topic Re: Bank of America just closed $63K of my credit cards in Credit Cards

Bank of America just closed $63K of my credit cards

naptime — Thu, 20 Apr 2017 15:30:45 GMT

I had 3 cards total from BOA with limits of $50,000, $8,000 & $5,000.

None with ballances as I just completed paying off the $50k card yeasterday.

I go on to my accounts page today and they are all gone.

When I called I was told by the rep that I was a "high risk" customer.

What does that even mean?

I have an over 20 year credit history with not so much as 1 late payment.

I have many other credit cards from different issuers a mortgage and car loans/ leases.

My question is has anyone else had a similar situation with BOA?

And if so were you able to get the cards re opened?

I appreciate any assistance

Thanks

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:33:42 GMT

What was the balance you just paid off, how long was it carried, and what were the monthly payments? Also what is your overall utilization on your reports?

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:35:32 GMT

So sorry to hear this. When they said you were high risk, did you ask them what that meant..if so what did they say..?

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:38:58 GMT

Was it a normal CSR you spoke to, or one is some special group? If the former, I would wait a few days to see if either the accounts reappear (i.e. it was just a glitch) or you receive a letter explaining the closure. It's just that in most cases a normal CSR wouldn't have visibility into reasons for closure if it was for "bad actor" reasons.

Re: Bank of America just closed $63K of my credit cards

naptime — Thu, 20 Apr 2017 15:40:50 GMT

I paid of $45K in the las 4 weeks. the ballance was carried for about 9 Months

The Monthly payments were $1,500

I have many high dollar ammount cards that I use / payoff sometimes taking several Months.

Point is it was never an issue before today.

Re: Bank of America just closed $63K of my credit cards

SouthJamaica — Thu, 20 Apr 2017 15:40:11 GMT

@naptime wrote:
I had 3 cards total from BOA with limits of $50,000, $8,000 & $5,000.

None with ballances as I just completed paying off the $50k card yeasterday.

I go on to my accounts page today and they are all gone.

When I called I was told by the rep that I was a "high risk" customer.

What does that even mean?

I have an over 20 year credit history with not so much as 1 late payment.

I have many other credit cards from different issuers a mortgage and car loans/ leases.

My question is has anyone else had a similar situation with BOA?

And if so were you able to get the cards re opened?

I appreciate any assistance

Thanks

That is outrageous.

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:41:16 GMT

@naptime wrote:
I paid of $45K in the las 4 weeks.

The Monthly payments were $1,500

I have many high dollar ammount cards that I use / payoff somnetimes taking several Months

OK, that sounds more like just "too risky in current environment" stuff, large balances being paid over time which they don't want to see.

Re: Bank of America just closed $63K of my credit cards

naptime — Thu, 20 Apr 2017 15:45:05 GMT

longtimelurker

I utilize the credit afforded to me and then pay it down/off and thats what they dont want to see?

what do the want me to do make $10 purchases on a $50k card and hold a ballance?

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:47:21 GMT

What's overall utilization on your reports?

Re: Bank of America just closed $63K of my credit cards

naptime — Thu, 20 Apr 2017 15:51:03 GMT

WaveRider

It was alittle over 25% but now with that large of a credit limit closure it screws everything up

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:50:21 GMT

Hey Naptime....

So sorry to hear that. However...I can tell you from personal experience.....that when you place large balances on high limit cards...more often than not...they look to have same pif within a short period of time.

Don't sweat it though.....their loss.

Be well

Gregg

Re: Bank of America just closed $63K of my credit cards

naptime — Thu, 20 Apr 2017 15:55:32 GMT

GMoney2196

I understand but I would say paying off $45k in 9 Months is a short period of time.

The thing is this type of stuff messes with your score because of utilization.

I have been an awesome customer and this should never have been done.

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:56:49 GMT

Hmm. Something must have spooked them, not sure we'll see what others have to say. But I recommend Penfed and Navyfed if you aren't in either of those, you can get your nice large limits back with them and they won't take it from you.

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 15:59:52 GMT

Hey Naptime...

I absolutely understand your frustration..trust me. As sad as it it..we r only as good as our last payment, purchase, etc with these creditors...20 years or 20 months. Right now, believe it or not, we are in a very risky economic environment....very unstable (market overvaluation...remember 2007)...so...banks, especially TARP institutions, may look upon certain situations differently than others. Where 9 months may not be a "short time" with Citi, with BOA it my be an eternity.

I feel your disgust.....dont let it rent space in your head. Ive been there..done that.

Gregg

Re: Bank of America just closed $63K of my credit cards

K-in-Boston — Thu, 20 Apr 2017 16:04:18 GMT

That seems very strange. We've carried and paid off massive balances time and time again for about 15 years with BOA and they've just kept giving us CLIs and all 3 of our cards have always had continuous 0%/1.99% BT offers. In fact, I would say that we've used BOA cards solely for BTs for at least 12 years without a single purchase.

Is there anything else going on in your reports that would spook them? Have you looked at recent credit reports to make sure nothing is reporting that isn't yours (wrong person or even worse, someone opening accounts in your name)? How is your income in relation to the amount of credit they extended you?

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 16:08:14 GMT

@naptime wrote:
@Anonymous

I understand but I would say paying off $45k in 9 Months is a short period of time.

The thing is this type of stuff messes with your score because of utilization.

I have been an awesome customer and this should never have been done.

Sorry, but they decide the awesomeness, not you, and they have decided otherwise. Depending on economic conditions, banks will sometimes emphasize reducing perceived risk over the potential for profits (the usual: ten years of profit from swipe fees and interest charges can be undone by a chargeoff) In these environments, you get no extra points for a perfect payment history, that is "expected" as part of the agreement.

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 16:10:06 GMT

yup

Re: Bank of America just closed $63K of my credit cards

K-in-Boston — Thu, 20 Apr 2017 16:12:53 GMT

I am certainly following this thread, though. Please let us know if you find out anything. BOA makes up over $88k of my revolving credit and I'm currently carrying over $40k of BTs with them with plans for more late summer, so something like this would be an absolute disaster for me.

Re: Bank of America just closed $63K of my credit cards

naptime — Thu, 20 Apr 2017 16:13:26 GMT

WaveRider

I have USAA cards as well as Navy Fed

I will give PenFed a try

Re: Bank of America just closed $63K of my credit cards

Anonymous — Thu, 20 Apr 2017 16:18:34 GMT

Goes to show it's not good to put all of your eggs in one basket. I personally have never done business with BOA and likely never will. Sorry this happened to you OP. It's a shame when one has that many years with a bank and they will just close all accounts with no notice.