Bank of America charging some people an annual fee?

[lovely222]

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@DI wrote:

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@lovely222 wrote:

I saw this article on ABC News: http://abcnews.go.com/Business/wireStory?id=12924650. 

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The AF is being added to BOA's high risk customers only is my understanding of the article. 

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High risk? I haven't carried a balance in months. They also gave me a CLI from 750 to 2500 a few months ago. I don't see how that is "high risk". I am never late with payments either. In my case, it's  BS.

[DI]

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@lovely222 wrote:

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@DI wrote:

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@lovely222 wrote:

I saw this article on ABC News: http://abcnews.go.com/Business/wireStory?id=12924650. 

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The AF is being added to BOA's high risk customers only is my understanding of the article. 

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High risk? I haven't carried a balance in months. They also gave me a CLI from 750 to 2500 a few months ago. I don't see how that is "high risk". I am never late with payments either. In my case, it's  BS.

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They mentioned low FICO scores too as a reason for being assessed an AF .  Maybe they want mid to upper 700s or greater FICO score customers.

[lovely222]

Let's ask the community: those who have been charged the fee, what are your scores?

Those who have not, what are your scores?

Just to see. I know I will cancel this card come April in any case. 

[DI]

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@lovely222 wrote:

Let's ask the community: those who have been charged the fee, what are your scores?

Those who have not, what are your scores?

Just to see. I know I will cancel this card come April in any case. 

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I haven't been assessed an AF.  My scores are in the mid to upper 700s. 

[smc733]

Haven't been assessed an AF, and scores are 732 EQ/755EX (PSECU)/762 TU

[CUFINANCE]

My scores are around 710.  I have over $10,000 deposite with the bank and a credit limit of $800.  An annual fee of $59 is approaching 10% of my CL.  My utilization is around 48% on all my revolving debt.

[haulingthescoreup]

No AF notice (so far)

scores as below

$18K CL

opened March 2008

I don't do much shopping with the card, but I've done 2-3 BT's, so they've made money off of me from the BT fees, although not from interest.

eta: oh, and I'm on a BofA mortgage, via the Countrywide buyout

[smc733]

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@CUFINANCE wrote:

My scores are around 710.  I have over $10,000 deposite with the bank and a credit limit of $800.  An annual fee of $59 is approaching 10% of my CL.  My utilization is around 48% on all my revolving debt.

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That's probably what it is...

[CUFINANCE]

Yeah they listed that as one of the reasons, but I still think it is BS.

[haulingthescoreup]

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@CUFINANCE wrote:

Yeah they listed that as one of the reasons, but I still think it is BS.

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Well, I understand what you're saying, but when banks go looking to shake the money tree, and they try to come up with a decision point that tells them which tree to shake, high util is an obvious one.    It's like not locking your car doors: sure, someone can still break in to other cars around you that are locked, but as long as yours is sitting there unlocked, it's more likely to get hit.

I'm not saying it's right; I'm just saying that it was easy for them to target you.

Courtesy of the great Gary Larson of "The Far Side":