Jeff Pratley, WalletHub Credit Card Analyst
@jeff.p
To get a BankAmericard Secured credit limit increase, you’ll most likely have to make an additional deposit. You can add funds online or over the phone at (800) 732-9194. Bank of America may offer the possibility of graduating your BankAmericard Secured to an unsecured card upon request. And if you are approved for graduation, you will most likely receive a credit limit increase along with your security deposit back.
The maximum limit you can have is $5,000 and it's determined by the amount of the security deposit you provide, your income, and your proven ability to pay your credit card bill. If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
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People also ask
How do I request a credit limit increase with Bank of America?
You can request a Bank of America credit limit increase online, through the Bank of America mobile app, or by calling customer service at 1 (800) 732-9194. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Bank of America has on file. Bank of America will be more likely to increase your credit limit if...
read full answer by John Miller, Credit Cards ModeratorWill a secured credit card increase my limit?
Yes, a secured credit card will increase your limit under certain conditions. For instance, you can add funds to your security deposit to raise your credit limit, with your card issuer’s approval. Sometimes the issuer may increase your limit without an additional deposit if you make several consecutive timely payments.
With a secured credit card, your credit limit is determined by the amount of your security deposit. As these cards are designed for people with bad or...
read full answer by Paddy Sullivan, WalletHub Credit Card AnalystDoes Bank of America do a hard pull for a credit limit increase?
No, a Bank of America credit limit increase will not result in a soft pull, unless the bank raised your credit limit automatically. Therefore, if you request a credit limit increase, this will result in a hard pull, which will temporarily drop your credit score by a few points. By comparison, an automatic credit limit increase will only result in a soft pull, which will have no effect on your credit score.
It is worth...
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