Credit Card Center Advertiser Disclosure†
04-28-2009 05:36 PM
04-28-2009 11:51 PM
I logged into my BoA account today and saw that I got the dreaded CLD (first time ever). My limit went from $24500 to $12500. I can see why they did this. I do not use this card for much anymore (it used to be my main card a few years ago).
In 2007, I charged a total of $87.53 on my BoA card. My 2008 annual spending total was $79.65. So far this year, I've charged a whopping $10.00 on that card.
Like you, I relied on this card heavily several years ago. However, my spending habits changed, and along with that, so did my credit card preferences.
I run substantial amounts of transaction activity through all my cards, then pay in full at the end of the month, a pattern which I hope will encourage them not to cut my limits.
My problem is that I make a lot of charges on my 2 Chase Freedom cards. Chase's rewards program is so much better than Bank of America's WorldPoints.
If I didn't have rewards cards, I'd probably do as you do and run substantial amounts of charges through all of my accounts.
05-05-2009 08:44 PM
Sorry to bring this post back up to the top, but I figured this was as good a place as any to update things. I logged into my AMEX account this morning and saw they have followed suit from BofA as they lowered my CLI from $15k to $13k. Seems like the feds with the results of these "stress tests" are pushing the banks to lower their credit risk.
I logged into my BoA account today and saw that I got the dreaded CLD (first time ever). My limit went from $24500 to $12500. I can see why they did this. I do not use this card for much anymore (it used to be my main card a few years ago). I have a netflix charge on it to keep the card active. I did just refinance my house. I wonder if the new mortgage has anything to do with the CLD??
A couple of years ago (before i met my FICO friends) I would have called them to cancel the card just out of spite. Now I know better, this is my oldest card by a few years (got it in 1993 when I was 19). So, to the sock drawer with a $15/month netflix charge to keep active. Has anyone had BoA close their account in these situations?
Based psychic's cld and many others on here with 800+ FICO scores it definitely seems like nobody is safe.
Oh well, now I will just wait to see if AMEX follows suit.
05-17-2009 03:44 PM
cobaltnv wrote:Sorry to bring this post back up to the top, but I figured this was as good a place as any to update things. I logged into my AMEX account this morning and saw they have followed suit from BofA as they lowered my CLI from $15k to $13k. Seems like the feds with the results of these "stress tests" are pushing the banks to lower their credit risk.
Well, if any of them lowers my limit because of these "stress tests" I'm gonna stress them right back by sockdrawering that card and feeding it just a few transactions each month, right now they need customers like me a heck of a lot more than I need any of them. Whenever the economy does turn around, lots of people are gonna remember how they are being treated today. Many companies today seem to have forgotten a fundamental axiom: in a democracy, making yourself despised by lots of people is not a long-term survival strategy.
05-17-2009 11:29 PM
I totally agree. In fact boa did the same thing to me with a cld without a good reason other than saying they gave out too high of a credit when I never ask them for a cli and they're the one that gave me the credit increase. Switch all my checking and saving from boa and eventually will close them for the way they treated me who has been their customer for over 16years. Screw me once and i'll never forget. If I received a letter saying they need to do this, then that would be fine. But doing it first and then a month later sending a bs letters.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.