@wacdenney wrote:
@longtimelurker wrote:
@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.
Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue
Surprisingly you can stop allowing transactions to continue AND send an email at the same time.
"Hello Mr, Jones,
We have closed your account.
Sincerly"
Too much to ask????
OK, I was interpreting OP's "warning" as informing "we will be closing" rather than just notice that it has been closed (which in fact OP did get, a letter rather than email, it wasn't as if OP discovered the issue by being declined at point of purchase).
But yes, maybe an email from a "do not reply" address would be a good compromise, timely notification with no easy way for the victim/bad actor (depeinding on view point!) to bombard with angry messages seeking clarification.
@longtimelurker wrote:
@wacdenney wrote:
@longtimelurker wrote:
@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.
Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue
Surprisingly you can stop allowing transactions to continue AND send an email at the same time.
"Hello Mr, Jones,
We have closed your account.
Sincerly"
Too much to ask????
OK, I was interpreting OP's "warning" as informing "we will be closing" rather than just notice that it has been closed (which in fact OP did get, a letter rather than email, it wasn't as if OP discovered the issue by being declined at point of purchase).
But yes, maybe an email from a "do not reply" address would be a good compromise, timely notification with no easy way for the victim/bad actor (depeinding on view point!) to bombard with angry messages seeking clarification.
I think we're in agreement. At the end of the day the end user is still going to be calling asking for clarification either way and I would assert that a timely email would cause marginally less aggravation than the example you provided, declined at POS, or any number of other less appealing options.
It makes sense for the lender from a pragmatic point of view, but beyond that it's just common courtesey and what any one would expect in the name of basic decency. They have NO issues whatsoever with sending emails. I get a constant stream of emails from many of my lenders and I would even be fine with an opt-in arraingment. Yes, email me if: I have a transaction over X dollars, or if you detect fraud, or if my payment is due, or if you decide to close my account out of the blue for no apparent reason.
I don't think anyone expects advanced warning. I think people just expect open communication and common courtesy. People will call someone a scumbag for breaking up via text, well these lenders don't even have the decency to text. It aint right...
</Rant>
@wacdenney wrote:
@longtimelurker wrote:
@wacdenney wrote:
@longtimelurker wrote:
@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.
Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue
Surprisingly you can stop allowing transactions to continue AND send an email at the same time.
"Hello Mr, Jones,
We have closed your account.
Sincerly"
Too much to ask????
OK, I was interpreting OP's "warning" as informing "we will be closing" rather than just notice that it has been closed (which in fact OP did get, a letter rather than email, it wasn't as if OP discovered the issue by being declined at point of purchase).
But yes, maybe an email from a "do not reply" address would be a good compromise, timely notification with no easy way for the victim/bad actor (depeinding on view point!) to bombard with angry messages seeking clarification.
I think we're in agreement. At the end of the day the end user is still going to be calling asking for clarification either way and I would assert that a timely email would cause marginally less aggravation than the example you provided, declined at POS, or any number of other less appealing options.
It makes sense for the lender from a pragmatic point of view, but beyond that it's just common courtesey and what any one would expect in the name of basic decency. They have NO issues whatsoever with sending emails. I get a constant stream of emails from many of my lenders and I would even be fine with an opt-in arraingment. Yes, email me if: I have a transaction over X dollars, or if you detect fraud, or if my payment is due, or if you decide to close my account out of the blue for no apparent reason.
I don't think anyone expects advanced warning. I think people just expect open communication and common courtesy. People will call someone a scumbag for breaking up via text, well these lenders don't even have the decency to text. It aint right...
</Rant>
Yes. But will myfico people promise to inform issuers "I have placed your card in the sock drawer"!
@longtimelurker wrote:
@wacdenney wrote:
@longtimelurker wrote:
@wacdenney wrote:
@longtimelurker wrote:
@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.
Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue
Surprisingly you can stop allowing transactions to continue AND send an email at the same time.
"Hello Mr, Jones,
We have closed your account.
Sincerly"
Too much to ask????
OK, I was interpreting OP's "warning" as informing "we will be closing" rather than just notice that it has been closed (which in fact OP did get, a letter rather than email, it wasn't as if OP discovered the issue by being declined at point of purchase).
But yes, maybe an email from a "do not reply" address would be a good compromise, timely notification with no easy way for the victim/bad actor (depeinding on view point!) to bombard with angry messages seeking clarification.
I think we're in agreement. At the end of the day the end user is still going to be calling asking for clarification either way and I would assert that a timely email would cause marginally less aggravation than the example you provided, declined at POS, or any number of other less appealing options.
It makes sense for the lender from a pragmatic point of view, but beyond that it's just common courtesey and what any one would expect in the name of basic decency. They have NO issues whatsoever with sending emails. I get a constant stream of emails from many of my lenders and I would even be fine with an opt-in arraingment. Yes, email me if: I have a transaction over X dollars, or if you detect fraud, or if my payment is due, or if you decide to close my account out of the blue for no apparent reason.
I don't think anyone expects advanced warning. I think people just expect open communication and common courtesy. People will call someone a scumbag for breaking up via text, well these lenders don't even have the decency to text. It aint right...
