topic Re: BofA Shut Me Down. Guess I’ve learned now... in Credit Cards

BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 21:51:00 GMT

I never thought I’d be on here posting about an AA, but I suppose there’s a first time for everything...

I went out to get bae a haircut, only my redcard and two BoA cards in hand. I went to pay, and the lady told me my Cash Rewards was declined. I went outside, called the number on the back of the card, and the automated system said my cards were closed.

I recently opened five new cards, so I guess this shouldn’t surprise me much. But I’d been doing app sprees for over a year and had nothing happen, so I am a bit at a loss for words.

Oh well, I guess my appaholic ways were bound to catch up with mr at some point. I have definitely learned my lesson about excessive credit card applications. Let this be yet another cautionary tale to those on here who are new to this and get carried away. Missing out on that $200 SUB definitely stings though, lol.

Re: BofA Shut Me Down. Guess I’ve learned now...

CreditCuriosity — Tue, 09 Jul 2019 21:55:40 GMT

What are your scores and utilization at? Any big balances etc for DP's for this forum as MANY of us have more than 5 recent account openings with no adverse action, not saying it cant or wont happen, but would of been seen alot more if it was only 5 accounts, etc.

Sorry this happened to you. Was that the reason given on the phone new cards?

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 22:14:40 GMT

My scores all around 745, my UTI is at 1%. My balance on the card was only $311 on an 11k CL. I have no derogs. The new accounts is the only possible thing I can think of that would spook them. I’m gonna call later and see what they say about it.

Re: BofA Shut Me Down. Guess I’ve learned now...

Aim_High — Tue, 09 Jul 2019 22:47:46 GMT

Thanks for the caution! My condolences for your $200 SUB loss.

It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers. Yes, you can do both! I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers. App Sprees are definitely risky.

I avoid signing up for any cards simply for the sign-up bonus. I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term. After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.

Honestly, I can't blame the banks when they get alarmed. They don't know what someone is planning to do with all that new credit, but they also are putting out these offers to try to build loyal long-term customers. They get annoyed with people rapidly churning offers at half a dozen different banks.

Your AA experience is a good reminder that being selective and methodical about apps is a wise course of action.

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 22:31:39 GMT

@Aim_High wrote:
Thanks for the caution! My condolences for your $200 SUB loss.

It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers. Yes, you can do both! I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers. App Sprees are definitley risky.

I avoid signing up for any cards simply for the sign-up bonus. I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term. After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.

Just different goals I guess! I am not a believer in "keeper" cards, as to paraphrase you, today's "keeper card" will not be the" keeper card" of tomorrow. Cards get nerfed, goals change, and better things come along.

Plus, for some, the benefits of having a set of good cards isn't outweighed by having a good string of SUBs on throwaway cards. Generally SUBS will more than make up any benefits on spend.

But, as OP's post reminds us, have to compromise!

Re: BofA Shut Me Down. Guess I’ve learned now...

Remedios — Tue, 09 Jul 2019 22:36:55 GMT

OP, I hate seeing this happen to you, but you were kinda warned in multiple threads that this was a very likely scenario if you continued applying and/or listening to people with much more older profiles than you.

I do appreciate you sharing your story because not a day goes by without multiple "In which order should I apply for these 15 cards" threads. Without people like you, we'd only hear about success stories and continue with misguided belief that app spree is still a good idea, well liked by creditors.

Hopefully, someone may read this and understand app sprees are a thing of a past, and no one is immune to AA.

I hope you forgive me for linking to one of your previous threads, but my hope is that at least one person will stop and think before applying.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Should-I-App-For-WF-Propel-Again-or-Stay-in-the-Garden/m-p/5648867

Again, I am really sorry but on a positive side, after you garden for a year or longer, you'll be able to continue with your credit journey, only at a slower pace this time around.

Most lenders are just not willing to deal with this any longer. App spree is a practice that needs to die, a quick painful death would be preferable.

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 22:37:13 GMT

BOA isn't usually a prime suspect for AA on new accounts unless maybe it was also a new account in that same time frame. Your stats are ideal for being a customer and certainly being able to grow that CL significantly.

More details to paint a picture would really help in building a warning sketch of BOA dressed as a reaper that can posted on the walls around here.

Re: BofA Shut Me Down. Guess I’ve learned now...

