@scenery_guy wrote:
@maiden_girl wrote:
@Marcos8 wrote:I have had BoA give me an unannounced 50% CLD from 17,000 to 8,500. That was in 2010 and I assumed it was from my short sale hitting my report and making them weary. They gave me the explanation they were just doing this to all accounts and decreasing risk across the board. First I've heard of an account with low Utl and low total utl across all accounts being closed.
Should we all start to be more weary of app sprees and opening a bunch of new accounts all at once?
Not completely unheard of with BOA. My sister had a 20k CL with them and when the housing market crash stuff started happening she got CLD to 10k. She also got a letter stating that they felt she would never need this much credit and were therefore decreasing it.
This is why I dislike BofA so much. I have banked with them (or the banks in my area that were there before BofA bought them) from 1982. That's a whopping 30 years of having an account with them direct or thru an acquisition. Personal accounts, auto loans, mortgage, three businesses at three points in my life. Personally knew the VP of my area for years, she was the mother of my best friend. They knew my life history as much as one financial institution could know - and in 2008-2009 out of the blue I got a wonderful CLD on a card from $100K to $25K. Great credit scores, cash in the bank, mortgage perfect, house had equity, very low UTL on card - zero issues. After several calls over several days to many departments they grace me with an increase back to $46K. This was my only credit card at the time and a drop like that is damaging. Years later they decline me for an auto loan - again with great history and credit scores. At this point I don't trust them, lost that a long time ago. Took a while to find a replacement.
I have finally moved past all of this, have great lines of credit thru Chase and Amex. Chase was all over me about getting my personal, investment and business banking and they treat me very well. I will never trust any bank like I did BofA before the CLD but Chase is getting mighty close. I keep looking forward, I have a couple of Citi cards, a Barclays card, a US Bank card but all of them fall way short of my expectations, needs and desires.
I still have that old BofA card and a recent Virgin Atlantic card with them but I know that any moment they will do what they will do. Bring it, I am ready.
Dude, I know you're a quality customer, but from BOFA's eyes, were you using even a non-trivial amount of that 100K CL?
Odds are BOFA's never going to be friends with anyone, but unless you were using the heck out of that tradeline, the additional 75K is a whole lot of 1-2K cards that can be issued for additional swipe fees. It sucks when any sort of AA is taken, and I agree BOFA can be a righteous #*&$@ at times (I've wanted to scream at them over the continued changes to my 25-year old checking account that seem designed to maximize fee revenue, and I wasn't a crappy customer either) though they did refund the stupid fees when I questioned them on it, but end of the day banks are in the business of making profit for themselves, and in both of our cases that's what was happening.
LIke you and your credit lines, I simply moved my primary checking account.
It's not intrinsic to BOFA or any other financial insitiution either; I adore Chase personally but we're still in the honeymoon phase, I'm certain they'll do something which causes my eyebrows to reach my receeding hairline at some point too.
@Revelate wrote:
@scenery_guy wrote:
@maiden_girl wrote:
@Marcos8 wrote:I have had BoA give me an unannounced 50% CLD from 17,000 to 8,500. That was in 2010 and I assumed it was from my short sale hitting my report and making them weary. They gave me the explanation they were just doing this to all accounts and decreasing risk across the board. First I've heard of an account with low Utl and low total utl across all accounts being closed.
Should we all start to be more weary of app sprees and opening a bunch of new accounts all at once?
Not completely unheard of with BOA. My sister had a 20k CL with them and when the housing market crash stuff started happening she got CLD to 10k. She also got a letter stating that they felt she would never need this much credit and were therefore decreasing it.
This is why I dislike BofA so much. I have banked with them (or the banks in my area that were there before BofA bought them) from 1982. That's a whopping 30 years of having an account with them direct or thru an acquisition. Personal accounts, auto loans, mortgage, three businesses at three points in my life. Personally knew the VP of my area for years, she was the mother of my best friend. They knew my life history as much as one financial institution could know - and in 2008-2009 out of the blue I got a wonderful CLD on a card from $100K to $25K. Great credit scores, cash in the bank, mortgage perfect, house had equity, very low UTL on card - zero issues. After several calls over several days to many departments they grace me with an increase back to $46K. This was my only credit card at the time and a drop like that is damaging. Years later they decline me for an auto loan - again with great history and credit scores. At this point I don't trust them, lost that a long time ago. Took a while to find a replacement.
I have finally moved past all of this, have great lines of credit thru Chase and Amex. Chase was all over me about getting my personal, investment and business banking and they treat me very well. I will never trust any bank like I did BofA before the CLD but Chase is getting mighty close. I keep looking forward, I have a couple of Citi cards, a Barclays card, a US Bank card but all of them fall way short of my expectations, needs and desires.
I still have that old BofA card and a recent Virgin Atlantic card with them but I know that any moment they will do what they will do. Bring it, I am ready.
