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Epic Contributor
Posts: 23,224
Registered: ‎10-23-2007
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Bank of America at it again, big surprise.. NOT

My mom got notice today on 2 of her 3 Bank of America Accounts

Merrill Lynch CL $11400 - NOW $4000, just above current balance

Bank of America Platinum CL $17500 - NOW $5300 just above current balance

My dad last week:

Bank of America Plastinum CL $19500 - NOW $10,000 

Fico Scores: EQ- 668 DCU., TU 704 Best Buy, EX 700 Chase (2/5/15)
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
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Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: Bank of America at it again, big surprise.. NOT

Do you know what kind of useage they had on those CL's?

 

From what I can gather, those who don't use them much, or never use but a small portion of the CL are getting trimmed down.

 

 

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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
Epic Contributor
Posts: 23,224
Registered: ‎10-23-2007
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Re: Bank of America at it again, big surprise.. NOT

all 3 accounts have current BT on them, the platinum cards are 3.9 for life, the balance started at the $17500 and we have been paying them for about 2 years and they have never been charged on and the merryll use to be back up card but about 6 months ago my mom did a BT of about 5500.

What they reduced the CL's to is within $200 of current balance. 

Fico Scores: EQ- 668 DCU., TU 704 Best Buy, EX 700 Chase (2/5/15)
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
67 Cards and Counting :smileytongue:
Established Contributor
Posts: 951
Registered: ‎05-27-2009
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Re: Bank of America at it again, big surprise.. NOT

Unfortunately balance chasing has become standard practice for those that carry balances on their CCs (especially BTd balances). I consider myself lucky to be carrying a balance and not had my limit slashed at Chase, because I got balance chased at AMEX. They cut my $11,200 CL to $6,400 when I had a $4k balance.

Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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New Contributor
Posts: 62
Registered: ‎12-25-2009
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Re: Bank of America at it again, big surprise.. NOT

My wife's Discover card got the same treatment.  She had a CL of 4600 and they reduced it to $200 above

her balance. 

New Visitor
Posts: 1
Registered: ‎01-20-2010
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Re: Bank of America at it again, big surprise.. NOT

Bank of America has really gone downhill in terms of customer service. so glad i took my biz elsewhere. their are a million banks dying for your biz.  nobody needs to put with the crap of bofa.
Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
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Re: Bank of America at it again, big surprise.. NOT

[ Edited ]

beachboi21 wrote:
Bank of America has really gone downhill in terms of customer service. so glad i took my biz elsewhere. their are a million banks dying for your biz.  nobody needs to put with the crap of bofa.

The biggest problem with BOA is they have too many numbers. The CSR's will quickly xfer you to different departments that  doesn't lead to solving one's problem.     

Message Edited by DI on 01-20-2010 03:07 PM
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: Bank of America at it again, big surprise.. NOT

Fortunately they have left my CL alone.  But I use the heck out of it...often nearly maxing it, but I never let the balance ride out for very long....up to 90 days maybe then PIF.

 

 

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
Established Member
Posts: 53
Registered: ‎03-29-2009
0

Re: Bank of America at it again, big surprise.. NOT

They did the same thing to us. We paid off our balance and within a few days charged $900 on it. They cut our credit limit from $5,000 to $1,000. I've been a customer for several years, always paid on time. I just cancelled our Capitol One card because we paid it off. We are paying off BoA in March and I will be cancelling that one too ...

 

New Contributor
Posts: 71
Registered: ‎12-19-2009
0

Re: Bank of America at it again, big surprise.. NOT

Why not pay them off and leave the TL open? Closing them only hurts your FICO because it reduces your overall credit.

 


Starting Score: TU-633 EQ-625
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Goal Score: 850


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