Bank of America student visa card
I have bank of American student visa card. Its been five months and my limit is only $500.?
I want to request a credit limit increase. I have played all my balance in full every month. What are the chances that my request will be approved? And will that effect my credit history if they do not approve my request? Please share your expertise and experience.
STOP!
I have this exact same card with BOFA, but...
Creditors cannot and will not give you an increase within six months of you having the card.
Wait until there have been 6 full billing cycles since you originally got the card. Then, you can try it online, if that is not successful go into a branch and explain that you want to buy a plasma TV or something and you dont want to use store credit. Give them a specific number (a little more then 2x your current limit), this is how i made $500 limit into $1200 limit.
Strangely enough, they don't at all mind you paying in full every month- what you dont know is BOFA charges a 2% fee to each merchant you swipe your card with. They really dont mind trust me.
As far as getting approved, I would say 100%. If you wait the six months, and you've made all payments on time (exactly what i did with the same card) there's no reason for them not to.
You'll get an inquiry, but who cares? If you don't go overboard with them they don't effect your score. I got three in one day searching for a new cc and my scores are unchanged.
And finally, ignore the doomsayers. If you manage your credit responsibly (ie, don't ever carry a balance), big credit limits are good. Though you may pay the card off every month, you might have it maxed out and that could report to credit, dropping your score. You want 66-50% unused credit through your cycle. And take heart. My BOFA card was my very first, and 8 months of on time payments later I was offered and just accepted a $6,000 WaMU card with very aggressive terms. Source(s): Excellent forum for all things credit related. Highly recommended. Best Score monitoring service going.
You might get an increase at 6 months to a year.
It depends on what they will do if you call. Should not affect teh score to much about 5-7 points if they pull a hard to look at your credit reports. it wont affect your credit...your chances seem good..i have a boa student card as well and if you use the online payment system at bankofamerica.com which is easy to set up you can sign in to your account and request an increase online and get an immediate answer...good luck! my card WHY? The higher the limit the higher the potential debt. Don't get into the trap of more credit just to become more in debt. Even smart people get caught in this loop. Be glad they only give you $500, reconsider asking for more!! MY advise; wait till a year after graduation before increasing your debt potential.
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