topic Re: I HATE BANK OF AMERICA in Credit Cards

I HATE BANK OF AMERICA

ocboy949 — Fri, 24 Feb 2012 06:42:47 GMT

I had a [fully] secured card with Bank of America. $1,200 deposit. Got the card in August 2011. Always paid in full, never late, and actually had a negative aka credit balance at account closure of $24.00 - anyway, the card got declined at Jamba Juice and I later found out why:

Regarding your BankAmericard Platinum Plus VISA ending in: XXXX

Dear Andrew :

We take a proactive approach to reviewing our customers' accounts which includes an assessment of your account history, current economic trends and a copy of your credit report(s).

As a result of this review, we have closed your above referenced account effective as of this date on this letter because you have excessive requests for credit on your credit file and you currently have sufficient available credit. We will no longer authorize any further transactions or approve any pending access checks, balance transfers, or direct deposit requests. If the account has a balance, please continue to make at least the total minimum payment due on the account until the balance is paid in full.

Your credit score, a FICO score, used by us in taking the above action is 719, which was created on January 26, 2012 and provided by a credit reporting agency, Trans Union.

I don't know why Bank of America is so adamant about getting rid of me as a customer. They even reimbursed the $39 AF. I just got a check for $63.00 (my credit balance + AF) and got my full $1200 security deposit back. They treat me like dirt on the phone and aren't willing to work with me. Now I have a closed account on my CR for no darn reason and my score just dropped 19 points. I can't believe my score is only 700 now. I was already upset to learn it was 719, since my highest ever was 769! I see no reason to keep my checking/savings open with them anymore. I have $15,500 in available credit between all tradelines.

Re: I HATE BANK OF AMERICA

pipeguy — Fri, 24 Feb 2012 06:50:32 GMT

Your credit score, a FICO score, used by us in taking the above action is 719, which was created on January 26, 2012 and provided by a credit reporting agency, Trans Union.

I don't know why Bank of America is so adamant about getting rid of me as a customer. They even reimbursed the $39 AF. I just got a check for $63.00 (my credit balance + AF) and got my full $1200 security deposit back. They treat me like dirt on the phone and aren't willing to work with me. Now I have a closed account on my CR for no darn reason and my score just dropped 19 points. I can't believe my score is only 700 now. I was already upset to learn it was 719, since my highest ever was 769! I see no reason to keep my checking/savings open with them anymore. I have $15,500 in available credit between all tradelines.

Sounds to me like they did you a favor (other than the ego bruise). If your Fico is 719 and you have $15k in credit lines, why would you tie up $1200 on a secured card?

Re: I HATE BANK OF AMERICA

bichonmom — Fri, 24 Feb 2012 06:57:15 GMT

B of A has been closing a lot of accounts lately. It looks like they're cleaning house.

Their letter says that you've opened several accounts. How many new CCs have you gotten in the last 6 mos.? How many inq? They have obviously been softing you and saw something that was a red flag for them.

At least you have other CCs that you can garden and get CLIs on in the future. You should probably not app for any new credit, including CLIs, for a good 6 mos.

Yeah, if I were in your shoes, I'd probably be changing my banking. You might want to look at establishing a relationship with a local CU. Though, you may want to hold off on that as well, if they are going to HP to open the acct. All your other CCCs are keeping an eye out as well, so I wouldn't want a HP to trigger another AA from a CCC.

Re: I HATE BANK OF AMERICA

Creditaddict — Fri, 24 Feb 2012 07:02:26 GMT

They closed my 6 month old GRADUATED Unsecured Card after having a "Fully Secured Card" for a year.... They even increased me from the $1k to $1500 upon graduation... I always PIF and paid multiple times a month, I had ran through over $15000 over the year of the fully secured $1000 limit card... this was about 3 years ago... clearly they are still at it... If they don't want to be in the credit card market sell the accounts don't close everyone... I closed all my other accounts with them right away also!

Re: I HATE BANK OF AMERICA

dyv8914 — Fri, 24 Feb 2012 07:07:46 GMT

BofA seems to be aggressively closing down accounts lately. I'm not sure what metrics they're using to judge risk but even good customers like you are getting shafted. They suffered huge losses - $8.8 billion in one quarter alone last year - which triggered them to sell off a good chunk of their riskier long-term investments and foreign assets. After all the downsizing they are just beginning to post profits in Q1 of 2012. I think credit card accounts are next to get downsized, as evidenced by them selling off cards serviced but not issued by them this year. I'm in no way a financial expert, but these are just my thoughts on how they are dealing with their own financial troubles.

On a personal note, I found BofA customer service to be a bureaucratic nightmare when I had cards with them. Take it as a blessing in disguise that you can move on to bigger and better things!

Re: I HATE BANK OF AMERICA

cashnocredit — Fri, 24 Feb 2012 07:31:34 GMT

ocboy949 wrote:
I had a [fully] secured card with Bank of America. $1,200 deposit. Got the card in August 2011. Always paid in full, never late, and actually had a negative aka credit balance at account closure of $24.00 - anyway, the card got declined at Jamba Juice and I later found out why:

Regarding your BankAmericard Platinum Plus VISA ending in: XXXX

Dear Andrew :

We take a proactive approach to reviewing our customers' accounts which includes an assessment of your account history, current economic trends and a copy of your credit report(s).

