So, I got a letter in the mail today from BofA. My account has been closed. The official reason is:
Irregular authorized user activity on one or more of your accounts
I only have one account. As a back story, my score has recently dropped from 730ish to 675 because I bought a house in a private deal and tapped one of my $15k credit cards for the down payment. It went from 0 usage to appearing over the credit limit because $15k + interest is greater than the limit.
The letter also indicates that "We also considered your relationship with us..."
When I opened the account, I had my checking account with them. I no longer do.
So, that's a blow because the card gave me 3% cash back on the category of my choice. My plan is to pay down as much debt as possible, wait until an inquiry falls off in November and try for the AOD (no, not Army of Darkness) card for 3% cash back on everything.
While closure is a bummer, you've got that awesome Vantage West card shining in your lineup. Never too late to build a nice rotator setup around that and your Disco. Solid plan to go for AOD as well.
Oh yes, I have authorized users. The problem with the BofA portal is that you cannot see the authorized users you have. My wife, for example, had been added twice to my profile — once with her middle name and once without. Had I known that, I might have been able to clean up the authorized users and remove duplicate and unnecessary ones.
I requested the addition of an authorized user on or about 22 September 2021. My account was closed the same day. It's possible that there was something about the potential AU that triggered them (past debt to BofA? Bad social? Something else?) or maybe it was just the disorderly content of my AU list.
The letter reads:
Unfortunately, we've made the decision to close your credit card. Here's what you need to know.
We carefully reviewed your account history, credit report(s) provided by the credit reporting agency(ies) listed below and current economic and loss trends. We also considered your relationship with us and, unfortunately, we had to close your account because of the following reason(s):
Irregular authorized user activity on one or more of your accounts.
...
Your credit score, a FICO score, used by us in taking the above action is 713, which was created on September 21, 2021, and provided by a credit reporting agency, Trans Union, PO BOX 1000, Chester, PA 19016-1000.
The key factors that adversely affected your credit score are:
Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high.
Length of time revolving accounts have been established.
Time since most recent account opening is too short.
Too many accounts with balances.
Too many inquiries last 12 months.
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Yes, I am now relying more heavily on my Vantage West and Utah Community Credit Union card (I can't find a logo of them to put them up). But, I had the BofA card to give cash back at drug stores (such as CVS). That usage will have to fall back onto my Wells Fargo CashWise card at 1.5 percent cash back.
So, it's a blow, though not a fatal one. But, it's accelerated my desire to get that AOD card. An AOD card would also solve my "Too many accounts with balances" problem. Just drop everything onto AOD for 3% cash back and live the good life.
As cashorcharge recommended, I switched my CashWise card to Wells Fargo's new Active cash rewards card. The process was painless.