BOA HUGE CLD 👎 Keep open or close?

[Anonymous]

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@Remedios wrote:

That's why it's important you dont make any decisions while this is upsetting 

You'd only hurt yourself of utilization goes up even more

Let the card simmer in SD till you secure replacement then decide.

I'd personally keep it out of spite and because of age

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This.    There is no real objective upside to closing, you (eventually) lose the age, the remaining credit limit, and the possibility that sometime you will get an increase.   It will maybe make you feel better for a bit ("Take that, BoA!" type stuff) but it won't hurt them at all, just get rid of an account they have concerns about.

So, as Remedios says, wait for a while, getting a replacement card (if needed) and decide later on.   IMO, the above should still be true after the wait, and I would just sock drawer the card, but if the annoyance is still too great, then close!

[Anonymous]

I would keep it. Closing it just benefits them while costing you the entire line and 12 years of history is a lot of history to risk losing. While accounts can stay up to (and sometimes beyond) 10 years when they're closed, there have been plenty that have lost them much sooner. 

I would just SD it but if BoA found you to be risky, you might want to rethink balances on other cards too so that they don't get slashed as well. 

[kilroy8]

Not a single reason to not keep it.

Sorry about the earlier input, these numbers are the stuff of nightmares for me. For others, not so much.

[Gotham-]

Keep it open...

Chase and I started a relationship like this back in 2007 before the credit crisis I had a $8200 SL and in less than 6 months it went to $2800 with $2000 outstanding
I called it the reversal of the 2 &; 8 and far as I could remember I just didn’t like chase for doing that to me but I never closed it’s still a premium bank and card so it sat in the draw as I ranked up in other cards until they wanted back in the game and started the CLI in 2010 and today I’m over $30K with them.

[Anonymous]

The only one that would be hurt by closing the card would be you (albeit only marginally).

I am sorry that this happened, but I am sure that once the utilization issue in your profile is handled restoring the limits through a series of CLI's is certainly a possibility.

[CreditInspired]

Hi OP
I say keep the card open and just SD it. The bad taste in your mouth will wear off in time.

And since you had the capability to pay that huge balance off in what seem to be “in record time,” BOA will be able to see that even in this economic climate, you are not a risky customer.

I believe they’ll change their tune when they see the balance is 0 and you’re not putting swipes on the card.

Also, no sense in your getting vindictive closing them down and then they get vindictive and claw back their recent CLI on your business card, and worse, close the business card down altogether. Just my 2cents.

So, like others have said, keep it open until your frustration has subsided and you can think about your decision more rationally.

Yep, coming here first was the right decision.

[BearsCubsOtters]

I know it is difficult to not take things like this personal...but do not take it personal. During the Great Recession, Citibank decided to reduce my credit line by $2,700 (from $10,800 to $8,100) stating that I was not utilizing my full credit line yadda yadda. And that was on the card that I used almost daily and paid in full each month. They never touched my other Citibank cards that I rarely ever used. I was livid; but after I gave it some time I realized that it was not personal and it was their business decision. And within I think 4 months I started using a better card anyway. It was their loss. I was also one of those that suffered a CLD from Capital One in 2017. But because I had dealt with Citibank many years before, I took it in stride. In both cases I was left with a healthy credit line and in time I was able to get CLIs on the cards. 

TL DL I know it was a kick in the teeth to lose your highest credit line. But I would keep the card and use it sparingly. An old trade line is always beneficial and I am willing to bet that within a year or so you can get the card back up to $20K at least. 

[LittleSal]

I would also keep it open.

Do you bank with BoA? Preferred Rewards?

I ask because I have two BoA cards with high balances ($40k+) that are 0% right now.

[CramEiko]

Since you pif, just wait a month and request the original limit be reinstated. It will show your highest $ amount of credit used but it's back down to $0. Keep it open, request CL be returned and then SD it for a while. 

Best of Luck!

[kdm31091]

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@Anonymous wrote:

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@Remedios wrote:

That's why it's important you dont make any decisions while this is upsetting 

You'd only hurt yourself of utilization goes up even more

Let the card simmer in SD till you secure replacement then decide.

I'd personally keep it out of spite and because of age

---

This.    There is no real objective upside to closing, you (eventually) lose the age, the remaining credit limit, and the possibility that sometime you will get an increase.   It will maybe make you feel better for a bit ("Take that, BoA!" type stuff) but it won't hurt them at all, just get rid of an account they have concerns about.

So, as Remedios says, wait for a while, getting a replacement card (if needed) and decide later on.   IMO, the above should still be true after the wait, and I would just sock drawer the card, but if the annoyance is still too great, then close!

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I agree. You really gain nothing by closing it out of anger. Just throw it in the drawer for now until your emotions clear up and you get a replacement card.