their underwriting, hopefully we can develop some info regarding that here....

You missed my point on income and never questioned your 10% figure.  If I am at 50% of income and you are at 10%, does not really makes since unless there is a substantial differential in income. 

 

If a newbie reading this thread sees that Hege "only" has 10% of HHI as total limits with BofA, they may subsequently think that with your 800+ scores and thick file then 10% is the realistic max for them too, yet they are making say $50K a year and thus expect a max of $5K in credit from BofA, which would be an incorrect assumption.

 

That makes sense. My ratio is probably skewed because of my spouse's income. On just my income I my BOA limits are ~85% of income.

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On ‎3‎/‎6‎/‎2020 at 6:02 AM, hegemony said:

That makes sense. My ratio is probably skewed because of my spouse's income. On just my income I my BOA limits are ~85% of income.

Thanks for the data Hege and just to confirm, you are reporting total HHI to BofA? That kind of makes you an outlier (in a good way), hopefully others will chime in, just curious how far I should realistically push BofA as a percentage of total income, especially in these turbulent times.

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Rocking the boat can always backfire, but in general I don't see much harm in continuing to ask for CLIs. Now if you are also playing games with them, either M$ or excessive BT swapping or otherwise causing them to lose money, that's another story. 

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1 hour ago, shifter said:

Rocking the boat can always backfire, but in general I don't see much harm in continuing to ask for CLIs. Now if you are also playing games with them, either M$ or excessive BT swapping or otherwise causing them to lose money, that's another story. 

All good points Shifter...

 

No, I don't rock the boat with BofA nor engage in any M$.  They also have my two oldest (by far) accounts so I don't want to jeopardize them, hence this thread.  Currently, I simply request a modest CLI every 6+ months and it's always granted, but at some point I should probably stop.......

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4 hours ago, Rogue said:

Thanks for the data Hege and just to confirm, you are reporting total HHI to BofA? That kind of makes you an outlier (in a good way), hopefully others will chime in, just curious how far I should realistically push BofA as a percentage of total income, especially in these turbulent times.

yes I use HHI. I've been thinking about opening a banking relationship to see if I can push my limits higher

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7 hours ago, Rogue said:

No, I don't rock the boat with BofA nor engage in any M$.  They also have my two oldest (by far) accounts so I don't want to jeopardize them, hence this thread.  Currently, I simply request a modest CLI every 6+ months and it's always granted, but at some point I should probably stop.......

Unless you are showing EXTREMELY heavy spending with BofA at the moment, I would probably be inclined to hold off on any requests in what you describe in the earlier post as "these turbulent times." If you don't give any opportunity for them to be looking at the account, it reduces the likelihood of the limit getting a haircut...

 

I have made a decision to wait on such requests until we get back to the days of markets moving little more than a hundred points in either direction.  In other words, once we see a measure of stability and we get to the point of the fear-mongering from the media having diminished, then I will go back to the requests for line increases. 

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8 hours ago, Rogue said:

Simply request a modest CLI every 6+ months and it's always granted, but at some point I should probably stop.......

Definitely don't stop as long as they are getting approved. If you get declined, then maybe you want to try again and then back off to yearly. But if they like you, let them continue to show you love! 

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Posted (edited)

Remember though that BofA among many if not all are doing soft AR's frequently, and seeing your overall exposure/access to credit. In addition to your reported HHI, this also plays a part.

 

BofA still has left over remnants of its takeover of MBNA, and as such, any attempts to request a CLI may yield good results, just as quickly, it can also trigger a substantial CLD. This is especially true once you reach 50K.

 

At 50% of your HHI I would push a little more, but at 65%, I would be a little more concerned about the risk v. reward part of it. 

 

 

Edited by NorCalR1

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Just as another DP, my 'capped', single card is less than half of my HHI.

 

I seldom use the 99.9k card, so I won't be touching any CLI buttons for some appreciable amount of time, especially in this economic climate.

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Unlike Hege, I do not use HHI.  My reported income is approximately 2.4 times my aggregate credit limit with BoA.  

 

I doubt having higher reportable income would help.  My wife only uses her income when applying for CLIs with BoA and her income is over 8 times mine.  She's been stuck at $99.9k with BoA forever.  

 

Every once in a while we request CLIs and get declined, but never any AA.  

