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@smc733 wrote:GULP: They softed my Experian on Feb 10, and Citi softed me on the 13th... :/
My EX is good. It would have been really unusual if BOA had soft pulled my report as they've only done it once, about a month after I opened the account. smc733, do you get regular soft pulls from BOA (or Citi for that matter)? Maybe some of those who received the letter would chime in and let us know if BOA has been fishing in their reports.....
Citi rotates. They softed my EQ in October and December. BofA, this was my first soft from them in a while (since shortly after opening the acct in June), but the 10th I had also had a long drawn out debate over the phone (max limit for students is $2,500, I demanded more and got $3,500), so maybe thats it...
Okay guys, calm down.
Don't let them push you over the edge. I would just kept the accounts open and try to negotiate with BofA in the months to come. This might mean paying the AF for the first time, and telling them that you are not going to pay it again the next year. I would write them a letter or send them an email informing them of your decision to negotiate with them. I mean, you all know that this is a great card to have. If they don't agree to work with you, then the next time tell them you want to cancell the card. I would not cancel the card just yet. Wait it out. Tell BofA this is a one time courtesy! In the mean time, stop applying for new credit in the meantime or never again so when they soft you again, I would call them up and tell them you know that they are monitoring your credit reports and so are you. So, can we waived the fee this year.
Cory
mjbfan79, lovely222, and CUFINANCE -
Your letters have two things in common: the comment about balances on your CCs being too high, and a "review of your banking relationship" with B of A.
What exactly are your banking relationships with B of A? CUFINANCE, it sounds like you have a savings account with them.
As I recall, when B of A first announced a while back that they'd starting charging AFs, the cards that would be targeted were those that weren't used that much. That is, if you weren't generating enough revenue through merchant fees, then they'd go directly for your wallet. I can't remember whether they stated a specific minimum that needed to be charged in order to avoid an AF. Or maybe I'm thinking of a different CC company.
@Lel wrote:mjbfan79, lovely222, and CUFINANCE -
Your letters have two things in common: the comment about balances on your CCs being too high, and a "review of your banking relationship" with B of A.
What exactly are your banking relationships with B of A? CUFINANCE, it sounds like you have a savings account with them.
As I recall, when B of A first announced a while back that they'd starting charging AFs, the cards that would be targeted were those that weren't used that much. That is, if you weren't generating enough revenue through merchant fees, then they'd go directly for your wallet. I can't remember whether they stated a specific minimum that needed to be charged in order to avoid an AF. Or maybe I'm thinking of a different CC company.
You're thinking of Citi. Last February they said they'd start charging a $60 AF starting April 1, 2010, for cardholders that did not charge at least $2400 a year. Now I don't know if they ever went through with that...
Oh No!! My Bankamericard has the lowest APR 7.24% !
It would suck if they charge me an annual fee.. I'll probably keep my account open because it's one of my highest CL & BofA is extremely good to me when everyone was turning me down.
@Anonymous wrote:
@Lel wrote:
As I recall, when B of A first announced a while back that they'd starting charging AFs, the cards that would be targeted were those that weren't used that much. That is, if you weren't generating enough revenue through merchant fees, then they'd go directly for your wallet. I can't remember whether they stated a specific minimum that needed to be charged in order to avoid an AF. Or maybe I'm thinking of a different CC company.
You're thinking of Citi. Last February they said they'd start charging a $60 AF starting April 1, 2010, for cardholders that did not charge at least $2400 a year. Now I don't know if they ever went through with that...
Ah, I stand corrected. But I think B of A did make some sort of announcement regarding testing out AFs a while back, before the Credit CARD Act went into effect.
My Account Is Safe!!
We would like to confirm that certain cards will begin to be charged a late payment fee starting April 2011. However, we also need to inform you that your account ending in - does not meet the criteria to be charged an Annual fee, if a fee is to be assessed to your account we would notify you in advance and would also provide the option to reject such change.
I received a letter about changes and didn't bother reading it (not smart I know) so just called them. The rep I got gave me a lecture about throwing the letter away and made me want to close the account just for that.
Otherwise, she didn't see any notice going out to me, but she didn't sound 100% certain. I have the accelerated cash rewards amex. If I do get hit with an AF, I'm closing it. Just not worth it to me, I don't need the credit. And if my scores takes a 10-15 point dive due to util, so be it.