topic Re: Is BofA warning me on other accounts? in Credit Cards

Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:30:20 GMT

I received this statement on the bottom of my statement this month under "of Special Interest:"

Credit Basics: Because lenders issue credit in different ways, it may be helpful to reduce the number of credit card accounts you have open. Lenders see your total available credit lines and know you could run up charges quickly on any open account. Your available credit may impact their lending decision.

Are they saying I need to close other accounts?

Re: Is BofA warning me on other accounts?

kdm31091 — Wed, 30 Sep 2015 00:31:38 GMT

@Anonymous wrote:
I received this statement on the bottom of my statement this month under "of Special Interest:"

Credit Basics: Because lenders issue credit in different ways, it may be helpful to reduce the number of credit card accounts you have open. Lenders see your total available credit lines and know you could run up charges quickly on any open account. Your available credit may impact their lending decision.

Are they saying I need to close other accounts?

Well, I doubt it's actually personalized, but it is good advice nevertheless and something that often gets overlooked in discussions here. Limits vs income do indeed matter.

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:35:20 GMT

@kdm31091 wrote:
@Anonymous wrote:
I received this statement on the bottom of my statement this month under "of Special Interest:"

Credit Basics: Because lenders issue credit in different ways, it may be helpful to reduce the number of credit card accounts you have open. Lenders see your total available credit lines and know you could run up charges quickly on any open account. Your available credit may impact their lending decision.

Are they saying I need to close other accounts?

Well, I doubt it's actually personalized, but it is good advice nevertheless and something that often gets overlooked in discussions here. Limits vs income do indeed matter.

I did just happen to close three cards last month, didn't know if that triggered the message. Thank you!

I have a 99/500 Secured with BofA.

ps- I always find kdm31091's advice very useful and straight to the point. thanks for always posting for us!

Re: Is BofA warning me on other accounts?

kdm31091 — Wed, 30 Sep 2015 00:34:21 GMT

I wouldn't be terrified or anything, like I said I'm sure it's just generic credit advice but it is something to keep in mind and it doesn't get mentioned here much. So definitely be picky when opening new accounts. Don't "waste" limits on cards you will barely use. To be honest, my BCP is at 15k and I wish I had only asked for 8k or 10k, as it's a huge limit that I don't need for my spend, for example.

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:34:52 GMT

then i doubt it's personalized but good advice that kdm and myself try to bring to people's attention robe realistic

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:35:08 GMT

to be*** not robe

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:40:08 GMT

@Anonymous wrote:
then i doubt it's personalized but good advice that kdm and myself try to bring to people's attention robe realistic

Yeah I know some of the advice may not be what I "want' to hear but I would rather hear it and make a better decision, so I thank anyone who is just blunt and honest with me about how things may affect me in the long run.

I have 9 store cards from my rebuilding days that I'm closing one each month until they are gone except the Gas card I have to have just one Store Card on my file (and I actually use it several times a month).

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:47:56 GMT

how are your scores? you should look in to getting an unsecured major card if possible

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:50:20 GMT

Since you have a rebuilder card with them I'd bet it's boiler plate that appears on the statement for their rebuilder cards.

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 00:53:47 GMT

@Anonymous wrote:
Since you have a rebuilder card with them I'd bet it's boiler plate that appears on the statement for their rebuilder cards.

Ok, thank you. I hadn't thought of that.

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 01:30:27 GMT

sorry didn't know I wasn't supposed to post my personal information

Re: Is BofA warning me on other accounts?

Anonymous — Wed, 30 Sep 2015 04:48:18 GMT

Also, true or not, consider the source! Any issuer would prefer you to close cards with others and spend more with them.

Re: Is BofA warning me on other accounts?

TiggerDat — Wed, 30 Sep 2015 05:28:58 GMT

@Anonymous wrote:
to be*** not robe

'To be' or NOT 'robe' that is the question.

Re: Is BofA warning me on other accounts?

joedtx — Wed, 30 Sep 2015 06:41:08 GMT

Anyone with excessive amounts of available credit is subject to scrutiny by a creditor it is a risk to them.