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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


AverageJoesCredit wrote:
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?

Good point. It'd have made sense for them to CLD the $50k one; the $8k and $5k cards could have been left as-is.

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.
Community Leader
Valued Contributor

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


alottacards wrote:

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.  


This was our experience, but with Chase and Citi.  We kept up with payments but were treading water for a decade because of it the vicious CLD/RJ making other cards do the same.  Fortunately our other creditors "only" rate jacked.  At least they've both come around somewhat in the past year or so as our util went under 30%, but it always irked me seeing my wife's credit reports and seeing for example Chase limit $5,000, high balance $27,000.  I still have a suspicion that something else is going on that OP may not be aware of with the reports.


$500k+ club. | FICO 08 [Oct 2017]: EQ 746 EX 738 TU 733 | World's worst gardener.
Established Contributor

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


AverageJoesCredit wrote:
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?

I agree 100%. BOA obviously doesn't value a long banking relationship. 

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!
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


lmbo, 

 

That's funny right there

 

The mods would say "not on topic" as they chuckle to themselves though

New Contributor

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

 

I have fired off some emails to the office of the C.E.O.

 

Hopefully I get to speak to someone that can assist me further.

 

There has been no change to my credit reports.

 

I have nothing negative reporting.

 

My scores are well over 720 across the board.

 

 

 

 

 

 

 

 

 

Established Contributor

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

I sometimes think that credit card co are just looking for a problem for their solution.
Established Contributor

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

Btw ones  they closed my accounts I was on a kind of internal blacklist anytime I was trying to  reapply after they closed my 4 cc the app was on review and was transferred to that lady who closed my accounts I guess she's was a credit analyst

 

10 years later I would never open a Bofa again total waste of time 

Established Contributor

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


rmm140 wrote:

AverageJoesCredit wrote:
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?

I agree 100%. BOA obviously doesn't value a long banking relationship. 


At least as far as credit cards go, maybe. I've had a checking account with them for some 35 years now; it goes all the way back to when the Northern Virginia bank I had a checking account with was acquired by Sovran Bank in the early 1980's; Sovran merged with NCNB in 1991 to form Nationsbank, and then in 1998 they bought BankAmerica Corporation and took on the Bank of America name, so my checks and debit cards have had "Bank of America" on them for 19 years now, give or take a few months. That longevity is a key reason why I've been considering trying for a Visa with BoA in the fall, but against that was, first, the fact that I had to burn them on a second mortgage in my 2014 BK, and now, the news of actions like this.

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


naptime wrote:

 

I have fired off some emails to the office of the C.E.O.

 

Hopefully I get to speak to someone that can assist me further.

 

There has been no change to my credit reports.

 

I have nothing negative reporting.

 

My scores are well over 720 across the board.

 

 

 

 

 

 

 

 

 


Good. There's also a thread on here somewhere - I think it's stickied, and if not, it should be - with phone numbers for the various banks' Credit Solutions departments and Executive Offices.

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

I was always wondering PenFed and nfcu is better in this cases ?