Cancelling BoA CC & LOC

Anonymous · ‎10-30-2009

I am canceling my B of A credit card and line of credit. They arbitrarily cut my credit by $20K just as I was financing a house. This, even though before I retired I ran over $2M a year through Bank of America. "Best and brightest"... right! It took me a few months to clear balances, and I am writing to all three credit bureaus pleading my case in advance. But I am tired of being serf to the Bonus Boy nobility, and B of A is a big time bail out abuser anyway. They just initiated a fee for paying off your monthly balance to add to their excessive annual, late and over limit fees. I am willing to risk the FICO hit to bail on these smarty-pants ingrates.

Message Edited by LilMirth on 10-31-2009 06:52 AM

creditwherecreditisdue · ‎10-30-2009

MrJim wrote:
I am canceling my B of A credit card and line of credit. They arbitrarily cut my credit by $20K just as I was financing a house. This, even though before I retired I ran over $2M a year through Bank of America. "Best and brightest"... right! It took me a few months to clear balances, and I am writing to all three credit bureaus pleading my case in advance. What case? But I am tired of being serf to the Bonus Boy nobility, and B of A is a big time bail out abuser anyway. They just initiated a fee for paying off your monthly balance to add to their excessive annual, late and over limit fees. What are you talking about? Have you actually been assessed any of these fees? I am willing to risk the FICO hit to bail on these smarty-pants ingrates.

Welcome to the forums!

Cutting off your nose to spite your face is never a good idea. Best to reconsider your closure plans.

BTW - Good idea to open your own thread for this rather than going for a total TJ!

Anonymous · ‎10-31-2009

Hi MrJim! Welcome aboard!

MrJim wrote:
I am canceling my B of A credit card and line of credit. They arbitrarily cut my credit by $20K just as I was financing a house. This, even though before I retired I ran over $2M a year through Bank of America. "Best and brightest"... right! It took me a few months to clear balances, and I am writing to all three credit bureaus pleading my case in advance. But I am tired of being serf to the Bonus Boy nobility, and B of A is a big time bail out abuser anyway. They just initiated a fee for paying off your monthly balance to add to their excessive annual, late and over limit fees. I am willing to risk the FICO hit to bail on these smarty-pants ingrates.

When did you receive notification of BoA adding a fee for PIFing? Or, do you mean that you still incurred finance charges after you PIF'd, after carrying a balance?

Anonymous · ‎10-31-2009

@Anonymous wrote:
I am canceling my B of A credit card and line of credit. They arbitrarily cut my credit by $20K just as I was financing a house. This, even though before I retired I ran over $2M a year through Bank of America. "Best and brightest"... right! It took me a few months to clear balances, and I am writing to all three credit bureaus pleading my case in advance. But I am tired of being serf to the Bonus Boy nobility, and B of A is a big time bail out abuser anyway. They just initiated a fee for paying off your monthly balance to add to their excessive annual, late and over limit fees. I am willing to risk the FICO hit to bail on these smarty-pants ingrates.
Message Edited by LilMirth on 10-31-2009 06:52 AM

I'm not aware of any states which allow a credit card to charge a fee for paying off a balance. If you received notice of this, I would speak to your Consumer Protection Division of the the State Attorney General's office, plus file a BBB, even if you cancel the accounts.