Got a new one today. A letter came from BOA stating that my credit had been reviewed and they had reduced my credit limit by $1400. This was based upon medical collections from when I was struck by an insured motorist and in litigation to have my medical bills paid and an Old Navy credit card that I let go 90 days past due when I moved 3 years ago. I paid the ON credit card off right after that.
I called and gripped but got no where. The credit analyist for BOA even stated that it didn't matter that I paid over the minumum due each month and have done so for the past year. I didn't pay ENOUGH over the minimum due. WTH??? She dismissed the crap with the medical collections and still didn't change the status of the account.
Help!! We are MOVING into a new house as we speak that we are leasing with intent to buy in 6 months. This put my debt/credit ratio way out of whack.
BOA just closed a CC of mine with 5,000 credit limit for no reason. My reports are STELLAR! They said it was for nonuse. When I called to see if they would reopen I had to reapply which would have resulted in a new account and messed up the average age of my accounts and lowered my scores and it would have resulted in a hardpull which would have lowered my scores as well. The only reason I wanted it open was to keep my util down but when they closed it without charging another cent, my uti went up. I am in the process of buying a house so when they closed it they caused me a huge hassle. I have another BOA account that I would close for spite if it wouldn't cause me even more of a hassle.
Bank of America considers 4x min an okay payment if your not paying it off from a conversation I had last year with analyst... but in now market, that might have changed.
I have been paying only a tiny bit more than the min. payment on my BOA account, and I have not experienced AA. I figure because they like earning the interest off of me and because they know I have excellent FICO scores.
urgent_help_needed wrote:I have been paying only a tiny bit more than the min. payment on my BOA account, and I have not experienced AA. I figure because they like earning the interest off of me and because they know I have excellent FICO scores.
this works for some with excellent scores but not for others with excellent scores. in general, paying the minimum or very close to it is an AA trigger. they may be ok with it sporadically but a pattern of minimal payments can be a red flag over time. in the fairly recent past, boa was reportedly ok with at least 4x's the minimum if not pif, but times are changing. proceed with caution.