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New Contributor
Posts: 57
Registered: ‎02-23-2010
0 Kudos

Bank of America just closed $63K of my credit cards

I had 3 cards total from BOA with limits of $50,000, $8,000 & $5,000.

 

None with ballances as I just completed paying off the $50k card yeasterday.

 

I go on to my accounts page today and they are all gone.

 

When I called I was told by the rep that I was a "high risk" customer.

 

What does that even mean?

 

I have an over 20 year credit history with not so much as 1 late payment.

 

I have many other credit cards from different issuers a mortgage and car loans/ leases. 

 

My question is has anyone else had a similar situation with BOA?

 

And if so were you able to get the cards re opened?

 

I appreciate any assistance 

 

Thanks 

Established Contributor
Posts: 914
Registered: ‎10-02-2015

Re: Bank of America just closed $63K of my credit cards

What was the balance you just paid off, how long was it carried, and what were the monthly payments?  Also what is your overall utilization on your reports?

Valued Contributor
Posts: 1,284
Registered: ‎01-19-2015

Re: Bank of America just closed $63K of my credit cards

So sorry to hear this. When they said you were high risk, did you ask them what that meant..if so what did they say..?

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Super Contributor
Posts: 15,198
Registered: ‎04-22-2013

Re: Bank of America just closed $63K of my credit cards

Was it a normal CSR you spoke to, or one is some special group?  If the former, I would wait a few days to see if either the accounts reappear (i.e. it was just a glitch) or you receive a letter explaining the closure.  It's just that in most cases a normal CSR wouldn't have visibility into reasons for closure if it was for "bad actor" reasons.   

New Contributor
Posts: 57
Registered: ‎02-23-2010

Re: Bank of America just closed $63K of my credit cards

[ Edited ]

I paid of $45K in the las 4 weeks. the ballance was carried for about 9 Months

 

The Monthly payments were $1,500

 

I have many high dollar ammount cards that I use / payoff sometimes taking several Months.

 

Point is it was never an issue before today. 

 

 

 

Super Contributor
Posts: 6,305
Registered: ‎02-24-2015

Re: Bank of America just closed $63K of my credit cards


naptime wrote:

I had 3 cards total from BOA with limits of $50,000, $8,000 & $5,000.

 

None with ballances as I just completed paying off the $50k card yeasterday.

 

I go on to my accounts page today and they are all gone.

 

When I called I was told by the rep that I was a "high risk" customer.

 

What does that even mean?

 

I have an over 20 year credit history with not so much as 1 late payment.

 

I have many other credit cards from different issuers a mortgage and car loans/ leases. 

 

My question is has anyone else had a similar situation with BOA?

 

And if so were you able to get the cards re opened?

 

I appreciate any assistance 

 

Thanks 


That is outrageous.


FICO8 EQ 736 TU 743 EX 733 FICO5 EQ 707 Total revolving 422500
Super Contributor
Posts: 15,198
Registered: ‎04-22-2013

Re: Bank of America just closed $63K of my credit cards


naptime wrote:

I paid of $45K in the las 4 weeks.

 

The Monthly payments were $1,500

 

I have many high dollar ammount cards that I use / payoff somnetimes taking several Months 

 

 

 


OK, that sounds more like just "too risky in current environment" stuff, large balances being paid over time which they don't want to see.

New Contributor
Posts: 57
Registered: ‎02-23-2010

Re: Bank of America just closed $63K of my credit cards

 

I utilize the credit afforded to me and then pay it down/off and thats what they dont want to see?

 

what do the want me to do make $10 purchases on a $50k card and hold a ballance?

 

 

Established Contributor
Posts: 914
Registered: ‎10-02-2015
0 Kudos

Re: Bank of America just closed $63K of my credit cards

What's overall utilization on your reports? 

New Contributor
Posts: 57
Registered: ‎02-23-2010

Re: Bank of America just closed $63K of my credit cards

[ Edited ]

 

It was alittle over 25% but now with that large of a credit limit closure it screws everything up 

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