Account closures, adverse action and general thoughts

[Anonymous]

in Oct 2014, I had a disturbing letter from BofA. They closed all of my CCs with them (4). I had direct deposit, never went over Cl, never was late in 10+ years, was on occasion hovering 70+ UTI. I was dumbfounded! The reason they gave me was that I had opened a new CC with NFCU and had charged a large amount (mom's funeral expenses Aug 14) and bought new home 189K in Mar 14. It did not matter to BofA what any circumstances that were going on in my life, they no longer wanted my cards open. Since then I make the monthly payments (with a little extra), never late so still in the "green" but the accounts are reported "Closed by Grantor's". I have now paid off one and have less then 3k remaining and had closed my bank account that I had been with for 20+ years and have account with NFCU. Lesson learned, it's at their discretion to "allow" us to have CCs and we really are just numbers  

[Anonymous]

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@Anonymous wrote:

in Oct 2014, I had a disturbing letter from BofA. They closed all of my CCs with them (4). I had direct deposit, never went over Cl, never was late in 10+ years, was on occasion hovering 70+ UTI. I was dumbfounded! The reason they gave me was that I had opened a new CC with NFCU and had charged a large amount (mom's funeral expenses Aug 14) and bought new home 189K in Mar 14. It did not matter to BofA what any circumstances that were going on in my life, they no longer wanted my cards open. Since then I make the monthly payments (with a little extra), never late so still in the "green" but the accounts are reported "Closed by Grantor's". I have now paid off one and have less then 3k remaining and had closed my bank account that I had been with for 20+ years and have account with NFCU. Lesson learned, it's at their discretion to "allow" us to have CCs and we really are just numbers  

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Yes, but in all the AA complaints we forget that it is also the other way round.   Maybe somewhere there is a credit card issuers forum, with posts like:

                                Jane Smith closed all of her <my bank> cards

I just don't get it.   Jane has been our customer for 10 years, and even though she didn't spend a lot we gave her regular CLIs, and we gave her APR reductions when she requested them (every year!)   When we launched SuperCard, we sent her an offer with our best terms which she accepted.   Then last night, I found out that without any warning, she just closed all her cards by SM.   Didn't even want a retention offer.   We did nothing wrong and it makes me sick to be treated this way.

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Followed by lots of posts of similar stories, posts of the type "Why did she open them if she didn't want them"  and the inevitable:  "Her loss"

[Anonymous]

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@Anonymous wrote:

in Oct 2014, I had a disturbing letter from BofA. They closed all of my CCs with them (4). I had direct deposit, never went over Cl, never was late in 10+ years, was on occasion hovering 70+ UTI. I was dumbfounded! The reason they gave me was that I had opened a new CC with NFCU and had charged a large amount (mom's funeral expenses Aug 14) and bought new home 189K in Mar 14. It did not matter to BofA what any circumstances that were going on in my life, they no longer wanted my cards open. Since then I make the monthly payments (with a little extra), never late so still in the "green" but the accounts are reported "Closed by Grantor's". I have now paid off one and have less then 3k remaining and had closed my bank account that I had been with for 20+ years and have account with NFCU. Lesson learned, it's at their discretion to "allow" us to have CCs and we really are just numbers  

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So, this begs the question, given the 2 1/2 years it's been since this happened, where are you with credit now? Do you think you missed out on something by them yanking your cards?

[Anonymous]

I never requested or received CLI after opening CCs, I was happy with what I had and I used them (with what i thought responsibly). I did go to high UTI on occasion and had no other baddies or high UTIs across the CRAs with the exception of the funeral expenses. BUT my point here (and I probably stated it poorly) is that CC are a privilege and at anytime the banks can close them down. Was I upset..YES, did I close all of my accounts with BofA and move them to NFCU..Yes, Will I ever trust BofA again..NO but at no time have I ever considered not paying them in full as I promised, I charged the goods and only I am responsible for paying them.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

in Oct 2014, I had a disturbing letter from BofA. They closed all of my CCs with them (4). I had direct deposit, never went over Cl, never was late in 10+ years, was on occasion hovering 70+ UTI. I was dumbfounded! The reason they gave me was that I had opened a new CC with NFCU and had charged a large amount (mom's funeral expenses Aug 14) and bought new home 189K in Mar 14. It did not matter to BofA what any circumstances that were going on in my life, they no longer wanted my cards open. Since then I make the monthly payments (with a little extra), never late so still in the "green" but the accounts are reported "Closed by Grantor's". I have now paid off one and have less then 3k remaining and had closed my bank account that I had been with for 20+ years and have account with NFCU. Lesson learned, it's at their discretion to "allow" us to have CCs and we really are just numbers  

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So, this begs the question, given the 2 1/2 years it's been since this happened, where are you with credit now? Do you think you missed out on something by them yanking your cards?

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I so had it wrong after that! I went up to +90 UTI on most of my CCs for fear of them closing and never missed payments except 2 30D (was in hosp) and then as I started paying them down (now under 50% in the last 30 days). I seriously thought that my scores would be great as long as i never missed a payment BOY oh BOY was I wrong..lol, today (thanks to the backdoor # here) I was able to have one baddie removed and the other I will get decsion in 30 days.  also had a CLD from AMEX and they returned it back to original CL because I made a 2k payment while I was on the phone with them.

[Blackswizz750]

I take SARS training for a firm I work at and we are trained to spot excessive accounts and weird behavior. Most of the top 10 credit card lenders are also part of FINRA due to them being a subsidiary of a bank that has brokerages. So, information can and IS shared if needed. If a person lies about the income and piles on cards, it will bite them in the butt eventually.

[Anonymous]

I agree with the above post. It is never good to lie about income or assets when applying or requesting CLI, my experiences with BofA shook me to the core because I wasn't expecting it and my assets in BofA more then covered any debt I had across the board. I felt betrayed because our longstanding relationship and also still reeling from moms passing (not to mention that nobody in my family had the means to help). But really the bottom line is that when you fill out that form (online or with a pen) you must truthfully declare your income and if you lie you can be prosecuted.