topic Re: BofA Closed Two Accounts!! in Credit Cards

BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 20:20:11 GMT

Got a letter today stating that my Travel Rewards Visa and Americard MC have been cancelled due to recent review of credit. Too many new accounts. I just transferred these balances to zero and they close my accounts same month??!! First they lowered the limit to near what ever balance I had on them then they completely close the account after I transferred the balances over to a promotional transfer. $5500 on both lowered to 1700 & 3400 now closed after basically paying them off.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 20:25:33 GMT

Were you carrying those balance for awhile and only paying the minimum? You were obviously being balance chased.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 20:30:47 GMT

I opened both accounts in January. Did a balance transfer and they lowered my limit last month! I always payed 2-3 times minimum payment before that happened. I got upset about the credit limit decrease so I transferred the remaining balance to another card and then they closed it without me knowing it. Both cards were opened 7-8 months ago.

Re: BofA Closed Two Accounts!!

Pikaboo-icu — Thu, 06 Sep 2018 20:33:58 GMT

Sorry..

That bites..

How many new accounts have you opened in the last 6-7 months, since getting the cards?

edited..

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 20:35:58 GMT

eight new accounts and this eliminates 2 accounts at once with zero balances. I'm not apping for anything else this year and haven't since June. I was going to garden for 6mos to see what that looks like then go another 6mos. This caught me off guard. Can it start a chain reaction??

Re: BofA Closed Two Accounts!!

CreditCuriosity — Thu, 06 Sep 2018 20:42:22 GMT

It could cause some additional AA depending on what your utilization is and if it has spiked recently? Any new baddies or anything else with profile? Most likely as long as your balances arent going up you shouldn't see any additional AA, just make sure you pay good portions like 3-4x's the min payment to stay under the radar of any lender really.. BofA was obviosuly balance chasing you and once they got paid off they then closed your cards as you appeared a risk to them for whatever reason.

Re: BofA Closed Two Accounts!!

Pikaboo-icu — Thu, 06 Sep 2018 20:49:58 GMT

@Anonymous wrote:
eight new accounts and this eliminates 2 accounts at once with zero balances. I'm not apping for anything else this year and haven't since June. I was going to garden for 6mos to see what that looks like then go another 6mos. This caught me off guard. Can it start a chain reaction??

It can depending on the LI. Some are more easily spooked than others.

I would try to not draw any attention to your credit file for several months.

Sorry this happened..

Hang in there..

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 20:51:18 GMT

No baddies. overall utilization 23%. I was in process of eliminating balances on too many accounts trying to spread the love but apparently US BAnk doesn't like that so I was cleaning it up or down to 4 accounts with balances then this happens. Geesh I pay 2-3x's on all accounts and the low ones I just paid in full every cycle before they report. It is what it is. Not happy though

Re: BofA Closed Two Accounts!!

CreditCuriosity — Thu, 06 Sep 2018 21:01:35 GMT

Not sure what your income is, but it appears you are carrying (assuming your signature is up-to-date) 43k in cc balances.. That is a fairly considerable amount once again depending on your income how considerable that is and if BofA saw a spike in utilization recently and alot of new accounts open it probably tripped their computer program and balance chased you and ultimately closed your CC's. Was 23% utiization prior to or after the account closures? Hopefully no other action is taken. Best of luck

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 21:04:40 GMT

23% is not CCs its my overall debt on my credit report. I owe less than 20K in credit cards. Everything else is loans, etc. I make 87K income

Re: BofA Closed Two Accounts!!

Medic981 — Thu, 06 Sep 2018 21:11:15 GMT

Sorry to hear your bad news. The only thing I can contribute is for you to remember that credit building is a marathon and not a sprint. As others have mentioned, there is something that has spooked BoA into closing your accounts. For what it is worth, once you get out of the garden, I suggest you limit your apps to only credit that you need or can make use of the rewards and spacing your individual apps with six months in between if not more.

Good Luck!

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 21:32:41 GMT

got it. thanks

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 22:01:50 GMT

I'm so sorry this happened to you.

Your posting history indicates that you were warned of the possibility of adverse action just over a month ago. By your own admission you opened 24 accounts in 12 months. That many new accounts, in addition to your current aggregate utilization and a 2012 BK still reporting, would cause many lenders to be concerned.

Hopefully this doesn't seriously impair your future credit prospects. All the best.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 22:10:49 GMT

It is what it is. Upset but not losing sleep over it. I'm done apping and I never carry more cc debt than I can readily pay off in one day if I wanted to from savings.

Re: BofA Closed Two Accounts!!

UpperNwGuy — Thu, 06 Sep 2018 22:13:45 GMT

@Anonymous wrote:
It is what it is. Upset but not losing sleep over it. I'm done apping and I never carry more cc debt than I can readily pay off in one day if I wanted to from savings.

If that is true, then do it now.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 22:32:47 GMT

It is true. Why? That is in case of emergency if something happens to me and I can't work. Never going through a bankruptcy again. My own rules/philosophy.

Re: BofA Closed Two Accounts!!

Medic981 — Thu, 06 Sep 2018 22:52:42 GMT

You will save more money not paying interest on the balances you are carrying than the interest you earning in savings. You will receive a huge FICO score increase by PIF your accounts save one.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 23:09:54 GMT

Yeah, I figured that. I think about it sometimes but I really don't desire anything at the moment. I will be refinancing my home in 2020 and just pretty much expected to do it 6 months prior to starting the loan process. As of now--the reason for all the accounts. I just wanted credit and to prove that I can pay it. I have a small business as well that nets me an additional 20K plus my wife works full time and makes 48k. We both contribute to the Savings and share the same goals.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 23:19:41 GMT

@Anonymous wrote:
Yeah, I figured that. I think about it sometimes but I really don't desire anything at the moment. I will be refinancing my home in 2020 and just pretty much expected to do it 6 months prior to starting the loan process. As of now--the reason for all the accounts. I just wanted credit and to prove that I can pay it. I have a small business as well that nets me an additional 20K plus my wife works full time and makes 48k. We both contribute to the Savings and share the same goals.

And that shared goal should include becoming CC transactors paying $0 in CC interest by PIF within grace period, I would focus on paying off revolving debt with some of the current savings and future contributions.

Re: BofA Closed Two Accounts!!

Anonymous — Thu, 06 Sep 2018 23:27:00 GMT

Again; this % isn't a month to month percentage. It is what it is at the time of the incident. Some accounts I pay in full before the cycle ends. My balances can go from 20K one month to 7K in the same month. Regardless, I know how to move forward. I monitor my debt based on what I can pay off any day. I appreciate all the comments/tips. I try to be as transparent as possible with the community. Otherwise, what's the point, right?