How to request a credit limit increase with Bank of America

Increasing your credit limit with Bank of America credit cards can give you more purchasing power, a better chance of earning rewards, and better credit—if you use your higher credit limit responsibly. What’s more, applying for a higher line of credit is usually a simple process that won’t take you long.

Requesting a credit limit increase from Bank of America is no exception. You have several options on how to do this, but whichever you choose, be sure to have the correct information ready.

Here’s what you need to know about how to increase your Bank of America credit limit.

Qualifications

Bank of America does not publish its requirements for increasing the credit limit. However, there are guidelines that you can use with most credit card providers to improve your chances of getting your credit enhancement request approved.

• Keep your credit card open for at least six months. It’s easier to get your credit card issuer to trust you with more credit when you’ve already established a credit card bill payment history.
• Pay all credit card bills in full and on time. If you are consistently missing or late in payments, your bank is less likely to give you more credit. Late payments will also hurt your three-digit credit score, which can cause it to drop 100 or more points.
• Wait at least six months between requests to increase your credit limit. If you frequently request a higher line of credit, your issuer may see this as a sign of financial difficulty.

While credit limit increases are not guaranteed at Bank of America, following these tips can help improve your chances.

What to look for before requesting a credit limit increase

Before you apply to Bank of America for a bigger loan, make sure you take the following steps to increase your chances.

Check your credit score and credit reports

Before calling Bank of America for a loan increase, check your credit. Your credit score is a measure of your financial responsibility that lenders use when deciding whether to grant you a loan. Bank of America will review your account when it decides whether to approve your request. If your score is low—say, below 620—the bank is more likely to reject your request.

But your credit is more than just a number. View your credit reports to get a complete picture of your credit history. You can order your credit reports free of charge – one each from the national credit bureaus Experian, Equifax and TransUnion – at AnnualCreditReport.com.

Make sure you’re asking for a raise for the right reasons.

Bank of America may ask you why you want to increase your line of credit. Some good reasons include lowering your credit utilization rate or financing a large purchase. Don’t apply for more credit just to spend more. This can lead to costly debt that you cannot afford to pay off every month.

Don’t ask for too much credit limit increase

While some banks may be generous, only ask for a credit limit you can afford. If you ask for too much limit, you might be tempted to charge too much each month.

How to increase your credit limit at Bank of America

Requesting a credit limit increase from Bank of America is usually completed quickly. You may be approved immediately or you may have to wait a few days if the bank requires more information. There are three ways to get a higher line of credit: automatically, online, or over the phone.

Wait for the automatic credit line increase

Bank of America can increase your credit limit automatically if you pay your credit card bill on time each month. While not guaranteed, Bank of America may increase your credit limit six months or a year after you open an account if you are responsible with your card.

Request a higher limit online

You may be able to request an increase in your Bank of America line of credit online. To check if your account is eligible, sign in to your online account and go to your credit card. If your account is eligible, you will see a “Request Line of Credit Upgrade” link under “Card Information” in the “Account Summary”. If there is no link, you can call Bank of America and make a request over the phone.

Call customer service

You can also call the number on the back of your Bank of America card to request a higher credit limit. Prepare your information and be ready to present your case.

While this may seem like extra work, talking to a bank representative may give you a better chance of getting a higher credit limit increase or overall approval. If you’re worried about your chances of getting approved, calling Bank of America is probably the right option for you.

The good news is that increasing your credit limit at Bank of America doesn’t trigger a tough investigation into your credit report. Whether you request an increase or the bank initiates first, it won’t affect your credit score, which means it never hurts to try and increase your credit limit.

What to do if your request is denied

If Bank of America doesn’t approve your request for a credit limit increase, don’t despair. Ask your bank why you don’t qualify for a promotion and start working on improving your chances for the next request.

Here are a few steps you can take to improve your chances:

• Work on your credit. Your credit health is essential to your relationships with lenders and banks. Be sure to pay your bills on time and reduce your credit utilization rate to improve your creditworthiness.
• Use your Bank of America card regularly. The issuer is less likely to give you more credit if you rarely use your account.
• Update your income in your online account. If you’re making more money now than when you first applied for the card, Bank of America may find it less risky to give you more credit.
• Consider making a request at a different time of the year.. TransUnion’s 2019 study found that credit limit increases are more common between January and May.
• Consider applying for a new credit card. Sometimes applying for a new card is the best way to increase your overall credit limit as it can increase the total amount of credit available to you. This will lower your credit utilization rate and may even improve your chances of getting a higher credit limit.

Pros and Cons of a Higher Credit Limit

As with most financial moves, increasing your credit limit has both positives and negatives.

pros

• A higher credit limit can lower your credit utilization rate, a measure of how much of your available credit you use. This may increase your credit score.
• With a higher credit limit, you can finance larger purchases. Just make sure you can pay for these purchases in full before your Bank of America credit card expires.
• You can earn more rewards if you spend more. Again, don’t overspend your card just to earn more rewards.

Minuses

• A higher line of credit may encourage you to spend more with a Bank of America credit card. If you spend too much, you won’t be able to pay off your balance in full each month, leading to high-interest debt.
• There is no guarantee that Bank of America will approve your request to increase your credit limit.

bottom line

Getting a higher credit limit from Bank of America might be the right move if you’re working on your credit or looking to finance a major purchase. However, before contacting the bank, it is important to prepare your information and know why you are requesting an increase. You want to avoid additional debt if it is not necessary.

Ana Staples is a Staff Reporter and Credit Officer Young Reporter for CreditCards.com covering product news and credit advice. She loves sharing financial experiences with her readers and believes that the right financial advice at the right time can make a real difference. In her free time, Anastasia writes love stories and plans a trip to the French Riviera that she will take one day – when she has enough points, that is.

Dan Rafter has covered personal finance for over 15 years in publications ranging from The Washington Post and Chicago Tribune to Wise Bread, HSH.com and MoneyRates.com. His work has also been published online by Motley Fool, Fox Business, Huffington Post, Christian Science Monitor and Time.