Bank of America Card Cancelled!

[ADARPegasus]

---

@09Lexie wrote:
I'm not surprised if it's $10k a week - even though its secured that dollar amount probably sent up red flags

---

Thats what im thinking but its whatever

[SnackTrader]

Ok, so it varies... But does it ever get close to $150,000? That's more or less what it would take to spend $10,000 per month and you are saying you spent more than that.

We're you using the card for business purposes?

This info might help others avoid similar situations, so thanks in advance for sharing.

[myjourney]

I've heard the threshold has been lowered but banking flags go up on transactions over $9.999.00 on personal accounts maybe one of yours got flagged?

[CreditChampion]

10K a week???? I am going to have to start a music managing company

[FinStar]

Regardless if the CC or product was secured, you may have inadvertently triggered some internal risk flags that did not correlate or agree with spending behaviors, income patterns and payment sources - AML is one that comes to mind that most banks constantly review, and would result in shutting down all accounts in the process.  Any lender is within their rights to do so.  On the upside, you will get your deposit back.

[enharu]

What income did you write on your app? If you wrote 100k income but you're spending 10k a week, that'll raise red flags all over.

Are you using this as a business or personal card?
Why not get a business card if you're using it for business expenses?

Your short and limited account history with BofA and your overall CR isn't on your side. If you had a thick file it would have been less dramatic.

Honestly though, still doesn't make sense that they would close a secured account. You left 10k as deposit for 10k CL right?

I can imagine them doing it for an unsecured account, but closing a secured account makes no sense. 

[mauwow0682]

...and they say the music business is dead.

Sorry this happened. I'm guessing they got worried about your heavy usage. Others are right though. Try getting a business card.

[Creditaddict]

UMM SECURED and spending $10k a month.... Hello Amex Charge Card!!!

I understand you might not be able to get a $40k CL unsecured but I think running that kind of cash through a secured card vs. a small unsecured would cause me (bank) to close you so fast your head would spin)

What unsecured credit do you have that's not AU?

[CreditScholar]

---

@enharu wrote:

What income did you write on your app? If you wrote 100k income but you're spending 10k a week, that'll raise red flags all over.

Are you using this as a business or personal card?
Why not get a business card if you're using it for business expenses?

Your short and limited account history with BofA and your overall CR isn't on your side. If you had a thick file it would have been less dramatic.

---

+1. Your spending patterns is inconsistent with the cards you have and perhaps the income you stated. Because there are too many discrepencies, they've decided that you're too much of a risk and shut you down. They're perfectly within their rights to do so, just as you're perfectly within your rights to call and cancel a card. It takes two to make a deal, and they've just decided to walk away.

[JasonBorne84]

Glad I read this. BoA will shut you down for spending too much of your own money on a secured card....... I don't see how him spending his own money throws up flags? What is he going to run off with 10k? Oh wait they have 10k from him already...... I'm not seeing what they are risking here.

I mean if they are so worried I can see them maybe saying they won't unsecure his card. Why would they cancel a secured card? It just doesn't make any logical sense to me at all.