topic Re: Raising Score After BOA Drops Credit Lines in Rebuilding Your Credit

Raising Score After BOA Drops Credit Lines

Anonymous — Wed, 11 Jun 2008 11:02:14 GMT

A few years ago I had pretty good credit, I was in the 700+ club, and I was issed 2 credit cards by Bank of America, one for $7500 and one for $5000; then we had a couple of deaths in the family and other personal issues which ultimately led to some late pays on my 2 Bank of America credit cards and some other accounts, including 1 collections account for a utility (cable TV). I was notified by Bank of America that they were "taking a proactive approach" to my accounts, they closed the account with the $7500 credit line without my consent (I had it paid off by the time they closed it) and this account now shows on my credit report as "account closed at customer request;" they also dropped my $5000 credit line down to $1000. At that time my score had fallen down into the 530 range.

I have since paid off all of my late pays and currently have less than $3k in total credit card debt, my Experian score has climbed back up to 624. Does anybody know how long it takes to redeem yourself with Bank of America to get them to raise your credit limit? How long should I wait before trying to get another credit card with a decent credit limit, say $5000+? I really need at least one card with this kind of limit as I do travel some and like to have the credit available just in case it's needed.

Re: Raising Score After BOA Drops Credit Lines

BungalowMo — Wed, 11 Jun 2008 11:41:54 GMT

Have you tried just calling & asking them for a CLI?

Re: Raising Score After BOA Drops Credit Lines

Anonymous — Wed, 11 Jun 2008 11:47:12 GMT

Yes, I've tried calling BOA a couple of times in the past few months to see if they'll raise the credit line and so far I always get the resounding "NO" and then the same excuse that I have late pays showing, etc, but I have nothing late in over 6 months... so they are looking at old information and not quite making an intelligent decision in my opinion.

Re: Raising Score After BOA Drops Credit Lines

BungalowMo — Wed, 11 Jun 2008 11:54:03 GMT

Just a thought...do you do most of your personal banking through BoA? If so, check into a local Credit Union. I've heard they're great to work with and have nice deals on cc rates, limits & such. Open a savings & checking acct & then...wait a few months & apply for one of their cc's. Tell BoA to stuff it!

Re: Raising Score After BOA Drops Credit Lines

Anonymous — Wed, 11 Jun 2008 15:39:50 GMT

You need to check into the closed account...MORE...if the statement says "closed at customers request"....that means YOU closed it...not them...if they closed it...it should say "closed at credit granitors request"...so you need to find out...who closed the account...because you did request for it to be closed...ask if there is still a responsibility to reopen it...and if the utility bill was your only collection...the drop ma have been from that also...not just BofA...

Re: Raising Score After BOA Drops Credit Lines

Anonymous — Wed, 11 Jun 2008 19:02:34 GMT

freemark wrote:

Yes, I've tried calling BOA a couple of times in the past few months to see if they'll raise the credit line and so far I always get the resounding "NO" and then the same excuse that I have late pays showing, etc, but I have nothing late in over 6 months... so they are looking at old information and not quite making an intelligent decision in my opinion.

In the credit reporting world, 6 months is nothing. That's actually quite recent information they're looking at. Many lenders want to see clean history for as long as two years before granting CLIs.