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BOA reducing credit line...no late or missed payments with them EVER!!

Established Member

BOA reducing credit line...no late or missed payments with them EVER!!

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.

10 REPLIES
Moderator Emerita

Re: BOA reducing credit line...no late or missed payments with them EVER!!

There's not a lot you can do at this point about the CLD.

I know things are tight with your move, but do you have any cash at all that you can free up to pay your balances down or off?

What is your current util, and what are your balances compared to your CL's?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Epic Contributor

Re: BOA reducing credit line...no late or missed payments with them EVER!!

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.
Regular Contributor

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Valued Contributor

Re: BOA reducing credit line...no late or missed payments with them EVER!!

If the 1400 wasn't a major decrease to your line your debt to credit ratio should be OK.....if you have any extra cash.....even a few hundred dollars you should be able to restore the previous percent util.
Frequent Contributor

Re: BOA reducing credit line...no late or missed payments with them EVER!!

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.

Frequent Contributor

Re: BOA reducing credit line...no late or missed payments with them EVER!!


Creditaddict wrote:
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.

New Member

Re: BOA reducing credit line...no late or missed payments with them EVER!!

BOA just called me about 45 minutes ago stating they were doing credit reviews and needed some information to make sure my credit line is appropriate for my income.  I am sure it is not.  They have given me automatic credit line increases since I opened this account in 2000.  I have never requested an increase.  It irks me a little that now they want to take them away after raising my limit over and over without me ever asking for even one.  Plus there is no way I am going to give them personal information over the phone just because they claim to be BOA.  They want me to call them back.  I have a high limit and a high balance.  If they cut it much, it will be below my balance and that is a whole other situation.  My mom just had a stroke, my 12 month old daughter is facing surgery, what next?  The last thing I need right now is to worry that my already fragile finances are going to come crashing down. 
Senior Contributor

Re: BOA reducing credit line...no late or missed payments with them EVER!!


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. 

Message Edited by score_building on 03-16-2009 02:14 PM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Regular Contributor

Re: BOA reducing credit line...no late or missed payments with them EVER!!

They got me! 800 scores across all 3. No revolving CC debt, always PIF. Cut my line to 10,500 from 20,800. The credit analyst would not give me a straight ansewer as to why it happened. He even remarked that my profile was extremely strong. I have more than sufficient income to support a CL that size too, and offered to fax financial docs to prove it, but no go. Bottom line, is that the banks just don't have the $$ to lend. I'm expecting others to begin filing suit, and that the 20-50K CL's are going to be a thing of the past.