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After hearing about these stories, I will never pay my BoA card in full... LOL. I've almost always had a near max balance until recently, Dropped it down to $3,000 in debt and an emergency came out, Back up to $4,900. Right now it sits at $4,600 and will be declining by $300 a month, But will make sure not to pay it off =P
@user5387 wrote:
@HJM613 wrote:I had a BOA Visa since 1982, yes 1982... I had a 12k limit, the last 5 years have been hard on me financially, but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad... Finally business improved and I paid off the card.. Over a few months... One day i went to use it to fund out the canceled it... No letter or anything, I was in shock... Of course when I called they claim they mailed me a letter and I could not talk to anyone who cared or would do anything...... I love how they waited until I paid them in full to cancel my card...Moral of the story I would not be so fast to pay them off.. I love there loyalty...
Welcome to the forums!
I expect with CC companies that they do an internal risk / reward calculation on their cardholders, and carrying a balance for a long time, making minimum payments, and late payments pushes one into a "risk outweighs reward" category.
I agree.
If I carried large balances across multiple cards for an extended period and thus showing an inability to pay I wouldn't expect anything less than balance chasing and/or account closure.
@longtimelurker wrote:
@HJM613 wrote:I had a BOA Visa since 1982, yes 1982... I had a 12k limit, the last 5 years have been hard on me financially, but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad... Finally business improved and I paid off the card.. Over a few months... One day i went to use it to fund out the canceled it... No letter or anything, I was in shock... Of course when I called they claim they mailed me a letter and I could not talk to anyone who cared or would do anything...... I love how they waited until I paid them in full to cancel my card...Moral of the story I would not be so fast to pay them off.. I love there loyalty...
Well, not paying them off means you continue to pay interest, and for some, stopping that may well be worth the risk of losing a trade line.
But "loyalty" with big corporations is pretty meaningless. It is a business relationship, and as others said, they (rightly or wrongly) judged that that risk/reward of continuing the relationship with you was not what they required. Similarly people here cancel cards every day when something better becomes available for them, it's not like friendship or anything!
Exactly!
I wonder if they have a forum where they post about how their customers aren't loyal enough?
@HJM613 wrote:..but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad...
I bet "nothing too bad" means something different to BofA. Especially repeated lates. However they could also have soft pulled you to see your overall situation.. What else had changed in your credit picture?
Macys is notorious for lowing cl
Lenders rarely show any loyalty and are only out to gather as much money from us as possible. I was a long time Capital One customer(15yrs+) with past car loans and multiple cards. Always paid on time was never ever late. Around 2003 I had to hire an attorney for business related issues. Non-financial issues, but I accrued about $18K in legal fees that I put on a Capital One card at ~7% at the time. I think my limit was 22.5. I was making double or triple minimum payments when I get a notice, about a year later, they are almost doubling my APR. I had no choice but to cancel to keep my rate fixed and I cancelled our other card too out of spite. We can only protest these questionable/unethical behaviors by not dealing with them again. But they are all basically the same when it comes down to it. All you can do is move on and try not to take it personally.
@Bman70 wrote:
@HJM613 wrote:..but always paid card balance was around 9k. I maybe have been a little late here and there but nothing to bad...
I bet "nothing too bad" means something different to BofA. Especially repeated lates. However they could also have soft pulled you to see your overall situation.. What else had changed in your credit picture?
That's what I don't get; Why this is such a huge shock if the OP admittedly was late a few times ? I'd fully expect at least a CLD if I were late moe then once, even if it was just by a day or two.
@RushXTC wrote:After hearing about these stories, I will never pay my BoA card in full... LOL. I've almost always had a near max balance until recently, Dropped it down to $3,000 in debt and an emergency came out, Back up to $4,900. Right now it sits at $4,600 and will be declining by $300 a month, But will make sure not to pay it off =P
I've paid my account in full almost every month (twice in 4 years I have carried a balance of about $25, that's it) but they keep giving me CLI's, so I think it depends on much more then balances as to how they handle accounts