Asking for a Bank of America credit line increase can be a smart move, and it’s true whether you need to access more credit or have other goals in mind. Your larger line of credit can help you finance a larger purchase you want to make, and it might even improve your credit score by lowering your credit utilization rate. Meanwhile, an increase in Bank of America’s credit limit could also free up some room in your available credit if you need it, which could come in handy if you face an unforeseen emergency expense.
But how do you get Bank of America to increase your available credit? For the most part, all you have to do is ask. However, not everyone knows how to increase their credit limit, and many people don’t know that getting a higher credit limit can be as easy as applying online.
Read on to learn more about the steps to take before you apply for your credit limit increase with Bank of America, what to do if your credit limit increase request is denied, and how to increase the chances of you. get a credit limit increase from Bank of America.
Who is eligible for a credit limit increase with Bank of America?
Bank of America does not explicitly state its eligibility criteria for credit limit increases. That said, there are a few common factors that lenders look for when deciding whether or not to increase your credit limit. These include:
- Responsible use of credit: Are you making your credit card payments on time? Are you regularly paying off your balances or are you about to maximize your credit cards? If you want a lender to increase your credit limit, you need to prove that you can handle the credit you already have.
- Duration of account ownership: In general, it is advisable to wait at least six months after opening a credit card before requesting a credit limit increase. The longer you have used your credit account responsibly, the more likely you are to benefit from an increase in your Bank of America line of credit.
- Increase in income: If your income has increased recently, any major credit card issuer might also be more willing to increase your credit limit. That’s why it’s important to let your credit card issuers know every time you get a raise or a new job. In most cases, you will be able to easily update your income information through your online account management page.
What to do before asking for a credit limit increase
Before contacting Bank of America to request a credit limit increase, ask yourself the following three questions:
What is your current credit limit?
First and foremost, you need to know what your current credit limit is. You can usually find your Bank of America credit limit by checking your monthly credit card statement or by logging into your account online.
Once you find this information, take the time to compare your credit limit to your available credit or the amount of credit you have left after subtracting your credit card balances. If you have very little credit available, your chances of increasing your Bank of America line of credit are much lower. With that in mind, consider paying off your balances before applying for a larger line of credit.
How much credit do you want?
In some cases, credit card issuers determine the amount of credit increase to offer you. In other cases, you will be asked how much credit you want, so try to have an answer ready.
Don’t make your request to increase your credit limit too large; if you have a Bank of America credit card with a credit limit of $ 5,000, for example, you are better off asking for an increase to $ 6,000 than asking for your credit limit to be increased to $ 10,000.
What’s your credit rating?
It’s a good idea to check your credit score before applying for a credit limit increase from Bank of America, and this is especially true if you’re not sure whether or not you have good credit. If your credit score is lower than you would like it to be, take the time to build your credit before applying for a credit limit increase. This could make the difference between accepting or not accepting your request.
How to apply for a higher credit limit with Bank of America
There are two ways to apply for a higher credit limit from Bank of America: online or over the phone.
If you have an online account with Bank of America, log into your account and select “Request a credit limit increase”. This option should be located in the “Card Details” section of your account summary. If you don’t see the option to request a credit limit increase, you may not be eligible for it at this time.
You can also call the number on the back of your Bank of America credit card and request a higher credit limit. Be prepared to provide income information and why you are applying for additional credit.
In some cases, you may be able to get a higher credit limit from Bank of America without having to apply. Like many other credit card issuers, Bank of America regularly issues automatic credit limit increases to its most creditworthy cardholders. If you are eligible for an automatic increase, you can receive notification by email or through your online account management page.
What to do if Bank of America denies your request
If you are ultimately denied a Bank of America line of credit increase, here are some options to help you get the extra credit you need:
- Wait six months, then make another request: If you plan to request another credit limit increase from Bank of America, wait at least six months (and consider using that time to improve your credit score).
- Request a credit limit increase from another card issuer: Some lenders are more stringent than others when it comes to increasing credit limits. If Bank of America does not comply with your request for a credit limit increase, you may be able to increase your credit limit through another credit card issuer. (If you have a Chase credit card, for example, here’s how to increase your credit limit with Chase.)
- Apply for a new credit card: Sometimes the best way to increase your overall credit limit is to apply for a new credit card. Whether you’re asking for a credit card with the best rewards or one that offers easy approval, a new credit card can increase the amount of credit available to you (and, if used responsibly, help boost your score by. credit). If your credit isn’t great, consider applying for a fair credit credit card.
- Consider a credit card with balance transfer: If your Bank of America credit card balance is so high that you’re worried about going over your credit card limit, you may want to apply for a balance transfer card. The best balance transfer credit cards offer an introductory 0% APR on balance transfers for 15-18 months, which can help you pay off your credit card balances without the additional interest burden.
Things to consider when requesting a higher credit limit
Before requesting an increase in your Bank of America credit card limit, it is important to consider the pros and cons of this decision:
- Applying could lower your credit score: Lenders often do a credit check before deciding whether or not to approve a request for a credit limit increase. Every hard blow to your credit has the potential to lower your credit score by a few points, so if your credit score is currently hovering on the border of good and fair credit, you may want to avoid any unnecessary credit inquiries.
- A higher credit limit could improve your credit score: While a request for a credit limit increase can lower your credit score, a credit limit increase can help improve your credit score if used responsibly. Thirty percent of your FICO credit score comes from your credit utilization rate, which compares your available credit to your current debt. If you increase your credit limit without increasing your debt, your credit score could increase.
- An increase in the Bank of America line of credit could put you in debt: Don’t let your new credit turn into debt you can’t pay off. If you want to increase your credit limit in order to make more purchases with your credit card, make sure you have a plan to pay off those purchases as quickly as possible, otherwise you could end up with credit card debt. serious.
The bottom line
If you want more credit available for any reason, you can request a Bank of America line of credit increase through your online account or by calling the number on the back of your credit card. Raising your credit limit can help you build credit and can boost your credit score, but remember that your new available credit could quickly turn into new debt.
If Bank of America grants your request for a credit limit increase, be sure to use your increased credit limit responsibly. If your request for a credit limit increase is denied, wait at least six months before submitting another credit limit increase request to Bank of America.