topic Re: BOA CLOSED MY CARD Really???? in Credit Cards

BOA CLOSED MY CARD Really????

hersheykisses — Wed, 22 Mar 2017 22:59:22 GMT

Been a customer of BOA with large direct deposit monthly for 13 years. Have two credit cards with them. In the last year I moved some of the CL from one card over to the other to allow for a larger CL, at the same time they pulled my credit and lowered my interst rate (this is within the last year/maybe last 6 months even) got a letter that they closed my card last month. Called as I had also recieved a week later "your a valued customer" offer of transferring balances etc with checks letter, so I was totally confused. You close my account and a week later Im a valued customer and your sending me checks to transfer balances? WTH. So I ask for reinstatement or new account, they go through the entire process tell me I'm approved that my account will reopen with same interest rate, same CL. One week later card still not working, call and find out they are processing my paperwork but everything is good. Today I get a letter sorry we are still closing your card, call and find out in fact I wasn't "officially" approved and that it was their mistake (two different people/two different calls) telling me I was approved and that the card was reinstated, that those persons should've told me it needed final approval with underwriting first. WTH. I wasted so much time dealing with this issue on the phone, its ridiculous.

I was told reason is due to high utilization on my other cards, although my income, owning my home and credit score are more than sufficient as is my payment history. I was so upset with BOA. Seems like one department doesnt know what the other one is doing. I feel very insulted and not a valued customer. Very Scary to think they can just "close" your account out of the blue, no warning, nothing. Terrible customer relationship. Needless to say I will be moving all my BOA accounts to NFCU ASAP.

Re: BOA CLOSED MY CARD Really????

Anonymous — Wed, 22 Mar 2017 23:08:51 GMT

@hersheykisses.

I'm sorry about your card being closed. It seems like every week, its a different lender. NFCU is a great option for anyone. Hope this closure doesn't impact your score too much.

Re: BOA CLOSED MY CARD Really????

Anonymous — Wed, 22 Mar 2017 23:14:34 GMT

Sorry to hear that, scary indeed to see that happen out of the blue like that

Re: BOA CLOSED MY CARD Really????

pip3man — Wed, 22 Mar 2017 23:17:44 GMT

BOA is very finicky especially with high utilization even when it's not associated with their card. This was exactly how they shut me down like a year or two ago! They will close that account for u in a heartbeat without warning so im not surprised. I found out mine was closed when I got a notification that my then BBR was removed from my Apple PAY account. I paid off the remaining balance immediately and moved on......

Re: BOA CLOSED MY CARD Really????

baller4life — Wed, 22 Mar 2017 23:41:24 GMT

BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.

Re: BOA CLOSED MY CARD Really????

Anonymous — Wed, 22 Mar 2017 23:57:47 GMT

I'm sorry to hear this. I'm not a big fan of BOFA. It just seems its always something with them. I was all set to close my banking accounts with them when I realized the airline card I wanted was through them. Now I just use them for easier bill paying and to funnel money to my usaa accounts. You're probably better off with Navy.

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 00:30:47 GMT

Sorry to hear this happened, OP. It makes me a little concerned about the BoA constrictor.

A few years ago, I encouraged a family member to call in for APR reduction on his BoA card, as well as on his other credit cards. I had just learned via an article that it was possible to request this with lenders, and I shared that information with him and encouraged him to call to lower his APR.

Every one of his other lenders lowered his APR when asked. All of them, except BoA.

Not only did BoA not lower his APR, they slashed his credit limit. And he'd been a BoA customer for 10 or 12 years. I felt responsible as I was the one who encouraged him to call them and once they looked over everything, they slashed his limit.

His overall utilization was at 30% and he had a very long positive credit history, so I guess you never can tell what BoA will do.

I've had good experiences with my BoA Alaska card and just got the nice CLI to 29k last month, so I'm happy about that, but now I'm afraid to do even a small balance transfer with them after hearing this.

It's hard to tell what they are thinking sometimes.

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 01:10:07 GMT

Wow. Very sorry to hear, OP. I'm sure it feels like a slap in the face. I wonder if humans make these decisions or if it's a computer algorithm? Anyway, BoA smells a lot like Comenity. Very rude to not give any notice to its "valued" customers. Happy to hear you have other options.

