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BOA closed all my credit cards, any way to reinstate?

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BOA closed all my credit cards, any way to reinstate?

Hi,

 

I just found BOA closed all my credit cards. I guess the main reason is the sudden drop of my credit score. What happened is I applied a new amex card while already having 5 cards, called and told have to close one, did it and transfered all credit to new card. The problem was, I did not pay this card yet. In just a few days, my credit report show this card as 100% utilization rate, since the credit limit was zero on this card, and my EX droped ~70 points!

 

I hope the above would be helpful to those considering closing credit cards and moving credit limit: either pay it off before bank report new balance, or not moving away all credit limit.

 

I tried to call BOA but it seems there is nother they can do at this point. Now my question it, if my credit score got back next month, is there anyway to reinstate these closed cards? 

Message 1 of 18
17 REPLIES 17
Moderator

Re: BOA closed all my credit cards, any way to reinstate?

Hi OP and welcome to the forums.

Unfortunately, the accounts cannot be reinstated by BoA. Once adverse action has taken place, the decision pretty much becomes final regardless of escalation.

It's unfortunate, and perhaps disappointing, but it is what it is.
Message 2 of 18
Established Contributor

Re: BOA closed all my credit cards, any way to reinstate?

Wow. That is tough one OP. Sorry to hear this.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 3 of 18
Super Contributor

Re: BOA closed all my credit cards, any way to reinstate?

Wow that’s mind blowing that they closed all of your cards for a temporary dip, so sorry to hear it!


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 4 of 18
Moderator

Re: BOA closed all my credit cards, any way to reinstate?

It's likely there were other factors since BoA tends to SP frequently and if they were 'watching' certain patterns internally and externally, they were simply taking action to reduce risk. We've all seen how other lenders like Citi, SYNCB, Barclays, AmEx, etc., tend to follow somewhat similar actions (CLDs/closures).
Message 5 of 18
Valued Contributor

Re: BOA closed all my credit cards, any way to reinstate?

I'm afraid there's nothing you can do for now. Any lender that sees a significant drop in a score is going to pull back quickly as it could be a late payment, credit seeking behavior/bust out fraud, or someone in a bad situation. Lenders have to protect themselves.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 6 of 18
Super Contributor

Re: BOA closed all my credit cards, any way to reinstate?


@FinStar wrote:
It's likely there were other factors since BoA tends to SP frequently and if they were 'watching' certain patterns internally and externally, they were simply taking action to reduce risk. We've all seen how other lenders like Citi, SYNCB, Barclays, AmEx, etc., tend to follow somewhat similar actions (CLDs/closures).

Indeed. Posts like this one make me nervous about my two new Sync accounts since I had two accounts not on my reports when I went for the Sync ones already and one of them was pending with a massive balance transfer so I may be making my own AA thread if Sync doesn’t like it. Time will tell. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 7 of 18
New Contributor

Re: BOA closed all my credit cards, any way to reinstate?

I’m sorry this happened to you.

If you are not a Preferred Rewards customer, then I think any possible card you had with them could easily be replaced by other issuers with similar (if not better rewards).
Message 8 of 18
Established Contributor

Re: BOA closed all my credit cards, any way to reinstate?

I just threw a pre-approval from BoA in the trash yesterday.  Never will I do business with that bank.

Message 9 of 18
Super Contributor

Re: BOA closed all my credit cards, any way to reinstate?

Congrats on the new AMEX
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 10 of 18
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