topic Re: Another BOA CLD in Credit Cards

Another BOA CLD

Smarter — Fri, 10 Jul 2009 12:56:39 GMT

Just thought I would share this. My 99/500 BOA unsecured in March and my CL was increased to 1000, I also was able to change it to a Worldperks. In June, I hit the love button and was given the 5-7 day message and denied. Fine--just thought I would give it a shot. 3 months later, they charge me my 29.00 annual fee, and I was cut to 500.

I have been rebuilding for almost 2 years. This is my first CLD--most of my other cards have been increasing in limits (except Target of course.) I have paid BOA in full every month, except this month due to the annual fee being added. I have never put more than 200 on it in any billing cycle. My utility is generally around 8-9%. It is at 18% right now due to a trip that I took. Nothing else has changed. Never late, etc. I have some old baddies that were there when I opened the card.

Not sure if hitting the button triggered something.... or 18% util. just thought I would offer up a warning! Hoping this won't impact my scores....I am hovering on 700!

Re: Another BOA CLD

Anonymous — Fri, 10 Jul 2009 14:20:22 GMT

Don't feel bad. Here's my B of A story... B of A Amex 2006 opening CL 7k. Regular love button increases about every 6 mos to near 20K in January this yr. In March a CLD to 8k due to econ. L8r income drop but tried a CLI and instead cut to 500. Called and was asked about liquid savings and home ownership. Wow! I was told. But LOL have no idea why they asked about those things because no budging. I closed their measily 500. Closing my other relationships with them. FICOs all upper 700s.

Re: Another BOA CLD

Anonymous — Fri, 10 Jul 2009 14:22:50 GMT

Call a backdoor number and ask them to restore your credit line (and hopefully increase it). There have been reports of success without too much pain by getting past the first line CSRs.

Good luck. I hope they restore you and give you the CLI that you requested in the first place. I'll keep my fingers crossed that they do.

Re: Another BOA CLD

Anonymous — Fri, 10 Jul 2009 20:05:26 GMT

Been there. Done that. But that's ok B of A. I've replaced you and you weren't my only one. Newbie's CL is more than 500. Though it's not what I previously had. Not as low a rate either but my util is low and I PIF. I imagine in time you would have jacked my 7.9 fixed anyway while you lower CLs.

Message Edited by ExcellCR on 07-10-2009 04:05 PM

Re: Another BOA CLD

Smarter — Fri, 10 Jul 2009 19:14:49 GMT

Thanks for the encouragement--it is really hard to not take these things personally! I have worked so hard. I wonder sometimes if it is worth all the stress to play the game. I will try calling tonight when I get home--nothing to lose I guess. I will post my outcome! At least my other cards have been giving me small auto increases, so hopefully it won't hurt too much if I don't get anywhere.

Re: Another BOA CLD

Anonymous — Fri, 10 Jul 2009 20:13:38 GMT

Good luck to ya Smarter! I hope you have better luck!

LOL I did take it personally till I remembered there are others out there givin me more love. And lots of folks are getting CLD's and rate increases. Heck Cap 1 raised my rate by 9% and Discover by 3. But @ least they're both still 5 figure CLs. So I can't complain too much.

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 05:40:15 GMT

@Anonymous wrote:
Good luck to ya Smarter! I hope you have better luck!

LOL I did take it personally till I remembered there are others out there givin me more love. And lots of folks are getting CLD's and rate increases. Heck Cap 1 raised my rate by 9% and Discover by 3@. But @ least they're both still 5 figure CLs. So I can't complain too much.

Discover raised your rate by 3% to what exactly?

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 06:57:56 GMT

@Anonymous wrote:
Discover raised your rate by 3% to what exactly?

Discover jumped from 9.24V to 12.99V after the limit went from 12k to 16k earlier this yr. Only have a tank of gas on the balance though.

Message Edited by ExcellCR on 07-11-2009 02:57 AM

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 15:35:39 GMT

The best rate for a new account currently posted on the website is 10.99%V. My account was opened about a year ago at 11.99%V and is now at 9.99%V. I wonder how they determine who gets what.

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 18:03:51 GMT

@Anonymous wrote:
The best rate for a new account currently posted on the website is 10.99%V. My account was opened about a year ago at 11.99%V and is now at 9.99%V. I wonder how they determine who gets what.

No idea. I've been a Discover cardmember for 14 yrs. In that time they've agreed to lower my rate but not always. Originally it was fixed but after several yrs they changed it to variable. This increase according to the letter was "based on the higher cost of doing busness due to the challenging economic environment". I've PIF for over 10 yrs other than when i had a promo rate a few yrs ago and carried a balance for just a few mos.

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 18:19:06 GMT

@Anonymous wrote:
@Anonymous wrote:
The best rate for a new account currently posted on the website is 10.99%V. My account was opened about a year ago at 11.99%V and is now at 9.99%V. I wonder how they determine who gets what.

