Closing my first credit card in case of credit limit increase request denial...

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nismoZtuner
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Closing my first credit card in case of credit limit increase request denial...

Postby nismoZtuner » Sun Aug 04, 2013 1:22 pm

Hello!

I have a BoA Cash Rewards card with a really low credit limit($600)-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 in case i get my CLIR denied. I did ask for a credit increase a while ago (4/5 days ago). but when i was getting help through 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 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 do to the fact that when my account was opened i wasnt 21. Yesterday i went to Boa and was able to speak with the same guy who helped me open my bank account and he told me it was very strange that they didnt approved me on the sport knowing that i was 21 already with an excellent credit score. He then told me that in case they denied my request that i can choose to close down the account and apply for another of their card but the downside is that BoA will check my credit report once again...

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 knowing that this card was my first credit card?
-will replacing with another card really help?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22


im_mr_awesome
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Postby im_mr_awesome » Sun Aug 04, 2013 6:20 pm

No don't close the account. If you have to open a new account, just open it and keep the older one open to keep up your AAoA.

I'd suggest just asking for the CLI in the branch and you should be fine. I don't know why they'd send that stuff concerning your parents if you're over 21. That's odd.
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FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

MemberSince99
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Postby MemberSince99 » Sun Aug 04, 2013 9:29 pm

Recon the denial. I see two numbers to reach their analysts - 866-421-8153 and 800-718-6072, and a recon line 866-865-7839 , call one or all and speak with an analyst and explain what happened and see if it was just a mistake that can be easily straightened out. (It should be). Don't be too quick to take no for an answer or give up until you've exhausted your options. With your scores and history a decent limit should not be a problem. If you've called several times and all you get is the run around, THEN be prepared to go to the EO of BofA with it and see what you can get done. At that point if nothing, well then you can feel pretty good about leaving them in the dust and no one can really blame you.

Good luck, keep fighting for what you want. You never know until you ask and it may just be talking with the right person who can help you.

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nismoZtuner
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Postby nismoZtuner » Mon Aug 05, 2013 1:12 pm

MemberSince99 wrote:Recon the denial. I see two numbers to reach their analysts - 866-421-8153 and 800-718-6072, and a recon line 866-865-7839 , call one or all and speak with an analyst and explain what happened and see if it was just a mistake that can be easily straightened out. (It should be). Don't be too quick to take no for an answer or give up until you've exhausted your options. With your scores and history a decent limit should not be a problem. If you've called several times and all you get is the run around, THEN be prepared to go to the EO of BofA with it and see what you can get done. At that point if nothing, well then you can feel pretty good about leaving them in the dust and no one can really blame you.

Good luck, keep fighting for what you want. You never know until you ask and it may just be talking with the right person who can help you.



Hopefully today after 7 days since I asked for the credit increase I get the consent letter in the mail.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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nismoZtuner
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Postby nismoZtuner » Mon Aug 05, 2013 1:14 pm

im_mr_awesome wrote:No don't close the account. If you have to open a new account, just open it and keep the older one open to keep up your AAoA.

I'd suggest just asking for the CLI in the branch and you should be fine. I don't know why they'd send that stuff concerning your parents if you're over 21. That's odd.


Exactly, The lady on chat just told me there was no way on bypassing it since the system required a letter of consent sent out. I wonder if what she was saying actually true or she didnt want to say i was denied the request..

we`ll see when i get that consent letter she was talking about.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

MemberSince99
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Postby MemberSince99 » Tue Aug 06, 2013 4:40 pm

I see you got your CLI. Congratulations.

Also you're plast the 61 day CLI mark for the potential 3X Amex increase, you do know about that right? You should be able to go for a SP CLI with your Amex Blue. They will just use what they had the last time they softed you for that.

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nismoZtuner
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Postby nismoZtuner » Tue Aug 06, 2013 4:45 pm

MemberSince99 wrote:I see you got your CLI. Congratulations.


yeah, thanks- I asked for 2k since I did not want to get denied. but hey +1400 credit limit increase wasnt so bad im happy i was able to get rid of that low limit.

MemberSince99 wrote:Also you're plast the 61 day CLI mark for the potential 3X Amex increase, you do know about that right? You should be able to go for a SP CLI with your Amex Blue. They will just use what they had the last time they softed you for that.


nope, i wasnt aware of that - im curious now
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

MemberSince99
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Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Tue Aug 06, 2013 7:18 pm

You can request a 6k CLI with no hard pull from Amex. You should search the forums here for details (or Google it).

Obi-dan
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Postby Obi-dan » Wed Aug 07, 2013 12:16 am

On a side note, having worked in a bank, any time a banker wants to open a new account of the same style as they one they advise closing, assume they are behind in sales.
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