@RyVision wrote:
@Anonymous wrote:
@RyVision wrote:
@Anonymous wrote:and in 2008 your kind was the one BoA went straight to the jugular on. People with great credit ratings who had high cap credit card accounts who kept utilization low. You didn't make them the money they intended you to make them so in order to round up backing dollars during the crash they took people like you, by the tens of thousands, without a word, and cut their credit limits to just dollars above there balances and without a clue, your credit scores tanks for high credit utilization. They didn't say a word. It was disastrous to the most credit worthy of people. BoA and AMX were the two worst for taking this kind of action to save their criminal arses because they did some of the most selfish crap out there during the bubble upswing . I still wouldn't trust them as far as I could spit them. And I didn't have BoA or AMX accounts when all this happened. I'm sorry but it still makes me furious when I think about it.
CREDIT UNIONS!!!!!
+ 1000
My mother went through that stage (Chase pulled it too a much lesser extent than BoA however, but they raised rates unless you agreed to close to lock your current one in). Her scores "tanked" from 804\815 range to the 720 area ("tanked" is relative here lol, most would say she held well due to having a wide span of open credit that didn't pull the same tricks).
We recently learned BoA hasn't forgotten all their old tricks.
I hope I can join the 800 club soon! I went from 769 to 700. I consider it tanked as well. Technically went from "Excellent Credit" to merely "Good Credit" and a "Very Low" risk to "Low Risk"
Oh, here's a good one...a CSR I last spoke with told me that my account was closed "by the credit bureau" and they can't reopen the account. Uhhhh.....credit bureaus don't make decisions! Lenders do!
And to top off this menial nightmare, HSBC just closed my BestBuy Store card ($1100CL) and my RZMC ($400) - for pretty much the same reason Bank of America did.
(1) TOO MANY ACCOUNTS RECENTLY OPENED
(2) TOO MANY RECENT INQUIRIES IN LAST 12 MONTHS
This bugs me but not as much since it was unsecured credit. But honestly, such silly reasons for closure! These are perfectly good reasons on a denial letter....but not for account closure. At least in my opinion. Plus why does HSBC even care??? Another bank (cap1) is taking over the debt! I suppose just like BAC they're cleaning house.
I am scared now about my other cards being closed
- does anyone have suggestions on how I can possibly ensure my other cards stay a-ok?
First, do not apply for anything more for at least 6 months. Garden what you have now with a lot of care. (You'll no doubt see my post with the potted plant and trowel elsewhere, I saw this after I wrote that).
You're in a bit of a tough spot right now
My past experience (if you're bored):
Just before the credit crash (I think late 2006 early 2007), all the accounts I had cancelled long before fell off my report. I ended up pulling a report just before that because I got a new cell phone (different co.) and the woman looked surprised when I asked "well, did they approve me for a phone" and sort of chuckled. She responded "yes, actually they approved you for 5 lines unlimited" with a rather wide eyed look.... I asked her "um is that good?" to which she replied "well, I've never seen it before, you must have really great credit"....
So being curious I went and pulled MyFico and it came back with an EQ of 840........ That sort of surprised me, I had checked my parents and theirs was actually a bit less (about shocked me). I had read something saying you had to check your FICO score to be sure it was correct and used by lenders (I couldn't find a FICO CB, just eq, tu and ex, I finally figured it out).
THEN... the accounts fell off, an erroneous CA jumped on, I found out because I thought I might have to consider getting cards again because of the credit bubble in the news (before it hit). My score had nose dived to around 548 or something........ I got a couple HORRIBLE offers in the mail and pitched them, I had no idea what to do about a bill in collections that wasn't even mine. In late 2007 my parents added me as an AU on a Chase Sig (only it and my old closed AMEX were now reporting as well as the CA).
Then in 2008 BoA sent me a pre-approved offer for a half decent card so I took it even though I didn't trust them, turned out it wasn't even the one they offered, but a lesser one with an AF, starting CL 500$. I had tried for some other cards but been denied (I wasn't used to that many years before). I couldn't get any cards I tried for after that and soon I found out I had 19 inqs on EQ (I think eq), my score had stayed just under 600. Then I finally got a Kohls in 09, which surprised me, it was backed by Chase (ah, the AU card maybe), then Walmart store. No prime offers or approvals for a while... Then Cap 1 knocked on my mailbox..... ok, sure, why not, better than some of the offers I had gotten, 500 to start.... Was able to get BB Store Dec 2010 Plan A 900 (by that time seemed like a big improvement lol). Then Cap 1 sent another card offer, again, with the CA still showing, eh, why not LOL... Also Credit One (oops, thought it was a Cap 1). By that time I was so used to hearing how bad the credit market had tightend up I figured you had to take what you could get.
Also tried for Chase and Discover along with AMEX in spring 2011, no go
Then read that if all else fails for a CA that's not yours to contact your state attorney general. I did, the CA was gone within a week. Then the fall of 2011 scores hit 699-712 (EX MUCH lower) and get: AMEX, Discover More, NFCU (twice, 1 ind, 1 joint). Plus having several AU's going that I'm paying for what I use.
And that's some of my past CC experience LOL.
