"Decrease Credit Limit"
Bank of America® World MasterCard® credit card with WorldPoints® Review
Written by: ashes on 2008-12-03
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ashes's review: 
I have had this card for 5+ years with $7.5k limit and have used it sparingly just to keep it alive as this is one of my oldest cards. 3 weeks ago I applied for an BofA American Express Card and was given a $13k limit. I activated it and asked for $20k limit on the Am Ex which they gave me but I didn't realize that they cut my credit line to $5k on this card. They sent me a letter stating based on my income and scores, $25k total credit limits is what they can offer. So now I have a $20k Am Ex and a $5k MasterCard from BofA. I don't use this MasterCard much (2-3 times a year) so I am not too worried or ticked off. Just wanted to let people know if you have multiple accounts with BofA, they may increase your credit limit on one and decrease on another. In hindsight, I should have converted this card into an Am Ex rather than take an inquiry hit and a new account. But oh well. In 12-24 months, it will all be ok.
I am thinking about canceling the Am Ex, transfer that limit on this card, wait a while and then convert this into an Am Ex. Any ideas? Inputs? Or experiences with this are greatly welcome. My scores are 750+ on two and 727 on Experian last time I checked.
I have had this card for 5+ years with $7.5k limit and have used it sparingly just to keep it alive as this is one of my oldest cards. 3 weeks ago I applied for an BofA American Express Card and was given a $13k limit. I activated it and asked for $20k limit on the Am Ex which they gave me but I didn't realize that they cut my credit line to $5k on this card. They sent me a letter stating based on my income and scores, $25k total credit limits is what they can offer. So now I have a $20k Am Ex and a $5k MasterCard from BofA. I don't use this MasterCard much (2-3 times a year) so I am not too worried or ticked off. Just wanted to let people know if you have multiple accounts with BofA, they may increase your credit limit on one and decrease on another. In hindsight, I should have converted this card into an Am Ex rather than take an inquiry hit and a new account. But oh well. In 12-24 months, it will all be ok. I am thinking about canceling the Am Ex, transfer that limit on this card, wait a while and then convert this into an Am Ex. Any ideas? Inputs? Or experiences with this are greatly welcome. My scores are 750+ on two and 727 on Experian last time I checked.
11 Comments
Comment 1 by wildrage2
I've Heard This Before 
on 2008-12-03
Apparently BoA has some sort of formula based on your income, and they WILL NOT go over that limit, regardless of how many accounts you open.
on 2008-12-03 Apparently BoA has some sort of formula based on your income, and they WILL NOT go over that limit, regardless of how many accounts you open.
Comment 2 by colonative
Didn't Know That on 2008-12-03
Good to know. This card is visually appealing though, I must say.
on 2008-12-03 Good to know. This card is visually appealing though, I must say.
Comment 3 by arod
As Crazy As It Is. on 2008-12-03
This cards are great and when the economy picks up they will raise it just hang in there but BOA is a great bank so I would not close any accounts with them just hang in there you know how many people would like to have this card and I work in a bank I cant say the name but I will say its Canadian. And some cards that you close you probably wont be able to open again my advise don't close them.
And Good luck to you,
Alex
on 2008-12-03 This cards are great and when the economy picks up they will raise it just hang in there but BOA is a great bank so I would not close any accounts with them just hang in there you know how many people would like to have this card and I work in a bank I cant say the name but I will say its Canadian. And some cards that you close you probably wont be able to open again my advise don't close them.And Good luck to you,
Alex
Comment 4 by 7wonders
Great Bank! on 2008-12-03
I have an American Express card with BOA and have had nothing but awesome experiences with them. I agree with Arod, hang in there with them; they'll be there for you in the long run.
on 2008-12-03 I have an American Express card with BOA and have had nothing but awesome experiences with them. I agree with Arod, hang in there with them; they'll be there for you in the long run.
Comment 5 by meya
Nice Info on 2008-12-04
Sorry to hear of your decrease, but I have heard of banks following this strategy. They call it the "Debt to income ratio".
on 2008-12-04 Sorry to hear of your decrease, but I have heard of banks following this strategy. They call it the "Debt to income ratio".
Comment 6 by ashes
No Worries on 2008-12-06
I have no debt on credit cards, I pay in full every month. I already have over $60k in credit card limits alone plus another $40k+ on my department cards. Since I don't use this card much a decrease of $2.5k is not something I am too worried about. I just wanted to let others know that BofA has a maximum of limit they can give you. So beware.
on 2008-12-06 I have no debt on credit cards, I pay in full every month. I already have over $60k in credit card limits alone plus another $40k+ on my department cards. Since I don't use this card much a decrease of $2.5k is not something I am too worried about. I just wanted to let others know that BofA has a maximum of limit they can give you. So beware.
