nismoZtuner wrote:@ Robrus1 I have a BoA card with a really low credit limit-my first CC as well for the past year , i dont have to pay an annual fee but i just want to get rid of that low credit limit. I did ask for a credit increase a while ago (4/5 days ago). but when i was getting help trough chat the lady who was helping me told me that i had to wait for a letter on the mail because they needed my parents consent. ive been 21 since july 22 of this year which i think its total BS that my parents need to give consent. i did tell the lady that i already turned 21 but then she replied telling me that the system still had to send that letter out.
on 8/02 BoA checked my credit report resulting me with 1 less point-credit score went down to 770..
-so what would happen if my request is denied?
-can i just cancel the card if that happens, if so will my credit score go down if i close the card?
First of all, is TU what BofA/Amex/Discover pulled when you got your cards? If your score is 770 from TU it won't hurt anything even if it dropped 20 points. Do you know what Experian and Equifax scores look like? If your scores are all 700+ and decent reported income, you shouldn't have to worry about the CLI being declined. Do you live at home, report your parents' income, or are they the primary/cosigner on that card? If you're the primary cardholder I would call and speak to someone else, because that doesn't really make any sense to me otherwise.
I'm not sure if BofA still reports a HP if they deny the increase. You've had the card for a year, so I'd say as long as you haven't had any late payments, and requested a reasonable increase that's appropriate in relation to your reported income, it should be approved, and will be a HP if so. If your request is denied, you can cancel it if you wish. It won't hurt your score enough to be concerned about. Eventually it will hurt your AAoA a little bit, but by then your current cards will be old enough it won't matter much.