05-01-2009 04:24 AM - edited 05-01-2009 04:48 AM
Well, just thought after all the bad news on CLD's from BoA everyone would like a success story.
My brother recently got a CLD from BoA, cutting his CL in half. I thought it was $14k to $7k, but learned it was $12k to $6k.
Anyway, I recommended he call the Backdoor number credit analyst and talk to them about it. Finally after a week and several suggestions by me, he called yesterday at my office so that I could listen in. So I got to hear the conversation first hand.
At first he was getting nowhere. He asked about the CLD and why. The analyst at first said he wasn't utilizing his CL so it was adjusted. My brother corrected the analyst and provided examples of use on several occassions for substantial charges/use, then PIF at statement.
So the analyst said, well it looks like the underlying reason is your BK in 2000. The analyst said, "there is nothing I can do about this at this time. We can review your account again in 6 months to see if you qualify for a CLI."
My brother said "what? I've had this CC since 2006 and it was opened with $10k. My BK was there at the time of application and was 3 years new then than now. Plus you gave me a $2k CL just over a year ago from $10k to $12k. My BK was there then too. Plus BoA pre-approved me for a home mortgage last year!"
The analyst then asked, "tell me what was going on in 2000 and why you went BK." My brother explained he had unwittingly allowed himself to sign personal guarantees for a company that he was helping a friend with, which later went under with substantial liabilities.
The analyst then said, "well it looks like you included a $20k LOC with BoA in your BK." My brother hit the ceiling. "What are you talking about? I've never had a LOC with BoA prior to my existing accounts. I want a copy of the documents on this LOC to review."
The analyst said "I can't provide a copy of that to you because of credit privacy.' He said, "you just said it was my LOC or something I had responsibility for in my BK, how can it be private from me then!!!!!"
The analyst said "let me speak to my manager." After about 10 minutes on hold, the analyst came back and said, "I am restoring your CL to $12k, it should be available within 3-4 hours."
My brother and I were quite surprised by the abrupt 180 degree turn around on the decision and full restoration after the initial static and "there's nothing we can do at this time."
So, it wasn't initially warm and fuzzy, but he got his CL back after about 30 minutes on the Backdoor analyst number and not just accepting there initial answer and making them backup their stories on why CLD.
05-01-2009 04:35 AM
05-01-2009 04:36 AM
Good to here that story txjohn. I'm glad he got it back.
I guess we both got brothers who won yesterday since mine had his CC reopened by PenFed.
Persistance can pay off in some cases.
05-01-2009 07:11 AM
wow, congrats to your bro, he's lucky to have a knowledge guru like you for guidance, etc. that one read like a page turner
i don't think i'll have the stomach for it with boa at sixes and sevens if/when they chop my line. superlative work- bravo!!
05-01-2009 10:21 AM
05-07-2009 09:09 PM
05-07-2009 10:29 PM
i applaud the OPs bro's persistence which in this case appears to have really paid off for him.
however, there's a big difference between picking your battles wisely and being afraid. for some of us it is simply not worth the time or effort to plead their case to a sputtering ccc.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.