Credit Line Increase BOA and Auto Loan with DCU at the same time

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
3 posts
rsudhakar948
Green Member
Green Member
 
Posts: 22
Joined: Wed Oct 08, 2014 9:31 pm
Location: colorado

Credit Line Increase BOA and Auto Loan with DCU at the same time

Postby rsudhakar948 » Mon Mar 16, 2015 11:03 am

Hi,
I currently have $8K limit on My BOA Rewards Credit card. I am about to apply a CAR LOAN for new car through DCU. I am thinking to request a credit line increase on my BOA Credit card, I am planning to ask for $8k more( On total i want $16 K on BOA credit card). I know it is going to be a hard pull by BOA. I am not sure when to ask for credit line increase.


Option 1. first apply for car LOAN with DCU for $30K and then ask BOA for credit line increase

Option 2. First DO a credit line increase with BOA and then ask DCU for car loan for 30 K


The last hard enquiry I have is from BOA back in August ( for credit line increase. I was at 4K limit. They moved me to $8K). This is my second year with BOA. I don’t have any other credit cards. My credit karma score shows 752 Transunion and 741 Equifax.




Please let me know how to proceed, can I do both credit line increase and auto loan at the same time. I mean same week or day. Or should I wait for a while.


jcarte29
Centurion Member
Centurion Member
 
Posts: 183
Joined: Fri Jan 30, 2015 1:29 pm
Location: Charlotte, NC

Postby jcarte29 » Mon Mar 16, 2015 1:47 pm

If you're only going to have the two HPs (and you're not desperately shopping dealer to dealer pullin your credit each time), it won't (or at least it shouldn't) matter doing both. I work at a dealership and while I'm not in finance, I always pick the brain of my manager about this type of stuff. Even if you get an auto loan today, it won't even show up (besides the HP of sending to bank) on your credit for almost a month.

The only time there would be an issue (and I can speak to this directly in addition to working for a dealership) is if you're in process of closing on a house. It's typical of a mortgage lender to not only pull your credit when applying but also prior to closing (even day of in some cases). You never wanna mess with that.

Hope this helps and keep us posted!
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

rsudhakar948
Green Member
Green Member
 
Posts: 22
Joined: Wed Oct 08, 2014 9:31 pm
Location: colorado

Postby rsudhakar948 » Mon Mar 16, 2015 3:09 pm

Thanks alot for the info.


i did submit a Request to BOA for Credit line increase. My current credit limit is 8K. I asked for 20 K. They gave me 16K. Any way 16 K is what i initially thought to ask . so i am good.


I just want to see how far they can go


jcarte29 wrote:If you're only going to have the two HPs (and you're not desperately shopping dealer to dealer pullin your credit each time), it won't (or at least it shouldn't) matter doing both. I work at a dealership and while I'm not in finance, I always pick the brain of my manager about this type of stuff. Even if you get an auto loan today, it won't even show up (besides the HP of sending to bank) on your credit for almost a month.

The only time there would be an issue (and I can speak to this directly in addition to working for a dealership) is if you're in process of closing on a house. It's typical of a mortgage lender to not only pull your credit when applying but also prior to closing (even day of in some cases). You never wanna mess with that.

Hope this helps and keep us posted!



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests