How soon to ask for a BOA CLI after auto increase & other ?

Question

Hey all. I received an CL auto increase from BOA for my BOA Cash Rewards Platinum Plus Visa in May 2015. They bumped it from $1.5K to $3.5K. This past July (2015), I recently paid off a significant portion of my credit cards.  .I currently have the following:-Chase SWA Visa ($8K bal, $9K limit).  Chase reduced this limit on me in Dec 2014 from $12K due too many new acounts.-BOA Cash Rewards Platinum Plus Visa ($1.5K bal, $3.5K limit)-Credit One Bank Visa ($500 bal, $2.2K limit).-Discover IT ($0 bal, $1.5K limit).-FNB Omaha Visa ($0 bal, $1.7K limit)-Capital One Platinum MC ($0 bal, $300 limit)-AMEX Premium Rewards Gold ($0 bal, paid off monthly) Yesterday's Equifax FICO (from this site): 685Last Month (July) FAKO score from Discover site: 683  (prior to paying off other cards)Current FAKO score from Capital One: 704 No dings in last 7 years, No Mortgage, No auto loan payment. $70K student loans in payment (all current).Recent inquiries on CR since March 2015- EQ: 1; TU: 0; EX: 5 (2 drop off in Oct)$55K-$60K  annual salary A few days ago I asked Cap One for PC and card with no annual fee and higher limit.  I asked via chat service.  No go.I also asked Discover for CLI through luv button, that too, no go.  Both soft pulls. I plan to buy a house in the next year or so.  I'd like to get all of my scores in the mid 700's.I was hoping to get a CL increase so I could close the Cap One (low limit,high annual fee) and Credit One (duh?) accounts without impacting my utilization. 1)  Are they using old soft scores from a few months back when making these decisions?2)  Do I have a better chance for a CLI with BOA? if so, how soon do I ask for it?3)  What are the chances Chase would restore my original $12K limit?3)  Is there another card I have a better chance at getting a larger CL?  (not a veteran)4)  Am I better off continuing to garden, paying down the Chase and others? I appreciate all valid advice provided.      

Answer 1

Bankermeister wrote:
Hey all. I received an CL auto increase from BOA for my BOA Cash Rewards Platinum Plus Visa in May 2015. They bumped it from $1.5K to $3.5K. This past July (2015), I recently paid off a significant portion of my credit cards.  .I currently have the following:-Chase SWA Visa ($8K bal, $9K limit).  Chase reduced this limit on me in Dec 2014 from $12K due too many new acounts.-BOA Cash Rewards Platinum Plus Visa ($1.5K bal, $3.5K limit)-Credit One Bank Visa ($500 bal, $2.2K limit).-Discover IT ($0 bal, $1.5K limit).-FNB Omaha Visa ($0 bal, $1.7K limit)-Capital One Platinum MC ($0 bal, $300 limit)-AMEX Premium Rewards Gold ($0 bal, paid off monthly) Yesterday's Equifax FICO (from this site): 685Last Month (July) FAKO score from Discover site: 683  (prior to paying off other cards)Current FAKO score from Capital One: 704 No dings in last 7 years, No Mortgage, No auto loan payment. $70K student loans in payment (all current).Recent inquiries on CR since March 2015- EQ: 1; TU: 0; EX: 5 (2 drop off in Oct)$55K-$60K  annual salary A few days ago I asked Cap One for PC and card with no annual fee and higher limit.  I asked via chat service.  No go.I also asked Discover for CLI through luv button, that too, no go.  Both soft pulls. I plan to buy a house in the next year or so.  I'd like to get all of my scores in the mid 700's.I was hoping to get a CL increase so I could close the Cap One (low limit,high annual fee) and Credit One (duh?) accounts without impacting my utilization. 1)  Are they using old soft scores from a few months back when making these decisions?2)  Do I have a better chance for a CLI with BOA? if so, how soon do I ask for it?3)  What are the chances Chase would restore my original $12K limit?3)  Is there another card I have a better chance at getting a larger CL?  (not a veteran)4)  Am I better off continuing to garden, paying down the Chase and others? I appreciate all valid advice provided. BOA might give you a CLI if you're willing to take a hard pull. Call-in and shoot for the moon. They'll counter-offer if it's too high. Chase is unlikely to restore your previous CL considering your utilization. I'd pay that down ASAP. Your scores should go up when you're below 30% utilization on that card, and it's possible that Chase will give you an auto-CLI a few months after you've paid it down. As far as another card with a larger CL, have you thought about a credit union? A credit union membership might prove useful when you're shopping for a mortgage. NASA FCU has been known to offer large ($25k) credit limits (with a 7.9% APR on BTs!). Plus, they offer unsecured lines of credit (mine's at 9.90% APR!) Don't be in a rush to close your high APR cards with AFs. Wait until you've paid down your Chase card and have either acquired a high-limit card or a major CLI (or both!) Hope this helps. Good luck!