paid 7000$ bofa visa signature and credit line goes down for seven ?

[notfancy]

Also, if you choose to file bankruptcy, or get mad and not pay the remaining 9k you owe (which I think is what you were saying in your posts) you have justified their adverse action that they took on you. They wanted to reduce their risk because they didn't know if you'd have the ability to consistantly pay back your debts. You borrowed perhaps 16k, paid small amounts, then made a lump sum payment.

I don't know if any of your payments were late, or if you have any other credit cards that were also maxed out or near maxed, but they researched your credit patterns and became afraid that you would not be able to consistantly meet your obligations. Banks do this a lot. Carrying large balances for months spooks them. Inconsistant pattern and behaviors also spook them.

Now, if I am understanding you correctly, you can not work or meet your obligations and you're desperate for money. This is another think that lenders look for. If they see someone with a lot of inquiries, or shopping around for loans and credit cards, they think you are doing so due to a financial crisis. They will then decline you if you're applying, or they will take away the credit they have extended you. This is normal, and happens frequently. There is no recourse for this other than maintaining consistant, responsible habits. Borrowing with in your means, and paying back the money you owe in a reasonable time frame. There is no agency that will help you, and if an attorney says he or she will help, you'll be spending more money you don't have for nothing. They can't win, even if they took your case. The terms and conditions of credit are spelled out when you apply and when you use the credit extended to you.

I feel badly for you. I hate that you found yourself in financial trouble. That is a risk that many of us have run before in the past and could always potentially run into again. This forum is full of people looking to repair their credit, and people that are setting themselves up for trouble in the future with out realizing it. The advice you'll receive here might be in turns harsh and sympathetic, but we're all here for similar reasons. To grow, to grow our credit, to improve our credit, and most importantly to learn. I hope you'll find  a way out of your situation and learn ways to manage things more carefully in the future.

I suspect there may even be a cultural or language hinderance. Perhaps banking is different, or discussed differently where you are from? You mentioned something about your home country. Maybe getting some financial counceling or planning advice would help?

Best wishes to you.

[Dw4250]

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@notfancy wrote:

Also, if you choose to file bankruptcy, or get mad and not pay the remaining 9k you owe (which I think is what you were saying in your posts) you have justified their adverse action that they took on you. They wanted to reduce their risk because they didn't know if you'd have the ability to consistantly pay back your debts. You borrowed perhaps 16k, paid small amounts, then made a lump sum payment.

I don't know if any of your payments were late, or if you have any other credit cards that were also maxed out or near maxed, but they researched your credit patterns and became afraid that you would not be able to consistantly meet your obligations. Banks do this a lot. Carrying large balances for months spooks them. Inconsistant pattern and behaviors also spook them.

Now, if I am understanding you correctly, you can not work or meet your obligations and you're desperate for money. This is another think that lenders look for. If they see someone with a lot of inquiries, or shopping around for loans and credit cards, they think you are doing so due to a financial crisis. They will then decline you if you're applying, or they will take away the credit they have extended you. This is normal, and happens frequently. There is no recourse for this other than maintaining consistant, responsible habits. Borrowing with in your means, and paying back the money you owe in a reasonable time frame. There is no agency that will help you, and if an attorney says he or she will help, you'll be spending more money you don't have for nothing. They can't win, even if they took your case. The terms and conditions of credit are spelled out when you apply and when you use the credit extended to you.

I feel badly for you. I hate that you found yourself in financial trouble. That is a risk that many of us have run before in the past and could always potentially run into again. This forum is full of people looking to repair their credit, and people that are setting themselves up for trouble in the future with out realizing it. The advice you'll receive here might be in turns harsh and sympathetic, but we're all here for similar reasons. To grow, to grow our credit, to improve our credit, and most importantly to learn. I hope you'll find  a way out of your situation and learn ways to manage things more carefully in the future.

I suspect there may even be a cultural or language hinderance. Perhaps banking is different, or discussed differently where you are from? You mentioned something about your home country. Maybe getting some financial counceling or planning advice would help?

