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I need BOA Exec #

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myjourney
Super Contributor

Re: I need BOA Exec #


@quarius wrote:

@enharu wrote:
BofA has started to report CLs on their signature cards so it will be factored into utilization.

Having high balances is okay as long as you pay it off in full. Having high balances and paying only minimums, only to be bombarded with all kinds of finance fees, is not. Is there a reason why you rather pay interests than to pay them off?

If you need to drag balances, why not consider a line of credit or personal loan instead?

When did they start reporting the signature cards? I was always aware that it didn't count towards the util? Isn't that why u would even get a signature card?


About 2 months ago they started reporting 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 31 of 39
myjourney
Super Contributor

Re: I need BOA Exec #


@09Lexie wrote:
BoA started reporting their signature CL's about a month ago

You beat me Lol

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 32 of 39
quarius
Regular Contributor

Re: I need BOA Exec #

Ok scratch the signature card then. What do u guys suggest because im scared to pay this card down to much? What if i paid like 1k a month and put all my bills and stuff through this card to build a relationship back with them since i really haven't used the cards lately?

{NFCU-25k}{NFCU-Flagship-25k}{Saphire-15k}{BOA-25k}{DCU-10k}{Slate-7200}{FirstNat-4k}{DiscoverIT-6k}{CitiCash-$4100}{AmexBCE-$8500}{Venture-$6500}
12/23/18 [Experian-Fico 799][TU-Fico799][Equifax-Fico786]
Message 33 of 39
myjourney
Super Contributor

Re: I need BOA Exec #

I'll be honest if it's on the chopping board and i'm pretty sure it is.......nothing you can do because I have seen cases of them just closing it out with a balance and you don't want that......scores will dive bad.

Pay it off and move on sorry to be the bearer of bad news but it's the truth

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 34 of 39
FinStar
Moderator Emeritus

Re: I need BOA Exec #

Honestly, it's gonna be a bit of a challenge to convince them to unflag or re-open those accounts, not saying that it's not doable but since they have an established pattern of how your accounts have been managed, it really doesn't look favorably to the lender.

Message 35 of 39
quarius
Regular Contributor

Re: I need BOA Exec #


@myjourney wrote:

I'll be honest if it's on the chopping board and i'm pretty sure it is.......nothing you can do because I have seen cases of them just closing it out with a balance and you don't want that......scores will dive bad.

Pay it off and move on sorry to be the bearer of bad news but it's the truth


They don't seem to want to close this other card. I spoke with them and they said nothing about that when i asked.

{NFCU-25k}{NFCU-Flagship-25k}{Saphire-15k}{BOA-25k}{DCU-10k}{Slate-7200}{FirstNat-4k}{DiscoverIT-6k}{CitiCash-$4100}{AmexBCE-$8500}{Venture-$6500}
12/23/18 [Experian-Fico 799][TU-Fico799][Equifax-Fico786]
Message 36 of 39
myjourney
Super Contributor

Re: I need BOA Exec #


@quarius wrote:

@myjourney wrote:

I'll be honest if it's on the chopping board and i'm pretty sure it is.......nothing you can do because I have seen cases of them just closing it out with a balance and you don't want that......scores will dive bad.

Pay it off and move on sorry to be the bearer of bad news but it's the truth


They don't seem to want to close this other card. I spoke with them and they said nothing about that when i asked.


They won't tell you they want you to keep paying they also didn't tell you about the 2 they closed before closing

If they told people they might quit paying Lol

Not you but others have stop paying or slowly paid to try and keep the account open only to find the account closed anyway ...Just an FYI tho trying to give you all the facts so you can make an informed decision going forward 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 37 of 39
FinStar
Moderator Emeritus

Re: I need BOA Exec #


@myjourney wrote:

I'll be honest if it's on the chopping board and i'm pretty sure it is.......nothing you can do because I have seen cases of them just closing it out with a balance and you don't want that......scores will dive bad.

Pay it off and move on sorry to be the bearer of bad news but it's the truth


+1

 

Not to sound like doom and gloom but BOA has a very tough stance when any AA occurs, especially when they deem it more of a risk due to dragged balances and high utilization on their CCs.  Rarely, if successful, would be instances in which they can restore or reopen any individuals' tradelines.

Message 38 of 39
enharu
Super Contributor

Re: I need BOA Exec #


@quarius wrote:

How do i find info on this high limit line of credit or personal loan? Which places do this type of thing? I can prove i make all my money.


Talk to the banks and/or CUs that you currently already have a banking relationship with. The chances of them issuing you a LOC / loan are higher generally, provided your accounts are in good standing. Other than that, call around different banks and CUs and ask for their rates. You can also check previous threads by other people on this forums about their approval odds and specific info. 

 

In most circumstances, CUs are generally more generous for CLs and often have lower interest rates as well.

Credit cards aren't exactly an "ideal" vehicle for you to be dragging balances on perpetually. 

 

The biggest selling point of visa signature is probably the additional perks that come with it, such as extended warranty, etc. The cards are still generally NPSL, but it depends on the lender as to whether they'll approve any, or all of your charges, beyond your CL.

 


@quarius wrote:

@myjourney wrote:

I'll be honest if it's on the chopping board and i'm pretty sure it is.......nothing you can do because I have seen cases of them just closing it out with a balance and you don't want that......scores will dive bad.

Pay it off and move on sorry to be the bearer of bad news but it's the truth


They don't seem to want to close this other card. I spoke with them and they said nothing about that when i asked.


Most banks won't tell you ahead of time if they're going to take adverse action against you, and they usually don't close accounts that have balances owed, except in extreme circumstances. They may sometimes just put a block on the card to prevent new charges from being racked up. The reasoning behind this is because many people get mad like some bitter scorn ex whenever a bank takes adverse action against them. Some refuse to pay the card out of spite, and some just decide to drag the balance on since the card is already closed. Therefore banks try to keep the accounts open to avoid a "total loss" scenario.

 

Whenever an account is closed due to risk management reasons, it is pretty hard to appeal the decision. That being said, it's not impossible; just that odds are stacked against you most of the time, unless you can prove there is an error in their decision process. Nevertheless, best of luck, and keep us updated.

 

 

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Message 39 of 39
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