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

[Anonymous]

What do I ask credit analyst? 

[Creditaddict]

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@FinStar wrote:

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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.

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id probably take that cash to another bank!

I don't hold $100k+ in a bank that won't give me a credit card... PFFT

and branch manager that doesn't even know good numbers to reach people to get answers on this problem is a branch manager that should be fired! and even more reason I wouldn't keep money with that bank!

[FinStar]

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@Creditaddict wrote:

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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.

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Not if it's documented to remain closed.  Of course, the OP's outcome would vary but is it really worth the trouble for $500?  I can see >$1K with at least a year's history.

[Anonymous]

The thing that I liked about this card is being Platinum Honors Client, I would get 75% rewards bonus.

Meaning, if I have a cash rewards credit card and redeem $100 into a Bank of America checking or savings account, my total cash back would increase to $175. 

[Creditaddict]

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@Anonymous wrote:

The thing that I liked about this card is being Platinum Honors Client, I would get 75% rewards bonus.

Meaning, if I have a cash rewards credit card and redeem $100 into a Bank of America checking or savings account, my total cash back would increase to $175. 

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sounds like you needed to chat with an analyst ANYWAY about why you ended up with a $500 limit card with AF as a Platinum Honors Client!

[FinStar]

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@Creditaddict wrote:

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@FinStar wrote:

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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

---

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.

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id probably take that cash to another bank!

I don't hold $100k+ in a bank that won't give me a credit card... PFFT

and branch manager that doesn't even know good numbers to reach people to get answers on this problem is a branch manager that should be fired! and even more reason I wouldn't keep money with that bank!

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Depending on the circumstances, I could see your first point.  Not sure if the risk group is basing their decision on the previous OPs track record on the other BOA account.  So, at this point, just speculation.

I think you're being a little too extreme on the BM being fired, just because they weren't able to resolve right away (or didn't have the right number) doesn't constitute the individual should be terminated.  Sometimes you gotta take it down a notch.  Now, if the BM was incompetent, unempathetic, or did not see through the OPs concerns, then I could see that (or poort track record at that branch).  If you recall, a while back, sandman had considerable Chase deposits and his account closures couldn't even be salavaged by his PB/CPC and/or business banker.  Should those bankers (whose hands were tied) be fired too?

[Anonymous]

OP, did you recently open up a bunch of new accounts, or did your utilization dramatically spike for some reason? Just sounds weird that they'd close a partially secured card that was less than 3 months old just because you had a prior account with them close due to late pays. I agree with the other poster, I would take my money out of their bank and find a bank willing to treat you better!

[Anonymous]

This whole situation is very disturbing! Especially that on the phone number, recorded message says they dont have to give any reason other than it was a business decision. This is very disrespectful in my opinion considering that I have many accounts with them and had them for a long time. 

My only assumption they closed it because I had late payments with them 4 years ago. Other than that, I just dont see any other reason!

[Anonymous]

No, I try to pay-off all the cards within the week. 

[Revelate]

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@Anonymous wrote:

This whole situation is very disturbing! Especially that on the phone number, recorded message says they dont have to give any reason other than it was a business decision. This is very disrespectful in my opinion considering that I have many accounts with them and had them for a long time. 

My only assumption they closed it because I had late payments with them 4 years ago. Other than that, I just dont see any other reason!

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Sort of doubt it's that, my late payments were 5 years ago, I started with a secured card, and haven't had more than 2k in that checking account in the last 3+ years.  Wasn't a problem doubling down with their credit card arm (FIA) anyway.

As others have stated something isn't adding up here; could be an internal problem with BOFA or something else: are your bank accounts still active / unfrozen?  I'd be worried about that more than a $500 card that got closed out of the blue under suspect reasons.  I'm not usually one to suggest leaving a bank over many issues but this one just seems wrong on so many levels that if I didn't get a good answer I would be gone.  FWIW I left BOFA as my principal institution over some stupid issues but they don't compare to this one.

None of the reasons are good if they won't tell you, and I'd be seriously considering moving my stash pronto.