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New Member
drod360
Posts: 5
Registered: ‎05-19-2008

BofA decreased my credit limit! - Is this right?

So I received a call from a BofA rep. a couple days ago and they just wanted to update my account and to review it. They asked me some questions about current employment and income and all that. I have had my BofA card for 3 years now and the limit was $15k, at the time of there call I had aprox. $7800 on the card.
 
After they reviewed the account for about 10 minutes, they came back and said that my credit limit was being reduced from $15k to $8k! The rep. said that I needed to work on paying down my other credit card balances (non BofA) and she said thanks for the call!
 
I have never been 30 days late on anything in my life! Yes I have 3 cards that are near the limit because I just moved and have charged everything on these cards to get all of the cash back and points!
 
I have good credit with a 680 mid score and have never had a BK or ever missed any payments in my 14 years of having credit.
 
Anyone have any suggestions on what I can do?
 
I am half tempted to transfer this balance to another account or pay it off full next month and than call BofA and let them know my feelings about this and cancel my card and never go back to them for anything!
Regular Contributor
Soviyana
Posts: 156
Registered: ‎02-14-2008

Re: BofA decreased my credit limit! - Is this right?



drod360 wrote:
So I received a call from a BofA rep. a couple days ago and they just wanted to update my account and to review it. They asked me some questions about current employment and income and all that. I have had my BofA card for 3 years now and the limit was $15k, at the time of there call I had aprox. $7800 on the card.
 
After they reviewed the account for about 10 minutes, they came back and said that my credit limit was being reduced from $15k to $8k! The rep. said that I needed to work on paying down my other credit card balances (non BofA) and she said thanks for the call!
 
I have never been 30 days late on anything in my life! Yes I have 3 cards that are near the limit because I just moved and have charged everything on these cards to get all of the cash back and points!
 
I have good credit with a 680 mid score and have never had a BK or ever missed any payments in my 14 years of having credit.
 
Anyone have any suggestions on what I can do?
 
I am half tempted to transfer this balance to another account or pay it off full next month and than call BofA and let them know my feelings about this and cancel my card and never go back to them for anything!


Noooooooooooooo!  See.... It's this whole thing again NOT of "use it or lose it" -- it's "Use it and lose it".   I don't know if it's 'right'... certainly know it's not 'fair'... but also know it *is*  all legal and in their Terms of Use.  (that whole 'give us your first born child' small print).
 
As far as what to do about it... maybe use the Recon line and make your case.  Let them know they're about to lose you as a customer, and that you'll no longer recommend them to others.  I've not (yet) had that happen to me, so I can't speak from personal experience, but that seems like the most logical next step. Anyone, anyone?
 
Best of luck, and please let us know what happens!
Sovi

>>>Get Credit when you don't need it, so you have it when you do.

Regular Contributor
MsMS
Posts: 195
Registered: ‎11-12-2007

Re: BofA decreased my credit limit! - Is this right?

If you can BT the balance to another card or pay it off, I would be inclined to do that.  Don't close it immediately; just show them that you don't need them.  Sockdrawer the card for a couple months.  There are all sorts of other credit cards that want your business.  I would also make large payments if possible to the other CC's, to drop your util. and show BoA how stupid they were to mess with a good and well-paying customer...
 
-MsMS
New Member
tallulahjones
Posts: 4
Registered: ‎05-08-2008

Re: BofA decreased my credit limit! - Is this right?

Same thing happened to me. I had no balance on 2 Bof A cards and had been paying down everything else for 3 years (no usage just paydown) and had received CLI in late '06 from BofA that I didn't ask for. Then I got pregnant and we have no insurance. I used 70% of each BofA card towards maternity/delivery costs and doubled paydown plan. Within 2 months of having my son not only did BofA lower my CL they even closed one of the cards. When I called they said that's just the way it works. With my increased uti. BofA decided that I wasn't a good customer. Seems strange that they give me a CLI and seem to want me to use them and when I do (to have a child not buy a swimsuit) they decide they've changed their mind. I've never had a late payment and always pay more than minimum, unfortunately it doesn't seem to matter with them. I use them as my regular bank too. 
 
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: BofA decreased my credit limit! - Is this right?

BoA is the bank most likely to UD on you.
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007

Re: BofA decreased my credit limit! - Is this right?

My suggestion, apply for other cards and increase your available credit. That will reduce the overall util. You can also look into doing a balance transfer to 2-3 new accounts and reduce the individual card util. Now with so many companies that are offering 0% APR and No AF, you should be able to get good offers. What is your scores?
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: BofA decreased my credit limit! - Is this right?

This is something that everyone (not just BofA customers) need to keep in mind when they are planning a move or something else that means high CC util. Get some CLI's first, and maybe a new card, and keep on top of the util.

OP, I'm sorry to hear that happened to you! Are you able to pay down any of those other cards quickly? I would also call BofA and talk to a credit analyst to try to determine if they really will raise your CL back up once you pay down the others.

I'm not optimistic about your being able to get another card right now. It sounds like all of your cards will report as maxed out, and that will scare off most CCC's.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: BofA decreased my credit limit! - Is this right?

I wonder if calling a CCC prior to increasing your balance a lot and giving them an idea when you would pay it off or at least down would help to mitigate this problem.
09/12/2013 FICO: EQ: 772 EX:813 TU:752
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008

Re: BofA decreased my credit limit! - Is this right?

Be careful.  If you call your other credit cards to ask for CLI's and such they will see that this card lowered your limit and they might be inclined to do the same.
 
This is happening to my sister's boyfriend.  One card lowered his CLI and two other followed....with the economy going down hill if they see you aren't using your limits wisely they will reduce them....
 
If you have an existing account with the available limit I would move it.  Keep the trade line open forever just don't use it.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Frequent Contributor
sankofa
Posts: 374
Registered: ‎04-03-2007

Re: BofA decreased my credit limit! - Is this right?



drod360 wrote:
So I received a call from a BofA rep. a couple days ago and they just wanted to update my account and to review it. They asked me some questions about current employment and income and all that. I have had my BofA card for 3 years now and the limit was $15k, at the time of there call I had aprox. $7800 on the card.
 
After they reviewed the account for about 10 minutes, they came back and said that my credit limit was being reduced from $15k to $8k! The rep. said that I needed to work on paying down my other credit card balances (non BofA) and she said thanks for the call!
 
 
Anyone have any suggestions on what I can do?
 
I am half tempted to transfer this balance to another account or pay it off full next month and than call BofA and let them know my feelings about this and cancel my card and never go back to them for anything!


 
I would run not walk to the nearest card that has credit available to transfer that Bank of America  balance.  10 minutes is all you are worth after being a devoted credit card customer and never late?  That was a hefty decrease!! 
 
I would show them, like another poster stated, that you don't need them and they have lost a valuable customer.  I really think if some of the CEOs could listen to the decisions some of their CRS are making, they would see why people have a mistrust of credit card companies in general and also why they lose good customers. 
 
I once asked them (Bank of America)  for a $600 credit line increase and they refused me LOL and then granted me a  $1,000 credit increase on a card that didn't need an increase.  With my feelings being hurt because I wasn't granted the $600 CLI to fix my debt to ratio problem, I transferred my balance to another card which turned out to be a better choice in terms of credit line increases and rewards that came by me transferring that balance.
 
Good luck!
 
Sandy
 
 


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