Originally Posted by
greatname
I just applied 3 BOA cards - BOA Alaska business, BOA Amtrak personal, BOA Alaska personal 3 days ago.
The business card got approved without any notification 1-2 days later. Now my personal applications are still pending for 3 days now.
Only 2 new cards in the past 2 years. Last BOA card was in 1/2018.
My current BOA exposure is about 40% of my current income.
Should I decrease my existing BofA credit limits to improve my approval odds or should I leave it alone in case if they need to auto-allocate the credit limits to open new cards later?
You should decrease you exiting credit limits to improve approval odds
next year. BofA takes a
long time to take decreased credit limits and add it to your "pool" for new credit limit, so don't expect any decrease today to affect approval odds this week or next week or the week after.
You should be decreasing your existing BofA credit limits proactively (say, as soon as you finish the minimum spend requirement), rather than waiting until you're applying for new cards.
The general rule on personal cards is that you want to make sure you never get above 30% of your credit limit at statement close, to avoid impact on your credit score. That's all you need in terms of credit limit. On BofA business cards (and any other business cards that don't appear on your personal credit report), you can use 100% of your credit limit with no credit score impact.