topic Re: BOFA closed my CC!!!!! in Credit Cards

BOFA closed my CC!!!!!

preci0uz — Thu, 22 Jan 2009 19:41:11 GMT

Well, BOFA, just recentely unsecured my credit card around New Years, and well to my suprise, they CLOSED my accoun yesterday!!

They even did a hard pull to unsecure me which I have to call them and tell them that it should've been a soft.

So how can they unsecure my card and bump my limit, and then close it within 22 days?!?!

Okay, so I bought new bedroom set and a mattress set at Macys which totals around $4,200. I decided to put it on my Macys card, because I have the black card, and I get 2% back and Macy's reward and I qualified for 6 months deferred. This was all just in December, Christmas time.

My overall UTL is 51%. My real FICO scores are in the 700's. I had planned to pay it off next month with my income tax and some cash.

I was calling in the morning to inquiry about the product change, and the automatic operator said it was CLOSED. I spoke very briefly with an operator and it was because of overall utility with other creditors. I was furious. I plan to call them after work. I'm so angry but I don't want everyone at work seeing me arguing on the phone.

I've been a customer with BOFA for a good time, I have a checking account, savings, and even a brokarage account!!! My checking account usually has around 5k deposited monthly!!! I hate this!!

I think they closed my account not because of my utility but because they think my work is related to real state!!!! It has nothing to do with real state. It's Intellectual Property- patents and trademarks!!! I'm going to have to lie next time, they don't get it! Arghh I'm so angry.

I know that BOFA is great, but if they don't re-open my account. I intend to boycott them. I just checked my credit reports and they ALL seem fine, in fact some balances just posted to ZERO last week. my score's are in the 700's. This is scary. Sorry for all this ranting. But please, anyone that has high UTL or more than 20% UTL, check your BOFA CC !!!

Re: BOFA closed my CC!!!!!

Creditaddict — Thu, 22 Jan 2009 19:46:16 GMT

ugh, I'm so worried they are going to unsecure my card next month and then cancel it.

sorry this has happened to you, I would call a credit specialist from the back door numbers tonight.

Re: BOFA closed my CC!!!!!

preci0uz — Thu, 22 Jan 2009 19:48:34 GMT

@Creditaddict wrote:
ugh, I'm so worried they are going to unsecure my card next month and then cancel it.
sorry this has happened to you, I would call a credit specialist from the back door numbers tonight.

It's awful.

On top of that I have a personal trainer session today and with a co-worker as well. So I won't be able to get in touch with them until around 6PM. I just hope they're available.

Re: BOFA closed my CC!!!!!

Anonymous — Thu, 22 Jan 2009 21:17:45 GMT

Wow im sorry that sucks big time!! Im in month 2 with my 99/500.. Ill have to keep my util where it is right now (at 0) for sure after unsecuring. Thanks for the warning, and hope you have some luck getting it back!!

Re: BOFA closed my CC!!!!!

wmarat — Thu, 22 Jan 2009 21:27:59 GMT

I think first line CSR is available 24/7, but you need to talk with credit analyst therefore call backdoor number. Unlike Amex, BOA may reopen your account.

Good Luck.

Re: BOFA closed my CC!!!!!

Anonymous — Thu, 22 Jan 2009 22:23:49 GMT

PLEASE Keep us posted! I just got BOA secured in Dec.

Re: BOFA closed my CC!!!!!

REgnlor — Thu, 22 Jan 2009 22:28:35 GMT

Sounds like you did nothing that wasn't within your rights as a credit card holder. I'm absolutely shocked by this behavior from BOA. Definitely backdoor them, it may be some stupid mistake while unsecuring the acct OOPS some idiot closes the acct! I really hope you get it reopened!! Good luck!!

Re: BOFA closed my CC!!!!!

Anonymous — Fri, 23 Jan 2009 16:11:43 GMT

I made a statement the other day regarding BOA here on FICO whereby they ratejacked my account overnight! One day I had 12K and the next day BOA had slashed my credit line by $6K. I happened to look at my account the next morning! I called and the CR said it had been done at 5:00AM.

Someone asked me on this board did I have a source for this and I told them my account is the source and also the CR at BOA that I talked to named Linda. She told me this was just the beginning and that I hadn't done anything wrong, but that BOA was reviewing accounts and some would fall under their risk management category and lines would be reduced. She told me mine wasn't as bad as some were. LOL 6K CLD isn't what I would call "not bad". My APR was raised from 7.9% to 16.49% I see and my other account with BOA remains at 3.99%, however, the CL was slashed by $900.00, from $3200 to $2300.

Linda said I would get a letter in the mail. So they will not notify you first apparently.

Re: BOFA closed my CC!!!!!

Anonymous — Fri, 23 Jan 2009 19:57:17 GMT

Tonia,

It seems like carrying balances is an adverse action trigger for BoA right now. Their default rates are on the rise, and they seem to be getting more nervous by the day. And, once one creditor (or BoA themselves) starts chasing your balances & ratejacking, the other lenders are likely to start. The only sure fired way of breaking the cycle is to get the balances paid off.

