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Senior Contributor
Ron1
Posts: 4,619
Registered: ‎05-23-2009

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

I use it for something small (like buying a soda) to keep it open.  IMO, BofA is one of the worst bank. It is not worth to keep it. They can close or CLD or downgrade your card.

 

 

Ron.

Regular Contributor
CK_Charles_Lover
Posts: 248
Registered: ‎09-02-2011

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

I would call credit analyst and tell them that you use it a Christmas a lot or something along those lines, and you were planning on using it again heavily this holiday season, just see if they will reconsider. If not replace them with a shiny new card. 

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Member
monkeybutt
Posts: 21
Registered: ‎08-22-2011

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

We understand that blocking the account may seem like a bold action. However, this will ensure that your payments will not reach a point where you cannot make them, and help give you the opportunity to pay things down on your account - without fear of adding more to your balance. Once you have paid down the balance, please contact us back so we can re-evaluate the decision to close the account. We would definitely like to hear back from you to see if we can reactivate your account in the future.

 

I have had a zero balance on this card for a very long time. 

I called customer service right now.  They are saying something completely different.  My account was closed due to serious delinquencies found in my credit report not related to this account.  My CR is clean. 

 

What is wrong with BoA?

Moderator
Revelate
Posts: 8,138
Registered: ‎12-30-2011

Re: BoA cancelled my Visa due to inactivity of less than 1 year?


monkeybutt wrote:

We understand that blocking the account may seem like a bold action. However, this will ensure that your payments will not reach a point where you cannot make them, and help give you the opportunity to pay things down on your account - without fear of adding more to your balance. Once you have paid down the balance, please contact us back so we can re-evaluate the decision to close the account. We would definitely like to hear back from you to see if we can reactivate your account in the future.

 

I have had a zero balance on this card for a very long time. 

I called customer service right now.  They are saying something completely different.  My account was closed due to serious delinquencies found in my credit report not related to this account.  My CR is clean. 

 

What is wrong with BoA?


Ask them what report they pulled, then go burn your annualcreditreport.com one for tha tbureau and compare with them on the phone.

 

I don't think there's anything "wrong" with them besides a possible mix-up.  Sometimes there are errors in the machine, butFWIW most lenders would close an account with six months inactivity on it.  If you're not using the card, the only possible rationale is for FICO purposes, and banks don't agree with that rationale.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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Member
monkeybutt
Posts: 21
Registered: ‎08-22-2011

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

[ Edited ]

I just ordered reports from all 3 bureaus and 0 issues.  Excellent credit all-around.

 

Keep in mind, the rep online stated I had a serious negative balance on my card which is the reason for the card being closed.  The rep on the phone stated I had credit issues not related to BoA and that's the reason the card was closed.

 

Wow.

Contributor
surfnspy
Posts: 84
Registered: ‎06-17-2012

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

Say what?!


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Contributor
A_Madel
Posts: 92
Registered: ‎06-16-2012

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

Oh my. That's very disturbing. They are also my oldest trade. I guess I'll have to use them against my will. I can only hope they don't pull that with me. Nothing with them is safe apparently ..... So, they just "made up" a reason? And there's no recourse? Digusted.

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Super Contributor
CS800
Posts: 6,546
Registered: ‎04-07-2008

Re: BoA cancelled my Visa due to inactivity of less than 1 year?

Go to starbucks and buy a a coffee on it.

 

This way you can make the min payment twice so it will show payments for two months :smileywink:




Super Contributor
CS800
Posts: 6,546
Registered: ‎04-07-2008

Re: BoA cancelled my Visa due to inactivity of less than 1 year?


A_Madel wrote:

Oh my. That's very disturbing. They are also my oldest trade. I guess I'll have to use them against my will. I can only hope they don't pull that with me. Nothing with them is safe apparently ..... So, they just "made up" a reason? And there's no recourse? Digusted.


As harsh as it seems, banks do have some $$ too so any credit extended that's not making them some kind of $$ doesnt look good.

 




Moderator
Revelate
Posts: 8,138
Registered: ‎12-30-2011

Re: BoA cancelled my Visa due to inactivity of less than 1 year?


CS800 wrote:

A_Madel wrote:

Oh my. That's very disturbing. They are also my oldest trade. I guess I'll have to use them against my will. I can only hope they don't pull that with me. Nothing with them is safe apparently ..... So, they just "made up" a reason? And there's no recourse? Digusted.


As harsh as it seems, banks do have some $$ too so any credit extended that's not making them some kind of $$ doesnt look good.

 


It's worse than that. 

 

Their credit extended has to be countered by their financial reserve: so in this case, they're tying up money on a customer who isn't making them any money, instead of going out and getting a different one who will.  Also they can't invest it in pretty much anything more profitable, so it's pretty much lost income all the way around for the bank.  Bad mojo, and worse math: any lender will close the card or otherwise CLD it and go utilize that resource somewhere else.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 703, TU 708, EX 702* (05/30/14, EX older)
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