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Hey Naptime....
So sorry to hear that. However...I can tell you from personal experience.....that when you place large balances on high limit cards...more often than not...they look to have same pif within a short period of time.
Don't sweat it though.....their loss.
Be well
Gregg
I understand but I would say paying off $45k in 9 Months is a short period of time.
The thing is this type of stuff messes with your score because of utilization.
I have been an awesome customer and this should never have been done.
Hmm. Something must have spooked them, not sure we'll see what others have to say. But I recommend Penfed and Navyfed if you aren't in either of those, you can get your nice large limits back with them and they won't take it from you.
Hey Naptime...
I absolutely understand your frustration..trust me. As sad as it it..we r only as good as our last payment, purchase, etc with these creditors...20 years or 20 months. Right now, believe it or not, we are in a very risky economic environment....very unstable (market overvaluation...remember 2007)...so...banks, especially TARP institutions, may look upon certain situations differently than others. Where 9 months may not be a "short time" with Citi, with BOA it my be an eternity.
I feel your disgust.....dont let it rent space in your head. Ive been there..done that.
Gregg
That seems very strange. We've carried and paid off massive balances time and time again for about 15 years with BOA and they've just kept giving us CLIs and all 3 of our cards have always had continuous 0%/1.99% BT offers. In fact, I would say that we've used BOA cards solely for BTs for at least 12 years without a single purchase.
Is there anything else going on in your reports that would spook them? Have you looked at recent credit reports to make sure nothing is reporting that isn't yours (wrong person or even worse, someone opening accounts in your name)? How is your income in relation to the amount of credit they extended you?
@naptime wrote:@Anonymous
I understand but I would say paying off $45k in 9 Months is a short period of time.
The thing is this type of stuff messes with your score because of utilization.
I have been an awesome customer and this should never have been done.
Sorry, but they decide the awesomeness, not you, and they have decided otherwise. Depending on economic conditions, banks will sometimes emphasize reducing perceived risk over the potential for profits (the usual: ten years of profit from swipe fees and interest charges can be undone by a chargeoff) In these environments, you get no extra points for a perfect payment history, that is "expected" as part of the agreement.
yup
I am certainly following this thread, though. Please let us know if you find out anything. BOA makes up over $88k of my revolving credit and I'm currently carrying over $40k of BTs with them with plans for more late summer, so something like this would be an absolute disaster for me.
Goes to show it's not good to put all of your eggs in one basket. I personally have never done business with BOA and likely never will. Sorry this happened to you OP. It's a shame when one has that many years with a bank and they will just close all accounts with no notice.