Best wishes to you.

---

Great advice, notfancy.  

OP if you are still on the board, the best move for you would be to seek out some credit/financial counseling.  Make sure it's a reputable firm in your area (non-profit) and also can advise you as a small business owner.  The credit/financial markets can be very confusing, even for those born and raised in the US.  Being a business person, this seems especially important as you will need to familiarize yourself with federal/state taxes and regulations, GAAP rules, etc.  

Dipping into your business accounts to pay for personal spending like a credit card is a big no-no, and can create a huge problems with the IRS.  So I do hope you take notfancy's advice.

Good luck!

[peaceonearth]

---

@mustangy wrote:
When you do not run business in consumer friendly way some will do and you will down thats will happend to most us banks in the future
All steps by banks are illegal unfair how ever they do what ever they want
Insane I moved all my accounts biz and personel to single branch small bank whic is from my country

Capital one business start me up with no fee now they charge me like 350$ of insane fees for insane reasons
This is not banking to help build business and healty financial system its clearly ripp of

Because of bank of america cut my 7k many comments says bank have save itself
Here we go not paying the other 9k and now goin for bankcrupty
How about this is this bank still trying to protect itself or a wrond decission in the past give credit then stuck consumer in the midway of his business

A sample :
Let say I m big contractor get milyon dollars from the bank and start a giantic cosntruction and I have my own land
A bank easly can give you loan and as sson as you start to build they can recall their credit
So what happend is after foreclosure I have zero in hand my land and business is gone
Is this look like a banking or robrery without gun

---

This is the same thing if I get denied credit! I am not going to get mad at the creditor.

These kind of problems happen all the time, I have family members they tried using their credit card and got declined etc.. you need to be prepared for a situation like this you just can't enforce the bank to lend you money if they don't want to.

You're threatening with bankruptcy, this makes it sound like you were not going; to pay back Bank of America.

For your reference: in case you file Bankruptcy, the loss goes to the tax payer in lieu of Bank of America.

[mustangy]

thanks for all replies.

now borrowed from friends 10k get start to work again car is mercedes s550 and cots 2k payments 900 insuarnce (TLC new york its expensive for taxi is here)

1500$ to company i work for etc.

didint worked 2 months cost about 12.000$

now i owe to bofa about 20.000$ in total visa signature and bofa amex.

the money the deduct from credit card cause stop working for me because i deposit that money to credit card to save some interest.

and they deduct 7k right a way asap i deposited.

so is bank protect it self my answer is no. because i was in best intension to pay now can not pay. already reported late to my credit. the money i lll earn this month and next month will go the borrow i get from friends. 

thinking of  personel bankcrupty. (here we bofa ) 

[longtime_lurker]

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@mustangy wrote:

thanks for all replies.

now borrowed from friends 10k get start to work again car is mercedes s550 and cots 2k payments 900 insuarnce (TLC new york its expensive for taxi is here)

1500$ to company i work for etc.

didint worked 2 months cost about 12.000$

now i owe to bofa about 20.000$ in total visa signature and bofa amex.

the money the deduct from credit card cause stop working for me because i deposit that money to credit card to save some interest.

and they deduct 7k right a way asap i deposited.

so is bank protect it self my answer is no. because i was in best intension to pay now can not pay. already reported late to my credit. the money i lll earn this month and next month will go the borrow i get from friends. 

thinking of  personel bankcrupty. (here we bofa ) 

---

So...you even paid them late and didn't make minimium...? I'd cancel your card if I was your creditor. Paying minimums AND missing payments on such a large balance is a HUGE RED FLAG...I had been following this thread, OP, and I noticed you didn't mention you were 30+ days late. I'll go out on a limb (note I don't have a BofA account) and say they will not reconsider their decision. You are too much of a risk - you even said you're contemplating bankrupcy. I would also say that any of my lenders or other lenders would be taking the same course of action. I think NotFancy hit it on the head when she mentioned that banking here may be different than your home country - but what BofA did is completely understandable, and I'll be suprised if your other creditors don't follow suit.

