Reply
New Member
Posts: 2
Registered: ‎07-28-2009
0

Cancelling BoA CC & LOC

[ Edited ]
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
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: 1st Month Juggling 11 Credit Cards A Success...All Paid!


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"... rightIt 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!

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Cancelling BoA CC & LOC

Hi MrJim! Welcome aboard! Smiley Happy

 


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?

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Highlighted
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Cancelling BoA CC & LOC


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. 
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.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.