</Rant>
Yes. But will myfico people promise to inform issuers "I have placed your card in the sock drawer"!
LOL I'm not sure about anyone else, but I certainly would. I would love to be able to enjoy that type of open communication back and forth. I would be happy to discuss my entire strategy and how a given provider fits in and how we could work together more effectivly. I wouldn't necessarily expect much to come from it but the opportunity to communicate would be welcome.
Barclaycard is a good example. Before closing Sallie Mae I would have loved to have had the opportunity to discuss alternatives. As it stands I'm looking at dropping them all together. I have held on to Wyndam so far but I'm not currently traveling as much and I'm not a huge fan of the brand anyway. I would rather maintain some sortof relationship in the name of diversity but it's hard to see any way we can work together moving forward. Perhaps they would have some insight that I hadn't considered.
@hersheykisses wrote:Been a customer of BOA with large direct deposit monthly for 13 years. Have two credit cards with them. In the last year I moved some of the CL from one card over to the other to allow for a larger CL, at the same time they pulled my credit and lowered my interst rate (this is within the last year/maybe last 6 months even) got a letter that they closed my card last month. Called as I had also recieved a week later "your a valued customer" offer of transferring balances etc with checks letter, so I was totally confused. You close my account and a week later Im a valued customer and your sending me checks to transfer balances? WTH. So I ask for reinstatement or new account, they go through the entire process tell me I'm approved that my account will reopen with same interest rate, same CL. One week later card still not working, call and find out they are processing my paperwork but everything is good. Today I get a letter sorry we are still closing your card, call and find out in fact I wasn't "officially" approved and that it was their mistake (two different people/two different calls) telling me I was approved and that the card was reinstated, that those persons should've told me it needed final approval with underwriting first. WTH. I wasted so much time dealing with this issue on the phone, its ridiculous.
I was told reason is due to high utilization on my other cards, although my income, owning my home and credit score are more than sufficient as is my payment history. I was so upset with BOA. Seems like one department doesnt know what the other one is doing. I feel very insulted and not a valued customer. Very Scary to think they can just "close" your account out of the blue, no warning, nothing. Terrible customer relationship. Needless to say I will be moving all my BOA accounts to NFCU ASAP.
I sympathize with you as this is very fustrating. It only adds fuel to the fire when on one hand, they're closing you out but you receive corespondence about you being a "valued customer, etc, etc, etc.". This is simply due to the different dept. throughout the bank and of course, they have no idea what the other is doing. It's common place with big banks. yes, banks SP your report not only to see how you are handling the accounts with them, but also, how you are handle things overall. Unfortunately, high util elsewhere -- even on one card can spook these guys. I'd take this as a small opportinuty to spread util across many cards, if possible, because a 50% util looks harmless when spread across 3 cards versus that util on a single card.
Also, like the others have mentioned, just move on. There are so many other better options out there (PenFed, NFCU, Alliant, etc.) where you are valued and they reward you for your business.
⋅ INQs: 6
@Ysettle4 wrote:
@hersheykisses wrote:Been a customer of BOA with large direct deposit monthly for 13 years. Have two credit cards with them. In the last year I moved some of the CL from one card over to the other to allow for a larger CL, at the same time they pulled my credit and lowered my interst rate (this is within the last year/maybe last 6 months even) got a letter that they closed my card last month. Called as I had also recieved a week later "your a valued customer" offer of transferring balances etc with checks letter, so I was totally confused. You close my account and a week later Im a valued customer and your sending me checks to transfer balances? WTH. So I ask for reinstatement or new account, they go through the entire process tell me I'm approved that my account will reopen with same interest rate, same CL. One week later card still not working, call and find out they are processing my paperwork but everything is good. Today I get a letter sorry we are still closing your card, call and find out in fact I wasn't "officially" approved and that it was their mistake (two different people/two different calls) telling me I was approved and that the card was reinstated, that those persons should've told me it needed final approval with underwriting first. WTH. I wasted so much time dealing with this issue on the phone, its ridiculous.
I was told reason is due to high utilization on my other cards, although my income, owning my home and credit score are more than sufficient as is my payment history. I was so upset with BOA. Seems like one department doesnt know what the other one is doing. I feel very insulted and not a valued customer. Very Scary to think they can just "close" your account out of the blue, no warning, nothing. Terrible customer relationship. Needless to say I will be moving all my BOA accounts to NFCU ASAP.
I sympathize with you as this is very fustrating. It only adds fuel to the fire when on one hand, they're closing you out but you receive corespondence about you being a "valued customer, etc, etc, etc.". This is simply due to the different dept. throughout the bank and of course, they have no idea what the other is doing. It's common place with big banks. yes, banks SP your report not only to see how you are handling the accounts with them, but also, how you are handle things overall. Unfortunately, high util elsewhere -- even on one card can spook these guys. I'd take this as a small opportinuty to spread util across many cards, if possible, because a 50% util looks harmless when spread across 3 cards versus that util on a single card.
Also, like the others have mentioned, just move on. There are so many other better options out there (PenFed, NFCU, Alliant, etc.) where you are valued and they reward you for your business.
Good points here, Ysettle. 
