Reply
Member
needcreditnow
Posts: 8
Registered: ‎11-06-2009
0

Bank of America Closed two of my Credit cards

I have checking, savings and CD with Bank of America and lately they closed two of my Credit card. One with 11.5k credit limit and the second with 5k credit limit. I have never been late with the payment. I am guess the reason they are closing my two credit limit is because my credit score went from 740 to 528 in the last six month. Anyway it was my wife that messed up my credit history. I wonder if anyone here has tried to call bank of America to reopen their credit card account after it has closed?

 

I am thinking calling them if they don't reopen my credit cards, i would move all my money to a different bank. Maybe this stretagy will help.

Epic Contributor
Creditaddict
Posts: 20,896
Registered: ‎10-23-2007
0

Re: Bank of America Closed two of my Credit cards

I called and they said no to re-open after looking at credit... and WOW that's a big change in credit... sorry to hear
Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Bank of America Closed two of my Credit cards


needcreditnow wrote:

I have checking, savings and CD with Bank of America and lately they closed two of my Credit card. One with 11.5k credit limit and the second with 5k credit limit. I have never been late with the payment. I am guess the reason they are closing my two credit limit is because my credit score went from 740 to 528 in the last six month. Anyway it was my wife that messed up my credit history. I wonder if anyone here has tried to call bank of America to reopen their credit card account after it has closed?

 

I am thinking calling them if they don't reopen my credit cards, i would move all my money to a different bank. Maybe this stretagy will help.


Unfortunately, until you repair the damage I don't think this is going to work unless you have a particularly compelling amount of money parked with BoA, that they're gung ho & determined not to lose. BUT, it doesn't hurt to try. Good luck!

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Regular Contributor
StartingSlow
Posts: 184
Registered: ‎03-03-2008
0

Re: Bank of America Closed two of my Credit cards

I had a 99/500 secured card with BOA opened in Feb 2008.  I paid on time every month, and it unsecured about 10 months later.  About August 2009, I called to ask for a CLI and they asked me to hold.  The lady came back and said that they were going to deny my request and close my account.

 

Shocked, I asked why.  She said that they view me as a credit liability.  I responded that I have had a checking and savings for about 5 years, had this credit card for about 18 months and was never late.  I also told her that my credit has improved drastically since they gave me the card.  I said that since I applied, I have had no new bad stuff on my reports, and my scores have gone up about 200 points each.  "Doesnt matter, we view you as a credit risk now."

 

I called back a few times and spoke to supervisors and was told that "sorry, but we invite you to apply for a secured card."  That really pissed me off.  I had a secured card, did so well that they unsecured it, and then it was taken away.  I really like BOA and recommend its banking to everyone, but that left a really bad taste in my mouth.

August 6, 2008 EQ- 428 EX- 440 TU- 471
December 9, 2008 EQ- 501 EX- 503 TU- 513
March 16,2009 EQ- 554 EX- 565(FAKO) TU- 575
April 17, 2009 EQ- 570 EX- ??? TU- 565
August 13, 2009 EQ-622 EX-??? TU-627
LOAN OFFICER SCORES August 17, 2009 EQ-622 EX-652 TU-640
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Bank of America Closed two of my Credit cards


LilMirth wrote:

needcreditnow wrote:

I have checking, savings and CD with Bank of America and lately they closed two of my Credit card. One with 11.5k credit limit and the second with 5k credit limit. I have never been late with the payment. I am guess the reason they are closing my two credit limit is because my credit score went from 740 to 528 in the last six month. Anyway it was my wife that messed up my credit history. I wonder if anyone here has tried to call bank of America to reopen their credit card account after it has closed?

 

I am thinking calling them if they don't reopen my credit cards, i would move all my money to a different bank. Maybe this stretagy will help.


Unfortunately, until you repair the damage I don't think this is going to work unless you have a particularly compelling amount of money parked with BoA, that they're gung ho & determined not to lose. BUT, it doesn't hurt to try. Good luck!


That is exactly right.  Unless you are a Premiere or Private Banking client with BoA, your deposit accounts will make no difference.  If you have enough to qualify for one of these categories, then you might get some help from your personal rep, if they have enough seniority.  My original rep was a 20 year veteran with BoA and the Vice President of Premiere Banking in my  region.  She could get whatever I needed done with a phone call.  Since she retired and a green horn (only 2 years with BoA and just a rep) I can't get much of anything special even now that my credit is pristine.

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
Achase
Posts: 187
Registered: ‎09-12-2009
0

Re: Bank of America Closed two of my Credit cards

[ Edited ]

Bank of america did that to me also. SMH

 

I called them to ask about a reward program and they transferred me to a credit analyst.

The analyst played cool with me then started interrogating me about my Macy account.

then she made a business decision to close my account that i had with them for 2 years. ... :smileysad:

 

the account started out as a secured visa i had put $7500 on.

it graduated after one year and they sent me back my 7500 so i had a unsecured line with them.

 

i guess i was a risk to them since i missed a payment on my macys card... :smileyhappy:

the BofA card sat closed for almost a month then i came across this number to their corporate office in NC

[Removed]

 

he reviewed the situation for me and then he made the corporate desicion to reopen the account with my original line of $7500.

he didnt even give me the third degree all he asked was where do i work and how much do i get paid

 

so give that number a call  [Removed] 

Message Edited by Achase on 11-11-2009 02:59 PM
Please remember that the posting of another's personal info is prohibited. I appreciate your understanding! ~LilMirth
Message Edited by LilMirth on 11-12-2009 10:28 AM

Starting Score: 490
Current Score: 522
Goal Score: 760


Take the FICO Fitness Challenge
Member
needcreditnow
Posts: 8
Registered: ‎11-06-2009
0

Re: Bank of America Closed two of my Credit cards

[ Edited ]

Achase

 

Bank of america did that to me also. SMH

 

I called them to ask about a reward program and they transferred me to a credit analyst.