Re: BOA CLOSED MY CARD Really????

AverageJoesCredit — Thu, 23 Mar 2017 01:16:16 GMT

Sorry Op, that really stinks when you have all the essentials, good history, , score, income, home, etc. Wish you the best.

I guess im in trouble, got some bts going on AND am newer client. Ahh well, if it happens,happens, cant control the universe. Id just move on to next creditor

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 01:24:22 GMT

hershey, would you be willing to share with us what your overall utilization was at the time this happened? Also, you mentioned you have two BoA cards - did they close one card and leave the other one open?

Once again I'm sorry this happened to you.

Re: BOA CLOSED MY CARD Really????

jdxprs1 — Thu, 23 Mar 2017 01:28:48 GMT

This is why I'm a PNC customer. They value relationships.

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 01:41:34 GMT

Here is a related thread from 2016 which I did not see at that time. Sad to hear.

http://ficoforums.myfico.com/t5/Credit-Cards/Bank-of-America-Closed-my-Credit-Cards/m-p/4484434/highlight/true#M1291483?filter=location&location=forum-board%3Acreditcard&q=boa+closed+my+card

Re: BOA CLOSED MY CARD Really????

galahad15 — Thu, 23 Mar 2017 01:57:59 GMT

Very sorry to hear about the BoA accounts closures hershey Although I am technically a BoA fan overall, I did get an ~$17k CL slashed to about $9k with them, only a few years ago, on the best cc account I had with them...that still smarts for me, to this day...

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 01:59:15 GMT

I am curious, what was overall and individual utilization? Any lates or anything on other accounts?

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 01:59:22 GMT

@galahad15 wrote:
Very sorry to hear about the BoA accounts closures hershey Although I am technically a BoA fan overall, I did get an ~$17k CL slashed to about $9k with them, only a few years ago, on the best cc account I had with them...that still smarts for me, to this day...

Sorry to hear, galahad. What happened?

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 02:02:00 GMT

@jdxprs1 wrote:
This is why I'm a PNC customer. They value relationships.

The great thing about the internet is it is easy to find (alleged) counter examples. So searching for "PNC cut credit limit" brings up, straight away

https://www.pissedconsumer.com/company/pnc-bank/lowered-credit-card-limit-for-no-reason-20111219282555.html

Someone with $390K income and 5 years of PNC history being CLD for utilization and inqs.

Re: BOA CLOSED MY CARD Really????

corymcd88 — Thu, 23 Mar 2017 02:04:37 GMT

BOA is very strange. 6 ish years ago I found out that I had a fraudulent cheques account opened and CO, BOA said it not yours and took care of it they also said I can NEVER have a cheques account with them for the rest of my life but I can have any other product with them. My Credit Card with them $19.300 CL BOA said was fine but a cheque account risk even tho it was found not mine. BOA is very strange.

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 02:05:47 GMT

@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.

Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.

Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue

Re: BOA CLOSED MY CARD Really????

Bman70 — Thu, 23 Mar 2017 05:45:25 GMT

OP could you please share what your utilization was on the card and total debt.. because 30% of say $100k is far more alarming to banks than 30% of $20k. It seems that adverse action might be more common at around $10k and up revolving debt; regardless of utilization percent. At least from the anecdotal reports where no other reason was apparent. It's helpful to be able to compare our usage and profiles so we can take measures. I hope you get your card reinstated.

Re: BOA CLOSED MY CARD Really????

Anonymous — Thu, 23 Mar 2017 05:57:13 GMT

Very sorry. This is how my creidt decline started back in 2008-BofA (actually FIA) closed my $42k limit card because of high balances on my other cards. I know how crappy that feels when you were a good customer all those years. It would be one thing if you defaulted or something like that but to get shut down for using the credit that you had been given based on your credit and income is really not cool IMO. If you kept those balances for years it is one thing-maybe a sign you are in trouble. But if you have high balances for maybe 3-6 months.... i don't get how that is bad.

Anyway-sorry again. I really know how you feel and I know how activating it is.