As a result of this review, we have closed your above referenced account effective as of this date on this letter because you have excessive requests for credit on your credit file and you currently have sufficient available credit. We will no longer authorize any further transactions or approve any pending access checks, balance transfers, or direct deposit requests. If the account has a balance, please continue to make at least the total minimum payment due on the account until the balance is paid in full.

Your credit score, a FICO score, used by us in taking the above action is 719, which was created on January 26, 2012 and provided by a credit reporting agency, Trans Union.

I don't know why Bank of America is so adamant about getting rid of me as a customer. They even reimbursed the $39 AF. I just got a check for $63.00 (my credit balance + AF) and got my full $1200 security deposit back. They treat me like dirt on the phone and aren't willing to work with me. Now I have a closed account on my CR for no darn reason and my score just dropped 19 points. I can't believe my score is only 700 now. I was already upset to learn it was 719, since my highest ever was 769! I see no reason to keep my checking/savings open with them anymore. I have $15,500 in available credit between all tradelines.

Could you expand on how they treated you on the phone?

This is the first case I've heard of where a secured CC was canceled for these nonsensical reasons. It's particularly odd when you have a checking/saavings account there. OTOH, my experiences with BAC, while extremely old, were quite unpleasant. I left them almost 40 years ago.

Re: I HATE BANK OF AMERICA

Ron1 — Fri, 24 Feb 2012 07:58:45 GMT

Sorry to hear it. BofA can close your account any time they want (asking replacement card, CLI). It doesn't matter you have any account with them or not. It is the worst bank I have ever seen. It is right next to subprime.

Ron.

Re: I HATE BANK OF AMERICA

CreditScholar — Fri, 24 Feb 2012 08:02:48 GMT

It seems like anytime a file is manually pulled up an account review and/or risk analysis is done. They're getting rid of people who either are deemed too risky, aren't profitable, or aren't profitable enough. I'm assuming that high net-worth individuals who generate lots of revenue for them aren't being hassled nearly as much.

Re: I HATE BANK OF AMERICA

RyVision — Fri, 24 Feb 2012 08:07:52 GMT

We were a victim of the BoA Constrictor lately too.

And I can tell you all why. I mentioned it last year...... It's the sale of some of their cards (even though you're NOT part of the sale). 90% of the people that work for the snake, oops, BoA, are nervous as (@)^^T^#@*(#^ due to this sale, ESP those that have ANYTHING to do with the CC and Lending Depts.

None of those people know what the higher ups are going to look at for job performance and judgment, so they have gone "insanely touchy" lately. Nearly ANY unusual activity by a customer right now can result in AA. Others have been hit on here too, and I'm not talking about secured cards by a long shot (I'm sure we'll see more posts about AA by BoA over the next several months). This is why I'm telling people to avoid getting in with this bank. Nearly 90% of the public KNOWS how they can be but the majority of people continue to do business with them. :smileyfrustrated:

IF you have them already, hold on for a possibly bumpy ride. IF you DO NOT have them, do not get in with them until after that card deal is completely finalized and things settle down, or, you too might want to hold on as well.

In a way, it's funny, we've taken advantage of their offers over the last 20 years then closed them, I guess it was their turn to take advantage of us (well, to a degree).

Had I known about this card sale deal before taking an offer from them, it would have been shredded, because I know too many people in that industry and what a shakeup any mere mention of "division" sale can cause. To put it bluntly, this is what those people see as possible for now "don't worry, your job's safe, don't worry, your job's safe, don't worry y... .oh, you're fired"........... To top it off, they KNOW what BoA management is like (so what do you think they're thinking?).:smileysurprised:

Frankly, if you see they're SPing you, you might want to duck!

Re: I HATE BANK OF AMERICA

ocboy949 — Fri, 24 Feb 2012 09:41:15 GMT

RyVision wrote:
We were a victim of the BoA Constrictor lately too.

And I can tell you all why. I mentioned it last year...... It's the sale of some of their cards (even though you're NOT part of the sale). 90% of the people that work for the snake, oops, BoA, are nervous as (@)^^T^#@*(#^ due to this sale, ESP those that have ANYTHING to do with the CC and Lending Depts.

None of those people know what the higher ups are going to look at for job performance and judgment, so they have gone "insanely touchy" lately. Nearly ANY unusual activity by a customer right now can result in AA. Others have been hit on here too, and I'm not talking about secured cards by a long shot (I'm sure we'll see more posts about AA by BoA over the next several months). This is why I'm telling people to avoid getting in with this bank. Nearly 90% of the public KNOWS how they can be but the majority of people continue to do business with them. :smileyfrustrated:

IF you have them already, hold on for a possibly bumpy ride. IF you DO NOT have them, do not get in with them until after that card deal is completely finalized and things settle down, or, you too might want to hold on as well.