Dude, I know you're a quality customer, but from BOFA's eyes, were you using even a non-trivial amount of that 100K CL?
Odds are BOFA's never going to be friends with anyone, but unless you were using the heck out of that tradeline, the additional 75K is a whole lot of 1-2K cards that can be issued for additional swipe fees. It sucks when any sort of AA is taken, and I agree BOFA can be a righteous #*&$@ at times (I've wanted to scream at them over the continued changes to my 25-year old checking account that seem designed to maximize fee revenue, and I wasn't a crappy customer either) though they did refund the stupid fees when I questioned them on it, but end of the day banks are in the business of making profit for themselves, and in both of our cases that's what was happening.
LIke you and your credit lines, I simply moved my primary checking account.
It's not intrinsic to BOFA or any other financial insitiution either; I adore Chase personally but we're still in the honeymoon phase, I'm certain they'll do something which causes my eyebrows to reach my receeding hairline at some point too.
I banked with BOA once upon a time...then I had an affair with WaMu...until Chase took over...ugh. Lol.
Anyway the bank giveth and the bank taketh away...
@Revelate wrote:
@scenery_guy wrote:
@maiden_girl wrote:
@Marcos8 wrote:I have had BoA give me an unannounced 50% CLD from 17,000 to 8,500. That was in 2010 and I assumed it was from my short sale hitting my report and making them weary. They gave me the explanation they were just doing this to all accounts and decreasing risk across the board. First I've heard of an account with low Utl and low total utl across all accounts being closed.
Should we all start to be more weary of app sprees and opening a bunch of new accounts all at once?
Not completely unheard of with BOA. My sister had a 20k CL with them and when the housing market crash stuff started happening she got CLD to 10k. She also got a letter stating that they felt she would never need this much credit and were therefore decreasing it.
This is why I dislike BofA so much. I have banked with them (or the banks in my area that were there before BofA bought them) from 1982. That's a whopping 30 years of having an account with them direct or thru an acquisition. Personal accounts, auto loans, mortgage, three businesses at three points in my life. Personally knew the VP of my area for years, she was the mother of my best friend. They knew my life history as much as one financial institution could know - and in 2008-2009 out of the blue I got a wonderful CLD on a card from $100K to $25K. Great credit scores, cash in the bank, mortgage perfect, house had equity, very low UTL on card - zero issues. After several calls over several days to many departments they grace me with an increase back to $46K. This was my only credit card at the time and a drop like that is damaging. Years later they decline me for an auto loan - again with great history and credit scores. At this point I don't trust them, lost that a long time ago. Took a while to find a replacement.
I have finally moved past all of this, have great lines of credit thru Chase and Amex. Chase was all over me about getting my personal, investment and business banking and they treat me very well. I will never trust any bank like I did BofA before the CLD but Chase is getting mighty close. I keep looking forward, I have a couple of Citi cards, a Barclays card, a US Bank card but all of them fall way short of my expectations, needs and desires.
I still have that old BofA card and a recent Virgin Atlantic card with them but I know that any moment they will do what they will do. Bring it, I am ready.
Dude, I know you're a quality customer, but from BOFA's eyes, were you using even a non-trivial amount of that 100K CL?
Odds are BOFA's never going to be friends with anyone, but unless you were using the heck out of that tradeline, the additional 75K is a whole lot of 1-2K cards that can be issued for additional swipe fees. It sucks when any sort of AA is taken, and I agree BOFA can be a righteous #*&$@ at times (I've wanted to scream at them over the continued changes to my 25-year old checking account that seem designed to maximize fee revenue, and I wasn't a crappy customer either) though they did refund the stupid fees when I questioned them on it, but end of the day banks are in the business of making profit for themselves, and in both of our cases that's what was happening.
LIke you and your credit lines, I simply moved my primary checking account.
It's not intrinsic to BOFA or any other financial insitiution either; I adore Chase personally but we're still in the honeymoon phase, I'm certain they'll do something which causes my eyebrows to reach my receeding hairline at some point too.
At the time I was using a non trivial amount of the line, or so I thought. $8K to $10K per month sometimes as high as $45K. Most of the time it was PIF but on some occasions (home renovations, medical emergencies) we carried a balance and paid the interest for a few months as it was paid down. Just like regular Joes do.
I never got a strait answer and that was the biggest issue. I would have accepted "you are not using it" but I was using it or "you are too big a risk" but there was no risk as THEY HELD IN MY ACCOUNTS EVERY DOLLAR I EARNED INCLUDING THE BUSINESS or anything really, just throw me a bone so it works in my head. Nothing but "we are doing this to everybody". My in branch banker couldn't even explain it. Random was the best reason I guess.
Years later I am kind of bitterly thankful. If it were not for that move I would not be as educated in credit and be able to concentrate my spend for home and business to maximize rewards. I would not know about adding AU to cards to help their score a bit. I would be a regular Joe with 1 credit card with a $100K limit and all my eggs in one basket.
