Will Bank Of America Close My Account???? Please Advise!

[s_haliz]

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@LiberatedRN wrote:

This week, I was approved for an Amex Green Card, Discover It, Citi Diamond Preferred, and a Chase Freedom Card.  Prior to this, I only had 4 low limit secured cards for about six months. I just closed 2 of them. Bank of America is one of the cards that I have left open due to the fact that I bank with them. I have heard that BOA is nervous when it comes to new credit accounts, and may possibly close this secured account ($600) due to my new credit lines.

My question is, should I just close this account to prevent them from closing it first? I know it looks bad on your credit report if the creditor closes your account, but not so bad if the customer closes the account. I know for a fact that since I have had the BOA secured card, they have SP my credit reports several times. On top of that, sometimes I feel like they watch my bank accounts to check out my spending habits ( not sure about that, that part may be paranoia).  I really don't want them to close it, I want it unsecured eventually, but I don't want to risk them closing it first. All advice and help is very welcome. Thanks!!!

Your knowledge is incorrect! Unless your account is closed by creditor for default, it won't matter (and had no impact on your credit score) as long as it had been paid in full and had so called notation "Paid as agreed"......My two store cards were closed by creditors, beacuse I stopped using them. They had closed these cards and it had no impact to my credit score. Both had remarks "Paid as agreed"... 

[LiberatedRN]

Thanks everyone for your advice!!! I feel better about the situation now. I am going to leave the account open for now, and hope for the best!!!

[yfan]

Well, I have no experience with secure cards. But after I got 4 new cards over the summer (Discover, Cap One QS, Chase Marriott Rewards Premier and Orbitz Visa), I asked and BofA promptly doubled my credit limit on my BofA card (it was a cash rewards, which I then switched to BBR).

[sexy_kitten7]

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@s_haliz wrote:

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@LiberatedRN wrote:

know it looks bad on your credit report if the creditor closes your account, but not so bad if the customer closes the account. 

Your knowledge is incorrect! Unless your account is closed by creditor for default, it won't matter (and had no impact on your credit score) as long as it had been paid in full and had so called notation "Paid as agreed"......My two store cards were closed by creditors, beacuse I stopped using them. They had closed these cards and it had no impact to my credit score. Both had remarks "Paid as agreed"... 

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OP literally meant that it "looks bad" (upon manual review). As you noted, closed by grantor vs. consumer has no effect on one's FICO score.

[Anonymous]

Yes, BOA can be a bit rough!  I have a good size money market savings wtih them & was giong to open another (with the same amount) and now I'm deciding whether I should go to Chase instead?  I've banked with these guys for many years.  Had a secured card for 400.00 for over 3 yrs.  I got my dream home & then worked on getting my fico score up to excellent.  So I did go a little crazy also & got some great cards wtih good CL's.  Called BOA & asked why no CL increase or at least my money back.  They did refund my 400.00 & gave me a CL of 1,000.00.  Pretty bad compared to the others!  I wouldn't worry about  them closing your account.  I would ask them for your money back and a regular card!  For me, Chase is looking better everyday!  Good luck but I don't think you'll need it.    CONGRATS on the other cards!!!

[advocate1]

I would not say it is an "automatic" that they will close your credit cards with them, but I do know that they do not like "competitor" credit cards. They closed THREE on me, without any advanced warning. Never late on payments and not maxed out. They told me it was the result of a "periodic review" and that I had "sufficient credit for my needs". I appreciate them aprising me of what my needs are! I contacted the credit analyst (Aaron) and he said "you have too much revolving credit". I then contacted the CEO's office and a man named Jason called me to reiterate what Aaron had said. He was quite stern and said "we will NOT change our decision". Overall, completely antagonizing from both people. They aren't the only game in town, so if you feel like moving to another bank or credit union, that's your best recourse. Also, save the letters you get if they do close the accounts out. That's proof that you were never delinquent, despite how the term "account closed by creditor" looks on your credit report.