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

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Community Leader
Valued Contributor

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

Sorry this happened.  I agree with other member there may have been other factors as well, unless closing your other cards put your overall utilization  way higher. I mean I have taken advantage of BT offers where that card had a very high utilization,  but my overall stayed relatively low so i didn't get a major score drop. 

Message 11 of 18
Valued Contributor

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


@hermitw wrote:

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? 


Do you need the cards.  Just open new B of A cards once your score pops back up and get a bonus for doing it. 

More cards than I can mention in a signature.
Message 12 of 18
Super Contributor

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


@frogman1 wrote:

@hermitw wrote:

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? 


Do you need the cards.  Just open new B of A cards once your score pops back up and get a bonus for doing it. 


I could be wrong but if your cards were closed for AA, I doubt it’s going to be that simple to get them back in the future. 


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 13 of 18
Community Leader
Super Contributor

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

My question is who told you have to close a card to get a card? That sounds ridiculous.
#ChaseCreditCardHobby Enthusiast
Message 14 of 18
Valued Contributor

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

Oh don’t waste your time it’s a tradition with bofa they love doing it
They will not reopen it they love doing it for people
Message 15 of 18
Moderator

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


@kugel wrote:
Oh don’t waste your time it’s a tradition with bofa they love doing it
They will not reopen it they love doing it for people

@kugel - I'd venture to think that BoA hardly puts any "love" in taking such adverse action.  At the end of the day, plenty of institutions do this plus you've been around the forums to know that BoA isn't the only lender.   While it may be an unpleasant experience for an individual, it's a risk assessment and business decision, no "love" involved.

Message 16 of 18
Valued Contributor

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

Don't they give you a warning that a card should be paid off before closing? Tough break.. 

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Message 17 of 18
Super Contributor

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

There is no reason for a bank to care if a balance is on a card being closed. The bank is reducing risk, expects to be paid by the borrower.
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 18 of 18
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