Bank of America CLOSED account after I called for account questions

[Anonymous]

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@Anonymous wrote:
I see the terminology "snowballing balance" several times in this thread. What does it mean?

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What hauling said.

Here's a nifty article about debt snowballing, avalanching, and hybrids.

http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/a-debt-payoff-plan-that-works.aspx

[Karatz]

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@Geordi wrote:

Sorry OP!

For Bank of America:  Since late January 2009, don't ask for a CLI

For Chase Bank:  Since October 2008, you won't get a CLI, although there have been exceptions!

Whereas, in the distance past, Bank of America used to give out CLIs like clockwork.  Now-a-days, Bank of America gives out CLDs to many that request a CLI.

Again, sorry to hear about the account closures.  Always read up on any financial institution before you take any action with them to see which way the winds are blowing with them.

GL

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I called on the 11th or 12th of this month and got 3200 CLI from BofA...They said that's all they could give me at this time lol. I just said the CLI thing came up on line and when I clicked it, questions came up that I wasn't sure how to answer with the fields they give, and I didn't understand if it would be a hard inquiry or soft....she ran a soft, then asked what I make, why I paid minimums then big payments, and then gave me the CLI.

[smallfry]

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@Anonymous wrote:

I'm sorry Creditaddict!  We had not quite the same thing happen - but we are anticipating it.  They approved DH for $4,000, when he called for CLI on activation, they bumped him down to $500.  "We didn't see the BK the first time around."  We're waiting for the other shoe to drop.  He did get a lovely CLI from several other cards the same month - so BofA is what they are.  At least you got some credit history out of them.  Not sure whether to put a smiley face or a pouty face here.  Sounds like you are doing some excellent work on your credit and money management.  Good luck!

I know it seems awkward, but you can snowball your balances and still use a card for business travel.  Just keep the business expenses separate in your own books and PIF - snowball your pre-existing balances.  I don't know if that would work for you or not.  We've done that on a rewards card and snowballed the balance - PIF'd business & got rewards.  Worked for us.

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Didn't see the BK? Why those lying ....

[Geordi]

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@Karatz wrote:

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@Geordi wrote:

Sorry OP!

For Bank of America:  Since late January 2009, don't ask for a CLI

For Chase Bank:  Since October 2008, you won't get a CLI, although there have been exceptions!

Whereas, in the distance past, Bank of America used to give out CLIs like clockwork.  Now-a-days, Bank of America gives out CLDs to many that request a CLI.

Again, sorry to hear about the account closures.  Always read up on any financial institution before you take any action with them to see which way the winds are blowing with them.

GL

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I called on the 11th or 12th of this month and got 3200 CLI from BofA...They said that's all they could give me at this time lol. I just said the CLI thing came up on line and when I clicked it, questions came up that I wasn't sure how to answer with the fields they give, and I didn't understand if it would be a hard inquiry or soft....she ran a soft, then asked what I make, why I paid minimums then big payments, and then gave me the CLI.

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I am glad you got your increase.  However, there are many, many people that have had adverse actions when asking for a CLI from BoA since January.  Please consider yourself lucky.

GL

[Karatz]

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@Geordi wrote:

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@Karatz wrote:

---

@Geordi wrote:

Sorry OP!

For Bank of America:  Since late January 2009, don't ask for a CLI

For Chase Bank:  Since October 2008, you won't get a CLI, although there have been exceptions!

Whereas, in the distance past, Bank of America used to give out CLIs like clockwork.  Now-a-days, Bank of America gives out CLDs to many that request a CLI.

Again, sorry to hear about the account closures.  Always read up on any financial institution before you take any action with them to see which way the winds are blowing with them.

GL

---

I called on the 11th or 12th of this month and got 3200 CLI from BofA...They said that's all they could give me at this time lol. I just said the CLI thing came up on line and when I clicked it, questions came up that I wasn't sure how to answer with the fields they give, and I didn't understand if it would be a hard inquiry or soft....she ran a soft, then asked what I make, why I paid minimums then big payments, and then gave me the CLI.

