BoA Closed Both of my Cards!

[FinStar]

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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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Regardless if you had the intro period, maxing out a lender is never a good outcome.  This can lead to a potential domino effect with other lenders if during their routine account reviews see that not only has your score dramatically changed but show that two accounts have been closed by BofA with very high balances relative to their CLs.

[wacdenney]

Just call them. 

[FinStar]

What is your utilization accross the board for all CC's?  Loans?

[jamesdwi]

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@Anonymous wrote:

So I get a message from Experian and Equifax with a 100 point drop! I'm looking and looking trying to figure out what's going on, and BoA has marked my accounts as closed!

One is for 2K and the other 7.5K. I got them about 10 months ago and setup auto payment for the minimum amount. Never missed anything. I was given a number to call tomorrow for the reason. I'm super pis**** right now!

Anyone else have this happen?

Also, how do they generally handle repayment? Are they going to want the 9.5K from me right now or can I pay it over time like I would have if they just left it open?

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connecting some of the dots, 2 cards both near maxed out, OP got a message that his score droped 100pts,  and he recently applied for a barclays card and was granted, barclays is notrious for fast reporting of the card, so BOA closed the account and it reported, now the cards with 95% UTL are now reporting with extremely high balance/UTL not exactly sure how reporting angencies report  7.5k balance / 0 CL, and that is how they are reporting, then you can tack on a new INQ and possibly a new TL all together now screams "desperate for credit"  I wouldn't be surprised if barclays shuts down the new card after the first time they SP your account.  

Just a pro-tip yes they gave you 0 percent interest for X months, its wise not to max out the card  during the honeymoon period and then pay only minimum payments as well.  Yes you can use the 0 percent interest rate but don't use it over 85%, less depending on the lender, and always pay more than the minimum payment.  

And it possible that BoA saw the new INQ and freaked out and shut down the cards. 

"Do you know, Richard, thatit's the weight of one flake of snow that is one too many, and causes an avalanche? Without that one, last flake, the catastrophe would not happen."  Terry Goodkind

[Anonymous]

Damn, this scared me. Because I maxed out all 3 chase cards that I just recently opened with them. I think I'm gonna make big payments as much as I can to them and freeze all my credit to prevent this.

[jamesdwi]

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@Anonymous wrote:

Damn, this scared me. Because I maxed out all 3 chase cards that I just recently opened with them. I think I'm gonna make big payments as much as I can to them and freeze all my credit to prevent this.

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do your best to get them under 85% so they don't appear to be maxed out. Credit companies like hard use, just as long as your pay  more than the minimum and limit it to their cards, don't max all of your cards. Hard use, and carry a balance is good for the companies bottom line just don't scare them by paying only the minimum and then

apply for more cards. 

[Anonymous]

There is no new Barclay card! I've had it since my BoA cards. They gave me an INCREASE to what I already had. That was this morning.

[Anonymous]

Sounds like BoA covering themselves against a potential c/o

[longtimelurker]

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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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I assume the order is "cards closed, then drop".  This is simply caused by the $9.5K CL no longer being available, as the cards are closed, but the full balance is still part of your utilization, so now overall your utilization will have gone up a lot, if $10K is a big fraction of your credit limit

[Anonymous]

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@Luscher wrote:
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.

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Extending on this, does no one else find it very strange that the OP's score dropped 100 points just by the closing of two TLs totalling $9.5K out of their total 46K?