topic Re: Bank of America Closed my card in Credit Cards

Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 16:29:00 GMT

I received an email this morning from my FreshPatch delivery that is weekly reoccurring that my charge was declined. I logged in and everything looked fairly normal except it wasn't showing the line of available credit... I tried to chat and she told me to call in for any account fraud/decline questions.

When I called and started going through automated system it said thanks for your last payment, current balance, your account is closed. say what?!

Regular rep read me the letter stating the account was reviewed by an analyst and closed for too many new accounts and having enough credit.

Re: Bank of America Closed my card

kdm31091 — Fri, 29 Apr 2016 16:30:39 GMT

Sorry this happened, although the reasons aren't a surprise to you I'm sure.

Maybe call and see if an analyst can review it? Perhaps they could reopen it with a smaller limit or something.

Re: Bank of America Closed my card

Anonymous — Fri, 29 Apr 2016 16:38:15 GMT

Sorry to hear that C. Add. How many open accounts do you have if you don't mind me asking (your own + AU)?

Re: Bank of America Closed my card

Anonymous — Fri, 29 Apr 2016 16:44:35 GMT

That stinks. How old was the card?

Re: Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 16:45:00 GMT

Not totally surprised with the reasons listed but a little irritated because I just had the card unsecured like 2 months ago (analyst), then CLI again by computer and analyst so 2 people looked at it to get it to where it is less than 2 months ago and they all didn't have issues with the things now being listed.

I said I get I have a lot of credit available and a lot of inquiries but from a risk perspective, your $3700 limit is peanuts compared to my other limits

The analyst that is reviewing now said that I have $15208 on 15 accounts or something.

I was like okay, and now 1 account is about $10k and the others are like 76 gas $74, Macys $65, Ebates $34, they are tiny balances and 90% of it is paid in full each month... it's my monthly spend... I'm not revolving even 1%.

As for open available credit, not sure what TU total number is because they don't seem to include many of the AU accounts like Experian, Experian is over $700k, I think TU is closer to $500k.

Re: Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 16:46:49 GMT

@Anonymous wrote:
That stinks. How old was the card?

The card was secured for 6 months

unsecured and cli from $500 to $1500

CLI a couple weeks later from $1500 to $3700.

I think it's been 2 months and it was closed.

Re: Bank of America Closed my card

creditguy — Fri, 29 Apr 2016 16:51:08 GMT

Sounds like it's no loss, so good riddance. However it might have been nice to have been told it was closed instead of having to find out yourself, but since we don't live in a perfect world its a big oh well.

Re: Bank of America Closed my card

Anonymous — Fri, 29 Apr 2016 16:53:28 GMT

That obviously stinks but glad to hear you are keeping perspective on this one.

Re: Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 16:54:24 GMT

HEHE... TU been hit hard... They be tracking for the entire 7 months I have had the card... she says since opening 36 INQ have been placed on my file. I kind of giggled.

She put in a request to have the account re-opened but then comes back and says my TU is frozen.

I said oh, you want to place another INQ... those same inq's you just complained about!!

She said sorry, that's part of the process if you want it review to re-open.

We are calling TU now to unlock it. I mean what the heck at this point, thanks for making me leave the garden again.

Re: Bank of America Closed my card

Anonymous — Fri, 29 Apr 2016 16:56:27 GMT

Sorry it happened, CA.

BoA can be very sensitive to having " too much available credit." I'm a current Cash rewards card customer and have had no issues with it, but their EO suggested to me to reduce overall credit before applying for their Alaska Airlines card. EO said that BoA is sensitive to having too much overall available credit.

I wouldn't do it for BoA specifically, but planning to have my overall available credit down to 170k or so by end of 2017, because that is my goal of where I'd like to be personally. Streamlining and consolidating is a good thing in any event.

Re: Bank of America Closed my card

pizza1 — Fri, 29 Apr 2016 16:56:34 GMT

ugh!!! Dang it CA! Sorry about this!! Knowing you, you were on that BD# about it pronto. Hope maybe it can be reopened for you.

Re: Bank of America Closed my card

Anonymous — Fri, 29 Apr 2016 17:06:17 GMT

@Creditaddict wrote:

The analyst that is reviewing now said that I have $15,208 on 15 accounts.

90% of it is paid in full each month... it's my monthly spend... I'm not revolving even 1%.

@humuhumunukunukuapua'a wrote:

Good to know and thanks for sharing the information that BoA considers this to be beyond their comfort level. Some would not think $15,000 is too high, especially if it is 1% utilization, but it's good to be aware of. Thank you for sharing, CA.

