Adverse Action and Timeframe

[JSS3]

When a bank(ie Bank of America) closes your account because of high utilization, drop in Fico, and credit seeking behavior, how long does it take to get another card from them? Does it come down to you cleaning up your reports and then giving it a year or 2 of no credit seeking? Or will you be blacklisted until they deem fit; citing, "Previous unsatisfactory relationship"?

[K-in-Boston]

I believe the previous unsatisfactory relationship would imply poor payment history, a chargeoff, or being included in BK.  I would say that once your credit profile has cleaned up, you should be fine.  If credit seeking behavior was one of the reasons, then obviously some significant time (1-2 years) of minimal or no applications would be needed as well.

[FinStar]

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?

[K-in-Boston]

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@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?

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@FinStar is this true even when the account(s) are/is closed as a preventative measure like the OP's case, rather than due to the account(s) being closed for other factors like non-payment?  That seems kind of harsh for "we got spooked, so we're closing your cards and never letting you come back," when the card(s) was/were otherwise in good standing.

[GApeachy]

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@JSS3 wrote:

When a bank(ie Bank of America) closes your account because of high utilization, drop in Fico, and credit seeking behavior, how long does it take to get another card from them? Does it come down to you cleaning up your reports and then giving it a year or 2 of no credit seeking? Or will you be blacklisted until they deem fit; citing, "Previous unsatisfactory relationship"?

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Is this your one and only AA with them? Any cld's or other AA in the past?

[JSS3]

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@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?

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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. 

[FinStar]

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@K-in-Boston wrote:

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@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?

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@FinStar is this true even when the account(s) are/is closed as a preventative measure like the OP's case, rather than due to the account(s) being closed for other factors like non-payment?  That seems kind of harsh for "we got spooked, so we're closing your cards and never letting you come back," when the card(s) was/were otherwise in good standing.

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@K-in-Boston, yes and that's the unfortunate part.  It really depends on what triggers the AA and how their internal risk department codes the closed accounts.

For instance, if their analysis determines that an individual may cause BoA a potential loss (excessive credit seeking behaviors, rapid debt acceleration, potential fraud or rewards abuse, misuse of accounts, etc.) may be coded by a certain way that may 'lock' someone for good - it really depends on the analyst and the specific case.  Objectively, another analyst may not see the same inherent risks and only flag it as a minor or moderate risk.  If that's the case, then, voila an individual can reapply in the not-so-distant future with no issues. 

[JSS3]

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@GApeachy wrote:

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@JSS3 wrote:

When a bank(ie Bank of America) closes your account because of high utilization, drop in Fico, and credit seeking behavior, how long does it take to get another card from them? Does it come down to you cleaning up your reports and then giving it a year or 2 of no credit seeking? Or will you be blacklisted until they deem fit; citing, "Previous unsatisfactory relationship"?

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Is this your one and only AA with them? Any cld's or other AA in the past?

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Other than this? Huntington closing two accounts for 12 months inactivity. 

[Anonymous]

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@JSS3 wrote:

When a bank(ie Bank of America) closes your account because of high utilization, drop in Fico, and credit seeking behavior, how long does it take to get another card from them? Does it come down to you cleaning up your reports and then giving it a year or 2 of no credit seeking? Or will you be blacklisted until they deem fit; citing, "Previous unsatisfactory relationship"?

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But did you have a previous unsatisfactory relationship? Because high utilization, drop in FICO, and credit seeking are all things banks don't like and might use to reduce limits, balance chase you or other AA, or even closing but "previous unsatisfactory relationship" implies you did something directly to them. So while you were having credit trouble with other banks what was happening directly WITH and TO Bank of America? Lates? Spending over your limit? Returned payments? Those are the type of things that could put you in the time out box for few years.

[GApeachy]

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@JSS3 wrote:

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@GApeachy wrote:

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@JSS3 wrote:

When a bank(ie Bank of America) closes your account because of high utilization, drop in Fico, and credit seeking behavior, how long does it take to get another card from them? Does it come down to you cleaning up your reports and then giving it a year or 2 of no credit seeking? Or will you be blacklisted until they deem fit; citing, "Previous unsatisfactory relationship"?

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Is this your one and only AA with them? Any cld's or other AA in the past?

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Other than this? Huntington closing two accounts for 12 months inactivity. 

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No, I meant them, BoA.  Any BoA cld's or other AA in the past.