Comment 7 by rockin35
I've Experienced This Too.... on 2009-01-18
Yeah,
I've experienced this too. I actually applied last year for the "Schwabs Visa" which has a set APR of 7.15%. I already had my BOAmerica card since 2000 with a 17K limit on it. Well, in 3 weeks, they approved my card, but sent me a letter first and asked me to call the credit department.
Turns out, since FIA services Bank of America and the Scwab card, they told me they could decrease my BOA Mastercard by 5K and apply it to the Schwab card, I took it, but opted only to get the schwab card at a 3K limit.
Rockin35
on 2009-01-18 Yeah,I've experienced this too. I actually applied last year for the "Schwabs Visa" which has a set APR of 7.15%. I already had my BOAmerica card since 2000 with a 17K limit on it. Well, in 3 weeks, they approved my card, but sent me a letter first and asked me to call the credit department.
Turns out, since FIA services Bank of America and the Scwab card, they told me they could decrease my BOA Mastercard by 5K and apply it to the Schwab card, I took it, but opted only to get the schwab card at a 3K limit.
Rockin35
Comment 8 by qchau
ALERT!!! Cli DECREASE on 2009-07-07
Does anyone got credit line decrease without notice until you receive letter by mail?
something like this can hurting your scores if you plan to making monthly payments instead pay off every time. This is big concern that I don't like from Bank of America (this applied to all Bank of America secured credit cards except unsecured card) -
my dad has $15,000 credit line with more than 17 years credit history and has 2 payments behind - bank decreased his Bank of America/amex from $15,000 to $1,050 -
again, it happened same thing to my spouse - she has Bank of America Visa card for 6 years long with credit line $12,000 - and just missed 1 payment when she went oversea and forgot to paid them - now she only has $700 credit line instead $12,000 credit line -
whoever holding Bank of America cards need to keep an eyes on your credit line because it can happens to anyone, any reasons due to bad economy.
on 2009-07-07 Does anyone got credit line decrease without notice until you receive letter by mail? something like this can hurting your scores if you plan to making monthly payments instead pay off every time. This is big concern that I don't like from Bank of America (this applied to all Bank of America secured credit cards except unsecured card) -
my dad has $15,000 credit line with more than 17 years credit history and has 2 payments behind - bank decreased his Bank of America/amex from $15,000 to $1,050 -
again, it happened same thing to my spouse - she has Bank of America Visa card for 6 years long with credit line $12,000 - and just missed 1 payment when she went oversea and forgot to paid them - now she only has $700 credit line instead $12,000 credit line -
whoever holding Bank of America cards need to keep an eyes on your credit line because it can happens to anyone, any reasons due to bad economy.
Comment 9 by qchau
Re: Cli Decrease - Alert on 2009-07-07
I mean: it apply to all unsecured cards NOT secured cards included credit cards has AMEX logo - sorry
on 2009-07-07 I mean: it apply to all unsecured cards NOT secured cards included credit cards has AMEX logo - sorry
Comment 10 by hjm331
RE: on 2009-07-07
It's not only BoA that will cut your credit line if your late on a payment. Most lenders will reduce your CL and use your late payment as a reason why.
on 2009-07-07 It's not only BoA that will cut your credit line if your late on a payment. Most lenders will reduce your CL and use your late payment as a reason why.
Comment 11 by ashes
CLI Decrease on 2009-07-08
These days it is almost criminal to be late on your payments. All CC companies will slash your limits if you are late. What you want to do is talk to the BofA and explain why this happened and what the recourse is. May be they will listen, may be they won't. I can tell you is CC companies are monitoring the status of their account holders very carefully and any sign of tardiness will result in slashing of limits and interest rate hikes. Hell Capital One hiked my interest rate and my credit history is spot free!
These days, beware of your CC usage and payment history.
on 2009-07-08 These days it is almost criminal to be late on your payments. All CC companies will slash your limits if you are late. What you want to do is talk to the BofA and explain why this happened and what the recourse is. May be they will listen, may be they won't. I can tell you is CC companies are monitoring the status of their account holders very carefully and any sign of tardiness will result in slashing of limits and interest rate hikes. Hell Capital One hiked my interest rate and my credit history is spot free!These days, beware of your CC usage and payment history.
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Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
