@wildcat01 wrote:Hello Everyone, I'm a long time reader and first time poster. I had 3 credit cards with Bank of America with limits of 20k, 15k and 25k. I recently had to max all of them out due to the cyclical nature of my business and the fact that we had the worst winter ever. I used 0% interest offers which is cheaper than 7% on my business' line of credit. My utilization went from about 8-12% to around 55% in about 2 months. My income is well over 200k a year and I could have easily afforded to make all of these payments. BoA subsequently closed all of my accounts. I tried to recon and they said my revolving balances were too high. I pointed out that I was at 55% and they then said my fico score was too low, which I subsequently pointed out was caused by them closing all of my accounts. I tried emailing the CEO but still have not gotten a response. I have never ever had a late payment and I always pay more than the maxium. I was intending on paying these off in less than 6 months well before the 0% expired. What should I do now?
@wildcat01 wrote:Hello Everyone, I'm a long time reader and first time poster. I had 3 credit cards with Bank of America with limits of 20k, 15k and 25k. I recently had to max all of them out due to the cyclical nature of my business and the fact that we had the worst winter ever. I used 0% interest offers which is cheaper than 7% on my business' line of credit. My utilization went from about 8-12% to around 55% in about 2 months. My income is well over 200k a year and I could have easily afforded to make all of these payments. BoA subsequently closed all of my accounts. I tried to recon and they said my revolving balances were too high. I pointed out that I was at 55% and they then said my fico score was too low, which I subsequently pointed out was caused by them closing all of my accounts. I tried emailing the CEO but still have not gotten a response. I have never ever had a late payment and I always pay more than the maxium. I was intending on paying these off in less than 6 months well before the 0% expired. What should I do now?
I suggest you find another bank to get a line of credit to fund your business, I also use CCs.LOCs to fund business but they are all corp with no PG.. Make your payments and PIF upon the expiration of the 0% but I think they may send you a letter canceling the 0% and impose the normal APRs. I also would complain to every governmental agency possible. I will state on record Im prejudice against this bank...
@wildcat01 wrote:I think what pisses me off the most is the fact that the Utilization is still not obscenely high. And the fact that two of these cards are 4 years old and I have never carried a balance so as soon as I do, they cancel it on me.
Does anyone have a better email for the CEO or bank for recon?
This is probably part of their decision making. You were able to PIF always or never needed to use the credit on two of the cards, and then all of a sudden you need 50k worth of credit. Like someone else said it's raising alarms. They have determined that recently something happened abnormally with your normal expenses/business(which you have confirmed), and they don't want to leave that much risk out there. Also having 30k balance and another 30k left over in available credit to accumalte more charges is even more risky for them.
