Bank Of America closed my credit card for no reason? Some advise please.

[Anonymous]

Hello. I have a question, today I received a letter that my BofA Credit Card was closed.

Little back story: I had BofA credit card 4 years ago that was closed because I was paying late on it, the account went into collection and I paid it off. Other credit cards were ok.

My fico score today is around 720 combined. I have multiple credit cards Chase, Capital One, Barclays, and recently applied for Citi Simplicity and was approved. 

3 months ago, I've applied for BofA Rewards Credit Card at the branch, BofA branch associate persuaded me to apply saying that it would be beneficial for me to have this card, considering that my checking/savings balances are really high. I applied and was approved for the BofA card with a $35 Annual fee and $500 limit, I wasnt happy about this deal but bank associate said, I should take this deal and improve my credit card history with BofA, so I agreed on it. My other credit cards have much higher limit 2k and as high as 10k with no annual fee.

Now 3 months later, my account was closed for no reason at all. I was paying my balance almost immediatelly. All of my other cards have 1% or 0 balance. My BofA checking / saving accounts have over 100k balances consistently. 

I went to the BofA branch that suggested for me to apply for the card in first place  and their branch VP was completely puzzled. She tried to call different numbers and at the end just gave up, saying: "You need to call the number on the letter and hopefully someone will call you back to explain why account was closed. Usually they are not good at calling back though!"

Does anyone here know why they would do that? Or why approve me in first place? 

Thank you for your help!

[FinStar]

Sorry OP, but there's no such thing as "no reason".  It could be any number of things such as fraud or something else that could have triggered the closure.  But, with a $500 CL, it's anyone's guess.  Have you called the underwriting folks or see if someone could provide the number that was listed on the letter?

[ddemari]

Last week BOA shut down my visa for excessive credit seeking. I have had my visa closed before too previous to that no warning, it was fraud and neww card is being issued. yours sounds like a compromised card and its not really closed. I would think. 

[FinStar]

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@ddemari wrote:

Last week BOA shut down my visa for excessive credit seeking. I have had my visa closed before too previous to that no warning, it was fraud and neww card is being issued. yours sounds like a compromised card and its not really closed. I would think. 

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The compromised card is what I'm leaning toward since the $500 CL doesn't seem like it would be "high" risk IMO.

ddemari - did you ever contact BOA EO or hear back regarding the reinstatement (if possible)?  I can't recall if you decided to pursue your issue.

[Anonymous]

The letter has a number to call. I tried calling, tells me to leave a message and someone would call me back. I left a message, will see if someone will call me back.

Reason they gave on the letter: This letter is to advise you that your above referenced account has been closed in accordance with your Credit Card Agreement, which permits either you or us to terminate the account at any time. 

Could it be that they just decided to close it, cause I had BofA card before and had late payments on it?! But why approve in first place. I doubt it is fraud, they probably would of said it right?

[Creditaddict]

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@Anonymous wrote:

The letter has a number to call. I tried calling, tells me to leave a message and someone would call me back. I left a message, will see if someone will call me back.

Reason they gave on the letter: This letter is to advise you that your above referenced account has been closed in accordance with your Credit Card Agreement, which permits either you or us to terminate the account at any time. 

Could it be that they just decided to close it, cause I had BofA card before and had late payments on it?! But why approve in first place. I doubt it is fraud, they probably would of said it right?

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id call directly into a credit analyst!

try 866-811-4108

[Anonymous]

By the way, when I call the number provided in the letter, recorded voicemessage says, our operating hours are 9am to 5pm EST.

It also says, they DON'T have to tell anyone why the account was closed but other than that It was for business reasons.

Number 1-855-241-4049

[FinStar]

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@Creditaddict wrote:

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@Anonymous wrote:

The letter has a number to call. I tried calling, tells me to leave a message and someone would call me back. I left a message, will see if someone will call me back.

Reason they gave on the letter: This letter is to advise you that your above referenced account has been closed in accordance with your Credit Card Agreement, which permits either you or us to terminate the account at any time. 

Could it be that they just decided to close it, cause I had BofA card before and had late payments on it?! But why approve in first place. I doubt it is fraud, they probably would of said it right?

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id call directly into a credit analyst!

try 866-811-4108

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If there are documented notes from the risk group, the UW analyst would not be able to do anything.  Best for the OP to get the call back and see if they can reopen, if not then no harm, no foul (i.e. account < 3 months old with $500 CL).  If this account had a considerable CL with a pretty long history, maybe it would be worth the effort.

[Creditaddict]

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@Anonymous wrote:

By the way, when I call the number provided in the letter, recorded voicemessage says, our operating hours are 9am to 5pm EST.

It also says, they DON'T have to tell anyone why the account was closed but other than that It was for business reasons.

Number 1-855-241-4049

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but a credit analyst can re-open it if they don't see a risk.

[Anonymous]

look at the bright side: you don't have to pay $35 a year for a useless card lol