BB&T CLD

[steelers1]

Just a HEADS UP!!!

I just received notification from EX that I had a CLD. I logged in and BB&T took me from $6,500 to $5,300. Now I am at 95% util on that account. I am in the middle of a 15 month 0% promo. The only thing that significantly changed was the reporting of my Paypal credit account which was over 90% utilization due to some equipment financing at a 0% promo. Scores are between 700 - 720 and overall util is around 17%. Maybe the Paypal account spooked them or maybe the merger with Suntrust had something to do with it. I am self employed so I do use my credit and my decisions are based on what financially benefits me the most. If they don't like how I use my credit, thats okay its just business. 

[M_Smart007]

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@steelers1 wrote:

Just a HEADS UP!!!

I just received notification from EX that I had a CLD. I logged in and BB&T took me from $6,500 to $5,300. Now I am at 95% util on that account. I am in the middle of a 15 month 0% promo. The only thing that significantly changed was the reporting of my Paypal credit account which was over 90% utilization due to some equipment financing at a 0% promo. Scores are between 700 - 720 and overall util is around 17%. Maybe the Paypal account spooked them or maybe the merger with Suntrust had something to do with it. I am self employed so I do use my credit and my decisions are based on what financially benefits me the most. If they don't like how I use my credit, thats okay its just business. 

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I am guessing that it is the Paypal account reporting over 90% .. tripped a computer algorithm.

And they are just simply limiting their risk. anything over 89% Util is probably detrimental to ones profile.

Individual utilization breakpoints: 29%, 49%, 69%, 89%

[FinStar]

Sorry to hear about your BB&T [AA] CLD.

I would definitely think it's not correlated to the upcoming merger. That said, other than your PayPal account reporting at 90% utilization, what kind of payments are you making on the BB&T balance? What was the original BT balance? (given it's now at 95% utilization).

It's possible they may or may not balance chase, but that will be evident as you pay down your balance in the next few months.

[steelers1]

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@FinStar wrote:
Sorry to hear about your BB&T [AA] CLD.

I would definitely think it's not correlated to the upcoming merger. That said, other than your PayPal account reporting at 90% utilization, what kind of payments are you making on the BB&T balance? What was the original BT balance? (given it's now at 95% utilization).

It's possible they may or may not balance chase, but that will be evident as you pay down your balance in the next few months.

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 I was paying 1.5X minimum. I realize that this is not much. I was saving my cash. The balance transfer would of been paid in full before the promotion expired. The intention was for them to hold it a bit while I utilized the cash for my business.

Unfortunately algorithms do not take into account for the sole proprietor to use their credit for their business. I'm sure they are based on the individual only.

[AverageJoesCredit]

Sorry.

Also i dont think lenders view accounts at 90% uti and think, well must be in a 0% apr promo period. WE know that its our intention or that we may want to save the cash til the end but THEY dont. I wish lenders would allow us to be able to utilize the limits they assign us, lol why else call it a limit? But unfortunately they cant read minds though im sure computers will soon be able to

[FinStar]

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@steelers1 wrote:

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@FinStar wrote:
Sorry to hear about your BB&T [AA] CLD.

I would definitely think it's not correlated to the upcoming merger. That said, other than your PayPal account reporting at 90% utilization, what kind of payments are you making on the BB&T balance? What was the original BT balance? (given it's now at 95% utilization).

It's possible they may or may not balance chase, but that will be evident as you pay down your balance in the next few months.

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 I was paying 1.5X minimum. I realize that this is not much. I was saving my cash. The balance transfer would of been paid in full before the promotion expired. The intention was for them to hold it a bit while I utilized the cash for my business.

Unfortunately algorithms do not take into account for the sole proprietor to use their credit for their business. I'm sure they are based on the individual only.

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Correct on the last part. It's a consumer account not a business card (they have several business cards that could've fit those needs).  So, that's the slippery slope whenever leveraging cash flow opportunities and comingling business and personal expenditures with some banks.  Hey, at least they didn't close it. 

[Remedios]

I'm sorry this has happened to you
My only concern would be that now you have two accounts with utilization at 90% or higher and that could prompt AA from other lenders

While I understand and agree with doing what's right for you financially, a sequence of AA events cannot be good.
If I had the money, and it sounds like you do, I'd try knocking some of that balance down.
Another possibility is that your other lenders wont particularly care, but as a business owner, only you can determine how much risk you are willing to take

Good luck and I really hope nothing else happens

[steelers1]

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@Remedios wrote:
I'm sorry this has happened to you
My only concern would be that now you have two accounts with utilization at 90% or higher and that could prompt AA from other lenders

While I understand and agree with doing what's right for you financially, a sequence of AA events cannot be good.
If I had the money, and it sounds like you do, I'd try knocking some of that balance down.
Another possibility is that your other lenders wont particularly care, but as a business owner, only you can determine how much risk you are willing to take

Good luck and I really hope nothing else happens

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Luckily its only BB&T right now. I just paid Paypal down to 79%. 

I will do the same with BB&T.

[steelers1]

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@FinStar wrote:

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@steelers1 wrote:

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@FinStar wrote:
Sorry to hear about your BB&T [AA] CLD.

I would definitely think it's not correlated to the upcoming merger. That said, other than your PayPal account reporting at 90% utilization, what kind of payments are you making on the BB&T balance? What was the original BT balance? (given it's now at 95% utilization).

It's possible they may or may not balance chase, but that will be evident as you pay down your balance in the next few months.

---

 I was paying 1.5X minimum. I realize that this is not much. I was saving my cash. The balance transfer would of been paid in full before the promotion expired. The intention was for them to hold it a bit while I utilized the cash for my business.

Unfortunately algorithms do not take into account for the sole proprietor to use their credit for their business. I'm sure they are based on the individual only.

---

Correct on the last part. It's a consumer account not a business card (they have several business cards that could've fit those needs).  So, that's the slippery slope whenever leveraging cash flow opportunities and comingling business and personal expenditures with some banks.  Hey, at least they didn't close it. 

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They do unfortunately you have to apply in branch and the closest is 72 miles away.

[M_Smart007]

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@AverageJoesCredit wrote:
Sorry.

Also i dont think lenders view accounts at 90% uti and think, well must be in a 0% apr promo period. WE know that its our intention or that we may want to save the cash til the end but THEY dont. I wish lenders would allow us to be able to utilize the limits they assign us, lol why else call it a limit? But unfortunately they cant read minds though im sure computers will soon be able to

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As you are probably already aware, a few Lender's set limits on what you can BT.

In the past, I had pushed 89% . If I were to do them today would stay under 48.9% Util.