And I can tell you that INQ's are a red flag to a lot of lenders (not all mind you, it also depends on the rest of the file, the file has to be taken as a whole). New accounts freak out some lenders, high UTIL as well (my prob now for scores due to 0% offers with AU and my own cards). My scores are in the "Fair" to "good" range but I have a rather thick file and perfect payment history (with large payments on record somewhat frequently). Also AMEX gave me a small bit of my old history back when they backdated my card to 1989! (Helped).
Hope that wasn't TMI, if you got this far, you probably deserve a beer
P.S. I think I started really reading MyFico forums around mid 2010, hard to remember, I only skimmed them before, infrequently, not being really sure what to look for or where.
[EDIT]: Others posted while I typed LOL. I'm not as quick as I used to be, oops. They gave some similar advice though. If I read right, you're 21 and now have 22 cards. You really would benefit from gardening for a while, you have some great cards, that if most of them stick with you will grow with you (banks almost expect someone your age to run them up and run away if you're wondering, it takes time but show them that's not the case with you). If you add any more INQ's you'll more than likely get bad news. Rome wasn't built in a day, good credit scores and history with a thick file takes time too, it's main ingredient is time.
Thanks for the tips 
- I will definitely quit applying for quite some time. I'll maintain and hopefully keep what I have. What does AA stand for? Account Analysis? I wonder if theres a guide to all the acronyms used here.
I have no lates or baddies whatsoever. I know that less than a month late doesn't get reported, but I've actually *never* been a day late on any of my cards. My cell phone, well that's a different story. lol. As far as paying in full, well thats kinda hard. Not a whole lot coming in. While I do have enough to pay everything and still be left with a nice chunk left over, I'd like to have a good solid foundation instead. I have around $3500 in debt that I can eliminate by the end of spring. I know paying interest is dumb, but I'm honestly more likely to pay the banks back than "pay myself back" and replenish savings. Us humans are strange like that, I guess.
Wow, you've been through quite a bit. So unfair to have to "rebuild" when you've done nothing wrong. 840 to 548! for no reason! that really blows. People need to pay their bills on time. Their irresponsibility affects others!! Until changing our phone number/company we would get calls from collectors constantly just because the debtor in question had our last name...while it isn't Smith, it's not exactly uncommon either; it does comprise a couple pages in the phonebook.
I'm glad you were able to get rid of the false collection! I have no doubt you'll be able to get in the 800s again. I'm kinda scared what my fico is now. I have to wait until the TU score from Walmart gets updated next week.....nervous....
Thanks for the tips
I have no lates or baddies whatsoever. I know that less than a month late doesn't get reported, but I've actually *never* been a day late on any of my cards. My cell phone, well that's a different story. lol. As far as paying in full, well thats kinda hard. Not a whole lot coming in. While I do have enough to pay everything and still be left with a nice chunk left over, I'd like to have a good solid foundation instead. I have around $3500 in debt that I can eliminate by the end of spring. I know paying interest is dumb, but I'm honestly more likely to pay the banks back than "pay myself back" and replenish savings. Us humans are strange like that, I guess.
Wow, you've been through quite a bit. So unfair to have to "rebuild" when you've done nothing wrong. 840 to 548! for no reason! that really blows. People need to pay their bills on time. Their irresponsibility affects others!! Until changing our phone number/company we would get calls from collectors constantly just because the debtor in question had our last name...while it isn't Smith, it's not exactly uncommon either; it does comprise a couple pages in the phonebook.
I'm glad you were able to get rid of the false collection! I have no doubt you'll be able to get in the 800s again. I'm kinda scared what my fico is now. I have to wait until the TU score from Walmart gets updated next week.....nervous....
I highly doubt I'll see the 800s for some time LOL. The closer you get to 800, the steeper the climb (a long history helps immensely, I think most people with 800+ scores have around 10 + years history with thick near perfect files). I did do something wrong though without realizing it, i closed all of my accounts (HUGE mistake).
Your TU in the mid 700's is VERY good to Excellent btw. You'll see a dip when Walmart updates TU however (new accounts etc, just so you're warned).
The best thing about your nervousness about your score is it will help remind you to not apply for a while, the nice thing about it, being you have no lates etc, is your score will bounce back over time with little problem and no new apps or accounts.
AA means Adverse Action btw (like a closure, CLD=credit line decrease). There is a guide for the acronyms but I forget what it's called off hand.
ocboy, you'll probably be OK on your store cards.
WF saw all those cards and were presumably OK, but that's still no guarantee.
So as the others said (and you acknowledged), stop apping, keep everything paid off so that you won't get in a bind if something does get closed.
And next time that you go on an app spree, get something that's actually good for your overall credit and financial picture, as opposed to forty-'leven store cards. 
Good luck!
I hate them too.
Starting Score: 760
Bank of America confuses me.
I had an AU account with them April 2011,
then after I bought my house in Aug 2011
they bought my loan.
Feb 22 Amex blue approved me for 10000k,
and chase freedon for 2k,
yet the same day BoA denied me.
I have no lates, no baddies,
and I pay my mortgage with them early
with almost 100% extra for the principle.
Bank of America confuses me.