topic Re: BCU closed my $5k Visa and $20k LOC without noticed! in Credit Cards

BCU closed my $5k Visa and $20k LOC without noticed!

trant3 — Fri, 10 May 2024 21:40:36 GMT

Smh. Found out today BCU closed my visa and LOC when I logged in. Both had a zero balance. I've used the LOC but paid it back within same statement period just for activity. I visa I have my used since December so that I don't blame them, but my LOC?? My first closure by a lender smh.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

SouthJamaica — Fri, 10 May 2024 21:44:31 GMT

@trant3 wrote:
Smh. Found out today BCU closed my visa and LOC when I logged in. Both had a zero balance. I've used the LOC but paid it back within same statement period just for activity. I visa I have my used since December so that I don't blame them, but my LOC?? My first closure by a lender smh.

Sorry to hear about it. I guess BCU isn't as great as everyone says.

Perhaps you should call them before the dust settles and see if you can get them reinstated.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

RootDet — Fri, 10 May 2024 23:10:23 GMT

I got an email about my loc suggesting I asked it to be closed. They said it was a technical error. I got a 2nd email saying it was denied due to a balance which I didn't have. The account is gone online..

Re: BCU closed my $5k Visa and $20k LOC without noticed!

trant3 — Fri, 10 May 2024 23:17:12 GMT

Yeah exactly what happened to me

Re: BCU closed my $5k Visa and $20k LOC without noticed!

RootDet — Fri, 10 May 2024 23:20:58 GMT

I called back but the department that handles it seems closed.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

Gollum — Fri, 10 May 2024 23:33:29 GMT

@trant3 wrote:
Smh. Found out today BCU closed my visa and LOC when I logged in. Both had a zero balance. I've used the LOC but paid it back within same statement period just for activity. I visa I have my used since December so that I don't blame them, but my LOC?? My first closure by a lender smh.

It's been a while since I asked a USBank CSR, but at the time, she said that USBank does not cancel the USBank Personal LOC for non-use. Currently (according to the USBank website) they offer a Personal LOC up to $25,000, with interest rates ranging from 12.5% to 22.5% (680 credit score required, with 800 score required for the lowest APR).

Re: BCU closed my $5k Visa and $20k LOC without noticed!

hhhhhhh — Fri, 10 May 2024 23:45:17 GMT

I have lurked these threads for years and have learned and shared that wealth of information with others.

This is probably one of my first posts as I was livid when I logged in after receiving an email that I requested my LOC to be closed. Not only was this closed but also my credit card. Only thing I can think of is I have had some higher balances on other cards but no new negatives. I was pissed to be honest as I have utilized them now as my main bank along with having my car loan with them.
This move will kill my utilization and most likely drop my score. Just a realization that a bank can make a move anytime without any consideration to your situation or even plans you have in regards to steadily improving your credit. By the way my scores range between 650-675 for the various Transunion models. (Vantage, Fico 8, Fico 9).

Re: BCU closed my $5k Visa and $20k LOC without noticed!

keekers — Sat, 11 May 2024 00:02:02 GMT

Hopefully they will reinstate it, otherwise its a bad look.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

Linnaea — Sat, 11 May 2024 00:06:50 GMT

This massively stinks. I am so sorry.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

RootDet — Sat, 11 May 2024 00:14:04 GMT

@hhhhhhh wrote:
I have lurked these threads for years and have learned and shared that wealth of information with others.
This is probably one of my first posts as I was livid when I logged in after receiving an email that I requested my LOC to be closed. Not only was this closed but also my credit card. Only thing I can think of is I have had some higher balances on other cards but no new negatives. I was pissed to be honest as I have utilized them now as my main bank along with having my car loan with them.
This move will kill my utilization and most likely drop my score. Just a realization that a bank can make a move anytime without any consideration to your situation or even plans you have in regards to steadily improving your credit. By the way my scores range between 650-675 for the various Transunion models. (Vantage, Fico 8, Fico 9).

In my case my score is 830. Bcu was my last new account to be opened. Slight balance increase but hardly anything from the normal. I'm talking less than 10k overall on a six figure salary and credit lines total over 1 million, so util is super low. Makes no sense really.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

hhhhhhh — Sat, 11 May 2024 00:20:34 GMT

I've had the accounts opened for a year come this June. It's just a shock as the people are soo nice and definitely accommodating there. This has to strictly do with the underwriting department that you can't get a hold of as they are not customer face fronting. I was on hold with customer service who tried to dig up as much information as possible. Supposedly a letter is going out but as we all know it's probably one of the generic adverse escalating debt etc. Either way I would expect that a true person could override or look into reinstating and not some annual computerized sweep supersede. Again it just leaves a bad taste as I was really banking on growing with them.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

TrapLine — Sat, 11 May 2024 00:35:45 GMT

This really hurts! Certainly understand your displeasure and how it really forces you to change your plans for the future.