FinStar — Tue, 09 Jul 2019 22:51:54 GMT

There's been previous posts here and I believe Reddit citing similar AA outcomes, aside from the usual suspects such as increasing indebtness, profile deterioration or recently introduced derogs. Plus, it's also possible that not everyone will report their AA so those DPs usually go quietly in the dark.

@Anonymous, sorry to hear about the BoA account closures since it's never a pleasant experience when it happens. Needless to say, thanks for posting your experience.

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 23:01:11 GMT

Sorry, for your troubles friend. I’ve opened several, 10 in a calendar year to be exact. Not smart, or recommend. I’ve never had any issues with any of them. I do bank with BofA, and have investments with Merrill.

Re: BofA Shut Me Down. Guess I’ve learned now...

kdm31091 — Tue, 09 Jul 2019 23:08:11 GMT

Sorry to hear OP, but serves as a good reminder to anyone regardless of profile to keep new account openings to a minimum. While I agree that searching for "long term" cards can be somewhat of an ongoing thing because needs change, rewards change, lifestyles change, etc, but it's important to space out applications. When you decide on a strategy for rewards you can't implement it overnight. It's a slow and steady process. When banks see someone obtain a lot of credit in a short period they wonder why you are so hungry for credit.

But oh well, all you can do is learn and move on. Just credit cards at the end of the day and life goes on.

Re: BofA Shut Me Down. Guess I’ve learned now...

Aim_High — Tue, 09 Jul 2019 23:13:28 GMT

@Anonymous wrote: "Just different goals I guess! I am not a believer in "keeper" cards ..."
@Aim_High ...I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term. After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.

Yes, different goals. I want to pick good cards that I can keep and use over time, while also getting a SUB when I can.

Too many new accounts too quickly will trash my AAoA. My AAoA is currently about 9.5 years, even after opening multiple new cards in the past year and I've had it over 11 years at one point. I think that is part of the reason I've been able to get my scores into the 800+ category in recent years and keep it there, even while submitting new apps, although at a slow and steady progress.

I have cards with major banks that I have had 20 to 25 years. I've done product changes on all of them over the years as their offerings changed but kept the original accounts open with their original age to help my credit report. To me, it is wise to keep these older cards open, even if there might be something out there that will save me a few more dollars a year for the short term. I also hang onto them because I have lost credit accounts unplanned over the years for different circumstances and know that if I lose the beneficial age of these accounts, I can't easily replace them. They 'anchor' my credit report age and make me appear to be a more stable borrower.

Re: BofA Shut Me Down. Guess I’ve learned now...

Aim_High — Tue, 09 Jul 2019 23:23:04 GMT

@kdm31091 wrote:

"When you decide on a strategy for rewards you can't implement it overnight. It's a slow and steady process"

^ ^ ^ ^ ^ ^ ^ THIS, worth repeating. +1

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

@kdm31091 wrote: "Just credit cards at the end of the day and life goes on."

But what do you mean ... JUST credit cards?!? Lol

Re: BofA Shut Me Down. Guess I’ve learned now...

Remedios — Tue, 09 Jul 2019 23:29:28 GMT

To me, this is not about getting one card and using it for 999 years

It's about not applying for 10 cards in less than a year, especially with young profiles and thinking everything is going to be fine, because it worked out for someone else, who might have 20+ years worth of credit history plus some decent established relationships with multiple lenders.

As Finstar pointed out, most people will NOT post about AA. So, again, thank you OP.

The sky is not falling, not everyone will experience AA, but why risk it when spacing apps even at short intervals like 6 months would probably be sufficient to stop it from happening

And yes, I've done it myself. It went without AA and most of those cards were closed as they turned out to be beyond useless.

They still prevented me from getting cards I wanted even from their graves.

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 23:29:46 GMT

Unfortunately They probably thought your in over your head with new credit. I’ve opened 5 news cards this year but I’ve been a boa cc holder for sometime and I’m a preferred rewards gold banking customer and have merril accounts.

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 23:34:26 GMT

Nobody with less than 5 years AoOA should be spreeing.

Is the Propel reporting? With a 1y3mo AAOA, I would be concerned that you are going under 1 year or close to it. I try to keep mine above 2 years at all times.

Thanks for sharing. Sorry for the AA but you seem to be taking it well at least.

