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

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naptime
Contributor

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 

Message 1 of 170
169 REPLIES 169
Anonymous
Not applicable

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?

Message 2 of 170
Anonymous
Not applicable

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..?

Message 3 of 170
longtimelurker
Epic Contributor

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.   

Message 4 of 170
naptime
Contributor

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

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. 

 

 

 

Message 5 of 170
SouthJamaica
Mega Contributor

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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 170
longtimelurker
Epic Contributor

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.

Message 7 of 170
naptime
Contributor

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?

 

 

Message 8 of 170
Anonymous
Not applicable

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

What's overall utilization on your reports? 

Message 9 of 170
naptime
Contributor

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

 

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

Message 10 of 170
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