If you got CLD'd by BofA, did they soft you on TU right beforehand?

[WhirledPeasPlease]

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Watchmann wrote:

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@haulingthescoreup wrote:
Wow, your shields must be up and fully powered!

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I believe the shields are 1. accounts that are aged 13 and 17 years with BoA, 2. a total credit history of 28 years, 3. an average age on ALL accounts of 12 years and 4. zero negative information on the file.  I think they look at that and conclude 'Why bother?  Is there really any risk there?'.  I firmly believe you are inoculated with a l-o-o-o-n-g credit history, everything else being equal.  I may be surprised with my CLD, but my gut feel is I won't.

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And then there's my mother with 41 years of history, the BofA is 16 years old, AAoA around 10, util is less than 1%, scores between 780 and 805, and she also used her card for a BT offer (8k I think) a few years ago and quickly paid it off.

The result?

They chopped her 25k line to 12.5k.

[Anonymous]

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@WhirledPeasPlease wrote:

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@Watchmann wrote:

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@haulingthescoreup wrote:
Wow, your shields must be up and fully powered!

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I believe the shields are 1. accounts that are aged 13 and 17 years with BoA, 2. a total credit history of 28 years, 3. an average age on ALL accounts of 12 years and 4. zero negative information on the file.  I think they look at that and conclude 'Why bother?  Is there really any risk there?'.  I firmly believe you are inoculated with a l-o-o-o-n-g credit history, everything else being equal.  I may be surprised with my CLD, but my gut feel is I won't.

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And then there's my mother with 41 years of history, the BofA is 16 years old, AAoA around 10, util is less than 1%, scores between 780 and 805, and she also used her card for a BT offer (8k I think) a few years ago and quickly paid it off.

The result?

They chopped her 25k line to 12.5k.

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And then there's me:  30 years of credit history, a 22 year old Bank of America account, AAoA is 15 years, <1% utilization, and an 813 TU score.   The Largest past balance on this account was $14,570.   As most of you know, my credit line was cut from $47,000 to $23,500.

My problem was that I didn't use my card very much over the past 5 or 6 years.  Putting small charges on a sockdrawer card may help prevent an account from being closed, but doesn't necessarily avert a CLD. 

[Watchmann]

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@Anonymous wrote:

And then there's me:  30 years of credit history, a 22 year old Bank of America account, AAoA is 15 years, <1% utilization, and an 813 TU score.   The Largest past balance on this account was $14,570.   As most of you know, my credit line was cut from $47,000 to $23,500.

My problem was that I didn't use my card very much over the past 5 or 6 years.  Putting small charges on a sockdrawer card may help prevent an account from being closed, but doesn't necessarily avert a CLD. 

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All of these stories are well and good, but just having high scores or a long record and a clean history doesn't determine exactly how you will be treated.  It may have been sufficient in the past when credit flowed like water, but things are now different.  Fair Isaac has tons of statisticians and financial types that have developed many techniques to sift and sort, and slice and dice data to try to better predict risk.  We look at these things from a macro level and can see some generalities, but we don't know the micro stuff that determines whether a particular individual will be CLD'd or not.  Data such as where you live, your line of work, what kind of mortgage you have, and other data is now being used to refine the determination.  So reporting that someone with a 800 score got whacked but someone with a 750 did not may seem to be odd or unfair, but we just don't know how their other personal details factored into the decision.  In the past people got mortgages by just signing their name, now standards are much tighter.  Same with unsecured credit.  The industry is looking at more than just the basics.    

[Anonymous]

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@Watchmann wrote:

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@Anonymous wrote:

And then there's me:  30 years of credit history, a 22 year old Bank of America account, AAoA is 15 years, <1% utilization, and an 813 TU score.   The Largest past balance on this account was $14,570.   As most of you know, my credit line was cut from $47,000 to $23,500.

My problem was that I didn't use my card very much over the past 5 or 6 years.  Putting small charges on a sockdrawer card may help prevent an account from being closed, but doesn't necessarily avert a CLD. 

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All of these stories are well and good, but just having high scores or a long record and a clean history doesn't determine exactly how you will be treated.  It may have been sufficient in the past when credit flowed like water, but things are now different.  Fair Isaac has tons of statisticians and financial types that have developed many techniques to sift and sort, and slice and dice data to try to better predict risk.  We look at these things from a macro level and can see some generalities, but we don't know the micro stuff that determines whether a particular individual will be CLD'd or not.  Data such as where you live, your line of work, what kind of mortgage you have, and other data is now being used to refine the determination.  So reporting that someone with a 800 score got whacked but someone with a 750 did not may seem to be odd or unfair, but we just don't know how their other personal details factored into the decision.  In the past people got mortgages by just signing their name, now standards are much tighter.  Same with unsecured credit.  The industry is looking at more than just the basics.    

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I agree with much of what you're saying.  However, as I mentioned in another post, I do have a substantial income, live in a desirable area, and do not have a mortgage. 

My belief is that I received a CLD because I rarely used my Bank of America card.  I retrieved my old Bank of America statements from 2007 and 2008.  In 2007, I charged a total of $87.53 on my Bank of America card.  In 2008, my total annual spending was $79.65 on this account.  Even to me, those figures do not appear to justify having a $47,000 credit limit.