I closed my BOFA cc....

[Gmood1]

Well..at least you gave them 18 months to grow. I gave US bank less than 24 hours before I canceled their card! lol

Good riddance! 

[Anonymous]

Pizza thank you for sharing this. I have been trying to get in with BofA for 2 years now and have been insta-denied every time, despite having zero negatives, over a decade of credit history, etc.

After last month's insta denial they sent me a pre-qual mailer (first ever from them) which I have been debating just to try out of spite but with stories like this and the fact that I don't really have a use for any of their cards long-term makes me think it's better to just throw them to the wind as well.

There are certainly better lenders out there, as I've been pleased with all that I'm with save Synchrony which won't grow at all.

[longtimelurker]

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@zerofire wrote:

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Give them a good relationship of many years and they will be willing to overlook the black mark of a BK giving you multiple thousands of dollars in credit but at 18months your just not there yet. It is a shame that you are willing to try to go in and got in but then are unwilling to put effort into build up a fresh relationship to a healthy level.

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But I think PIzza1's point is "Why would I do that?"   Banks and credit cards are really best viewed as commodities these days, there are LOTS of choices around.  So I would only take years to build a relationship if there was clearly something extremely worthwhile at the end, that was only available with that relationship.   And at least to me it's not clear there is with BoA.

[happypill]

I feel the same way about my Discover card.  They sent me a pre-approval letter and I guess I was barely approved with an $800 starting limit about a year and a half ago.  Since then, my new approvals and CLIs have been pretty good, but my Discover still languishes.  I think my lowly original approval just has me in a bucket where they don't like me.

I don't think BofA is like that.  There have been many stories where cards started off as secured and eventually grew to big limits (I have one that is now a $5k BBR).  If it's a card that is useful to you, there's no reason not to keep it around even if you can't get CLIs.  I use my Discover a couple of quarters a year for the 5% categories and have stopped thinking about getting a CLI on it.

BofA's offerings are not that enticing right now unless you have a substantial relationship with them.  They don't have the sign-on bonuses or high-end offerings that Chase, Amex, Citi and others have.  However, if you do have a significant relationshp with BofA, their Travel Rewards and Cash Rewards cards care cream of the crop.  If you don't plan to have an extended relasionship with them, then there's no reason to keep them around.  Personally, I would have kept the card open just to see if BofA comes up with something interesting down the road, but if keeping up with your card was a hassle, closing could be the right move.

[Anonymous]

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@pizza1 wrote:

Im done with lenders who arent willing to grow with me, and who can clearly see my other limits with other lenders, and not willing to look past my BK.  

Ive had my BOFA cc for a yr and a half now.  (Some here may say that its really not that long to have a card with a lender, but I say it is). Started as the 99/500 partially secure, and then unsecured at 5 months in June 2016, and a small cli to $1500 at that time.  My limit has been that for a year now.  Use/PIF/rinse and repeat, every single month for the last 18mo. 

My card has been fully unsecured for a year now, and 18mo of payment history with them, but yet still declined for a cli due to "bk". Whatever.....that was 4 yrs ago. The "senior credit analyst" are a joke. So, had to pay to unfreeze TU (mandatory in my state), and took a HP for nothing....again. 

I mean c'mon....you could have given me anything even 500 to move the CL some, but no. So, I closed it right then while on the phone. I have a feeling that my CL would have stayed that way till the BK fell off reports or dang close to it anyways, and Im not gonna wait 6 more years for a CLI with anyone...period. I think Ive proven myself since my BK.  I undertand its the lenders perrogative to approve or decline for whatever reasons, and I have same. 

a few data....BOFA was not IIB(never had a relationship with them in any way ever until now), my overall util reporting was at 1%, my BOFA cc was at $0 bal,  and not sure on score probally 679.  

Some of you might think it was a emotional reaction closing the card, or a stupid one because "they can grow big". True....for some thats the case, but not for all. Oh well, at least I cracked them post BK, so that challenge was done. I have plenty of other credit, and lenders that are growing nicely with me, and will love the extra swipes now. 

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Pizza1, you have been one of my favorite posters since my initial arrival here, and upon my return I found you even more impressive, due to that EPIC recon call with Chase, which at the time may have been a record(I believe Bella007 has it now, possibly emboldened by your post!) for shortness of time getting back with Chase after IIB.  I've even quoted your endeavors in multiple threads.  Your work is playing a HUGE influence on my plans around the New Year.

All of that said, I'm also going to try to get back in with BOA, who I IIBed, despite this thread from someone whose work I follow/respect!   It would have been interesting to see if things had changed once your scores got a bit higher.  You mentioned the spend, pay, lather, rinse, repeat....but did you ever try "active disinterest", a pickup artist technique?  Picture the bank as a female, the one who calls the shots, and you as the guy, trying to get her to place more value on you.   I know this may differ by lender and situation, but I've had experience where after doing some of the paying and getting nothing, I purposefully neglected the card for a time...showing disinterest, and llike getting the chick who is like a cat who enjoys trying to get the string for hours until you drop it at their paws and they suddenly dont care about it anymore, in my experience some banks can behave similarly.  Have you tried completely ignoring the card for a few months immediately before trying the CLI?  That's the one thing I'm REALLY curious about in this thread!

