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Oh Me Oh My. BoA AA

Valued Contributor

Oh Me Oh My. BoA AA

Sooo. Tried to use my BOA CashRewards at Circle K yesterday, and It was declined. Didn’t think too much about it, since it has a 0 balance - thought maybe the chip was acting up again (just had them replace the card due to a chip issue). And there hasn’t been any purchase notifications, so knew it wasn’t fraud or anything. Paid with another card and was on my way.
Got a AA letter from BoA in the mail. Apparently they closed my account 😡 Reasons given were inquiries and other outstanding balances ( 8k on a DCU loan for my small travel trailer, and $2400 on a 0% card showing 20% util) WTH? My total until is about 3% on CC, and then my car loan and the DCU loan. Nothing horrible. It was probably more likely the last few new accts that just hit my reports that they didn’t like (Banco de Brasil,Commerce, and 5/3). The $5500 CL is a drop in the bucket, no biggie... really don’t care about losing the CL (never ever thought that was possible) they were one of my oldest rebuild cards though, starting out as a 99/500 in May 2016, unsecured in 10/16, got a few CLI and it had been at 5500 since this past Aug. No question that the AA was deserved, can’t deny that there are a LOT of inq and new accts... Need to garden now anyway, looking at buying a house in June, so there’s no house but to garden!

PS. Eye hate my iPhone at the moment, since apparently eye cannot type the letter eye!
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/Fifth Third/Banco de Brazil/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $247,000 (plus my auto and RV loans)
12 REPLIES
Established Contributor

Re: Oh Me Oh My. BoA AA

I wish they would send an email, text or even a phone call when lenders do that. A little courtesy would be nice at the very least.

FICO 08 Scores (Oct-17): TU 810, EQ 813, EX 813

Frequent Contributor

Re: Oh Me Oh My. BoA AA

I'm sorry, that's so rude! What if that was the only card you had on you? Ugh. 

Valued Contributor

Re: Oh Me Oh My. BoA AA

Nothing new, BoA is a jealous girlfriend.

 

Excessive credit seeking is enough for them to break up with a person.  

 

I say good riddance to them.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Community Leader
Super Contributor

Re: Oh Me Oh My. BoA AA

So sorry to hear that! At least you were at the pumps, and alone to where no-one saw the decline! What if you had been out to eat with family or friends, and it was declined then? I would have hit the roof!
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Community Leader
Valued Contributor

Re: Oh Me Oh My. BoA AA

@ABCD2199 those isolated examples are 1.5 to 2 years old; it's certainly not the norm with them.  In the past 2 years, I've opened 17 new cards (3 with BoA), refinanced a mortgage, refinanced a car, refinanced student loans (twice), and taken out two loans.  As recently as September they upped me to $75k of exposure (and another $70k as an AU).  Lots of others here with a ton of new accounts as well without AA from BoA, so this is certainly an exception.

 

@fltireguy I'm sorry that this happened to you. A lot of decisions are certainly very profile-specific. Maybe a case of too much too soon? You've made tremendous progress in 2 years!


$500k+ club. | FICO 08 [Oct 2017]: EQ 746 EX 738 TU 733 | World's worst gardener.
Valued Contributor

Re: Oh Me Oh My. BoA AA

It happens often enough for folks to at least note it and be aware of when it happens to others.  Pulled just these up in about 2 minutes of looking on just this forum.

 

  1. 9/2017 -- http://ficoforums.myfico.com/t5/Credit-Cards/BoA-closed-my-account/m-p/5056613#M1478604
  2. 9/2017 -- http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Boa-CC-closed/m-p/5053890#M543119
  3. 8/2017 -- http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Bank-of-America-just-closed-my-oldest-acc...
  4. 4/2017 -- http://ficoforums.myfico.com/t5/Credit-Cards/Bank-of-America-just-closed-63K-of-my-credit-cards/m-p/...
  5. 3/2017 -- http://ficoforums.myfico.com/t5/Credit-Cards/BOA-CLOSED-MY-CARD-Really/m-p/4897336#M1429953
  6. 1/2017 -- http://ficoforums.myfico.com/t5/Credit-Cards/Bank-of-America-closing-my-Credit-Card-Account/m-p/4853...

It's all over the place of course, but I've definitely noted it myself and have kept a distance from BoA during my rebuild because who knows what a bank may do if an old baddie pops back up.  I'm also not a fan of BoA personally so they were never on a "wish/want" list for me!

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Valued Contributor

Re: Oh Me Oh My. BoA AA

K - it was definitely too much too soon. Can’t say that they are solely to blame.. LOL. Just a minor pebble in the road anyway... id be much more upset if it was a $15-20k card
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/Fifth Third/Banco de Brazil/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $247,000 (plus my auto and RV loans)
Community Leader
Valued Contributor

Re: Oh Me Oh My. BoA AA

@ABCD2199 I'm not trying to argue with you, but 3 of those were closed because the account had a 0 balance and no activity for 6 or 9 months - that can happen with most lenders. Two were flagged for fraud (1 was completely reinstated, the other had 90% util and was doing things like $45k payments on balance transfers) and the other one reading through seems to have also likely been for inactivity (OP disappeared, but they closed 1 of 2 accounts and the one that was closed had been used a while before to transfer credit line to the one that was still open). One of the earlier examples had all of their accounts shut down and it seems to have been due to a credit repair agency gone awry (and OP had a $500 credit line with Preferred Honors, which in itself is odd).

 

Certainly seems to be more of an exception and I don't think there's any reason to believe this is pandemic with BoA.


$500k+ club. | FICO 08 [Oct 2017]: EQ 746 EX 738 TU 733 | World's worst gardener.
Established Contributor

Re: Oh Me Oh My. BoA AA

Sorry this happened.  

 

Do you have checking and savings accounts with Bank of America?  Was this your only card with them?