Bank of America just closed $63K of my credit cards

[sarge12]

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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I think paying off a huge balance quickly may be the trigger on these AA's. It may appear as if it is money laundering.

[bourgogne]

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@atomicfront wrote:

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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No one has any clue when something bad is going to happen to the economy.  If Bank of America knew that they woudln't have been close to becoming insolvent back in 2008 and if Berkshire hadn't stepped in and lent the money at outrageous terms they would be belly up.  And just reported their earnings and they are way  up.

There is something you guys aren't telling us.  You paid 49k over how long?  

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exactly, economy aside we have very little control to what happens on our lives in general.  nothing like this happens out of the blue, there is always a backstory.  people have some interesting views of things here that much is for sure.  when a person is apr happy I just cannot get my head around it.  either a person has enough $ to use a card and pif or its time to start earning more $ imo.  I will earn 450K points this year alone from my ink, all from an $ 95 fee which was n/c the first year.  that is the simple reason people pay af's, its either a match for the way one does there life or it is not.  another prime example of jack & coke in action here lol.  nobody gets an aa or a cld for no reason, there is always a story.  lenders like clean, they always have

[Anonymous]

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@sarge12 wrote:

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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I think paying off a huge balance quickly may be the trigger on these AA's. It may appear as if it is money laundering.

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I think you may have hit on something here. Quite aside from the ongoing debate about annual fees and interest (which might need to be spun off into General Credit Topics at this rate), I definitely see where a bank might get suspicious if they see someone putting a really big balance on one of their cards and then paying it off a lot faster than one would normally expect. If this becomes a pattern with certain banks, people may need to rethink whether reflexively PIF'ing large credit-card balances to those banks is helpful or harmful to their account standing.

[Anonymous]

This seems absurd! But I guess all that we can do at this point is try and learn from your experience. For me I won't be carrying large balances on any cards because the moment a creditor decides to change their mind we are screwed and it doesn't seem fair or right. 

Sorry this happened OP. Hope you find a resolution. 

[steel_string]

Any time you run up massive credit card balances and don't PIF, you're going to get on the radar. Kind of sounds like the bank felt the OP was falling behind and catching up on a regular basis or was pyramiding. Either one would be high risk.

[naptime]

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@sarge12 wrote:

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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I think paying off a huge balance quickly may be the trigger on these AA's. It may appear as if it is money laundering.

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As crazy as it sounds I really think paying off a lage balance quickly spooks them. 

[longtimelurker]

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@naptime wrote:

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@sarge12 wrote:

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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I think paying off a huge balance quickly may be the trigger on these AA's. It may appear as if it is money laundering.

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As crazy as it sounds I really think paying off a lage balance quickly spooks them. 

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Or...    carrying a large balance for a long time is what spooks them.   Perhaps experience shows that closing the account then (allowing the user to pay down under existing terms) results in slower payback, whereas keeping it open gets it paid off quicker and then they can close.   But who knows.

[HeavenOhio]

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@naptime wrote:

As crazy as it sounds I really think paying off a lage balance quickly spooks them. 

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You don't win because they don't tell us the rules. On this forum, between the various card companies, we've heard pay too slow, pay too fast, balances too high, and balances too low.

I think being maxed puts you on the radar, though. And being maxed with a high limit is probably considered a higher risk than being maxed with a low one, simply because there's more money involved.

I think the worst possible behavior is likely to be maxed, pay the card down a little, charge some more so you're maxed again, pay down a little, and repeat the cycle.

Anyway, good luck with this, and please let us know what ultimately happens. It'd really be helpful if companies would be more transparent with the rules so people could avoid these situations. But with that not being the case, the next best thing is to share what we all learn here on this forum.

[GatorsFan84]

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@naptime wrote:

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@sarge12 wrote:

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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I think paying off a huge balance quickly may be the trigger on these AA's. It may appear as if it is money laundering.

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As crazy as it sounds I really think paying off a lage balance quickly spooks them. 

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That will spook any big bank.  It immediately flags security.  If you wired in the money from a differend bank to make the payments, it's even worse.

[naptime]

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@Anonymous wrote:

I had the EXACT same thing happen to me !     I just paid off the $49k balances with NO missed or late pymts.    Went to the website and ALL cards were gone !                 FICO is upper 700's DTI is under 20%.    Seems like BOFA is doing this to a LOT of people lately.    They must know that something bad is about to happen to our economy OR they're just typical cold banks.     I'm DONE with banks and am closing my Chase account and going with my local Credit Union.   

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The bank doesnt have a crystal ball. They cant see the future. Otherwise they would never lose and they clearly do all the time. Banks do things like this because they like to see "vanilla" transactions. Buy a $1,500 TV pay it off over time , have a $200 meal pif these are the sorts of things most customers do. When you do something out of the ordinary it hits their risk metric in some way that triggers this. I called several numbers yeserday in the attempt to re open these cards and I was basically told they are not available to me anymore.  Meanwhile I contacted PenFed and opened an account + 2 cards both with $20K limits on the spot right over the phone. So it obviously has nothing to do with my credit report.