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If we're collecting DPs my BOA Cash Rewards is sitting at 10% of my income. Had the card over a year, no luv button ever and no auto CLI

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Wow, just sitting here contemplating how much the world and our economy has changed since I started this thread on March 4th.  It will be six months since my last BofA CLI in late May and will evaluate at that time weather or not to pull the trigger on another CLI request, however I am somewhat inclined to go for it just to see what happens!

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45 minutes ago, Rogue said:

Wow, just sitting here contemplating how much the world and our economy has changed since I started this thread on March 4th.  It will be six months since my last BofA CLI in late May and will evaluate at that time weather or not to pull the trigger on another CLI request, however I am somewhat inclined to go for it just to see what happens!

 

Well, 2020 isn't 2009, but if you receive a message to call for consideration of the request, think twice.  (in 2009, I was shaved by 60% after such a call.  My worst sin was sporadic use of the 3 cards I held at the time; say, a charge every 2-3 mo on each.

 

For me, it's now "once bitten, twice shy" when it comes to BofA ...

 

 

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2 hours ago, hdporter said:

 

Well, 2020 isn't 2009, but if you receive a message to call for consideration of the request, think twice.  (in 2009, I was shaved by 60% after such a call.  My worst sin was sporadic use of the 3 cards I held at the time; say, a charge every 2-3 mo on each.

 

For me, it's now "once bitten, twice shy" when it comes to BofA ...

 

 

Similar boat here. I remember a CLI request, all online, resulting in quite the haircut.  I'm shocked I've pressed my luck with them this far, but I think 99.9k is 'good enough'.

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Thanks to Big Bear and hdporter for the dose of reality! And sadly it appears that 2020 will be far more devastating than 2009 ever was! And just read about Shifter only receiving a $500 CLI from Navy for his wife's card and that the small CLI was due to the current state of the economy, thinking I am just going to lay low and try to stay off of everybody's radar screen!

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1 hour ago, Rogue said:

Thanks to Big Bear and hdporter for the dose of reality! And sadly it appears that 2020 will be far more devastating than 2009 ever was! And just read about Shifter only receiving a $500 CLI from Navy for his wife's card and that the small CLI was due to the current state of the economy, thinking I am just going to lay low and try to stay off of everybody's radar screen!

We have a $30k instant approval on a subprime Capital One Vulture from the week before to cancel out shifter's flaccid CLI from a subprime credit union.

 

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2 hours ago, cv91915 said:

We have a $30k instant approval on a subprime Capital One Vulture from the week before to cancel out shifter's flaccid CLI from a subprime credit union.

 

What does Crap1 have to do with BofA? :wacko:

 

Shifter actually received a $25K instant approval and was at $50K within 6 months with Navy, while rebuilding! The CLI was for his wife...

 

Personally having no previous history with Navy, I was able to reach a total of $95K ($80K + $15K) with them in slightly less than a year.  Never been able to replicate that with a TARP bank and good luck in this economic environment doing that with anybody now. 

 

And Crap1 and WeeFee are both on my perpetual Blacklist, I never had to swim in the sub-prime pool and don't ever intend to test those waters out! :grin:

 

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48 minutes ago, Rogue said:

And Crap1 and WeeFee are both on my perpetual Blacklist, I never had to swim in the sub-prime pool and don't ever intend to test those waters out! :grin:

 

 

... at least not until (and only if) the reservoir runs dry and we're all left squirming in the muck (?)  ;)

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54 minutes ago, Rogue said:

What does Crap1 have to do with BofA? :wacko:

 

Shifter actually received a $25K instant approval and was at $50K within 6 months with Navy, while rebuilding! The CLI was for his wife...

 

Personally having no previous history with Navy, I was able to reach a total of $95K ($80K + $15K) with them in slightly less than a year.  Never been able to replicate that with a TARP bank and good luck in this economic environment doing that with anybody now. 

 

And Crap1 and WeeFee are both on my perpetual Blacklist, I never had to swim in the sub-prime pool and don't ever intend to test those waters out! :grin:

 

What does Navy Federal have to do with B of A?  

 

I didn't cite shifter's Enneffseeyou experience, you did. 

 

I merely offered a counterpoint to your over-generalization of the significance of his single data point.

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Yeah I wouldn't put too much stock into it personally. They haven't liked my wife for some reason since the beginning well before this pandemic - the $3k initial CL and refusal to reconsider back in Dec proves that. 

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