Re: BofA Shut Me Down. Guess I’ve learned now...

Anonymous — Tue, 09 Jul 2019 23:47:38 GMT

At the end of the day, I think it’s important to share the good and the bad. I have heard all the warmings on here. I have read all the stories of AAs. Sometimes you just don’t believe those sorts of things will happen to you, until they do.

That being said, I spoke with an analyst on the phone. They told me it was closed by a different departmennt. They said there was a chance they could reopen the account, and to call that department tomorrow, as its office had already closed. I’m not going to get my hopes up, but hopefully I can convince them to reconsider their decision.

And @Saeren Yes. All my new accounts just repoerted a couple weeks ago. After they reported my AAoA was knocked down to 1 year. It’s probably what prompted them to do this.

Re: BofA Shut Me Down. Guess I’ve learned now...

AverageJoesCredit — Wed, 10 Jul 2019 00:13:25 GMT

 wrote:

Thanks for the caution!  My condolences for your $200 SUB loss. 
 
It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers.   Yes, you can do both!    I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers.  App Sprees are definitely risky.
 
I avoid signing up for any cards simply for the sign-up bonus.  I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term.  After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.
 
Honestly, I can't blame the banks when they get alarmed.  They don't know what someone is planning to do with all that new credit, but they also are putting out these offers to try to build loyal long-term customers.  They get annoyed with people rapidly churning offers at half a dozen different banks.
 
Your AA experience is a good reminder that being selective and methodical about apps is a wise course of action. 

Some good points, good personal opinions but at the end of the day its ok for the bank to get rich off us yet we cant enjoy having multiple cards or subs? Lol, Banks want their cake and to eat it too, while we are supposed to get the scraps. 'Scuse me, i hear Pendread calling me....

Re: BofA Shut Me Down. Guess I’ve learned now...

kdm31091 — Wed, 10 Jul 2019 00:19:02 GMT

@AverageJoesCredit wrote:
 wrote:

Thanks for the caution!  My condolences for your $200 SUB loss. 
 
It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers.   Yes, you can do both!    I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers.  App Sprees are definitely risky.
 
I avoid signing up for any cards simply for the sign-up bonus.  I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term.  After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.
 
Honestly, I can't blame the banks when they get alarmed.  They don't know what someone is planning to do with all that new credit, but they also are putting out these offers to try to build loyal long-term customers.  They get annoyed with people rapidly churning offers at half a dozen different banks.
 
Your AA experience is a good reminder that being selective and methodical about apps is a wise course of action. 

Some good points, good personal opinions but at the end of the day its ok for the bank to get rich off us yet we cant enjoy having multiple cards or subs? Lol, Banks want their cake and to eat it too, while we are supposed to get the scraps. 'Scuse me, i hear Pendread calling me....

I don't think it's that we "can't" have multiple cards or SUBs at all. It's just that they should be acquired slowly and steadily, and not 5 cards in 3 months or anything like that. Banks don't like that behavior because it shows desperation for credit (and/or just churning for bonuses) and these days it seems there and more and more algorithims in place against this type of thing. Most consumers likely don't apply for 5 cards in 5 years let alone 5 cards in 3 months. Anything that is that far beyond the average behavior is likely to attract the bank's attention and not in a good way.

Re: BofA Shut Me Down. Guess I’ve learned now...

FinStar — Wed, 10 Jul 2019 00:32:31 GMT

@Anonymous wrote:
At the end of the day, I think it’s important to share the good and the bad. I have heard all the warmings on here. I have read all the stories of AAs. Sometimes you just don’t believe those sorts of things will happen to you, until they do.

That being said, I spoke with an analyst on the phone. They told me it was closed by a different departmennt. They said there was a chance they could reopen the account, and to call that department tomorrow, as its office had already closed. I’m not going to get my hopes up, but hopefully I can convince them to reconsider their decision.

And @Saeren Yes. All my new accounts just repoerted a couple weeks ago. After they reported my AAoA was knocked down to 1 year. It’s probably what prompted them to do this.

You can give that a shot, but just temper your expectations as that department typically sticks to their AA decisions. Best of luck and report back with any outcome on that.

Re: BofA Shut Me Down. Guess I’ve learned now...

Remedios — Wed, 10 Jul 2019 01:00:16 GMT

Does BOA have any rules on how many cards can be approved during any period of time?