nick5000

I got approved for $1500 credit with the BoA travel rewards card.
However I need to spend around 4000-8000 monthly so I'll have to transfer money to the card several times a month. Is this generally ok, or will it cause problems?

How is this regarded as far as building credit? Should I make sure to leave some balance on the card at the end of the statement periods (and pay it just after that) to show that I'm using the card?

How fast can I expect to increase the $1500 credit limit? They said I could ask for an increase after 6 months, but I don't know how much they would increase it.

bigshooter

Is this your first CC?

nick5000

yes, have been using debit cards.

NYCRuss

BoA is pretty good about CLIs with time. The card will grow if you use it. Also, I wouldn't worry about paying off the card several times a month, as long as you don't MS. BoA is usually good for CLIs every four months. In your case, you might want to accelerate this after a few months. Once you've demonstrated your credit needs, and some responsibility handling it, speak with a credit analyst. That someone from BoA mentioned "6 months" suggests to me that either that person isn't informed about BoA's policies, or that they are waiting for a FICO score to generate, which would happen after six months.

In the meantime, don't be afraid to apply for some more cards that make sense for your needs. Don't be afraid of a few rejections either.

Finally, I think that you made a great choice for a first card. The BoA Travel Rewards can grow with you.

tev9999

It might not be a bad idea to apply for a couple other cards now too. The issue you may have is that you will end up using most of your line and that will tank your FICO score if your report shows 100% utilization. While in theory BoA should know in six months that you are a good customer that has always paid on time, banks are stupid. It could be a bored clerk sitting in a basement office that denies a CLI because your FICO is too low because you forgot to pay the balance the day before your statement closed that month.

It can also be a pain to have to constantly pay your bill to free up space for new purchases. I just did it to meet minimum spend on a Citi AA Business card that they only gave me a $1500 limit on. I needed a few thousand miles extra to top off my account for an award too, so put about $5000 on it in two months. While I had no negative consequences with the bank, the Citi website reported that I was exceeding my limit even though I was not. Not sure if that would hurt if I asked for a CLI, but doubt it helps.

I would consider trying for two more accounts from two different banks now. It is probably too early in your credit life to churn much, so go for a couple no annual fee cards you can keep around forever. This will give you a good base for account age if you want to get into the churning game down the road. It will also help keep your utilization numbers down by having more credit. Worst case is you get denied, but a couple hard pulls won't hurt in the long run.