Adverse Action and Timeframe

[JSS3]

---

@FinStar wrote:

---

@JSS3 wrote:

---

@GApeachy wrote:

---

@JSS3 wrote:

---

-Had two accounts with BofA with combined limit of 44,000. One card is now closed. Had a zero balance and 34,000 limit. My second BoA card had 45% utilization then they balance chased me so now it's at 90% with only 200 available.

Okay, I just saw this.  Was the one card with 34k limit closed by them?  Why was it closed and how long before the balance chasing? eta: on the other card, how long before the balance chasing

---

I logged in on the 18th to make sure my statement had cut and both cards were there. I went to use the 34,000 card yesterday because you get 3% for online purchases and received an error message. When I logged into my BoA account, it was gone. It had a 0 balance. I would put about <100 on it a month. It was once my go-to Balance transfer card and my highest limit card in my portfolio. I then took a look at my only other BOA card. They cut that limit from 10,000 down to 4700. 200 more than what I owe. The funny thing is---before this happened, I was going to use part of my income tax to pay all but 1000 off on the card. I paid them 500 last month. 1000 the previous and around 200 or 300 a month all other times. 

I haven't gotten a letter yet but I can put 2 and 2 together to know what happened. I didn't even call them. 

---

I'm fairly certain that a letter is on its way to explain the adverse actions, since the $0 balance account was closed and your 2nd card has been significantly reduced.   I'm assuming that the 2nd account is still open, correct? 

---

Yep. I know what the letter will say. 

Yes, the 2nd one is still open(for now). It is the only card I can see when I log on. 

[FinStar]

Well, based on the information you shared above, the only thing you can do is see how things will pan out once you PIF the 2nd account and other balances are retired significantly on your non-BoA CCs.

Potentially, it could be closed (as part of overall AA) or left open, but with a restrictive or nominal CL. So, hopefully you're able to salvage it, but who knows.

[JSS3]

---

@FinStar wrote:

---

@JSS3 wrote:

---

@FinStar wrote:
Blacklisted until they deem fit. No exact timeframe on when they'll let the "past unsatisfactory relationship" not be much of a factor.

A variety of individuals have not been able to get back after 10+ years.

When did they close your accounts OP, and how many with BoA?

---

No collections. Nor negatives.

-My utilization on two NON BoA accounts were 80 to 90%

-Other accounts had 40-50%(around 4 or 5). 

-Had two accounts with BofA with combined limit of 44,000. One card is now closed. Had a zero balance and 34,000 limit. My second BoA card had 45% utilization then they balance chased me so now it's at 90% with only 200 available.

-Most accounts with 0 balances

-49,000 total debt.(I am going to tackle a good amount this year). 

-10% overall utilization

-About 4 new accounts in the last 6 months. The two newest just hit my credit report. One being maxxed out when it hit. Maxxed out as in 1600/2000.

-BoA fico = 705. 

---

While overall utilization may seem like it 'distributes' balances in a certain way that may not raise eyebrows, I believe you stated above that you had several accounts above 40%, correct?  For how long have you been carrying those balances?  Where you only making the minimum (or slightly over minimum) as far as payments? 

---

92%
81%
66%
66%
44%
45%
11%

Those are my main cards with major balance(meaning above 1,000-11,000 on a card). Any other card has less than 100, or a couple hundred, and then two cards with 800 and 900. I usually play the optimization game and only let those up top report and zero out all others. I didn't do that this month so I have those little 100 and 200 cards reporting. They will be zero'd out by next month. Those percentages would be what BoA have seen on my profile, but they've been paid down some. About 200 on each and will update at the bureaus any minute(albeit too late).

Also, I have carried around 30,000 to low 40,000 debt for a few years. Doing balance transfers when needed. Never 50,000 in debt before. I have a serious plan to pay this all off once and for all.

I do not pay minimum payments. 

[Anonymous]

It sounds like BoA is starting to be a bit leery of people who have lots of credit and have been pyramiding debt. Thanks for sharing. Hopefully they don't close the other card and you don't have to find out about the blacklist. 

[JSS3]

LETTER:

Jan 22.

"Unfortunately, we've made the decision to reduce the credit line on your credit card. Your new line is 4,700...

We carefully reviewed your account history, credit report(s) provided by the credit reporting agency(ies) listed below and current economic and loss trends. We also considered your relationship with us and we had to lower your credit line because of the following reason(s):

-Sufficient balances on your revolving credit lines.
-Too many credit cards with balances or the revolving balances are too high."
====================

I did NOT receive mail about my closed 34,000 account.

[gdale6]

One piece of info I see missing is the income you have reported to BoA. 49K isnt much for a 250K+ income. 49K on 100K is likely to be a problem.

[JSS3]

80,000 is my household income. That's what I put.

[gdale6]

---

@JSS3 wrote:
80,000 is my household income. That's what I put.

---

IMHO that is the biggest part of the equation, the reported balances exceed 50% of your annual. I also think if you get it paid down to a more reasonable level and have fewer cards reporting a balance you will be able to get out of this with BoA if you wish to continue a relationship with them.

[JSS3]

Definitely getting my balances down. I have a very aggressive plan to do so.

I still wonder if they'll close that last card after it's paid in full...within a few days. I assumed I was being balance chased.

I wish they would've kept my 3-2-1 card open and cut the limit...as it gave the highest rate for online purchases.

Alas, this is all my doing and I take full responsibility. I shall do what needs to be done.

[JSS3]

Today, I received the letter about my closed account; citing the same reasons.