BoA Closed Both of my Cards!

[taxi818]

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@ExplicitElicit wrote:

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@Anonymous wrote:

This makes me feel a lot better!! So I can just keep paying them $100 or so a month and it will not go to collections if not paid in 30 days?

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You still need to make your monthly payment with them as you were before, you just cannot charge anything else to those account. I would call the number they provided you and DOUBLE CHECK that your original minimum payment is still fine just to be on the safe side. Also verify with them the reason for closing the account, just to make sure it's not fraud!

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+1

[Anonymous]

Yes I did have the cards close to maxed, but I was still in my 0% APR period and was going to make a large chunk of change towards it when the promotion was over. The reason for 100 point drop is clear! They closed my accounts and FICO is viewing them differently somehow. Just not sure how they are scored. I think I read somwhere that it considers them 100% maxed if they are closed. It also probably hit my AAoA as well.

I've read a lot of threads where they won't seem to budge on reopening accounts like this. Part of me wants to call them and let them know I have the cash in the bank to pay, but if they want to be like that, I'll keep my business with NFCU.

[coldnmn]

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@Anonymous wrote:

This makes me feel a lot better!! So I can just keep paying them $100 or so a month and it will not go to collections if not paid in 30 days?

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As long as you make at least min payment nothing to worry about as far as collections. Good Luck with your credit journey! It's all a learning process learning from our mistakes and choices and moving forward stronger because of it.

[taxi818]

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@Anonymous wrote:

Yes I did have the cards close to maxed, but I was still in my 0% APR period and was going to make a large chunk of change towards it when the promotion was over. The reason for 100 point drop is clear! They closed my accounts and FICO is viewing them differently somehow. Just not sure how they are scored. I think I read somwhere that it considers them 100% maxed if they are closed. It also probably hit my AAoA as well.

I've read a lot of threads where they won't seem to budge on reopening accounts like this. Part of me wants to call them and let them know I have the cash in the bank to pay, but if they want to be like that, I'll keep my business with NFCU.

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The problem is not limited to one lender. Others may follow when they see drop. Including nfcu. That's why you need to stop this wildfire. Pay. If you can. Maybe they reopen. Just explain you were in 0apr timeframe. And thought It was ok. Hmmm 

[ExplicitElicit]

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@taxi818 wrote:

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@Anonymous wrote:

Yes I did have the cards close to maxed, but I was still in my 0% APR period and was going to make a large chunk of change towards it when the promotion was over. The reason for 100 point drop is clear! They closed my accounts and FICO is viewing them differently somehow. Just not sure how they are scored. I think I read somwhere that it considers them 100% maxed if they are closed. It also probably hit my AAoA as well.

I've read a lot of threads where they won't seem to budge on reopening accounts like this. Part of me wants to call them and let them know I have the cash in the bank to pay, but if they want to be like that, I'll keep my business with NFCU.

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The problem is not limited to one lender. Others may follow when they see drop. Including nfcu. That's why you need to stop this wildfire. Pay. If you can. Maybe they reopen. Just explain you were in 0apr timeframe. And thought It was ok. Hmmm 

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+1 - Other lenders often SP and if they see that they could get worried as well. Best of luck!

[Anonymous]

None of this makes any sense. Barclays...YES YOU READ THAT RIGHT...gave me a CLI of $1,000.00 this morning. If anyone is going to be spooked, it'd be Barclays. It's not like I have bad credit, they must have gotten upset I kept a high balance.

[coldnmn]

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@ExplicitElicit wrote:

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@taxi818 wrote:

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@Anonymous wrote:

Yes I did have the cards close to maxed, but I was still in my 0% APR period and was going to make a large chunk of change towards it when the promotion was over. The reason for 100 point drop is clear! They closed my accounts and FICO is viewing them differently somehow. Just not sure how they are scored. I think I read somwhere that it considers them 100% maxed if they are closed. It also probably hit my AAoA as well.

I've read a lot of threads where they won't seem to budge on reopening accounts like this. Part of me wants to call them and let them know I have the cash in the bank to pay, but if they want to be like that, I'll keep my business with NFCU.

---

The problem is not limited to one lender. Others may follow when they see drop. Including nfcu. That's why you need to stop this wildfire. Pay. If you can. Maybe they reopen. Just explain you were in 0apr timeframe. And thought It was ok. Hmmm 

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+1 - Other lenders often SP and if they see that they could get worried as well. Best of luck!

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+2 Very possible.

[Luscher]

The only reason your score would have dropped 100 points is if util sky rocketed or you have a new baddie reported. The closing of 2 cards will not drop your score since they will continue to report for up to 10 years. Call BOA tomorrow and pull your reports to see if they are reporting something bad.

[taxi818]

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@Anonymous wrote:

None of this makes any sense. Barclays...YES YOU READ THAT RIGHT...gave me a CLI of $1,000.00 this morning. If anyone is going to be spooked, it'd be Barclays. It's not like I have bad credit, they must have gotten upset I kept a high balance.

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Yes. That will do it as well. It's all about risk to bank. And your score alone is not only factor. Boa. Not barclays. Feel you are too risky if you continue to carry extreme high balance. 

[gh17]

Almost surely they closed because you were maxed out and only making minimum payments.

Even if you want to take advantage of 0% offers, I'd recommend against maxing out or even getting close to it.  And I'd make larger than the minimum payment each month (especially if you're close to your max limit).

What I'd do now is pay a decent portion of it down if you can so that you don't scare your other lenders.  You don't have to pay the whole thing, but I'd at least get it under 75% or so.

Also call Bank of America immediately and verify the payment terms, minimum payment, interest (i.e. will it still be 0% or are there terms somewhere that say if the account is closed the interest rate changes or something), etc.