Re: Bank of America Closed my card

kdm31091 — Fri, 29 Apr 2016 17:03:04 GMT

@Anonymous wrote:
Sorry it happened, CA.

BoA can be very sensitive to having " too much available credit." I'm a current Cash rewards card customer and have had no issues with it, but their EO suggested to me to reduce overall credit before applying for their Alaska Airlines card. EO said that BoA is sensitive to having too much overall available credit.

I wouldn't do it for BoA specifically, but planning to have my overall available credit down to 170k or so by end of 2017, because that is my goal of where I'd like to be personally. Streamlining and consolidating is a good thing in any event.

I think most lenders have a certain threshold for available credit and once you pass it you become a risk. Too much available credit can definitely be a red flag, not just with BOA but in general. So it pays to be cautious choosing cards, going for CLIs, etc. Even if the EO rep hadn't told you, I think it's good practice anyway to keep things streamlined.

Re: Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 17:07:32 GMT

@kdm31091 wrote:
@Anonymous wrote:
Sorry it happened, CA.

BoA can be very sensitive to having " too much available credit." I'm a current Cash rewards card customer and have had no issues with it, but their EO suggested to me to reduce overall credit before applying for their Alaska Airlines card. EO said that BoA is sensitive to having too much overall available credit.

I wouldn't do it for BoA specifically, but planning to have my overall available credit down to 170k or so by end of 2017, because that is my goal of where I'd like to be personally. Streamlining and consolidating is a good thing in any event.

I think most lenders have a certain threshold for available credit and once you pass it you become a risk. This is something most people on MF don't like to discuss, but I think it's a very real policy with most lenders. Too much available credit can definitely be a red flag. So it pays to be cautious choosing cards, going for CLIs, etc. Even if the EO rep hadn't told you, I think it's good practice anyway to keep things streamlined.

Oh for sure... but I feel most of the time banks are concerned about their internal limits with them since they are in competition to be the bank you use the most if they don't see other flags... but when you throw in the INQ's and new accounts now it becomes less about competing for the highest limit for me to use them more than chase but to closer look at things going on.

Re: Bank of America Closed my card

Anonymous — Fri, 29 Apr 2016 17:08:21 GMT

That totally sucks!!!

Thats's so Bush League.

Re: Bank of America Closed my card

ddemari — Fri, 29 Apr 2016 17:12:15 GMT

Sorry ca. Boa closes me out last year and their monthly account reviews don't help any of us out that have a lot going on new tradeline wise.

Re: Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 17:12:52 GMT

UPDATE: Review done after TU unlocked my report and account will remain closed for the following reasons:

1. Account balances in relation to account limits to close (This one sends me through the roof)

She mentions 2 accounts (5/3 $9k out of $9500 my BT currently being used, and Ashley Furniture $2700 to $3500 my mattress that is 0% for 68 months and I already pay triple the minimum payment. I said on your left-hand you complain I have too much available credit, but your right-hand gets mad about 2 accounts that make up .5% of available credit and that are 0% being too close to limit!!

2. Excessive Inquiries.

So I cut up the card and we have parted ways now... sigh... I really thought I was building a long lasting relationship with them when they unsecured me early and cli twice patting me on the back for my handling of accounts and how much credit I had... now whoever analysed this time felt the complete opposite of the previous 2 which is the only reason why it's really frustrating because I got someone more conservative than the other 2 and reversed all previous decisions in one swoop.

Re: Bank of America Closed my card

kdm31091 — Fri, 29 Apr 2016 17:14:44 GMT

I know it's not what you want to hear, but if you truly want to build long relationships with the issuers, the best thing to do is to stop applying and let things age. Use the cards you have and show that you want them.

Re: Bank of America Closed my card

Creditaddict — Fri, 29 Apr 2016 17:21:09 GMT

@kdm31091 wrote:
I know it's not what you want to hear, but if you truly want to build long relationships with the issuers, the best thing to do is to stop applying and let things age. Use the cards you have and show that you want them.

I am!

Issuers just have to stop launching new cards I must have

Re: Bank of America Closed my card

ddemari — Fri, 29 Apr 2016 17:26:24 GMT

@Creditaddict wrote:
@kdm31091 wrote:
I know it's not what you want to hear, but if you truly want to build long relationships with the issuers, the best thing to do is to stop applying and let things age. Use the cards you have and show that you want them.
I am!
Issuers just have to stop launching new cards I must have

i hear ya lol!