BOA CLD Number Two. This one is a big deal.

[WhirledPeasPlease]

I app'd for a BofA Visa about a month ago and tho it wasn't an instant decline, it ended up being a decline after my convo w/ the credit analyst.

So after reading your first post, I logged in to check my acct.  All there, 4.2k/5k line.  And when I logged out I saw:

MS PEAS,

As a valuable Bank of America customer, you have been preselected for the Bank of America Platinum MasterCard^® Business Card

• No annual fee
• Business Card Security
• 0% Introductory APR on balance transfers for the first 12 billing cycles

Apply Now

Uh huh, fool me once and whatnot.  No way in hell.  I cashed in my WorldPoints awhile back and I'm just sitting pretty paying down the balance.  If I wasn't good enough for you three weeks ago, I'm not good enough for you now, either.

Can't wait to look at GEMB.

[upperleft]

Curious. I do think their potential status as a "zombie bank" may have something to do with their recent behavior, along with the news about how their so-called genius acquisition of Merrill Lynch was a catastrophic mess.

I have $40K open with them - a $20K unsecured LOC at 9.99 that I've had for over 10 years (formerly MBNA), and a $20K Visa at 11.99 that I've had for ~2 years. I used the LOC to pay tuition in the fall - and PIF two months later. I use the Visa extensively - $12K last summer & $2-3K/month now - but also PIF before the statement's cut each month. So potentially I could go on a nice little spree and do serious damage. 

I'll watch carefully. If they touch either of these, it's a sign that they're in deep doo-doo. I'm sure I appear pretty ridiculously low-risk to them, but from what I'm hearing in the news, they're really in trouble, and are probably limiting their exposure in any way they can.

[Anonymous]

---

@Anonymous wrote:

I have heard that banks are lowering CL's for people who live in CA, AZ, NV, and FL as those are the high foreclosure states.

Just due to the property declines they are targeting those areas.

My friend who is a senior credit analyst at GEMB told me that GEMB started to do that back in 9/08 as well.

---

Mark-MD that is out an out propaganda about CLDs in high foreclosure states.

I live in Nevada and here are my stats 

I have Citi 25K CL, BoA 8K CL, JCPenny 2K CL, Best Buy 1.8K CL (Increased this month), Discover 1.1K CL (squired Jan.), Old Navy 1.5K CL, Kohl's 2K CL, Lowes 3.3K CL,... None of my CLs have been cut or no rate jacking happening here. Believe me I've been nervous about it occurring but nothing yet and I'm starting to calm down.

IMAO the CCs use algorithms to take any actions from CLI to CLDs. The thing is I don't think anybody, even the banks, know what or how they do things. Who knows they might just have a dart board to do AA or CLIs???????

Message Edited by RenoFico on 02-20-2009 09:49 PM

[Anonymous]

---

@haulingthescoreup wrote:
Wow, looks like Bank of America is the next to step up to the CLD plate. I'm so sorry to read this, Fretless!

There seems to be speculation that Bank of America is becoming a "zombie bank":

Are Citi and BofA now "zombie banks"?

I expect they'll hit me any day. With the BT paid off, I'm not anywhere near using my CL.

---

Not if you listened to their CEOs testify on the hill last/this week (may days are starting to run together). They all had strong tier 1 positions "stronger than when this whole thing started" LMAO

More credit would become available if they would suspend the mark to market accounting rule and help the banks revalue these assets and then regulate them closely, until they are out of the woods.

Message Edited by RenoFico on 02-20-2009 09:53 PM

[haulingthescoreup]

---

RenoFico wrote:

Mark-MD that is out an out propaganda about CLDs in high foreclosure states.

---

It is very possible that BofA isn't doing this (yet), but it has been very much confirmed in many reports that many lenders look at zip code, mortgage lender, and where you work.

If you live in a high foreclosure area, or if your mortgage is with a chancy lender (whether you originated with them, or whether you were shopped to them), or if you work in a shaky profession, like finance or home construction, you are very vulnerable to AA (adverse action.)

[Anonymous]

I would agree with that if I didn't live in Nevada plus have a home mortgage with Countrywide. I think it might be a total in combination with location, mortgage lender and spending patterns (as well as where you shop).

If one has a cc with 2,000 CL and charges 1,500 a month and PIF, I think the ccc sees that as risky behavior, because you have charged it up to 75% util. IMO: they view that as a possible problem if you instantly lose a job, then the balance is stuck on there. ???????????????? Of course if I knew how they thought, I could run their business for them but I don't so I just keep guessing.

[FretlessMayhem]

BOA has certainly wasted no time updating my CRs with the new CLs. I pulled this morning and noticed my Accelerated Cash Rewards card (which is now closed) reporting a $500 CL with a $276 balance (statement balance that I PIF'd before knowing the CL was cut), and my Mastercard with CL of $6000 with a $4000 balance reporting. Thankfully they updated the balance as well, as it otherwise would have reported with a $5730 balance.

[paydownin09]

Fretless- How did you find out that you got the CLD?  I have a BoA AMEX ($3k) that I have been paying down (hence my moniker) and I want to know wen I should check my account to see if I am a victim of the same fate.  Did you notice when they cut your monthly statement, or did it happen midcycle?

2/23/09 - TU - 705  FINALLY one over the 700 mark...next stop 760!

2/10/09 - EQ - 682

1/27/09 - EX - 685

[FretlessMayhem]

---

@paydownin09 wrote:

Fretless- How did you find out that you got the CLD? Did you notice when they cut your monthly statement, or did it happen midcycle?

---

My statements had recently just dropped on both cards. I checked them both and they had my original CLs listed. Both CLDs happened midcycle.

I noticed both upon logging into my account to PIF. 

[Catch22]

Allow me to weigh in on BoA. I had plenty of available credit.  Called to let them know I was traveling out of country. The cruise lines put all charges on my daughter's account so I was to transfer my balance upon returning home. I logged in, asked for 2 balance tranfers well below my available credit. I got a confirmation on 1 but not the 2nd.  I had not been informed that my CL was decreased.  They honored the 1 transfer and then dinged me 2 weeks later for an overdraft chg.  I called to inquire and this was forand it was for the 2nd transfer on which I received no confirmation . This generated $39.00 worth of income for them. I was reduced to within $275 of my balance.  Never late, never overlimit.  Sorry, but I too got angry and closed the account. I then received the notification of the CLD 2 weeks after the letter was written.  I have lived at my address 20 years. I then get an email saying what a valued customer I was and they would not close my account until they heard from me. LOL. I closed it anyway. Those of us who play by the rules get stiffed.