BOFA closed my CC!!!!!

[preci0uz]

Well, BOFA, just recentely unsecured my credit card around New Years, and well to my suprise, they CLOSED my accoun yesterday!!

They even did a hard pull to unsecure me which I have to call them and tell them that it should've been a soft.

So how can they unsecure my card and bump my limit, and then close it within 22 days?!?!

Okay, so I bought new bedroom set and a mattress set at Macys which totals around $4,200. I decided to put it on my Macys card, because I have the black card, and I get 2% back and Macy's reward and I qualified for 6 months deferred. This was all just in December, Christmas time.

My overall UTL is 51%. My real FICO scores are in the 700's. I had planned to pay it off next month with my income tax and some cash.

I was calling in the morning to inquiry about the product change, and the automatic operator said it was CLOSED. I spoke very briefly with an operator and it was because of overall utility with other creditors. I was furious. I plan to call them after work. I'm so angry but I don't want everyone at work seeing me arguing on the phone.

I've been a customer with BOFA for a good time, I have a checking account, savings, and even a brokarage account!!! My checking account usually has around 5k deposited monthly!!! I hate this!!

I think they closed my account not because of my utility but because they think my work is related to real state!!!! It has nothing to do with real state. It's Intellectual Property- patents and trademarks!!! I'm going to have to lie next time, they don't get it! Arghh I'm so angry.

I know that BOFA is great, but if they don't re-open my account. I intend to boycott them. I just checked my credit reports and they ALL seem fine, in fact some balances just posted to ZERO last week. my score's are in the 700's. This is scary. Sorry for all this ranting. But please, anyone that has high UTL or more than 20% UTL, check your BOFA CC !!!

[Creditaddict]

ugh, I'm so worried they are going to unsecure my card next month and then cancel it.

sorry this has happened to you, I would call a credit specialist from the back door numbers tonight.

[preci0uz]

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@Creditaddict wrote:

ugh, I'm so worried they are going to unsecure my card next month and then cancel it.

sorry this has happened to you, I would call a credit specialist from the back door numbers tonight.

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It's awful.

On top of that I have a personal trainer session today and with a co-worker as well. So I won't be able to get in touch with them until around 6PM. I just hope they're available.

[Anonymous]

Wow im sorry that sucks big time!!  Im in month 2 with my 99/500.. Ill have to keep my util where it is right now (at 0) for sure after unsecuring.  Thanks for the warning, and hope you have some luck getting it back!!

[wmarat]

I think first line CSR is available 24/7, but you need to talk with credit analyst therefore call backdoor number. Unlike Amex, BOA may reopen your account.

Good Luck.

[bamagirl1]

PLEASE Keep us posted! I just got BOA secured in Dec.

[REgnlor]

Sounds like you did nothing that wasn't within your rights as a credit card holder. I'm absolutely shocked by this behavior from BOA. Definitely backdoor them, it may be some stupid mistake while unsecuring the acct OOPS some idiot closes the acct! I really hope you get it reopened!! Good luck!!

[Anonymous]

I made a statement the other day regarding BOA here on FICO whereby they ratejacked my account overnight!  One day I had 12K and the next day BOA had slashed my credit line by $6K. I happened to look at my account the next morning!  I called and the CR said it had been done at 5:00AM. 

Someone asked me on this board  did I have a source for this and I told them my account is the source and also the CR at BOA that I talked to named Linda.  She told me this was just the beginning and that I hadn't done anything wrong, but that BOA was reviewing accounts and some would fall under their risk management category and lines would be reduced.  She told me mine wasn't as bad as some were.  LOL   6K CLD isn't what I would call "not bad".   My APR was raised from 7.9% to 16.49% I see and my other account with BOA remains at 3.99%, however, the CL was slashed by $900.00, from $3200 to $2300. 

Linda said I would get a letter in the mail.   So they will not notify you first apparently.

[Anonymous]

Tonia,

It seems like carrying balances is an adverse action trigger for BoA right now. Their default rates are on the rise, and they seem to be getting more nervous by the day. And, once one creditor (or BoA themselves) starts chasing your balances & ratejacking, the other lenders are likely to start. The only sure fired way of breaking the cycle is to get the balances paid off.

Have you pulled your credit reports from the bureaus lately? Just to be on the safe side, you should probably check them to be absolutely certain that there are no derogs that you weren't aware of. There's probably nothing, but it never hurts to be sure. More than likely, it's the balances that triggered the cycle of balance chasing and ratejacking. It sucks. But, I think you'll be okay and in a prime position to get your credit lines restored (eventually) once you can PIF.

Message Edited by LilMirth on 01-23-2009 02:57 PM

[Anonymous]

LilMirth,

Your post is a breath of fresh air!  Thank you for responding.  I needed direction and even prayed about it.  Your post addressed my concerns.

I am looking right now through my files for  a temporary  invitation that was given out on one of the other sites with a 50% reduction to order FICO scores/products.  . Once I find it, I am going to pull my scores. I believe the offer expired on the 22nd, however. 

I'm sure carrying  balances have triggered this action.  Ever been in a fix where nothing seems to be going right?  That's where I am.  However, I have joined the David Ramsey program and I feel pretty good about having a plan for next month.  I do see myself getting out of debt with the snowball effect. 

Thanks again for your inspiring post.  It adds comfort to my situation for sure.