avoid bank of america at all cost they will kill your fico score

[Anonymous]

 had a bank of america card since i was 18 never late am now 46 , two weeks ago paid off balance in full 14000.00 , next day saw my credit line

was cut from 51000.00 to 15000.00 called was told nothing they could do sign of times, took a 1.99 balance transfer for 7000.00 and now they

cut my credit limit to 7100.00 after transfer went through, called and was told nothing they could do, credit scores have gone from 775 to 730

and 763 to 717 , never paid late no bads on any accounts ever , had this account for 28 years paid faithfully and this is bank of americas reward

[Tons_of_Debt]

Sorry to hear; that's very disappointing. Try a backdoor number and escalate. If you've been with them from that long and they are making money off you maybe  you'll get somewhere...

[creditwherecreditisdue]

How's your non-BofA UTIL these days?

[smallfry]

Ouch. Balance transfer. Sorry OP.

[Uncle_Money]

I experienced a similiar situation. My limit was decreased from $18,000 to $10,500 with a perfect account history. It seems this is a new trend with them lately.

This is due to the recent credit conditions I'm sure. Having too much available credit is also considered a risk these days.

[creditwherecreditisdue]

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Uncle_Money wrote:

I experienced a similiar situation. My limit was decreased from $18,000 to $10,500 with a perfect account history. It seems this is a new trend with them lately.

This is due to the recent credit conditions I'm sure. Having too much available credit is also considered a risk these days.

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It's not that having too much available credit is considered risky. It's that the total amount of issued credit lines must be reduced to clean up the books. It has to come from somewhere and lowering the CL's on high CL accounts where most of the line is never touched is probably the least painful way overall to go about doing so. BofA and Citi in particular must decrease their exposures.

[Uncle_Money]

Makes sense.

Which banks haven't been decreasing limits?

[creditwherecreditisdue]

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Uncle_Money wrote:

Makes sense.

Which banks haven't been decreasing limits?

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Any bank could reduce your credit limit. BofA and Citi have particular problems they must address and are reducing CL's widely and systematically.

[smallfry]

Though this is slowly changing credit unions are a better place to be if you need to revolve balances. Not being able to pay in full will be a show of weakness. I wouldn't revolve a balance with any large bank at this time.

[pattycake]

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@smallfry wrote:
Though this is slowly changing credit unions are a better place to be if you need to revolve balances. Not being able to pay in full will be a show of weakness. I wouldn't revolve a balance with any large bank at this time.

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+1