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Regular Contributor
Credit_repair
Posts: 157
Registered: ‎01-30-2009
0

Re: Bank of America $23,500 CLD

Ouch!

 

I am sorry to hear about your CLD Psychic.

 

One of my friends recently got a CLD from AMEX. His original CL was $27,000 and the CLD'ed him to $15,000.

 

He had a revolving balance of $14500 on his AMEX. This is going to screw up his FICO score big time.

 

I hope you get your credit back. All the best

Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009
0

Re: Bank of America $23,500 CLD

I'm not surprised by this at all. You're very fortunate that they let you keep over $20k.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Bank of America $23,500 CLD

I know hauling and guardian are going to give me the stink face for this in light of the trends, but having heard all the CLD stuff with BoA, I decided to check and see what they think of me rather than wait.  (God, grant me patience, but please hurry :smileyhappy: ).

 

I asked for a Product Change to Reward and CLI.  No problem on the PC....moved me to BankAmericard Rewards Visa but said they will have to review my CLI request.

 

Got a call back from their credit center in Delaware today (I requested yesterday), asked me some questions, mostly about why all my credit is since 2005 mostly.  They declined the CLI because most of my credit is 4 years old or less and because BoA is currently my largest personal CL reported.  She told me all the reasons for decline right over the phone rather than make me wait for a letter (though they will probably send one anyway)  She also told me what to keep doing.....said, you have an excellent record on this account, keep doing as you are and we will reconsider later, but we feel that your current $10k is sufficient at this time.

 

I guess I don't like to wonder....I'll let you know if I get a CLD in the near future now that I put myself under the scope :smileyhappy:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
Ishmael109
Posts: 184
Registered: ‎03-04-2008
0

Re: Bank of America $23,500 CLD

Don't take it personally. It happened to me too,  (20,800 to 10,500) and I have spotless history, high FICO's no revolving CC debt, and verifiable income to support my CL's. The banks won't come out and tell us that they simply don't have the $$  to lend, so they find all kinds of BS excuses.

 

Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009
0

Re: Bank of America $23,500 CLD

txjohn, how do you use this card? The reason why I'm asking is because I heavily use my BoA card and would like to know if we're in the same boat. My current CL is $4,500 and I've spent about $10k on the card within the past 4 months.

Regular Contributor
Cheezy
Posts: 169
Registered: ‎02-29-2008
0

Re: Bank of America $23,500 CLD

It's nice they left you with something, unlike AMEX and the nasty chase.

 

I had a 10K with Juniper and when it converted to BofA they dropped me down to 1K.  Haven't bothered to ask for CLI.  I just put little stuff and pay it..... but it hasn't budged so I don't expect it to.

 

We gave up the fight and filed BK in 2010. :smileysad:
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Bank of America $23,500 CLD

I heavily use this card.  Last month $7250, but I paid it in full before statement dropped.  Have had close to max. in the past.   But I don't leave the balance for too long.  I have carried the balance for a couple months or so occassionally.  I have used it for purchases, cash advances, convenience checks, balance transfers, etc.

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009
0

Re: Bank of America $23,500 CLD

Thanks for the reply. I guess the best we can do is not to expect any CLI's for now.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Bank of America $23,500 CLD

If my credit were deeper, I think they may have given me something.  My problem is that almost all of my credit is since 2005, so most is less than 4 years old.

 

My oldest account is Macy's 20+ years.  They specifically asked me "What did you use as credit from 1998 to 2005?"  "Did you have a bankruptcy or Debt Management during that time?"

 

So, even though my 1998 Bk is off the CR, it is pretty apparent that I had something, because I didn't really start going for new "personal" credit till 2005.

 

For those of you in the BK, it's important to immediately garner new credit so that you don't have "wholes" in your CR.  We celebrate when the baddies come off, but the absence of any credit during time periods leaves evidence of what used to be....

 

In addition....since BoA is currently my highest CL currently reported....they didn't really want to go further out until other creditors decided to also extend more credit.  So, this is a big reason why I recently app'ed for others like PenFed, Alliant, Discover and a better CapOne.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Bank of America $23,500 CLD


txjohn wrote:

I know hauling and guardian are going to give me the stink face for this in light of the trends, but having heard all the CLD stuff with BoA, I decided to check and see what they think of me rather than wait.  (God, grant me patience, but please hurry :smileyhappy: ).



Moi? :smileyvery-happy:

No, I don't think calling BofA with a question like this is unreasonable.

Had you done this with AmEx, however, I would have hunted you down and restrained you. (somehow) :smileyhappy:

The whole point of all this stuff is that banks are reducing credit lines that they consider unjustifiable in the light of past usage. I'm vaguely surprised every day that I have any card with a credit limit over $2500.
* 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

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