03-27-2009 05:56 AM
03-27-2009 06:15 AM
I understand your frustration.
However, if this card is PIF as you said, then the lowered CL should not affect your FICO unless you are carrying some sizeable balances on the other cc's. With $100k CL existing, your percentage would be fine up to $7-9k, although that dollar amount will ding you potentially regardless of the percentage.
If this account is 22 years old, I'd probably keep it just for the age and history. And, when BofA gets their house in order, they may return the CL down the road. Right now many banks are forced to call in some markers just because they cannot meet the potential use of all the credit they have extended.
For example, let's say they have extended unused credit card CL's totaling $500 Billion, but can only manage to fund at any given time $400 Billion, then they must reduce exposure by $100 Billion. This means lots of CL cuts not due to credit worthiness but funding ability.
While BofA, Citi and all the bigs "talk" that they are "healthy as a horse" that is to keep the public from panic and the deposits in place. The last thing they want is people pulling deposits, investments and other forms of capital for the bank because this would accelerate the existing pinch and become a circular domino effect.
If they chased your balance and screwed your utilization....man that sucks. But if you don't have a balance or much of one, I'd just be patient and remember, poker is not won in a single hand but over the course of the night....and this poker game is going to take the better part of year or so to play out the bad banking hands.
03-27-2009 07:55 AM
Welcome to the club!! I have spotless credit, scores in the 800's across all 3, and no revolving debt (PIF) BOA has been the only creditor to take AA against me. They chopped me from 20,800, to 10,500. I've been a cardholder since 1995 (converted from MBNA). When I called, I was told that I could not get the line re-instated, as I don't use enough of the credit line, and I have "high available credit limits" with other creditors. It's simply a sign of the times, as It's really not possible for me to look any better in their eyes FICO wise. The bank doesn't have the $$ to loan, so they are fishing for any excuse. I too, got no letter or notification. I found out by logging into the account.
I told the analyst, I will spend even less with the card now. I will use it to buy a coke at Mcdonalds, and that's about it. Meanwhile, AMEX gave me a CLI yesterday, so go figure.
03-27-2009 09:00 AM
03-27-2009 09:10 AM
03-27-2009 09:43 AM
03-27-2009 10:05 AM
03-27-2009 01:21 PM
Yep, no promises with cc and revolving debt which is a "potential loan" always subject to denial, reduction or decline.
While credit history is important, we must remember that everybody is only as good as their "next deal" when it comes to money and loans with a financial institution. What we perceive as bank loyalty for our length of time as customer or history is really misplaced trust. This financial institution will not come to your aid or let you keep your credit or loan you money if you lose your job, get sick, divorced or other bad circumstance or really have a tough patch (if they know or find out) and need to use your credit for more than anything than convenience....your long trusted financial "friend" will drop you like a hot coal and not think twice.
03-27-2009 06:02 PM
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