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Established Contributor
RushXTC
Posts: 636
Registered: ‎07-01-2013

Re: Bank of America--Warning

After hearing about these stories, I will never pay my BoA card in full... LOL. I've almost always had a near max balance until recently, Dropped it down to $3,000 in debt and an emergency came out, Back up to $4,900. Right now it sits at $4,600 and will be declining by $300 a month, But will make sure not to pay it off =P

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Established Contributor
TRC_WA
Posts: 516
Registered: ‎02-08-2014

Re: Bank of America--Warning


user5387 wrote:

HJM613 wrote:

I had a BOA Visa since 1982, yes 1982... I had a 12k limit, the last 5 years have been hard on me financially, but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad... Finally business improved and I paid off the card.. Over a few months... One day i went to use it to fund out the canceled it... No letter or anything, I was in shock... Of course when I called they claim they mailed me a letter and I could  not talk to anyone who cared or would do anything...... I love how they waited until I paid them in full to cancel my card...Moral of the story I would not be so fast to pay them off.. I love there loyalty...


Welcome to the forums!

 

I expect with CC companies that they do an internal risk / reward calculation on their cardholders, and carrying a balance for a long time, making minimum payments, and late payments pushes one into a "risk outweighs reward" category.

 


I agree. 

 

If I carried large balances across multiple cards for an extended period and thus showing an inability to pay I wouldn't expect anything less than balance chasing and/or account closure.



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Valued Contributor
j_casteel
Posts: 1,699
Registered: ‎06-21-2012

Re: Bank of America--Warning


longtimelurker wrote:

HJM613 wrote:

I had a BOA Visa since 1982, yes 1982... I had a 12k limit, the last 5 years have been hard on me financially, but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad... Finally business improved and I paid off the card.. Over a few months... One day i went to use it to fund out the canceled it... No letter or anything, I was in shock... Of course when I called they claim they mailed me a letter and I could  not talk to anyone who cared or would do anything...... I love how they waited until I paid them in full to cancel my card...Moral of the story I would not be so fast to pay them off.. I love there loyalty...


Well, not paying them off means you continue to pay interest, and for some,  stopping that may well be worth the risk of losing a trade line.

 

But "loyalty" with big corporations is pretty meaningless.  It is a business relationship, and as others said, they (rightly or wrongly) judged that that risk/reward of continuing the relationship with you was not what they required.   Similarly people here cancel cards every day when something better becomes available for them, it's not like friendship or anything!


Exactly!

 

I wonder if they have a forum where they post about how their customers aren't loyal enough?

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Bman70
Posts: 347
Registered: ‎04-28-2014

Re: Bank of America--Warning


HJM613 wrote:

..but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad... 


I bet "nothing too bad" means something different to BofA. Especially repeated lates. However they could also have soft pulled you to see your overall situation.. What else had changed in your credit picture?

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RecoveredDebtaholic
Posts: 42
Registered: ‎06-25-2014

Re: Bank of America--Warning

The only factor on mine was carrying large balances for a long time, never late, paid in full when I got a big chunk of money. As I said, I did and still do understand their actions. It's a fine balance of please carry a balance so we can get your interest payment to CLD or closed account. I do not believe that the only factor is the consumer, the company itself goes through periods of change as they de-risk or re-leverage as a part of the global finance picture. I do still look upon the CLD as ultimately beneficial to me in forcing me to reevaluate how I manage my money, a few years later I'm doing just fine and got into a habit of living well within my means. Credit for me now is not for instant gratification but a very useful tool to do my own leveraging, I can take advantage of many opportunities as they come up and collecting the rewards is now just free money if you always PIF.
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baseballfan21
Posts: 14
Registered: ‎07-17-2014

Re: Bank of America--Warning

Macys is notorious for lowing cl 

 

Established Member
Turbobuick
Posts: 34
Registered: ‎06-26-2014

Re: Bank of America--Warning

[ Edited ]

Lenders rarely show any loyalty and are only out to gather as much money from us as possible. I was a long time Capital One customer(15yrs+) with past car loans and multiple cards. Always paid on time was never ever late. Around 2003 I had to hire an attorney for business related issues. Non-financial issues, but I accrued about $18K in legal fees that I put on a Capital One card at ~7% at the time. I think my limit was 22.5. I was making double or triple minimum payments when I get a notice, about a year later, they are almost doubling my APR. I had no choice but to cancel to keep my rate fixed and I cancelled our other card too out of spite. We can only protest these questionable/unethical behaviors by not dealing with them again. But they are all basically the same when it comes down to it. All you can do is move on and try not to take it personally. 

Contributor
wmweeza
Posts: 102
Registered: ‎03-21-2014

Re: Bank of America--Warning


Bman70 wrote:

HJM613 wrote:

..but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad... 


I bet "nothing too bad" means something different to BofA. Especially repeated lates. However they could also have soft pulled you to see your overall situation.. What else had changed in your credit picture?


That's what I don't get; Why this is such a huge shock if the OP admittedly was late a few times ?  I'd fully expect at least a CLD if I were late moe then once, even if it was just by a day or two.

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Contributor
wmweeza
Posts: 102
Registered: ‎03-21-2014

Re: Bank of America--Warning


RushXTC wrote:

After hearing about these stories, I will never pay my BoA card in full... LOL. I've almost always had a near max balance until recently, Dropped it down to $3,000 in debt and an emergency came out, Back up to $4,900. Right now it sits at $4,600 and will be declining by $300 a month, But will make sure not to pay it off =P


I've paid my account in full almost every month (twice in 4 years I have carried a balance of about $25, that's it) but they keep giving me CLI's, so I think it depends on much more then balances as to how they handle accounts

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subwaysandwich
Posts: 140
Registered: ‎02-25-2014

Re: Bank of America--Warning

Business is business.
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