Frankly, it BITES

Possibly, you will get a letter that explains what is happening. We hear every day about the large number of delinquent and defaulted credit card accounts. Discover, Capital One, Citi Bank, FNBO and JP Morgan Chase to name but a few. Others are certainly seeing a strain on consumer overspending too.

Suspect financials are getting more nervous about consumer spending and are reducing or eliminating risks actual or perceived. On this Forum we have seen a few cases across several lenders so ...

You may need to plead your case. The hard part is accessing persons with real authority as you mentioned. One outside the box approach might just be a snail mail letter to the executive offices. Over the years I have found much success with this approach (even hand write the name and address on the envelope so some one wonders and actually opens it).

Re: BCU closed my $5k Visa and $20k LOC without noticed!

hhhhhhh — Sat, 11 May 2024 00:51:53 GMT

*QUICK UPDATE*

Could I ask any of the users who today found out their lines of credit were closed to check again now?
My line of credit is showing available credit now with the option to transfer, so it appears open. It was showing an available balance of (-) earlier with balance I owed.
My credit card still shows 0 available credit like it's still closed. Could this be a glitch going on?

Re: BCU closed my $5k Visa and $20k LOC without noticed!

RootDet — Sat, 11 May 2024 01:48:54 GMT

The loc is back at the original $25k credit line. Now the credit card has $0 available and even though I was at 1800/5k.

Something is fishy there.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

Anonymous — Sat, 11 May 2024 02:35:07 GMT

Glitch or otherwise, I guess the sad truth is you get the same sort of explanation for both! Maybe a real or bogus set of reasons (escalating debt, you asked us to close) or, because it's a glitch and the account wasn't actually closed, some spur of the moment CSR explanation as they try to explain something there is no explanation for....

Re: BCU closed my $5k Visa and $20k LOC without noticed!

Guyatthebeach — Sat, 11 May 2024 02:44:46 GMT

I just found out that my BCU Visa was closed effective today by BCU. On the website, it shows zero credit available for my Visa, and the LOC account has been removed from by online banking. I called the number on the back of the card since the credit union is closed. The representative told me my Visa is closed by the CU. I plan on calling them first thing Monday.

What irks is me is I bought stuff for my vacation on that card and I would have about $50.00 in cash back rewards. I opened this card last June when I joined, as well as the LOC. After I talk to them on Monday, I will pay the card off. Once I get the credit card statement showing the card is paid in full, I will close my account. I only had a $7500 credit limit on the Visa and $1000 LOC that I had to cover an overdraft.

For reference, my utilization for my personal cards is 1.8% for the moment. I have one card with 0% APR balance transfer with PENFED. Everything else is paid in full. All the charges I made on this card were all paid in full. My guess is BCU sees my Visa and LOC was a liability for them.

I have more than enough credit, so this will not have a dramatic impact on my utilization. Hopefully no other creditor will see this is a negative and hopefully they will not cut my credit lines.

Guyatthebeach

Re: BCU closed my $5k Visa and $20k LOC without noticed!

creditfan — Sat, 11 May 2024 03:30:02 GMT

mine is normal for both CC and LOC

Re: BCU closed my $5k Visa and $20k LOC without noticed!

IaBoy62 — Sat, 11 May 2024 07:32:49 GMT

I got the same 2 emails yesterday and my PLOC was gone but my VISA was still there.

Chatted and guy said lending closed my PLOC and I would get a letter.

2am today and I check and my PLOC is back and I transferred $200 to checking and it seems to work!

VISA is still ther with $7500 limit available.

Very fishy.

Re: BCU closed my $5k Visa and $20k LOC without noticed!

IaBoy62 — Sat, 11 May 2024 09:56:02 GMT

4am....tried to make small purchase with VISA online....declined!

VISA no longer shows on accounts page!

Re: BCU closed my $5k Visa and $20k LOC without noticed!

CreditCuriosity — Sat, 11 May 2024 12:42:04 GMT

Strange.. My CC 35k is still fine and got in through the life,money you method as assume you all did as well. They keep sending me pre-approvals for car loans and lines of credit and personal loans etc. Not sure why some of you are getting hit. Hopefully just a bug as BCU is a very generous lender and not known for strict underwriting standards really. Hopefully just a small bug o their side?

edit my credit card is showing 0 available credit.. Guessing a bug will find out more monday. Just paid off 450 remaining balance on card friday as well.. really strange. Call my friend in chicago and have him check his account as a legit member through employer for many many years.