The analyst played cool with me then started interrogating me about my Macy account.

then she made a business decision to close my account that i had with them for 2 years. ... :smileysad:

 

the account started out as a secured visa i had put $7500 on.

it graduated after one year and they sent me back my 7500 so i had a unsecured line with them.

 

i guess i was a risk to them since i missed a payment on my macys card... :smileyhappy:

the BofA card sat closed for almost a month then i came across this number to their corporate office in NC

[Removed]

 

he reviewed the situation for me and then he made the corporate desicion to reopen the account with my original line of $7500.

he didnt even give me the third degree all he asked was where do i work and how much do i get paid

 

so give that number a call  [Removed] 

Message Edited by Achase on 11-11-2009 02:59 PM
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Achase,
 Thanks for sharing your story, Would you mind email the number to me? Below is my email address   
[Email address removed.  Posting of email addresses, even your own, is not permitted on the FICO Forums.  If desired, such information can be exchanged via the Private Message option, but you do so at your own risk.}
--------
Message Edited by Lel on 11-12-2009 10:57 PM
Member
blue_indiana
Posts: 10
Registered: ‎01-08-2009
0

Re: Bank of America Closed two of my Credit cards

BofA closed one of my CCs, too.  It was late afternoon and I got a cell call (unable to answer), no message left.  I get back to the office and I had a phone call. I never get phone calls at work (my preference) and if I do, I always think something has happened to one of my parents since I know of no other people besides my family which have my work number.  Anyway, it's a BofA rep wanting to update my info...do I have time?  No, I'm at work, call me back in fifteen minutes.  The rep never called back.  A few days passed, I checked my acct online and found one of my CC had been closed due to inactivity. The only reason I kept it was I got an upgrade to another BofA CC, the CL was $1,000.  

 

I get a phone call two weeks ago from BofA at 745am and again want to review or update my info.  I have a 0% bt until Mar '10 and she wants to know everything (employment, length of time, savings, how I plan to pay off my balance, etc...)  I was being interrogated.  Nevertheless, the rep cut my CLI by $6,500.  It had been $17,500 and at no time, had I ever requested a CLI.  Once I PIF my BofA CC, I will rarely use it since I was turned off by the rep's aggressiveness.  My BofA CC is an university alumni card and I plan on writing to my alumni association to inform them of this practice and how I will stop donating if they continue to do business with BofA.  It might make them rethink their yearly agreement but I'll have peace of mind.  The original agreement was with MBNA.

01/08/09 (TU: 786 - EQ: 784 - EX: 762)
11/19/09 (TU: 787 - EQ: ? - EX: ?)
Regular Contributor
emartin82
Posts: 140
Registered: ‎12-29-2008
0

Re: Bank of America Closed two of my Credit cards

[ Edited ]

i can understand how it must feel to suddenly get "interrogated" by a bank rep about earnings, length of employment, etc, especially after doing business with them for so many years without getting that treatment.

 

but also realize that BOA is in its current financial situation because it extended credit to so many people WITHOUT asking the right questions (verifying employment, income, etc), among other bad business decisions they've made in the last decade. BOA is fighting for its life by doing NOW what it should've been doing THEN: asking people about their income and how they plan to pay back debt.

 

credit isn't a right. we've gotten so used to easy credit that we suddenly feel indignant when a bank asks legitimate questions like "how long have you been working at your company? how much do you make? how will you pay us back?"

 

ok sorry, im getting of my soap box. i just hope we can see all these CLDs and closed accounts in a positive way. we gotta ween ourselves off of consumer credit, folks! [Edited]

 

Edited to remove political reference. ~LilMirth

Message Edited by LilMirth on 11-19-2009 05:47 AM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Bank of America Closed two of my Credit cards


blue_indiana wrote:

BofA closed one of my CCs, too.  It was late afternoon and I got a cell call (unable to answer), no message left.  I get back to the office and I had a phone call. I never get phone calls at work (my preference) and if I do, I always think something has happened to one of my parents since I know of no other people besides my family which have my work number.  Anyway, it's a BofA rep wanting to update my info...do I have time?  No, I'm at work, call me back in fifteen minutes.  The rep never called back.  A few days passed, I checked my acct online and found one of my CC had been closed due to inactivity. The only reason I kept it was I got an upgrade to another BofA CC, the CL was $1,000.  

 

I get a phone call two weeks ago from BofA at 745am and again want to review or update my info.  I have a 0% bt until Mar '10 and she wants to know everything (employment, length of time, savings, how I plan to pay off my balance, etc...)  I was being interrogated.  Nevertheless, the rep cut my CLI by $6,500.  It had been $17,500 and at no time, had I ever requested a CLI.  Once I PIF my BofA CC, I will rarely use it since I was turned off by the rep's aggressiveness.  My BofA CC is an university alumni card and I plan on writing to my alumni association to inform them of this practice and how I will stop donating if they continue to do business with BofA.  It might make them rethink their yearly agreement but I'll have peace of mind.  The original agreement was with MBNA.


This rarely occurs out of the blue. What changes have been reflected in your CBR's recently?


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}