Have you pulled your credit reports from the bureaus lately? Just to be on the safe side, you should probably check them to be absolutely certain that there are no derogs that you weren't aware of. There's probably nothing, but it never hurts to be sure. More than likely, it's the balances that triggered the cycle of balance chasing and ratejacking. It sucks. But, I think you'll be okay and in a prime position to get your credit lines restored (eventually) once you can PIF.

Message Edited by LilMirth on 01-23-2009 02:57 PM

Re: BOFA closed my CC!!!!!

Anonymous — Fri, 23 Jan 2009 20:54:07 GMT

LilMirth,

Your post is a breath of fresh air! Thank you for responding. I needed direction and even prayed about it. Your post addressed my concerns.

I am looking right now through my files for a temporary invitation that was given out on one of the other sites with a 50% reduction to order FICO scores/products. . Once I find it, I am going to pull my scores. I believe the offer expired on the 22nd, however.

I'm sure carrying balances have triggered this action. Ever been in a fix where nothing seems to be going right? That's where I am. However, I have joined the David Ramsey program and I feel pretty good about having a plan for next month. I do see myself getting out of debt with the snowball effect.

Thanks again for your inspiring post. It adds comfort to my situation for sure.

Re: BOFA closed my CC!!!!!

Anonymous — Fri, 23 Jan 2009 21:09:13 GMT

Tonia,

That 50% off deal from the Oprah website expired last night at 10:00pm CST. But, they're still offering 20% off in the header on the front page of the Myfico website.

Have I ever been in a fix where it seems that everything that can go wrong does! I feel you. Believe me, it wasn't so long ago that I was in quite a bind myself, and I didn't handle it with nearly the amount of grace and good sense that you seem to have. When it rains, it pours. But, it does get better, even when it feels like you're in a rut and it never will. It WILL. The fact that you've got a plan, and you're putting it in action, and you're focused on getting your debt paid will pay off in spades for you. And then, when you look back on your current situation, with 800+ FICO scores, and me green with envy, and you having weathered some tough times and come out even stronger-- you'll be so proud, and we'll be so proud of you!

This will pass. And, we'll hang with you 'til you come out on the other side!

Re: BOFA closed my CC!!!!!

oracles — Fri, 23 Jan 2009 21:14:44 GMT

@Anonymous wrote:
Tonia,

That 50% off deal from the Oprah website expired last night at 10:00pm CST. But, they're still offering 20% off in the header on the front page of the Myfico website.

Have I ever been in a fix where it seems that everything that can go wrong does! I feel you. Believe me, it wasn't so long ago that I was in quite a bind myself, and I didn't handle it with nearly the amount of grace and good sense that you seem to have. When it rains, it pours. But, it does get better, even when it feels like you're in a rut and it never will. It WILL. The fact that you've got a plan, and you're putting it in action, and you're focused on getting your debt paid will pay off in spades for you. And then, when you look back on your current situation, with 800+ FICO scores, and me green with envy, and you having weathered some tough times and come out even stronger-- you'll be so proud, and we'll be so proud of you!

This will pass. And, we'll hang with you 'til you come out on the other side!

ditto, very well said

Re: BOFA closed my CC!!!!!

Anonymous — Fri, 23 Jan 2009 21:55:40 GMT

LilMirth,

Late as usual with the 50% LOL. But that's okay, things will get better and this too shall pass!!! That's what my girlfriend always tells me.

I have TrueCredit and if there was anything derogatory, they would alert me. I understand many people have dropped them. I only check my scores and reports with them once a month so there shouldn't be any problem there. (?)

Thanks for having my back!

Re: BOFA closed my CC!!!!!

preci0uz — Wed, 28 Jan 2009 15:54:16 GMT

ugh so BOFA apologized profusely for the "error" made by thier "system".

I demanded an explanation on why my account was closed, but of course, BOFA could not provide me with one. I’ve never really experience this kind of treatment before and I’m still very upset.

I do intend to keep my CC with BOFA just because of the high CL they give. But as of last week, I closed my brokerage account and emptied my checking/savings account. I will bank with NFCU only now.

BOFA can say goodbye to my business.

Re: BOFA closed my CC!!!!!

oracles — Wed, 28 Jan 2009 16:00:28 GMT

Congrats preciouz

I would definitely not close the CC.

Not that I am defending B of A but a lot of CCC would not have worked with you.

to get an apology from a CCC is very rare these days.

Everyone makes mistakes, but it is what you do to correct it, is what matters.

I think by them apologizing and opening it back up was good on their behalf.

Give them a second look, maybe not now but later

Re: BOFA closed my CC!!!!!

preci0uz — Wed, 28 Jan 2009 16:20:35 GMT

Oracles,

You're right. I just felt so betrayed by BOFA. Maybe when I get a very nice CLI, I'll be able to forgive them I should've asked for a CLI when they re-opened but I didn't want to push my luck because of the economy.

I only closed my brokerage account and left my checking/savings in zero for now. So now my direct deposit will be with NFCU.