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I am glad you got your increase.  However, there are many, many people that have had adverse actions when asking for a CLI from BoA since January.  Please consider yourself lucky.

GL

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Ya. I think I'm glad I didn't read this thread first. Ida either not called or sat on pins and needles through the whole call. Why do we have to be so fearful of these guys when we fulfil our obligations. That's borderline hostage situation. Easy to see why the need to diversify is necessary, and yet, they actually would want ALL your business and not have you share it with someone else.

[Anonymous]

I have been following the boards for about 2 years now and went from a 625 to a 712 credit score.  I was doing good...baddies where dropping off and I had gotten a BOA CC with a limit of $3000. I treated this card like real gold, not only was I NEVER late, I was usually early and PIF, everytime. Made sure I used it consistently....so on...everytime I spoke to a representative (since Ive had the card) they would dote on how good of a customer I was. Well I guess me and Creditaddict is proof that it doesnt matter how good of a customer you are. This morning I found out they closed my account (completely gone) and said it was based on the fact that I have a paid judgement. I said yes but thats been there since I opened the account and I dont understand why a PAID judgement would mean account closure. Anyway...they werent budging so I gave up and now I am a little sad because I worked so hard to get up there with the big boys...sigh...

But OP I just wanted to relate my story to yours and let you know that the same happened to me (because I called in, I got closed TODAY) and now I feel like all my hard work was for nothing.

I am new here so if I violated any posting rules, then I apologize in advance!

Message Edited by tamaracmu on 09-15-2009 05:12 PM

[Creditaddict]

nope, you did a perfect post and sorry to hear your story too.

Now we have to figure out a bank that wants our business and start over! 

[Anonymous]

I agree, what are your plans? Are there any good ones? Citi maybe?

I have been here long enough to know not to bother with AMEX

[Creditaddict]

citi bank or us bank if your over 680 would be a great option.

I have a joint USBank which I love, but won't use again until it's paid off and it's my highest balance so it's last in my snowball, but they have been a fantastic bank to me 

[Anonymous]

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@Karatz wrote:

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@Geordi wrote:

---

@Karatz wrote:

---

@Geordi wrote:

Sorry OP!

For Bank of America:  Since late January 2009, don't ask for a CLI

For Chase Bank:  Since October 2008, you won't get a CLI, although there have been exceptions!

Whereas, in the distance past, Bank of America used to give out CLIs like clockwork.  Now-a-days, Bank of America gives out CLDs to many that request a CLI.

Again, sorry to hear about the account closures.  Always read up on any financial institution before you take any action with them to see which way the winds are blowing with them.

GL

---

I called on the 11th or 12th of this month and got 3200 CLI from BofA...They said that's all they could give me at this time lol. I just said the CLI thing came up on line and when I clicked it, questions came up that I wasn't sure how to answer with the fields they give, and I didn't understand if it would be a hard inquiry or soft....she ran a soft, then asked what I make, why I paid minimums then big payments, and then gave me the CLI.

---

I am glad you got your increase.  However, there are many, many people that have had adverse actions when asking for a CLI from BoA since January.  Please consider yourself lucky.

GL

---

Ya. I think I'm glad I didn't read this thread first. Ida either not called or sat on pins and needles through the whole call. Why do we have to be so fearful of these guys when we fulfil our obligations. That's borderline hostage situation. Easy to see why the need to diversify is necessary, and yet, they actually would want ALL your business and not have you share it with someone else.

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Don't get too comfy with that CLI, that's my advice. Earlier in the year, I received a $2,000 CLI (requested online back when they were giving out CLIs every few months like candy).  A few weeks later, I logged on to find that my CL had been cut on BOTH of my cards.  Went from $11,600 to $8800 on one card and from $5,400 to $2,500 on the other.  Calling did me no good either.  BofA has almost become a mini-AMEX right now---if you do ANYTHING to attract attention, you're just asking for an AA.