Bank of America Closed my Account

[yellowcake]

1-2-3 card, had it for 3 months, balance of 400 on 5,000 limit. 0% apr for 12 months so I wasn't in a rush to pay it off.

When I called to find out why they closed it, they told me it was because of balances on my other accounts.

It was quite a surprise to me because my current util is at 9%.

I'm not too mad about it because the card was sock drawered anyway, I have the Penfed Platinum Rewards which offers a better return.

Just an FYI to other BoA cardholders, they're watching you!

[armbenderc]

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@yellowcake wrote:
1-2-3 card, had it for 3 months, balance of 400 on 5,000 limit. 0% apr for 12 months so I wasn't in a rush to pay it off.

When I called to find out why they closed it, they told me it was because of balances on my other accounts.

It was quite a surprise to me because my current util is at 9%.

I'm not too mad about it because the card was sock drawered anyway, I have the Penfed Platinum Rewards which offers a better return.

Just an FYI to other BoA cardholders, they're watching you!

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I don't understand why they closed your acct. I know your util on BoA is 9%, but what is your TOTAL util on all cards?

Something is not adding up here, any other major changes in your credit profiles?

[yellowcake]

Sorry for the confusion, the util on ALL my cards is 9%.

I got this BoA card during a recent app spree, so may be they got scared with all the new accounts, but that's not what the letter they sent me and the I CSR spoke to said.

[Open123]

After the "app'orama" days when people opened up multiple cards to arbitrage higher short term rates (money markets were offering 5%) with 0% promos and balance transfers, banks have been very "wary" of multiple account openings within a very short time frame.

In those days, people app'ed 10 times in a single day to avoid detection.  Perhaps, your account opening pattern simply fit one of their risk "triggers."  Whatever the "real" reason, they're not likely to share it with you, since if people knew their triggering criteria, it'd be easy to "game" their system.

[armbenderc]

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@yellowcake wrote:
Sorry for the confusion, the util on ALL my cards is 9%.

I got this BoA card during a recent app spree, so may be they got scared with all the new accounts, but that's not what the letter they sent me and the I CSR spoke to said.

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If your total util is 9%, most of your cards have to be almost 0 balance? You have 9% alone on your BoA. Unless you have massive CL with massive balance which still equal to 9%.

This is scary. I just opened BoA card also. Any major changes on your profiles? Personal loan? Cars? anything that would show that your income is optimal?

[knoregs]

hmmmmm

~kn

[QAMngrGirl]

this is the first AA I've read about Bofa

[yellowcake]

@armbenderc: Before they closed the account, I had 14 cards, 8 of them reporting a 0 balance.

Of the 6 reporting a balance, 2 were above 60% util. I shouldn't have let that happen, even though they were still in the 0% APR period.

My total credit limits is now 74,500.

[Marcos8]

I have had BoA give me an unannounced 50% CLD from 17,000 to 8,500. That was in 2010 and I assumed it was from my short sale hitting my report and making them weary. They gave me the explanation they were just doing this to all accounts and decreasing risk across the board. First I've heard of an account with low Utl and low total utl across all accounts being closed.

Should we all start to be more weary of app sprees and opening a bunch of new accounts all at once?

[b_seeker]

If you don't mind sharing, what did you state your income was when you apped with them? Even at only 9%, maybe they thought your income couldn't support your balances?