In a way, it's funny, we've taken advantage of their offers over the last 20 years then closed them, I guess it was their turn to take advantage of us (well, to a degree).

Had I known about this card sale deal before taking an offer from them, it would have been shredded, because I know too many people in that industry and what a shakeup any mere mention of "division" sale can cause. To put it bluntly, this is what those people see as possible for now "don't worry, your job's safe, don't worry, your job's safe, don't worry y... .oh, you're fired"........... To top it off, they KNOW what BoA management is like (so what do you think they're thinking?).:smileysurprised:

Frankly, if you see they're SPing you, you might want to duck!

LMAO! BoA constrictor...thanks for the laugh :smileyvery-happy:

Who are they selling to? If it's not the entire portfolio then what gives?

Re: I HATE BANK OF AMERICA

Ron1 — Fri, 24 Feb 2012 09:47:22 GMT

They sell it to US Bank/First National Bank Of Omaha.

Ron.

Re: I HATE BANK OF AMERICA

GBPac12 — Fri, 24 Feb 2012 11:19:58 GMT

dyv8914 wrote:
BofA seems to be aggressively closing down accounts lately. I'm not sure what metrics they're using to judge risk but even good customers like you are getting shafted. They suffered huge losses - $8.8 billion in one quarter alone last year - which triggered them to sell off a good chunk of their riskier long-term investments and foreign assets. After all the downsizing they are just beginning to post profits in Q1 of 2012. I think credit card accounts are next to get downsized, as evidenced by them selling off cards serviced but not issued by them this year. I'm in no way a financial expert, but these are just my thoughts on how they are dealing with their own financial troubles.

On a personal note, I found BofA customer service to be a bureaucratic nightmare when I had cards with them. Take it as a blessing in disguise that you can move on to bigger and better things!

I just cannot help but think that it is going to get much worse before it gets any better.

Re: I HATE BANK OF AMERICA

xlr8d — Fri, 24 Feb 2012 13:02:04 GMT

Welp.... Hope my secured card is ok until April atleast... Lol I never use it though, since I got my Amex and discover

Re: I HATE BANK OF AMERICA

Datx — Fri, 24 Feb 2012 14:03:42 GMT

Ugh...I'm really considering closing my secured card with them before they beat me to it.

Re: I HATE BANK OF AMERICA

Open123 — Fri, 24 Feb 2012 15:51:34 GMT

Datx wrote:
Ugh...I'm really considering closing my secured card with them before they beat me to it.

If it were me, I'd take more of a sit and see approach.

There will always be some kinds of adverse action with every issuer. I suspect the ones we read here feel more prevalent than they actually are since those who haven't suffered any adverse action would hardly come on here and reinforce the notion that "Issuer X left me alone this month!"

Give it some time. See what happens. Odds are that you'll be left alone with your card graduating on month 12.

In my view, we sometimes need to remember that while reducing and mitigating risk exposure is always prudent, "risk avoidance" is often excessively cautious and unecessary offering diminishing returns.

Re: I HATE BANK OF AMERICA

RockinRay — Fri, 24 Feb 2012 15:53:23 GMT

They closed $30,000 in lines for my wife and I this past Jan. Made us very angry... :smileymad:

We still get the mail from them telling us we should be using our cards! Just got one this week. I can still log on to my account, and it shows $15k line.

I called them on this yesterday and was told my account was "suspended" and not closed. What ever that means!

Man... What a bank!

Re: I HATE BANK OF AMERICA

RyVision — Fri, 24 Feb 2012 16:34:59 GMT

Datx wrote:
Ugh...I'm really considering closing my secured card with them before they beat me to it.

Datx;

I didn't say anyone should close their account with them. Just that if they had them to be prepared for a possible "bumpy ride". Don't close your card with them until you're ready.

BoA's not going to mess with everyone (ok their employees aren't). There are way too many accounts for them all to be monitored. Considering the cardholders they have, there will be people posting about AA by them on here. Even those that have never heard of MyFico will no doubt google info once something has happened with their account and come across this forum and post about it.

Even I'm probably keeping my "mini" BoA500 with the fee just to see what happens after the sale and staff has settled down (I'd be ok if it moved to another bank though! LOL which it won't).

I just want it known people that DO NOT have BoA, should look elsewhere for now, not dump them if they need them for a purpose.

Re: I HATE BANK OF AMERICA

Imhotrodcrazy — Fri, 24 Feb 2012 17:10:06 GMT

I say, good riddance to BAD trash.

Re: I HATE BANK OF AMERICA

LS2982 — Fri, 24 Feb 2012 17:12:06 GMT

All the negatives about BofA letely makes me want to steer clear of them when my credit file is ready for prime additions.

Re: I HATE BANK OF AMERICA

LadyRover — Fri, 24 Feb 2012 17:14:09 GMT

LS2982 wrote:
All the negatives about BofA letely makes me want to steer clear of them when my credit file is ready for prime additions.

I'm with you LS. I have a personal checking and a business checking account with them and every time I sign in, a credit card app pops up for me. But after reading all this, I have no desire to do any credit business with them.