Bank of America credit increase = hard inquiry/pull?

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jimbojet
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Bank of America credit increase = hard inquiry/pull?

Postby jimbojet » Sun Dec 23, 2012 2:13 am

I know, YMMV and all, but every source I have seen online has claimed that requesting a CLI through Bank of America's website results in a soft inquiry.

My BofA Platinum Plus (1.7k CL) is my oldest card, and I just keep it around for the sake of my credit history. I have cards with 10k CL on them, so I figured I would go for a 3x increase on the BofA card to 6k, especially considering my perfect payment history.

I instantly get approved for a CL of 3.9k, and I thought that was that. Today, I got an alert that a hard inquiry was made to TransUnion. When I checked, it was none other than BofA on 12/22, obviously for the credit limit increase.

What's the deal? Has this happened to anyone else?
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amohaisen
 
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Postby amohaisen » Fri May 24, 2013 6:17 pm

In theory, they do a hard pull on your credit score and they are clear about that.

I tried to increase my credit limit increase on the phone, and was connected to a "credit analyst". He said that this would result in a hard pull, so I asked him not to proceed with the process.

I have 2 other credit cards with >$10k CL each, and a 1.5k CL with BoA (I use them too for direct deposit of my salary in a checking account, so they are fully aware of my income). My decision was to close all of my accounts with them, since they are not better than any other provider I used, and they are the only party that seems to have this dirty practice.

hematino
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Postby hematino » Sat May 25, 2013 6:03 pm

Hate to tell you but that's the price of initiating your own credit limit increase with most banks. This is nothing new. At least it was a good increase (3x) and not something paltry like $500 for the pull. You definitely got your pulls worth.

I have the Fidelity Amex through FIA/Bank of America, and through pushing the button on the website I have gotten approved for nice increases but it's always been a hard pull. No big deal.
Now she's eyeless.
The snakes she held once
Eat up her hands.

MemberSince99
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Postby MemberSince99 » Sat May 25, 2013 6:16 pm

hermatino, how long have you had your FIA Amex?

I have one, had it for almost 6 months now. I haven't requested a CLI and don't currently plan to. What kind of usage do they prefer? I don't that much through it but always PIF. I heard BofA likes PIF.

Maybe that would be a nice way to leverage some of my other cards up, getting a CLI on that one. But I simply may not use it enough that they see why I would need a higher limit. Truth is I really don't need a higher limit, it's fine as is, but you know the game here.

hematino
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Postby hematino » Sat May 25, 2013 6:35 pm

I've had it since April 2012. The first five months I didn't use it at all because I was busy fulfilling spending targets on other cards and getting higher percentage elsewhere. But its a fantastic card for spending that doesn't fit into bonus spending categories for other cards. Anyways after five months of literally zero use, and one month of light use, they gave me a CLI that doubled my limit (hard pull and I clicked the online button to get it), and then started running about 20% of my total credit limit through it every month, asked for another CLI only four months later and got it. I always pay in full every month with this card, although it would be one of my first choices if I had to carry a balance as the APR is lower than almost all of my other ones.

Customer service has been good, one time they called me immediately after buying 6 or 7 things at a time on ebay because they suspected fraud. While it was all legit usage, I was glad they were on their toes in case my card had been ripped off.
Now she's eyeless.
The snakes she held once
Eat up her hands.

KrazyNick
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Postby KrazyNick » Sat May 25, 2013 8:46 pm

I took mine to 1500 to 3000 with no HP but then I went to 3k to 5K and it took a HP!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

MemberSince99
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Postby MemberSince99 » Sat May 25, 2013 8:55 pm

You know it's kind of weird. I'm honestly fine with my lines the way they are right now. Would I like to have a card with a 20k limit someday? Sure but really just for bragging rights. I don't make enough to support that level of spending (and never will most likely). In fact to be honest a 5k limit is plenty for my practical needs. And that's the lowest limit I have.

So getting increases would be great, but honestly it's not a need at all. When I had a 500 dollar Cap One card, that was damn near useless, to the point I just closed it because it was too much hassle to fill the tank and get groceries then pay just as soon as the charges post and wait 10 days or call them to get them to restore the available credit so I can actually use it again. I couldn't make my car payment or pay rent with it. I couldn't do much with it at all, to be honest. It's a toy limit. Out of frustration I closed them after pleading for an increase I could actually use (in vain, I might as well have pleaded to the sun god to send me a million bucks).

Now I have limits that are all very usable for my spending level. So I am not going to ask for an increase, let them give me what they see fit to give. The only exception might be the CSP as I want to grow that as my main card. And I'd like to get Amex spending power to 5k. Assuming it's actually something I can keep long term that is.

KrazyNick
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Postby KrazyNick » Sat May 25, 2013 9:02 pm

MemberSince99 wrote: The only exception might be the CSP as I want to grow that as my main card.


I would too just because it's the best looking card in the world! I don't blame you. So jealous. I would love to plop that thing on the counter at a store.
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

MemberSince99
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Postby MemberSince99 » Sat May 25, 2013 10:29 pm

I'm sure you will someday.

I haven't noticed anyone really looking at it funny they just swipe it. Most don't even seem to pay much attention to what the card is.

tanyasf
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Postby tanyasf » Sun May 26, 2013 4:07 pm

Always a hard and without telling you ...Be careful if you ask cli ,They are is a risk for they to shut your account down .That happen to me



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