Bank of America CLOSED account after I called for account questions

[Creditaddict]

Because I called in, they then reviewed my credit and decided to close the account... If I had not called, they probably would not have done this review.

I called in and talked to another senior analyst saying this account started as secured, went unsecured at just under a year and got the cli at that time and now has been open another 6 months with PIF multiple times a month, WHY would you close it now due to BK which has been there the whole time.

They won't re-open 

[plasticman]

Ouch! 

Sorry this happened to you Creditaddict.

[Creditaddict]

it just makes me mad because it's only $1500 and I only use the card while traveling since getting on board with the Dave Ramsey cash program mostly.

but I closed all my other rebuilder cards and my other major credit cards have balances and are in my debt snowball so I don't want to ever charge on them.

I just wanted to keep a credit card with $2500 or so limit for ER.

Now I have to go out and get a new card and take another inq and build new history.

Not to mention the inq BofA did after I told them I DID NOT WANT ANY PULLS 

[llecs]

Sorry that happened Creditaddict.

[Anonymous]

I'm sorry Creditaddict!  We had not quite the same thing happen - but we are anticipating it.  They approved DH for $4,000, when he called for CLI on activation, they bumped him down to $500.  "We didn't see the BK the first time around."  We're waiting for the other shoe to drop.  He did get a lovely CLI from several other cards the same month - so BofA is what they are.  At least you got some credit history out of them.  Not sure whether to put a smiley face or a pouty face here.  Sounds like you are doing some excellent work on your credit and money management.  Good luck!

I know it seems awkward, but you can snowball your balances and still use a card for business travel.  Just keep the business expenses separate in your own books and PIF - snowball your pre-existing balances.  I don't know if that would work for you or not.  We've done that on a rewards card and snowballed the balance - PIF'd business & got rewards.  Worked for us.

[Anonymous]

creditaddict

I am sorry to hear about this.  It is a vicious cycle you need credit to get credit.  It seems that you have workled very hard to come this far.  Liek other on the forum  I do not beleive in having n plastic  everyone should have at least (three)  CC.    In this credt enviornment  soem are very lucky to get CLI because even the most liberal of banks are getting very stingy.   Lay low for a while.  

are you able to reopen any of the cards you closed (maybe the banks will reopen them without an inquiry if they were closed within the last few months.

[Creditaddict]

there is no point in re-opening my other highest rebuilder card because it was only up to $650, I have a hard time traveling with the $1500 sometimes.

I really wanted $2500.

the thing is I have tons of other credit, it is just easier for me to keep my small monthly purchases on a paid off card vs using one of my cards currently in snowball.

until I figure it out I will just use my Macy's  visa I guess, that's up to 12k. lol 

[Anonymous]

I see the terminology "snowballing balance" several times in this thread. What does it mean?

[haulingthescoreup]

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PurpleHaze wrote:
I see the terminology "snowballing balance" several times in this thread. What does it mean?

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Snowballing is the tactic of paying off your cards by paying the minimum (or a bit) more on every card except for your smallest balance. Throw everything you have at that one, and when it's paid off, take the amount that you were paying, add it to the minimum you were paying on the next smallest card, and go after that one. Keep doing this with each card, with higher payments each time, until the debt is gone.

Many object to this, saying that paying the highest-interest accounts first is most financially sensible. And I see their point, but when you're overwhelmed by debt, sometimes you need a few victories to get your optimism and determination back.

I like a hybrid --snowball the first three to five cards (depending on how many you've got), and then go after the highest interest cards in descending order.

But whether you wind up paying more interest over time, or whether it takes you longer to get on top of things, the important part is that you are aggressively attacking your debt and getting out of indentured servitude to lenders.

[Geordi]

Sorry OP!

For Bank of America:  Since late January 2009, don't ask for a CLI

For Chase Bank:  Since October 2008, you won't get a CLI, although there have been exceptions!

Whereas, in the distance past, Bank of America used to give out CLIs like clockwork.  Now-a-days, Bank of America gives out CLDs to many that request a CLI.

Again, sorry to hear about the account closures.  Always read up on any financial institution before you take any action with them to see which way the winds are blowing with them.

GL