BOA CLOSED MY CARD Really????

[B335is]

Sorry to hear OP. BoA severely CLD my four cards last year so I ended up just closing the accounts and going with other Lenders. I was really irritated at the time but reflecting on it today, it doesn't bother me any more and I've been fortunate enough to see who the solid Lenders (and better rewards) are out there.

[jdxprs1]

I can only speak from my personal experience with Pnc from the last 15 years. No problems for me.

[Discover2016]

This is the main reason that it is never recommended to have just one credit card issuer, diversity is very important. Imagine if BofA was your only card, you would be left with no card at all for car rentals etc.

[Loquat]

---

@Anonymous wrote:

---

@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.

---

Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.

Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue

---

+1. I agree it sucks for the OP for this to happen, but I don't many banks who are going to call a customer and say hey "...we're about to cut your limit..." prior to doing so.  While I'm sure a lot of folks would be upset, myself included, could you imagine the amount of time they'd spend listening to us as customers swear, scream, and threaten to a person who probably wouldn't have the authority to overturn a decision of such anyway.  Not to mention how many vindictive folks who would try to max out their card out of spite (not saying anyone here because most of us know better, speaking about the general public who probably doesn't sweat scores as much as we do) right before it was cut?  But I do sympathize witht he OP, it sucks and some of us have been there and done that.  But to think a bank if going to give notice PRIOR to taking AA is like hoping for sunshine with nothing but clouds in sight.  

[Anonymous]

Let's be real though here.  There's a huge difference between AA in the form of a CLD verses AA in the form of closing an account.

The OP in this case had been a BoA customer for 13 years, no late payments and had a large direct deposit going to them monthly.  If they were spooked by his utilization on other accounts, what benefit at all is there in them closing his card rather than issuing a harsh CLD?  They could even CLD to his current balance which would make it impossible to take on any more debt with BoA, even if that wasn't his problem account to begin with.

I get it that banks can pull the plug and take AA whenever they feel fit.  Looking at this example though from the OP, I see absolutely no reason a 13 year old account had to be closed here with no prior AA such as a CLD taken first.

I went through the same thing with my local credit union a few years ago.  15 year account, never a late payment, utilization always low to decent, auto-pay on the account for as long as I can remember.  I had a few issues elsewhere on my report (several were BS and just needed clearing up) and my credit union closed my account without warning.  No CLD or anything.  Their actions completely ruined a 15+ year relationship I had with them and I slammed them with as many negative reviews as I could online.  I got a ton of calls from them apologizing and such, but they wouldn't reinstate the account which was the only acceptable solution to me.  Talk is cheap and all they could do was say sorry and we hope you apply again with us in the future.  No thanks.

[galahad15]

---

@Anonymous wrote:

---

@galahad15 wrote:

Very sorry to hear about the BoA accounts closures hershey    Although I am technically a BoA fan overall, I did get an ~$17k CL slashed to about $9k with them, only a few years ago, on the best cc account I had with them...that still smarts for me, to this day...

---

Sorry to hear, galahad. What happened?

---

Thanks humu, actually BoA did the CLD for the same reason you had mentioned in an earlier post that they had CLD's your family member:  I tried requesting a lower APR.  Thankfully, at least they didn't close my card account outright.  Although for me to be fair to BoA, I can objectively see why they wanted to do the CLD for me at the time, b/c back then I had extremely high util on the card.

[Anonymous]

---

@galahad15 wrote:

---

@Anonymous wrote:

---

@galahad15 wrote:

Very sorry to hear about the BoA accounts closures hershey    Although I am technically a BoA fan overall, I did get an ~$17k CL slashed to about $9k with them, only a few years ago, on the best cc account I had with them...that still smarts for me, to this day...

---

Sorry to hear, galahad. What happened?

---

Thanks humu, actually BoA did the CLD for the same reason you had mentioned in an earlier post that they had CLD's your family member:  I tried requesting a lower APR.  Thankfully, at least they didn't close my card account outright.  Although for me to be fair to BoA, I can objectively see why they wanted to do the CLD for me at the time, b/c back then I had extremely high util on the card.

---

Thanks for sharing, galahad. I'm sorry it happened and you have had some really nice successes in your profile since then.

[Bman70]

---

@Anonymous wrote:

Let's be real though here.  There's a huge difference between AA in the form of a CLD verses AA in the form of closing an account.

