YourBank of America credit cardlimit will be based on your credit standing once your application has been approved. The lowest credit limit Bank of America would approve a card for is $200, which is the minimum deposit requirement for the BankAmericard® Secured Credit Card. Other Bank of America credit limits could start out much higher. The Bank of America® Premium Rewards® credit card, for instance, offers a $1,500 minimum credit limit for approved applicants.
Your actualcredit limit will be determinedbased on your credit standing and income, among other factors. More specifically, the higher yourcredit scoreis, and themore income you have relative to your debt, the higher you can expect your Bank of America credit limit to be.
What to Do if You’re Not Happy with Your Bank of America Credit Limit
- Wait for an automatic credit limit increase.If you're unsatisfied with your initial Bank of America credit card limit, you may get a higher one later on. Bank of America periodically reviews accounts for an automatic credit limit increase.These reviews typically occur after you've had the card for at least six months. Automatic increases are not guaranteed, however. How much of an increase you'd receive depends on your payment history, existing debt, and other factors.
- Request a credit limit increase.You can also request a Bank of America credit limit increase through youronline accountor by calling the number you see on the back of your card. Your chances of getting a credit limit increase will be best if you've paid your credit card bills on time and in full during the last six months.It's also a good idea toupdate your income information, especially if it has increased since you first received your card.
It is worth noting that when you request a credit limit increase, Bank of America may ask to do a hard pull of your credit report. This will cause your score to drop a bit in the short term. By comparison, an automatic credit limit increase will only result in asoft pull, which will have no effect on your credit score.
This answer was last updated on 01/08/24 and it was first published on 05/14/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
