topic Re: BoA Cancellation Heartbreak in Credit Cards

BoA Cancellation Heartbreak

Anonymous — Mon, 05 Oct 2015 20:40:52 GMT

Hi,

On Friday I was shocked to learn that BoA cancelled my two credit cards with them due to my revolving debt being too high in comparison to my overall income per my TransUnion credit report. The most disappointing part is that BoA has been a big part of my credit rebuilding plan and is my primary bank. I got my Cash Rewards card in April of 2013 and my Travel Rewards Signature card in March of this year. What I'm sure spooked them is that I bought a house in late July, and to avoid new credit in the form of a loan, I financed some home improvement projects on my high limit NASA FCU credit card, pushing my overall UTI across all my cards to 90%. I called to appeal the decision, and while the rep was nice and sympathetic, he wouldn't budge.

So my concern/question now is this - should I be worried that the same is going to happen with my other credit cards? Do I need to call them, or do I just sit and wait, hoping that they don't drop the hammer on me too? My other cards are with Chase, NFCU, and Capital One. My plan was to pay the NASA card over time, but I'm wondering if I need to rethink that plan, or pay down a couple of my other cards ASAP. If anyone has insight or experience on this issue, I'd be grateful.

**I was unsure which forum to post this to, so I also posted it in Rebuilding Credit**

Re: BoA Cancellation Heartbreak

baller4life — Mon, 05 Oct 2015 20:48:07 GMT

As far as lenders you have possibly closing cards or cld, Chase is who you should worry about. Navy Fed and Cap One won't generally react to high util. It would be in your best interest to get the util down as fast as possible. If possible I would work on getting as many cards as I could under 50% of their individual limits. Good luck.

ETA: if you have balances with BOA pay those ASAP or you will be over 100% util on closed accts. Your score will dive.

Re: BoA Cancellation Heartbreak

Anonymous — Mon, 05 Oct 2015 20:48:09 GMT

First off, I'm very sorry this happened to you. You shouldn't have to go through something like this after the excitement of home ownership.

I just applied today for a Chase card and I'm not familiar with them. I think Capital One isn't as spooked as most lenders, so I'm sure the Capital One card is fine. I have a Navy card, but I'm not sure how they work. I do know they SP most people quarterly. I think it is always a good idea to pay down any debt as quickly as you can.

PS- Congrats on the house and the improvements, that is a huge accomplishment!!!!!!

Re: BoA Cancellation Heartbreak

Anonymous — Mon, 05 Oct 2015 21:23:09 GMT

Thank you baller4life!!

Re: BoA Cancellation Heartbreak

Anonymous — Mon, 05 Oct 2015 21:23:45 GMT

Thank you water88!!

Re: BoA Cancellation Heartbreak

Anonymous — Mon, 05 Oct 2015 21:59:15 GMT

nperk, hang in there, and I'm sorry this happened to you. I agree with the advice to pay down balances ASAP so that other lenders don't become concerned. Congratulations on your new house.