The OP in this case had been a BoA customer for 13 years, no late payments and had a large direct deposit going to them monthly.  If they were spooked by his utilization on other accounts, what benefit at all is there in them closing his card rather than issuing a harsh CLD?  They could even CLD to his current balance which would make it impossible to take on any more debt with BoA, even if that wasn't his problem account to begin with.

I get it that banks can pull the plug and take AA whenever they feel fit.  Looking at this example though from the OP, I see absolutely no reason a 13 year old account had to be closed here with no prior AA such as a CLD taken first.

I went through the same thing with my local credit union a few years ago.  15 year account, never a late payment, utilization always low to decent, auto-pay on the account for as long as I can remember.  I had a few issues elsewhere on my report (several were BS and just needed clearing up) and my credit union closed my account without warning.  No CLD or anything.  Their actions completely ruined a 15+ year relationship I had with them and I slammed them with as many negative reviews as I could online.  I got a ton of calls from them apologizing and such, but they wouldn't reinstate the account which was the only acceptable solution to me.  Talk is cheap and all they could do was say sorry and we hope you apply again with us in the future.  No thanks.

---

I agree that AA for simply using most of one's credit limit seems inappropriate. After all, you're given a limit, presumably because that's how much they trust you to borrow. 

I've had my BOA near 90% for many months on end before, in the days before I found MyFICO. No AA, as a data point. 

With your credit union, it's possible some smaller banks go through overall pruning phases, and cut their credit extending to meet some internal goal. In that case it's not so much about the person's profile. 

Maybe all banks have 'tighter'  periods, when they trim credit portfolios. Probably small things like old lates, high util, inquiries, etc would then get dumped first. But I'm only guessing, It all just seems to underline the importance of keeping as clean a profile as possible, at all times. 

[wacdenney]

---

@Anonymous wrote:

---

@baller4life wrote:
BOA is known to close accounts or cld. You don't hear about it as often as Barclays. But, it does happen. In fact it can happen with any lender. That is why they sp our reports monthly to evaluate their "risk". Unfortunately when there is high util reporting or a significant lower score, they can and will take action. Sorry this happened to you. Good move to move your accounts to Navy Federal.

---

Yes, as baller4life says, any lender can do this, although among the myFico population at least, some lenders seem much more prone than others.

Also, it will always happen with no notice when there are certain perceptions of risk, if the bank thinks something is "wrong" with their risk on the account, they won't want to allow any transactions to continue

---

Surprisingly you can stop allowing transactions to continue AND send an email at the same time.

"Hello Mr, Jones,

We have closed your account.

Sincerly"

Too much to ask???? 

[Anonymous]

---

@hersheykisses wrote:

Been a customer of BOA with large direct deposit monthly for 13 years.  Have two credit cards with them.  In the last year I moved some of the CL from one card over to the other to allow for a larger CL, at the same time they pulled my credit and lowered my interst rate (this is within the last year/maybe last 6 months even) got a letter that they closed my card last month.  Called as I had also recieved a week later "your a valued customer" offer of transferring balances etc with checks letter, so I was totally confused.  You close my account and a week later Im a valued customer and your sending me checks to transfer balances?  WTH.  So I ask for reinstatement or new account, they go through the entire process tell me I'm approved that my account will reopen with same interest rate, same CL.  One week later card still not working, call and find out they are processing my paperwork but everything is good.  Today I get a letter sorry we are still closing your card, call and find out in fact I wasn't "officially" approved and that it was their mistake (two different people/two different calls) telling me I was approved and that the card was reinstated, that those persons should've told me it needed final approval with underwriting first.  WTH.  I wasted so much time dealing with this issue on the phone, its ridiculous.

I was told reason is due to high utilization on my other cards, although my income, owning my home and credit score are more than sufficient as is my payment history.  I was so upset with BOA.  Seems like one department doesnt know what the other one is doing.  I feel very insulted and not a valued customer.  Very Scary to think they can just "close" your account out of the blue, no warning, nothing.  Terrible customer relationship.  Needless to say I will be moving all my BOA accounts to NFCU ASAP.  

---

So sorry this happened to you, hersheykisses. I bank with BofA and have my car financed there. I still walk on egg shells with them after many of the posts I have seen here. Thanks for sharing. NFCU is a great option!