dyv8914 wrote:BofA seems to be aggressively closing down accounts lately. I'm not sure what metrics they're using to judge risk but even good customers like you are getting shafted. They suffered huge losses - $8.8 billion in one quarter alone last year - which triggered them to sell off a good chunk of their riskier long-term investments and foreign assets. After all the downsizing they are just beginning to post profits in Q1 of 2012. I think credit card accounts are next to get downsized, as evidenced by them selling off cards serviced but not issued by them this year. I'm in no way a financial expert, but these are just my thoughts on how they are dealing with their own financial troubles.
On a personal note, I found BofA customer service to be a bureaucratic nightmare when I had cards with them. Take it as a blessing in disguise that you can move on to bigger and better things!
+1
I just cannot help but think that it is going to get much worse before it gets any better.
Starting Score: EQ: 600, EX: 580, TU: 599
They closed $30,000 in lines for my wife and I this past Jan. Made us very angry... 
We still get the mail from them telling us we should be using our cards! Just got one this week. I can still log on to my account, and it shows $15k line.
I called them on this yesterday and was told my account was "suspended" and not closed. What ever that means!
Man... What a bank!
Datx wrote:Ugh...I'm really considering closing my secured card with them before they beat me to it.
Datx;
I didn't say anyone should close their account with them. Just that if they had them to be prepared for a possible "bumpy ride". Don't close your card with them until you're ready.
BoA's not going to mess with everyone (ok their employees aren't). There are way too many accounts for them all to be monitored. Considering the cardholders they have, there will be people posting about AA by them on here. Even those that have never heard of MyFico will no doubt google info once something has happened with their account and come across this forum and post about it.
Even I'm probably keeping my "mini" BoA500 with the fee just to see what happens after the sale and staff has settled down (I'd be ok if it moved to another bank though! LOL which it won't).
I just want it known people that DO NOT have BoA, should look elsewhere for now, not dump them if they need them for a purpose.
LS2982 wrote:All the negatives about BofA letely makes me want to steer clear of them when my credit file is ready for prime additions.
I'm with you LS. I have a personal checking and a business checking account with them and every time I sign in, a credit card app pops up for me. But after reading all this, I have no desire to do any credit business with them.
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