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

Established Contributor

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

Yeah diversifying is crucial. Though OP says he has many baskets.

Established Contributor

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

OP: You might want to read the thread (just below yours) on the Chase accountholder who had something similar happen to them. As it developed, their accounts were closed for a different reason (updating income information too soon after having opened their most recent CC account) but the information in there might help you figure out what's going on. I completely understand/sympathize with your frustration about being seemingly penalized for making good your debts, but as others have said, it's the bank's prerogative to decide what constitutes responsible vs. risky behavior from their accountholders.  That being said, a recon appeal in writing to them, perhaps entailing a direct contact with their EO, might - I say again might - help.

 

This is all another data point for the supposition I've been forming, that PIF'ing may, in some circumstances - and it's hard to predict what circumstances - actually hurt you or even result in extreme things like this happening, as opposed to carrying a small-to-moderate balance and using the card actively but not excessively over a considerable period of time. CC issuers make their money by the interest they generate from their customers' balances, and as I've remarked elsewhere, issuers likely take a dim view of having their income/profits damaged by too much PIF'ing. The whole process of using and maintaining credit is a complex and delicate dance, and users need to be careful to keep up with all the steps.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Established Contributor

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

Bofa did it to me 10 years ago closed my accounts for high risk reason
Established Contributor

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

It's about time to have cc issuers that guarantees they will it cld or close your accounts only if there is negitves
Isn't the cc made to use it and to have the option to carry a balance ?
Established Contributor

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

Oh wow this is not good, I'm so sorry you have to go through this OP!
Established Contributor

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

In my experience.  Boa spooks very easy.  Back in 09 when times were getting tough and money got a little tight.  Boa was the first to start balance chasing me.  My limits back then were all in the double digits and many were in the 25k range with balances no where near maxed.  This was after 15 + years of perfect payments with nothing bad credit wise ever.  

 

Of course this led to a spiraling down effect as Amex, Chase, and others followed because my utilization spiked.  Me, not being smart and thinking, bump um, if they don't care about my history with them, I'm not gonna care either.  So I quit paying.  Have since went back and paid virtually everything back except items sold to Collection Companies.  I refuse to pay them for a multitude of reasons.  

 

I have since fixed most of the damage and have gotten cards with many of those same banks that went bad and had to be repaid.  But I'm not sure if I'll ever get a BOA card because I don't feel they can be trusted.  I know it's only business and shouldn't matter.  But it does.  

 

Just my two cents and experience

Established Contributor

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

Mine also happened after I payed a large balance they was carrying it for 3 months
They strange part they hit u and surprising u with the closing of the accounts ones u pay off the balance



I leaned that cc meant to  be used as a charge card ONLY 

Frequent Contributor

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

Durring my wedding vows I asked my ex-wife to guarantee that she would not divorce me...as long as I did nothing negative within the relationship.....

 

I didn't know that not buying her a ferrari was negative...........

 

Gregg

In my wallet: Discover (17,500) Ritz Infinite (65,500) Total Rewards Siggy (25,000) Virgin America Siggy (30,000) Citi AAdvantage Executive WEMC (42,000) Walmart MC (25,000) Amex Platinum (NPSL) Citi Prestige WEMC (45,000) US Bank (Auto Lease)

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Super Contributor

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

What surprises me most, as you were making payments etc, was why not just cld? To just up and cuttoff seems to me extreme. Ok, high risk but slways pays, well reduce the exposure not the client. Perhaps more at play here?
Established Contributor

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


GMoney2196 wrote:

Durring my wedding vows I asked my ex-wife to guarantee that she would not divorce me...as long as I did nothing negative within the relationship.....

 

I didn't know that not buying her a ferrari was negative...........

 

Gregg


Missed the fine print!

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!