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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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  • 1 year later...

Is $99,900 combined still a meaningful threshold with Bank of America?

 

I have charges that I want to run through my Travel Rewards card in the next couple of days that exceed the card's limit ($15,500).

 

A CLI would be the easiest way to handle this, but I'm at $99.9k combined on my three cards. 

 

Moving limits around has some unique constraints, if they even still do that with a simple phone call.

 

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Having that much credit line with one issuer would scare the bejeezus out of me. As the saying goes "They higher you are the further you can fall" - and should B of A one day decide to Balance Chase you with a CL that high, even using small part of it would throw your Util into a free fall.

Edited by Flyingifr
proofreading error
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10 hours ago, cv91915 said:

A CLI would be the easiest way to handle this, but I'm at $99.9k combined on my three cards. 

Even though my account was at the maximum risk exposure, an access link was still attached to the account to this day to request a credit line increase. I have the prerogative to ask for a credit increase threshold if I roll the dice of potentially being bitten and possibly getting CLD. You also have the discretion. 

 

I have seen some people upload screenshots of folks exceeding the maximum risk limit allowed by Bank of America, one screenshot showed $128,000 on a single account, and another screenshot showed two accounts, one with $78,000 and the other with $65,000, anecdotally, some manage the line goes to $300K so whether this is possible depends on who you are and your situation. You can try to click on the credit limit increase link to learn about your outcomes.

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5 hours ago, Flyingifr said:

 

Having that much credit line with one issuer would scare the bejeezus out of me. As the saying goes "They higher you are the further you can fall" - and should B of A one day decide to Balance Chase you with a CL that high, even using small part of it would throw your Util into a free fall.

The statements you describe are axiomatic self-evident, unquestionable, and indisputable.

 

Many CB members have $80K to $90K exposure with each of the Big 5 banks and credit unions, their aggregate credit limit including business credit is 1 million to 2 million or beyond, and there's a forum moderator with 5 million, so this is a personal opinion to achieve their goals and a subjective issue.

 

There's no doubt a risk factor having a high-limit credit account with one issuer, but you can get access to 20 to 50 issuers, and you pay in full every month then the risk of account closure is minuscule and is moots.

 

Besides, I've never been balancing chase, had a credit limit decrease, or had an account closure as a consequence of having the high limit card or too much credit, Capital One notified me of an account review three times, but they gave me time in advance to opt out of the review via a one-minute phone call.


The predominant reason I'm not subject to adverse action is I paid my bills in full to every issuer and lender and that I was a 1% credit risk according to the FICO index hidden in their algorithm. My utilization is under 1% over the past decade.

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3 hours ago, MP80 said:

Even though my account was at the maximum risk exposure, an access link was still attached to the account to this day to request a credit line increase. I have the prerogative to ask for a credit increase threshold if I roll the dice of potentially being bitten and possibly getting CLD. You also have the discretion. 

 

I have seen some people upload screenshots of folks exceeding the maximum risk limit allowed by Bank of America, one screenshot showed $128,000 on a single account, and another screenshot showed two accounts, one with $78,000 and the other with $65,000, anecdotally, some manage the line goes to $300K so whether this is possible depends on who you are and your situation. You can try to click on the credit limit increase link to learn about your outcomes.

 

Thank you.

 

The last time I talked with an analyst on their Preferred Credit team, I was told that $99.9k is a soft limit, and they'd go "significantly higher" with documented assets.  Anything held with Merrill would be part of the equation by default, but proof of outside assets, if provided, would also be considered.

 

I never went through with any of that because it was really unnecessary given all of my other cards and options.

 

And this too shall pass.  Right now I just want to buy some flooring :), and 2.625% cash back is the best choice.

 

I do still have a CLI link as well, however based on this disclaimer on the request page, I believe that they'll just grab some of the limit from one of my other cards  in a way I might not choose.  I think I'll call, because even though I'm fine shuffling things around, I'd like to specify how they do that if possible.

 

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1 hour ago, cv91915 said:

I do still have a CLI link as well, however based on this disclaimer on the request page, I believe that they'll just grab some of the limit from one of my other cards  in a way I might not choose.  I think I'll call, because even though I'm fine shuffling things around, I'd like to specify how they do that if possible.

 

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The excerpt outlines the credit limit increase policy for each customer who has already reached their maximum credit limit.

 

If you do not explicitly describe or portray your assets as mentioned above, Bank of America will make such adjustments to your second or third credit account to adjust your credit line request.

 

I frequently receive credit card offers from them, which is exactly why I refuse to accept credit offers because the adjustment policy is still ongoing, and I know full well that my account could be compromised to accommodate said new credit card account.

 

Another thing I will say about Bank of America is that they are generous in that every month or two, they will send you a balance transfer via snail mail, depositing your entire credit line directly into cash in your designated checking account for a fee of 3% to 4%. Now, that's over $90,000, which is a nice thing I rarely see from a trustworthy lender.

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5 hours ago, MP80 said:

The statements you describe are axiomatic self-evident, unquestionable, and indisputable.

 

Many CB members have $80K to $90K exposure with each of the Big 5 banks and credit unions, their aggregate credit limit including business credit is 1 million to 2 million or beyond, and there's a forum moderator with 5 million, so this is a personal opinion to achieve their goals and a subjective issue.

 

There's no doubt a risk factor having a high-limit credit account with one issuer, but you can get access to 20 to 50 issuers, and you pay in full every month then the risk of account closure is minuscule and is moots.

 

Besides, I've never been balancing chase, had a credit limit decrease, or had an account closure as a consequence of having the high limit card or too much credit, Capital One notified me of an account review three times, but they gave me time in advance to opt out of the review via a one-minute phone call.


The predominant reason I'm not subject to adverse action is I paid my bills in full to every issuer and lender and that I was a 1% credit risk according to the FICO index hidden in their algorithm. My utilization is under 1% over the past decade.

I'm glad you haven't been Balance Chased, I have - it was 2008 and I also had pristine credit. Then the economy crashed. All of a sudden one card issuer decided to cut my credit limit to 110% of my already low balance. The others saw that as a default and under their Universal Default calculations did the same. Within a week I went from 3% Util to 90% Util without increasing my balances by a single dollar. My FICO score tanked almost 100 points as a result. I did nothing that would have caused that.

 

 You have been lucky so far, but they did it to me, they can do it to anyone, including you. Never think you are exempt, you are not. Never think they care about you, they don't.

 

Sometimes they screw with us because they can, and in a way where we cannot fight back.

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17 hours ago, Flyingifr said:

You have been lucky so far, but they did it to me, they can do it to anyone, including you. Never think you are exempt, you are not. Never think they care about you, they don't.

 

Sometimes they screw with us because they can, and in a way where we cannot fight back.

I have no trepidation about any lender deciding on what they potentially effectively do to my credit card account, it's a moot point against me.

 

Whether it is reducing the credit limit or closing the account, there is no binding force, the action taken will not result in any negative FICO score penalties, and there is no threat to convince other creditors to take immediate action.

 

Not all creditors are as imbecile as Synchrony, Comenity, and Barclays. They are so afraid of their customers cheating them that they lose co-branding partners and revenue from good customers who always pay their bills on time and would rather give up customers that have a 1% to 2% credit risk.

 

As I said above, with a utilization ratio of less than 1%, a clean report, sufficient credit, no debt, a thick file, and a long credit history. You can weather any storm and survive or get through any difficult times. PIF will eliminate the threat of any lender.

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