Yes, an automatic Bank of America credit limit increase will result in a soft pull on your credit. On the other hand, Bank of America will do a hard pull if you request a credit limit increase, which will temporarily drop your credit score by a few points. By comparison, a soft pull will have no effect on your credit score.
So, if you are interested in a credit limit increase, keep in mind that the Bank of America gives automatic credit line increases, depending on your credit worthiness, but you can also apply for it yourself.
Here’s how you can request a Bank of America credit limit increase:
By phone: You can also request a credit limit increase by calling customer service at (800) 732-9194.
Frequency: You can request a credit limit increase every six months. But, unless there’s been a change in your financial circumstances, like a pay raise or a debt paid off, you’re unlikely to get one more than once a year.
Bank of America reports to the credit bureaus monthly, within days after the end of a cardholder’s monthly billing period. Bank of America reports a credit card’s credit limit, account balance, payment history, and more to all three of the major credit bureaus: TransUnion, Equifax, and Experian. Bank of America may use a certain credit bureau more than another, though, depending on the applicant’s home state and other factors.… read full answer
Once Bank of America reports your account information to the credit bureaus, it may take a few days before the updates appear on your credit report. New Bank of America cardholders may not see any new credit account info on their credit report for one or two billing periods after first getting a card.
The Bank of America credit score requirement is 750 or higher for the best Bank of America credit card offers, though other options are available for people with lower scores. It is possible to get approved for a credit card from Bank of America with limited credit history or a bad credit score, for example.… read full answer
Keep in mind that it’s best to wait to apply for a given card until you meet the credit score requirement. You can check your credit score for free on WalletHub.
You should also note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for a Bank of America credit card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.
Your Bank of America credit card approval odds are best if you have a credit score of 750 or higher. Most Bank of America credit cards require excellent credit for approval. You can also check for Bank of America pre-approval to get a better sense of your BofA credit card approval odds.… read full answer
In general, your chances of being approved for a Bank of America credit card depend on your credit standing, income and debt, as well as which card you apply for. Bank of America will also consider things like your employment status and how many credit accounts you have open. All applicants need to be at least 18 years old and U.S. residents. Non-resident aliens are eligible for certain credit card offers at local Bank of America financial centers.
Here's what you need for good Bank of America credit card approval odds:
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