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Bank of America Closed two of my Credit cards

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Re: Bank of America Closed two of my Credit cards

I updated my TU score today and it's at 787. Student loans end Mar. '10 and car loan ends Nov. '10.  I have a balance of $3000 on the BofA cc (BT at 0% until Mar. '10) and it will be PIF before the offer expires.  I have no other debt besides my mortgage ($118000), carry no other cc balances.  I have had a Citi cc for 17 yrs, my first one while in college, and never experienced this.  
01/08/09 (TU: 786 - EQ: 784 - EX: 762)
11/19/09 (TU: 787 - EQ: ? - EX: ?)
Message 11 of 16
Senior Contributor

Re: Bank of America Closed two of my Credit cards

I've apped for BoA 2x in the past.  Didn't have ugly scores or anything...denied.  I guess I should be glad.

 

After 2nd denial I knew I'd never try again...even if I had perfect scores.  They are not worthy of ME!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 12 of 16
Senior Contributor

Re: Bank of America Closed two of my Credit cards


blue_indiana wrote:
I updated my TU score today and it's at 787. Student loans end Mar. '10 and car loan ends Nov. '10.  I have a balance of $3000 on the BofA cc (BT at 0% until Mar. '10) and it will be PIF before the offer expires.  I have no other debt besides my mortgage ($118000), carry no other cc balances.  I have had a Citi cc for 17 yrs, my first one while in college, and never experienced this.  

 

Is the $3K the only revolving balance you are carrying? What kind of payment are you making against the $3K balance?

 

You also have a great deal of installment loans (SL's + Auto + Mortgage). BofA may not like your debt-to-income or available revolving credit-to-income ratios. As for having "never experienced" this there has been a large shift in the the credit markets and things work a little differently that they did as little as one year ago, particularly with regard to money center banks. BofA and Citi seem to be the institutions most likely to inflict seemingly unjustified AA.

Message 13 of 16

Re: Bank of America Closed two of my Credit cards

Yes, only the $3000.  I make a payment of at least $350-$400 each month.  I could make a higher payment but rather put the money in the rainy day fund I've set up.  I do understand the climate of the credit market has changed and banks which have received government assistance (taxpayer bailouts) are finding ways to save and cut costs where they can.  How often does one need to use a cc to keep their account open then have it closed due to inactivity?  Thanks for the help and the advice.  Cash is king.
01/08/09 (TU: 786 - EQ: 784 - EX: 762)
11/19/09 (TU: 787 - EQ: ? - EX: ?)
Message 14 of 16
Senior Contributor

Re: Bank of America Closed two of my Credit cards

General advice is to use a bank card once every three months and a store card once every six months in order to avoid closure for disuse.
Message 15 of 16
Regular Contributor

Re: Bank of America Closed two of my Credit cards

Yeah, they did the same to me, cut CL from 20,300 to 10,500.  No notice, just discovered it when verifying balance online.  Called, was told could not be reversed "at present", maybe I should call again in six months.  So I tried the old-fashioned way, sent a letter, on paper, via USPS, with a copy to the manager of my local brick&mortar branch.  Pointed out my several deposit accounts (which I figured the CC department might not know about), direct deposit of my salary, and my mortgage with Countrywide, which BA had just bought up.  Branch manager went to bat for me, said she didn't want to lose my accounts.  Took about a month but in the end they did reverse it, send me a letter congratulating me on a CLI to 20,200 as if they had just done it spontaneously.  Now wondering if there are any more shoes to drop ...

Starting Score: EQ 804 - (April 2009)
Upgraded thanks to FICO Forums: EQ 813 / EX 842 / TU 823 - (FICO scores from mortgage lenders, June 2010)
Recent Scores: EQ 807 / TU 799 - (March 2012)
Goal: Survive Another Day
Take the FICO Fitness Challenge
Message 16 of 16