Bank Of America Decided to Close My Credit Card Accounts

[amdm2013]

One door opens, the other one closes ... I called Bofa this morning to close my AmEx card account and move the CL to my Visa Siggy.The credit

analyst said that he would transfer me to the senior credit analyst regarding an issue with my account.

I was disappointed (well! I knew this would happen) that she informed me that both of my card accounts were closed this morning. She

said that they had been monitoring my account for the past 12 months and have noticed the increasing number of enquiries and the large number of

available credit I have at the moment so they had to take the decision to close my accounts.

I'm not at all surprised because I went on a mad app-spree last week (and in March), but never expected this from BofA since they were the first bank who issued me with a secured credit card and had no issues with them and never missed a single payment.

I don't use their cards frequently, but, whenever I do, I pay it off a few days later, since I have far too many cards already. I called the EO, the same lady I spoke to earlier this year, but, she said to contact the Line of Credit department, to see if there is a solution, and if not, to email the EO directly.

At this point, I'm not sure what to do, whether to follow-up or just let it go, but, it would be a shame to lose my banking relationship with them since 2012.

Since, I already opened new accounts with US Bank, I really don't need another bank, but, didn't want it to end this way.

So, please, I would appreciate any advice/suggestions in this matter.

Thanks. 

[B335is]

Wow, I'm sorry to read this.  I rarely hear of BoA closing all accts.  How many accts did you have and what was the total exposure?  Do you have any negs or carrying excessive balances?

[Anonymous]

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@amdm2013 wrote:

One door opens, the other one closes ... I called Bofa this morning to close my AmEx card account and move the CL to my Visa Siggy.The credit

analyst said that he would transfer me to the senior credit analyst regarding an issue with my account.

I was disappointed (well! I knew this would happen) that she informed me that both of my card accounts were closed this morning. She

said that they had been monitoring my account for the past 12 months and have noticed the increasing number of enquiries and the large number of

available credit I have at the moment so they had to take the decision to close my accounts.

I'm not at all surprised because I went on a mad app-spree last week (and in March), but never expected this from BofA since they were the first bank who issued me with a secured credit card and had no issues with them and never missed a single payment.

I don't use their cards frequently, but, whenever I do, I pay it off a few days later, since I have far too many cards already. I called the EO, the same lady I spoke to earlier this year, but, she said to contact the Line of Credit department, to see if there is a solution, and if not, to email the EO directly.

At this point, I'm not sure what to do, whether to follow-up or just let it go, but, it would be a shame to lose my banking relationship with them since 2012.

Since, I already opened new accounts with US Bank, I really don't need another bank, but, didn't want it to end this way.

So, please, I would appreciate any advice/suggestions in this matter.

Thanks. 

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i would personally not care about boa if i had the amex centurion card 

[amdm2013]

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@B335is wrote:

Wow, I'm sorry to read this.  I rarely hear of BoA closing all accts.  How many accts did you have and what was the total exposure?  Do you have any negs or carrying excessive balances?

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Thanks B335is. I only had the AmEx ($5k CL) and Visa Siggy ($5.5k CL). The only negatives in my CRs are the increasing number of enquiries, and my CL

increased from $43,250 to over $70k in one month. I just did a balance transfer a couple of weeks ago for $4k.  

[CreditUnionFan]

Wow, very shocking and unusual to hear.

I have an account that went inactive, but I later was able to make a purchase on it.  I told them that I was reserving the line of credit until I figured out how to use it.

I would push back on them closing the accounts...  a CLD is more appropriate in most cases.

And then I would only use the card for its special APRs or features, and otherwise it would reside in the sock drawer. 

[B335is]

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@amdm2013 wrote:

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@B335is wrote:

Wow, I'm sorry to read this.  I rarely hear of BoA closing all accts.  How many accts did you have and what was the total exposure?  Do you have any negs or carrying excessive balances?

---

Thanks B335is. I only had the AmEx ($5k CL) and Visa Siggy ($5.5k CL). The only negatives in my CRs are the increasing number of enquiries, and my CL

increased from $43,250 to over $70k in one month. I just did a balance transfer a couple of weeks ago for $4k.  

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Wow, how many inquiries?

I'm glad you posted this.  A few days ago I requested a CLI from BoA and have not heard anything.  I was planning to call the analyst today and ask for reconsideration, but your post has given me a moment of pause.  I have at least 1 truckload of new accts.

[amdm2013]

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@Anonymous wrote:

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@amdm2013 wrote:

One door opens, the other one closes ... I called Bofa this morning to close my AmEx card account and move the CL to my Visa Siggy.The credit

analyst said that he would transfer me to the senior credit analyst regarding an issue with my account.

I was disappointed (well! I knew this would happen) that she informed me that both of my card accounts were closed this morning. She

said that they had been monitoring my account for the past 12 months and have noticed the increasing number of enquiries and the large number of

available credit I have at the moment so they had to take the decision to close my accounts.

I'm not at all surprised because I went on a mad app-spree last week (and in March), but never expected this from BofA since they were the first bank who issued me with a secured credit card and had no issues with them and never missed a single payment.

I don't use their cards frequently, but, whenever I do, I pay it off a few days later, since I have far too many cards already. I called the EO, the same lady I spoke to earlier this year, but, she said to contact the Line of Credit department, to see if there is a solution, and if not, to email the EO directly.

At this point, I'm not sure what to do, whether to follow-up or just let it go, but, it would be a shame to lose my banking relationship with them since 2012.

Since, I already opened new accounts with US Bank, I really don't need another bank, but, didn't want it to end this way.

So, please, I would appreciate any advice/suggestions in this matter.

Thanks. 

---

i would personally not care about boa if i had the amex centurion card 

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I understand, but, the issue is that all the other banks have been very generous with the CL's and offering me credit apart from my excessive enquiries and new accounts,

and the bank which I have had a longer relationship shuts me down. That hurts!

[amdm2013]

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@B335is wrote:

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@amdm2013 wrote:

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@B335is wrote:

Wow, I'm sorry to read this.  I rarely hear of BoA closing all accts.  How many accts did you have and what was the total exposure?  Do you have any negs or carrying excessive balances?

---

Thanks B335is. I only had the AmEx ($5k CL) and Visa Siggy ($5.5k CL). The only negatives in my CRs are the increasing number of enquiries, and my CL

increased from $43,250 to over $70k in one month. I just did a balance transfer a couple of weeks ago for $4k.  

---

Wow, how many inquiries?

I'm glad you posted this.  A few days ago I requested a CLI from BoA and have not heard anything.  I was planning to call the analyst today and ask for reconsideration, but your post has given me a moment of pause.  I have at least 1 truckload of new accts.

Thanks! Well . the credit analyst said I had 25 enquiries during the past 12 months. She didn't count last week's app-festival which would be 10 or 12 more.

[baller4life]

I'm so very shocked to hear of this coming from BOA. Had it been Barclays, it would be less shocking. Wow!! I can only imagine how you must feel. Hope you can get it all worked out.

[amdm2013]

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@CreditUnionFan wrote:

Wow, very shocking and unusual to hear.

I have an account that went inactive, but I later was able to make a purchase on it.  I told them that I was reserving the line of credit until I figured out how to use it.

I would push back on them closing the accounts...  a CLD is more appropriate in most cases.

And then I would only use the card for its special APRs or features, and otherwise it would reside in the sock drawer. 

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I wouldn't mind if they only closed the AmEx account and left the Visa Siggy active. When I spoke to the analyst, she asked me if I wanted her to review the

case, she did and said she couldn't do anything further.