Is a Bank of America credit limit increase a soft pull?

You can get a Bank of America credit line increase by requesting it online or by calling customer service at (800) 732-9194. For the best chances of receiving a Bank of America credit line increase, you should have at least six consecutive months of on-time payments under your belt. Having more income and/or less debt than you did when you got your Bank of America credit card will help, too.… read full answer

How To Get a Bank of America Credit Limit Increase

1. Sign in to your Bank of America online account or use the mobile app. You’ll need to enroll in online banking if you haven’t already.
2. Go to the “Account details” page.
3. Click the “Information and Services” tab.
4. Look to see if there is a button for increasing your credit limit. It will only appear if your account is eligible to request an increase online.
5. Enter your total annual income, the amount of the increase you want, and click “Submit request.”

If you would like to request a Bank of America credit line increase by phone, call (800) 732-9194 and enter your card number. When connected to a representative, tell them you’d like a higher limit. They will ask for your income, desired increase amount and permission to do a hard pull, if applicable.

You will receive your Bank of America credit line increase decision either on the site or by email.

BofA Credit Limit Increases & Your Credit Score

When you request a Bank of America credit limit increase, Bank of America may ask to do a hard pull of your credit. This may cause your score to drop a bit in the short term. But if you get a higher limit, that can help your score long-term.

Anyway, depending on what Bank of America’s computer system decides, they may just do a harmless soft pull of your credit instead.

Bank of America may offer you a credit limit increase without you asking. They’ll periodically review your account to see if you are eligible. A credit line increase from this type of review always uses a soft pull.

Bank of America will automatically increase the credit limit for eligible credit card accounts based on periodic account reviews that typically begin six months after an account is opened. Automatic credit limit increases are done at Bank of America's discretion, and there's no guarantee when one will occur.

How to Get an Automatic Credit Limit Increase From Bank of America… read full answer

You don't have to do anything for Bank of America to review your account for an automatic increase. However, taking the following steps will boost the odds of getting Bank of America to automatically increase your credit limit:

• Pay the bill on time for at least the first six months that you have the card.
• Keep your credit utilization below 30%.
• Update your account profile if your income has gone up since you applied for the card.

How a Bank of America Automatic Credit Limit Increase Affects Your Credit Score

A Bank of America automatic credit limit increase requires a soft pull of your credit, which does not affect your credit score.

Bank of America may offer you the option to decline the automatic credit limit increase amount and request a higher increase. If you decline and ask for a higher amount, Bank of America will conduct a hard pull on your credit report, but they cannot do so without your permission.

A hard pull may lead to a slight decrease in your credit score, but your score should bounce back after a few consecutive months of timely payments. You can keep track of your progress with free daily credit score updates from WalletHub.

Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score. Bank of America, Barclays, Chase, U.S. Bank and USAA will conduct a hard inquiry if you request a credit limit increase. American Express, Capital One and Wells Fargo will not. Citi will notify you when you call if they will generate a hard inquiry or a soft inquiry, which does not affect your score. Discover typically uses soft inquiries, but if you don’t accept the credit limit offered and request a higher limit, it will then be a hard inquiry.… read full answer

Hard inquiries will lower your credit score by a few points, but can only affect your score for one year. After two years, hard inquires completely drop off of your credit report. The other thing you need to watch out for is overspending. Requesting a credit limit increase could really wind up hurting your credit score if you use the extra spending power to rack up debt you can’t afford to repay.

Still, the potential negatives that come with requesting a credit limit increase can be managed and are often outweighed by the benefits of having a higher credit limit. The boost in your credit limit could also raise your credit score as long as your spending stays at the same level. The additional credit would lower your utilization, which is the ratio of your balance compared to your credit limit. Ideally, this number should be less than 30 percent for each card. Keeping utilization low tells issuers you’re responsible and aren’t just desperate to max out your card.

Some issuers also extend automatic credit limit increases to eligible cardholders. These increases may occur periodically and do not generate a hard inquiry. To give yourself the best odds of receiving an automatic increase, make all of your monthly payments on time, preferably in full. And give it some time. Issuers tend not to extend automatic increases until you’ve had a card for at least six months. Similarly, if you recently received an increase on an existing account, expect to wait at least six to 12 months before you’re considered for another increase, assuming you manage your account responsibly in the meantime.