boa chasing down the balance beware

[Anonymous]

in the last 3 months my boa cl has been slashed from 51000.00 to 15000.00 to 6700.00 and now today i see they cut it to

3700.00 never late in the 28 years i had this card, was not even using card was paying down the balance on it , fico scores

in the 735 range for tu and eq , they are killing my credit score not to mention this is my oldest card got it when i was 18

utl on card was never more than 40 percent , beware it could be you next avoid boa at all costs, 3 months ago

i would have said they treat you the best of all my cards and then this out of the blue

[DI]

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@Anonymous wrote:

in the last 3 months my boa cl has been slashed from 51000.00 to 15000.00 to 6700.00 and now today i see they cut it to

3700.00 never late in the 28 years i had this card, was not even using card was paying down the balance on it , fico scores

in the 735 range for tu and eq , they are killing my credit score not to mention this is my oldest card got it when i was 18

utl on card was never more than 40 percent , beware it could be you next avoid boa at all costs, 3 months ago

i would have said they treat you the best of all my cards and then this out of the blue

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Sorry to hear that, but BOA is not killing your scores. If you don't PIF monthly, you kill your own scores. 

[thedaveytrain]

Please bear in mind that not all of us can PIF monthly!

[DI]

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@thedaveytrain wrote:
Please bear in mind that not all of us can PIF monthly!

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I understand that.  That's why its important to charge only what one can PIF monthly.  Should an emergency arrive, one should have an emergency fund to take care of that.  There's no reason to carry a balance month to month.  I understand everyone is not as well off financially, and that's why its important to live within ones means.  

[Jazzzy]

Hi, sorry to hear about the CLD.

We've seen lots of stories here lately of this happening. Some of the big banks don't want to see you revolving large balances consistently. Many of them do soft credit pulls quite often, and one AA often begets another from a different company. It can be something of a downhill spiral. Credit is tight right now and could get tighter.

My recommendation would be to try to pay more than the minimum payments if you can. Work the balance down as fast as you can, and maybe you'll be able to keep the rest of the credit line intact long enough to see if banks get in the mood to raise credit limits again. Once you've consistently brought the balance down, try to talk to them (and be as nice as you can be), and see if they will once again increase your line.

[thedaveytrain]

There are tons of reasons to have to carry a balance, laid off, extended illness, working through school...credit should be there as a saftey net if it's needed. I agree that in a perfect world everyone would PIF and not spend more than they could pay in a month, but that seems to be the exception here, not the rule. Most of us aren't as rich as you appear to be, though we are working on it. And I agree that it is BOA screwing up the FICO here because the limit was dropped, it wasn't a problem until it started going down. That isn't the consumer's fault.

[DI]

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@LynetteM wrote:

Hi, sorry to hear about the CLD.

We've seen lots of stories here lately of this happening. Some of the big banks don't want to see you revolving large balances consistently. Many of them do soft credit pulls quite often, and one AA often begets another from a different company. It can be something of a downhill spiral. Credit is tight right now and could get tighter.

My recommendation would be to try to pay more than the minimum payments if you can. Work the balance down as fast as you can, and maybe you'll be able to keep the rest of the credit line intact long enough to see if banks get in the mood to raise credit limits again. Once you've consistently brought the balance down, try to talk to them (and be as nice as you can be), and see if they will once again increase your line.

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Thanks LynetteM!

[QueenBean]

I was actually under the impression that PIF each month could actually cost you points, vs showing single digit utilization.  

[Jazzzy]

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@QueenBean wrote:
I was actually under the impression that PIF each month could actually cost you points, vs showing single digit utilization.  

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In some cases bringing your balances down to absolute zero can cost a few points apparently. That's why many people let a modest amount show as a balance and then pay that amount off, too. Many here think you should show between 1% and 9%.

Single digit utilization is what you want.

[haulingthescoreup]

If every revolving account posts $0, you will lose points. (Except for on TU those whose scores are above 760. During alternate full moons.)

Ideally, you'll have every account but one report $0. Let that one account report a low balance, and then pay it off.

* This is for those who like to maximize their scores. *

But even if you aren't trying to torture that last point from your scores, you don't want to have every account reporting at 9% or less. Just X number, definitely fewer than half of your open revolving accounts.