...sorry to be blunt.

[Skye12329]

Sounds like they are chasing the balance, which is where they lower your limit as you pay it down. it usually happens when you carry a large balance for too long.

[destine2grow]

OP everyone have given you great advise. It seems like at this point you have borrowed 10k from your friend and you have no intentions of paying BOA. The thing I don't understand is that you continue to blame BOA for your irresponsibility. It really sounds like you are in a financial crisis. I don't think your friend will get their money back any time soon. Hopefully they put the 10k loan in writing. I wish you the best and I agree you might want to look into credit counseling!

[mustangy]

not chasing anything

i was paying minumum and actually when i start to work income is easily goes over 12k a month which is mean can cover all my debt less then 6 months.

but when boa deduct money i deposit to credit card its cost my 2.5 months to get car back.

why thinking bankcrupty now is credit is hurt already. So actually boa pus a customer to bankcrupty.  Yes they get their 7k but thats cause now i cant pay the other 15k.

and same account has balance over 50k for long time.  what to boa did is not a smart way. if i could get my car on time maybe now i was already paid 50% of money.

hope i m clear now.

thanks to every one.

[notfancy]

---

@mustangy wrote:

not chasing anything

i was paying minumum and actually when i start to work income is easily goes over 12k a month which is mean can cover all my debt less then 6 months.

but when boa deduct money i deposit to credit card its cost my 2.5 months to get car back.

why thinking bankcrupty now is credit is hurt already. So actually boa pus a customer to bankcrupty.  Yes they get their 7k but thats cause now i cant pay the other 15k.

and same account has balance over 50k for long time.  what to boa did is not a smart way. if i could get my car on time maybe now i was already paid 50% of money.

hope i m clear now.

thanks to every one.

---

What they mean by balance chasing is this: When a lender thinks that you have become a risk to lend credit to, they will lower your credit limit by the amount of the bill that you paid. You're not depositing money onto those cards, you're paying back money you have already borrowed from them. I understand you are frustrated because you didn't know that the lender could or would do such a thing, but many, many of them can and do.

This is basically called an Adverse Action. They can lower your credit limit, or close the card all together at any time. They can raise your interest, and charge fees. That is what you agree to when you accept the card and use it. They are simply trying to minimize their risks. If they keep lending out large sums to customers who then max out the card and only pay the most minimum amount  of it back, they are at risk. There is evidence to them, based on many previous customers that when a customer maxes a card, pays minimums, becomes late, or carries large balances for a long time that the customer does not have their finances and budgets in order. The customer likely doesn't or can't save money for emergencies, and if something happens- can't work, injured, sick, loses job, etc- they can not and will not pay back the large sums that the creditor has extended to them.

I understand what you are saying, you feel you were meeting the terms, and you were paying what they told you to pay. You didn't realize how this was a bad idea to do so over a long period of time. If your income was 12k a month, it would have been a better idea to pay down the balances on your card completely at that time, but it didn't happen for what ever reasons.

Unfortunately, all of those things are exactly what happened in your case. I sincerely hope you seek out some sort of credit management, or credit counseling to determine what you can and can not afford practically, and find ways that you can become less of a credit risk in the future. This type of knowledge can only help you.

[PlasticOrPlastic]

Seems like a less expensive car would be a good solution to your problems.  Why would you drive a 110k car that you can barely afford?  I take it from your posts even though you seem to make decent money...sometimes...you have no savings or back up besides credit cards.  I wouldn't rely on credit cards as much as you have.  And instead of borrowing 10k couldnt you have bought an old used car for a few hundred bucks to make it to work, even if it only ran for a week you'd be all set?  BofA did what they thought would protect their interests, you should have paid minimum and used that 7000 to fix your car.  One last thing to add, I would avoid BK at all costs, I filed and it makes things difficult for the next 10 years...its not an "easy way out" just because you are mad at BofA.