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BofA to $99,900.00 Approved!


MP80
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33 minutes ago, Burgerwars said:

Could I ask what income is required for a $99,900 credit line? 

As I understand from CB and other forum data points, Bank of America offers credit to individuals for about 50% of their annual income, that is, if your gross income is $200,000 for example, then your line of credit is $100K. 

 

Maybe @hegemony, @Big Bear, and @CTSoxFan may elaborate and chime into other data points on this topic, they also have a $99,900 personal card. Moreover, @hdporter and @cv91915 have obtained 3 or 4 BofA credit accounts that may be close to that threshold as well, and they may provide detailed additional information.

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8 hours ago, hegemony said:

I'm not sure what BOA's income guidance is for the 99.9k.

In the credit arena domain, here's my general take on the cap approvals available for $99,900 and up and over the threshold... Others are welcome to chime in on the discussion. :)

 

I've had an extensive relationship with BofA beyond the credit card, that's 26 years of a primary checking account in excellent condition with them.

 

There are no guarantees, but CLI requests are SP.  BofA will limit their exposure to various factors, not just income, and this applies even if you decide to apply for another credit card product. They will reallocate your existing credit line to accommodate your newly approved credit card.

 

According to many aspects going over $99.900 seems to require very large deposit assets or spending a lot of money on the existing high limit. but how much higher might depend on the total amount of business you give them. You must also be a certain level of Premium Rewards member. I'm just an insignificant low-level with them, and if not combine that with a large BofA/Merrill deposit and you might find it difficult, if not impossible, to get over $99,900.

 

But when I have a new high balance, I allow the card (any card) to report the full amount even though I can pay it off. To me, it shows lenders or anyone else reviewing my credit report that I really need my limit. By next month's update, the high balance will be reported as zero again.

 

I'm pretty sure CB had a few others have limits over $99.900 but they seem to be more the exceptions.

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50 minutes ago, MP80 said:

But when I have a new high balance, I allow the card (any card) to report the full amount even though I can pay it off. To me, it shows lenders or anyone else reviewing my credit report that I really need my limit.

FYI, the high balance is reported regardless of whether you PIF before the statement cuts. Letting it report does nothing. 

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I just got back from my mailbox with this exclusive BofA offer, and even if I go through the approval process, it won't exceed my current BofA exposure.

 

 

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Edited by MP80
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5 minutes ago, shifter said:

FYI, the high balance is reported regardless of whether you PIF before the statement cuts. Letting it report does nothing. 

Hello, Shifter :wave:

 

I think you are right! I've been seeing my FNBO account reported to the bureau over the years even though I paid the total amount before the cut, when I saw it, I was thinking and saying to myself didn't I pay off this last month's account before the statement cut? 

 

So far, only the FNBO account has been reported the way you described the suggestion. I haven't seen other creditors do this, otherwise, I completely missed the tracking of this.

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1 hour ago, Knight said:

Did they pull a hard one?

Hey, Knight :wave:

 

No, it's a soft-pulled credit line increase unless it's a new app.  BofA credit limit increase changed its lending policies a few years ago and it use to be a hard pull every time you inquire about a credit limit increase on an account. 

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1 hour ago, Big Bear said:

+1

All I know is that I've definitely left that account alone (not touching any CLI requests) and it's receives the most attention at keeping it active enough to remain open. 

I use mine every 2 or 3 months for usually less than a $100 expense. I suppose I should give it more attention but I hate to lose rewards from other cards.

 

 

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33 minutes ago, hegemony said:

I use mine every 2 or 3 months for usually less than a $100 expense. I suppose I should give it more attention but I hate to lose rewards from other cards.

 

 

 

Exactly. My last was an $8.48 Amazon purchase. Which is annoying because I would otherwise gotten 5% (42 cents!) back. 

 

I remember lusting after this Merrill+ card back in my early CB days, and now it just doesn't fit the rewards strategy.

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2 hours ago, Big Bear said:

 

Exactly. My last was an $8.48 Amazon purchase. Which is annoying because I would otherwise gotten 5% (42 cents!) back. 

 

I remember lusting after this Merrill+ card back in my early CB days, and now it just doesn't fit the rewards strategy.

I'll add the I don't think BOA's modeling is limit as X% of reported income either. If it was then many people would be way over 99.9k.

Edited by hegemony
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  • 1 month later...
On 12/6/2022 at 4:12 PM, MP80 said:

As I understand from CB and other forum data points, Bank of America offers credit to individuals for about 50% of their annual income, that is, if your gross income is $200,000 for example, then your line of credit is $100K. 

 

Maybe @hegemony, @Big Bear, and @CTSoxFan may elaborate and chime into other data points on this topic, they also have a $99,900 personal card. Moreover, @hdporter and @cv91915 have obtained 3 or 4 BofA credit accounts that may be close to that threshold as well, and they may provide detailed additional information.

 

Off the record 😏, did they verify income in your case?

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4 hours ago, Knight said:

 

Off the record 😏, did they verify income in your case?

TBH, Bank of America has never asked for a POI since I started applying for credit cards in the 90s. The credit card account has long since been closed, but only remains on the Innovis report.

 

Starting in the mid-'90s, I built my banking business with Bank of America. They have all my bank transactions deposit or check. They know all my financial information through the EWS report.

 

That card has been CLI incremented from $8K to $99.9K 9 times and never asked for a POI, despite my holdings and large deposit in Bank of America. Maybe, they didn't bother me.

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