topic Re: Credit Card Reporting Question in Credit Cards

Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 15:11:13 GMT

I am not proud of this but I am going to share because it was a big blow to me this morning... after I posted about a recent approval with Chase, I log into my Bank of America account and see my credit card has been closed.

I called BOA and they told me the bank is uncomfortable with the amount of credit I have available and tradelines opened. They are keeping my account closed.

This happens two weeks after they flooded me with balance transfer offers and I transfered 2k to my card. Now the account is closed with a 2k balance.

Is the reporting of this going to kill me? Also, I should have asked them since I transfered with a 0% apr offer, now that the account is closed will I be paying interest?

Re: Credit Card Reporting Question

jsucool76 — Thu, 16 Jul 2015 15:12:50 GMT

you won't be paying interest. the terms are fixed(I think, Def get a 2nd opinion)

won't look good but you should be fine.

sorry to hear this

Re: Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 15:19:21 GMT

Thanks! This was a nice birthday surprise for me for sure.

Re: Credit Card Reporting Question

SOGGIE — Thu, 16 Jul 2015 16:04:31 GMT

Ewww! Sorry to hear that OP! I hope this does not happen to me. I've heard some report of accounts closing after BTs. Funny how banks encourage BT, then punish consumers for it.

Re: Credit Card Reporting Question

Anonymous — Thu, 16 Jul 2015 16:11:41 GMT

Happy birthday. Sorry to hear this but thanks for sharing and making us think twice before we do something we may want, not need, and then regret.

Re: Credit Card Reporting Question

Saleen099 — Thu, 16 Jul 2015 16:37:34 GMT

Happy Birthday. Sorry to hear they did that. Definitely call and doublecheck.

Re: Credit Card Reporting Question

FinStar — Thu, 16 Jul 2015 18:02:43 GMT

It is unfortunate that you had to find out about it this way and that they closed your BOA account but it goes to show folks that banks routinely keep a close eye on things from a risk perspective. AA is definitely no pic-nic.

I would definitely try to get that balance paid down or retired as soon as possible since this would impact how the account will report. And, probably keep a low profile for a while until things stabilize with your recent apps/accounts.

Re: Credit Card Reporting Question

Anonymous — Thu, 16 Jul 2015 18:09:17 GMT

@ddemari wrote:
I am not proud of this but I am going to share because it was a big blow to me this morning... after I posted about a recent approval with Chase, I log into my Bank of America account and see my credit card has been closed.

I called BOA and they told me the bank is uncomfortable with the amount of credit I have available and tradelines opened. They are keeping my account closed.

This happens two weeks after they flooded me with balance transfer offers and I transfered 2k to my card. Now the account is closed with a 2k balance.

Is the reporting of this going to kill me? Also, I should have asked them since I transfered with a 0% apr offer, now that the account is closed will I be paying interest?

What is your total credit line?

Re: Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 18:09:23 GMT

I am going to take money out of savings and just pay it off. But it will probably take me 2 months since i expected 0 apr until may 2017 lol.

Re: Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 18:09:59 GMT

My total credit line on the boa card was 7.5k

Re: Credit Card Reporting Question

Anonymous — Thu, 16 Jul 2015 18:18:37 GMT

So sorry this happened...

Re: Credit Card Reporting Question

jsucool76 — Thu, 16 Jul 2015 19:24:35 GMT

I would get in contact with BoA and confirm that the 0% apr will persist (get it in writing) and then pay off as you feel comfortable doing (and are financially capable of).

Worry less about your credit report, and more about how much money you actually have available to you. I dont think this is something that should warrant emptying a savings account.

Re: Credit Card Reporting Question

CreditCuriosity — Thu, 16 Jul 2015 19:33:36 GMT

I highly doubt they can change the terms although I as well would pay it off ASAP... kinda crappy of banks to do things like this especially when they honored the BT then close the card on you. You wouldnt think it would be in the banks best interest to do such a thing. Sorry to hear this happened. AA is a real thing, no doubt about it and applying for alot of new credit and doing a BT probably put BofA in an uncomfortable situation thinking you might be BT balances around and seeking new credit for more debt. Just my guess on their logic.

Re: Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 19:38:49 GMT

Thanks for the feedback. I will call bank of america tomorrow and ask them about the interest. This was the first time I ever let a balance over 400 dollars report to the card. Maybe the balance triggered something along with the other factors. I am just a little surprised they completely shut me down, Barclays one time AA'd me and made my credit limit the same as my balance but they reinstated it with a phone call.

Oh well, I am bummed but can move on.

Re: Credit Card Reporting Question

morgacj2004 — Thu, 16 Jul 2015 19:44:03 GMT

I would take this to EO but that is just me. Bof A very cautious, conservative lender.

Re: Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 19:46:20 GMT

I thought about it but honestly I don't think I can deal with another phone session about why I am so risky. Although I have sucess with BOA EO office and it was only 6 months ago I got retention offers, I must just be a lil burned out today lol.

Re: Credit Card Reporting Question

Anonymous — Thu, 16 Jul 2015 20:13:14 GMT

@ddemari wrote:
My total credit line on the boa card was 7.5k

I meant on all of your cards...sorry for not clarifying

Re: Credit Card Reporting Question

ddemari — Thu, 16 Jul 2015 20:16:53 GMT

$110,000.00 in credit with $7800 (7% utilization) reporting across my cards.

Nothing negative on my reports, AAOA is 3 years, total credit history 13 years

728 TU FICO, 706 EX FICO, 688 EQ FICO

Re: Credit Card Reporting Question

morgacj2004 — Thu, 16 Jul 2015 20:30:59 GMT

I would contact EO and argue the point. I could understand if this happened a few years ago when things were really tight but in todays climate? Really. BofA needs a wake up call. Thats not how you treat customers.

Re: Credit Card Reporting Question

Anonymous — Thu, 16 Jul 2015 20:42:44 GMT

@ddemari wrote:
$110,000.00 in credit with $7800 (7% utilization) reporting across my cards.
Nothing negative on my reports, AAOA is 3 years, total credit history 13 years
728 TU FICO, 706 EX FICO, 688 EQ FICO

Yup, totally agree. You're scores and utiliztion are good. Keep calling until they get your account back.