topic Re: BoA closed my account !!! in Credit Cards

BoA closed my account !!!

CreditPacMan — Tue, 26 Sep 2017 23:18:13 GMT

So I get a letter in the mail today , opened it and it was a notice from Bank of America telling me that after a review they had closed my account with them which was sitting unused at 0 balance for 9 months.

The reasons they gave:

Inactivity on this account

Sufficient utilization of available credit

This sucks!

I called their credit underwriting and the only thing the analyst could do was submit a request with a hard pull to pull my report and decide if they can re-open the account. I reluctantly agreed. She came back saying that she couldn't pull my report because the terms and conditions for the account were no longer available. She said to apply for a new card!

That was my oldest account with them .. It was opened back in 2012 and it had $8000 credit line.

I have an Alaska card with them that was opened in Feb 2017 with $20,000 credit line.

I have made several big purchases in June .. I put $7000 on the Alaska card that I paid off after a month. I am financing a $9000 wedding ring with a jewelry store which is actually just a charge account that I am paying off and it will be at 0 balance in April. And I have another big purchase on another card also under payment.

I understand all of this .. but it's not like I am delinquent.

Is there anything any of you has tried before with them to get them to open a closed account?

Re: BoA closed my account !!!

CreditCuriosity — Tue, 26 Sep 2017 23:39:13 GMT

Sorry to hear. Yes creditors will close cards if you don't use them for long periods of time which 9 months is by some considered to be a long period of time. Just to be safe use your cads at least every 6 months probably 3 months on something small and this would of avoided this from happening.

Re: BoA closed my account !!!

betax — Tue, 26 Sep 2017 23:40:11 GMT

Sorry to hear that. Most credit cards should be used atleast once every six or twelve months to keep them active. Six months would be ideal.

Re: BoA closed my account !!!

CreditPacMan — Wed, 27 Sep 2017 00:47:35 GMT

Do I stand a chance to convince them to re-open the card?

Re: BoA closed my account !!!

gdale6 — Wed, 27 Sep 2017 00:57:36 GMT

@CreditPacMan wrote:
Do I stand a chance to convince them to re-open the card?

If you have already been denied by the analyst odds are pretty much against but give em a call tomorrow and hopefully you get another analyst to take a look at it using that same HP, if no go I would try to use that HP to get a CLI on your 20K card.

Re: BoA closed my account !!!

BronzeTrader — Wed, 27 Sep 2017 01:54:41 GMT

Interesting. I've had cards not used for years....

Re: BoA closed my account !!!

Anonymous — Wed, 27 Sep 2017 04:39:23 GMT

I rotate my cards on a regular just to prevent this from happening.. From what I've read in the past banks consider open accounts not in use a risk.

Re: BoA closed my account !!!

Anonymous — Wed, 27 Sep 2017 04:45:42 GMT

OP, you didn't recently miss a payment (not necessarily on the BoA account) or have another negative piece of information introduced on your credit report did you?

Re: BoA closed my account !!!

Total80sKid — Wed, 27 Sep 2017 05:50:00 GMT

Sorry about that.

I hope everything works out for you in the long run.

Re: BoA closed my account !!!

CreditMagic7 — Wed, 27 Sep 2017 05:56:45 GMT

I'm surprised no one is even raised any issue regarding OP's FICO Scores.

If those are current then they also very likely to have been an even bigger factor in the action taken.

That's something not much pointed out but some lenders measure progress if any where those are concerned and can play a part in them retracting credit lines if not outright closing cards no matter perfect payments etc.

It's part of the calculation used to make decisions especially when little or no upward movement is seen for some period of time.

Re: BoA closed my account !!!

elim — Wed, 27 Sep 2017 06:45:11 GMT

@CreditMagic7 wrote:
I'm surprised no one is even raised any issue regarding OP's FICO Scores.

If those are current then they also very likely to have been an even bigger factor in the action taken.

That's something not much pointed out but some lenders measure progress if any where those are concerned and can play a part in them retracting credit lines if not outright closing cards no matter perfect payments etc.

It's part of the calculation used to make decisions especially when little or no upward movement is seen for some period of time.

I wondered the same thing but they are from "4/15".

Re: BoA closed my account !!!

CreditPacMan — Wed, 27 Sep 2017 08:35:27 GMT

@elim wrote:
@CreditMagic7 wrote:
I'm surprised no one is even raised any issue regarding OP's FICO Scores.

If those are current then they also very likely to have been an even bigger factor in the action taken.

That's something not much pointed out but some lenders measure progress if any where those are concerned and can play a part in them retracting credit lines if not outright closing cards no matter perfect payments etc.

It's part of the calculation used to make decisions especially when little or no upward movement is seen for some period of time.
I wondered the same thing but they are from "4/15".

Those are from last year.

Re: BoA closed my account !!!

Anonymous — Wed, 27 Sep 2017 09:19:57 GMT

What are your scores now? What were they before the large purchases?

Re: BoA closed my account !!!

CreditPacMan — Wed, 27 Sep 2017 18:25:50 GMT

The score with TU is 670 right now. It was 692 in June when I made the purchases.

I sent an email and a person from the executive office called me. She basically mentioned the same reasons listed in the letter but she added another reason: the number of delinquent account! That was a shocker .. I do not have delinquent accounts except for that one time late payment on a car loan in 2011.

She looked at a recent report and she said yeah you'r e right .. but there's nothing I can do. You can call transuion and ask them why they'r providing this reason.

She said the account was inactive for so long that we stopped updating the terms and conditions for it.. so when it was closed they have a policy that if the terms and conditions are not current they will NOT re-open the account.

That sucks!