I plan to try for one in 6 months.  My scores are higher, but I IIBed them, so who knows?.  Seemingly like you, I want it more for the challenge on my "credit bucket list", and really hope I have a chance to get in.  If I can, hopefully I can add some data points about CLIs once scores are higher.  I may be seeking your advice as the new year approaches, as I admire your ability to recon on post-BK prime apps.  Do you offer any "pay for live recon training/coaching" over the phone?  I (mostly) seriously think it might be a hit on here, and quite useful!  Has anyone suggested that yet?

[Anonymous]

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@pizza1 wrote:

Im done with lenders who arent willing to grow with me, and who can clearly see my other limits with other lenders, and not willing to look past my BK.  

Ive had my BOFA cc for a yr and a half now.  (Some here may say that its really not that long to have a card with a lender, but I say it is). Started as the 99/500 partially secure, and then unsecured at 5 months in June 2016, and a small cli to $1500 at that time.  My limit has been that for a year now.  Use/PIF/rinse and repeat, every single month for the last 18mo. 

My card has been fully unsecured for a year now, and 18mo of payment history with them, but yet still declined for a cli due to "bk". Whatever.....that was 4 yrs ago. The "senior credit analyst" are a joke. So, had to pay to unfreeze TU (mandatory in my state), and took a HP for nothing....again. 

I mean c'mon....you could have given me anything even 500 to move the CL some, but no. So, I closed it right then while on the phone. I have a feeling that my CL would have stayed that way till the BK fell off reports or dang close to it anyways, and Im not gonna wait 6 more years for a CLI with anyone...period. I think Ive proven myself since my BK.  I undertand its the lenders perrogative to approve or decline for whatever reasons, and I have same. 

a few data....BOFA was not IIB(never had a relationship with them in any way ever until now), my overall util reporting was at 1%, my BOFA cc was at $0 bal,  and not sure on score probally 679.  

Some of you might think it was a emotional reaction closing the card, or a stupid one because "they can grow big". True....for some thats the case, but not for all. Oh well, at least I cracked them post BK, so that challenge was done. I have plenty of other credit, and lenders that are growing nicely with me, and will love the extra swipes now. 

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I get your frustrations and applaud you for the hard work and pay off that you have accomplished! Personal finances are just that; personal. While many will judge someone with a BK, many will never know the true story as to how a person or family got to that position. Many folks automatically assume it was just due to a person being irresponsible and may not understand that a person could have gotten hit by extreme health issues, long term job loss, etc. Each case is a special situation and I feel for each person who have had to go through that process. 

That being said, I alo can't blame BOA on their stance. Thier business is risk assessment and not good will. They look at a profile and see that only 4 years ago, somone essentially had to "walk away and wash their hands" from a tremendous amount of responsibility, leaving others (banks, other consumers, etc.) to pay for their mistakes or misfortune. Then they see that your current scores are under 700 and that they are being held down by many new inquiries and new accounts. I can see banks looking at this profile and being concerned that history may repeat itself. There is a reason why BK's stay on a person's record for 7+ years...It takes a looong time to re-establish credibility and show better established credit habits. I've personally found BOA to be fantastic to work with and very generous with their CLI's once your act is cleaned up. 

That being said, if you have better options/banks that will take a risk on you and you don't care about maintaining a relationship with BOA, then continue to rock on!

[MrDisco99]

I kinda see both sides of this.  The bank has every reason to be stingy with you considering your history.  You have every reason to end what you see as a bad relationship when other lenders seem willing to do more for you.  I probably would've done the same.

I see a lot of talk about cultivating a relationship.  Thing is, though, a relationship should go both ways.  With so many options out there, customers shouldn't have to spend so much time and effort getting a bank to like them.  It should be the other way around.  As a consumer, I have the power of choice.  Banks would do well to remember that they work for us, not the other way around.

I'd chalk this up to one where it just isn't meant to work out with BoA and you should stick with the lenders that give you the best value.

[Anonymous]

pizza1 I read your post and it closely mirrors my exact experience with BofA. They would not budge and I closed them out. Truth, no problem not looking back. Circumstances follow yours and I looked for growth ... none!

[NRB525]

Pizza you are free to close any card you decide to. I would not have, but I have a longer relationship with BofA, including CLD over several years. Their cards remain useful to me, and they have been evolving some "step-child affiliation cards" to somewhat better rewards. Then there are the BT offers and BankAmeriDeals. Age of accounts on two are a factor for me.

With these changes, what does your card portfolio look like now?

[Anonymous]

If you have pulled your FICO scores, you have seen the little risk slope that shows the likelihood of you falling behind in your payments. While you may think your risk to the bank is zero, it is in fact far from that. 679 is very close to the next tier below 670, where 28 percent of those folks go delinquent. In the end, credit it's just a numbers game, banks love you with money, and without, well not so much.