No idea. I've been a Discover cardmember for 14 yrs. In that time they've agreed to lower my rate but not always. Originally it was fixed but after several yrs they changed it to variable. This increase according to the letter was "based on the higher cost of doing busness due to the challenging economic environment". I've PIF for over 10 yrs other than when i had a promo rate a few yrs ago and carried a balance for just a few mos.

BofA just changed my 9.99F to 9.99V. These banks may be greedy, but they are not stupid. They know that all the bailouts that are not backed up by revenue are going to be inflated away. When that occurs it means two things for banks: 1) they will be repaid with inflated dollars and 2) there will be a big run up in interest rates before they get repaid. They have to get these rates realigned before Uncle Sam makes that harder or impossible for them to do so. If I had any significant money out on revolving lines at this time I would be looking to either pay it back or move it to an installment loan ASAP.

Re: Another BOA CLD

Smarter — Sat, 11 Jul 2009 21:08:59 GMT

Drumroll please.....IT WORKED! I got my measly 500 bucks back! This guy was so nice, I could not believe it. He pulled up my report, asked me some questions about income etc. He says that this is all done randomly by computer. I just happen to have small balances reporting on more cards than I usually do because of getting my daughter moved to Chicago. And, my util is a little higher than it normally is. He thinks this triggered the decrease. I told him what I had paid on some of the cards that has not reported yet and the ones that were actually paid off. He said he would reinstate my 1000.00. He also gave me some usual FICO forum advice about only having 1 or 2 cards report a balance each month.

I decided that I was not going to ask for any more and I don't plan on pushing that love button any time soon....

Thanks for the suggestion of calling. I probably would not have done it otherwise!

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 21:13:39 GMT

@Smarter wrote:
Drumroll please.....IT WORKED! I got my measly 500 bucks back! This guy was so nice, I could not believe it. He pulled up my report, asked me some questions about income etc. He says that this is all done randomly by computer. I just happen to have small balances reporting on more cards than I usually do because of getting my daughter moved to Chicago. And, my util is a little higher than it normally is. He thinks this triggered the decrease. I told him what I had paid on some of the cards that has not reported yet and the ones that were actually paid off. He said he would reinstate my 1000.00. He also gave me some usual FICO forum advice about only having 1 or 2 cards report a balance each month.

I decided that I was not going to ask for any more and I don't plan on pushing that love button any time soon....

Thanks for the suggestion of calling. I probably would not have done it otherwise!

Good Job!

BTW - BofA CSR's are famous for giving out incorrect FICO score management advice. This forum is a far better source of same.

Re: Another BOA CLD

Anonymous — Sat, 11 Jul 2009 23:05:12 GMT

Congrats Smarter!

Re: Another BOA CLD

haulingthescoreup — Sun, 12 Jul 2009 02:49:01 GMT

Smarter wrote:

...He also gave me some usual FICO forum advice about only having 1 or 2 cards report a balance each month.

* picks jaw up off of floor *

Seriously? A CSR understands this? Wow, this is something new.

Re: Another BOA CLD

Smarter — Sun, 12 Jul 2009 03:08:50 GMT

Seriously. He also mentioned keeping the balances below 10% Maybe he is a FICO forum member! Haha

I was really nervous about calling because I have seen some posts about BOA CSR's being not-so-nice, but this guy could not have been nicer. Amazing how excited I can get over 500 bucks....!

Re: Another BOA CLD

Anonymous — Sun, 12 Jul 2009 03:16:53 GMT

My experiences have been very mixed. The last was so bad I won't call them for anything any more unless it is totally unavoidable. If you get a nice helpful CSR try and get everything you possibly can right then because the next three will be problems. At this point the nicest thing I find about BofA is the spiffy new ATM's that do not use envelopes and print a scan of your deposited items on the receipt. Beyond that I give then the raspberry.

Re: Another BOA CLD

Anonymous — Sun, 12 Jul 2009 03:50:13 GMT

@Anonymous wrote:
My experiences have been very mixed. The last was so bad I won't call them for anything any more unless it is totally unavoidable. If you get a nice helpful CSR try and get everything you possibly can right then because the next three will be problems. At this point the nicest thing I find about BofA is the spiffy new ATM's that do not use envelopes and print a scan of your deposited items on the receipt. Beyond that I give then the raspberry.

My branch added a new spiffy drive up machine too! But while I'm pleased Smarter came upon a friendly one, I have to agree with everything said in the above post. From my experience though CS varies in many banks more or less. Maybe it has to do with the weather or the stage of the moon or something.

Re: Another BOA CLD

Smarter — Sun, 12 Jul 2009 14:33:33 GMT

Well, I am just going to be happy it worked and lay low and hope I am left alone! 2 years to go and all of the negative items should be off my reports--then maybe I will get brave and app for some better cards and ask for CLI's again. Until then--gardening and sitting on my hands.........