Credit Cards

[Revike]

Asking for reconsideration from Chase is not the same as asking for a CLI or concession from BOA. Generally, Chase will either tell you "No", or they will reverse the AA. In addition, Chase has targeted a reduction of about 30% of their overall credit limits, compared to BOA's 50%-55%. There is far more pressure on BOA to continue to reduce credit limits in order to reach their goal. 

On the other hand, there have been many reports of BOA taking adverse action when contacted directly by a customer making a simple request. Everyone is entitled to choose their own action, but you should make sure that you are prepared and can deal with any unintended consequences. For example, before someone calls BOA and requests a CLI from 5K to 10K, or an APR reduction from 16% to 12%, they'd better ask themselves if they can live with a CL of 2K (and the resulting effect on their credit score) if BOA decides their review warrants a CLD ...

[haulingthescoreup]

Lots of times, when BofA takes AA after consumer-initiated contact, it's because that phone call woke the sleeping dragon. Perhaps BofA hadn't softed them recently, or closely examined their account and reports.

Since I had already been CLD'd, I figured what the heck. They'd already swung their axe. But I knew that there was risk involved. I figured that with a healthy history on the BT, current $0 balance, and very low util, it was worth a try.

But I would never imply that since it worked for me, it would work for everyone.

[creditwherecreditisdue]

I question all AA and adverse conditions (AF's/APR's). That either makes me brave or a fool. So far the results indicate the former.

[Scout65]

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Geordi wrote:

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creditwherecreditisdue wrote:
I think BofA runs periodic purges of their CL's. If you are above a particular cutoff when they run one and you do not meet certain usage requirements you get cut. I don't think there is much of a science to it. If you don't call and squeak it will stand. All AA must be questioned!

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I hope the OP takes that advice with a grain of salt mentality.  Many people have had further CLDs or even closures when calling BoA to challenge an adverse action.

Obviously this is a YMMV issue

Message Edited by Geordi on 09-20-2009 01:37 PM

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+1  If you call to question AA, you may get more than you bargained for. 

[haulingthescoreup]

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creditwherecreditisdue wrote:
I question all AA and adverse conditions (AF's/APR's). That either makes me brave or a fool. So far the results indicate the former.

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That's a perfectly valid individual choice.

But it's a lot easier (and safer) to roll the dice when you have plenty of back-up credit available and little or no util. Not everyone is in that position. Those who aren't could be really hurt by additional AA, from any lender.

I'm pretty belt-and-suspenders when it comes to my credit, so I did a lot of thinking about it before I called.

[creditwherecreditisdue]

It goes without saying that every individual must evaluate their individual circumstances and time their action or inaction according to what they determine to be best. I merely advocate my own chosen course of action and seek to remind that all AA that is not questioned will stand. If you want to do something about it you have to make inquiries.

[firstinlastout]

Well, I currently have 8 credit cards...so the cards in my favor. I can tell you one thing...I will NOT be bullied by a bank when I can close my account and open another somewhere else. Banks are in the business of making money and money comes from customers. The more customers they lose due to this B.S. they are pulling, the more they will realize they are making a mistake.  You treat the customer like dirt...eventually it will catch up you and you will FAIL. Simple as that. Karma is a PITA.

I for one will pay off the debt I have with them quickly, close my account and never deal with BOA again. I encourage all those out there that have similar misfortunes dealing with BOA to do the same.  See ya BOA ! 

[DI]

BOA just reopened my account.  Reporting open on credit reports again already.  Waiting on replacement card.

[creditwherecreditisdue]

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firstinlastout wrote:

Well, I currently have 8 credit cards...so the cards in my favor. I can tell you one thing...I will NOT be bullied by a bank when I can close my account and open another somewhere else. Banks are in the business of making money and money comes from customers. The more customers they lose due to this B.S. they are pulling, the more they will realize they are making a mistake.  You treat the customer like dirt...eventually it will catch up you and you will FAIL. Simple as that. Karma is a PITA.

I for one will pay off the debt I have with them quickly, close my account and never deal with BOA again. I encourage all those out there that have similar misfortunes dealing with BOA to do the same.  See ya BOA ! 

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Sounds like you are resovled that you have nothing to lose. This being the case why would you not try recon at some point in time before you write off or close the account?

[firstinlastout]

Because they already did me dirty once....so I will stand my ground and stick to the principle of the matter and DROP them like a bad habit. See ya BOA  ! I will just open another PenFed account....whom just gave me a 5k credit limit the same time BOA dropped by credit limits. Go figure !