BofA Closed Two Accounts!!

[chhull00]

Dont know about everybody else but i look at credit cards this way,  if you want my business fine and if you dont there are lots who will, so i wouldnt worry over ones that dont fit your needs or dont trust you, so i say to them bye, your payment history should weigh alot about your worthyness imop, I get all worked up when i see banks acting stupid in this way (This is just my opinion, now will get off my soapbox}

[Anonymous]

That's kind of where my thoughts were leaning as well. I know I'm credit worthy. I lost to accounts totaling 11K in less than two months while simultaneously adding two accounts totaling 19K in 2mos.

[Anonymous]

I did 24 account in 12 months and had no issues with BOA. I think it is increasing utilization with the all the new accounts is why you got the account closures. If you have the savings and are paying interest I would pay the cards down. Hard to go bankrupt when you don't have debt.

[woodyman100]

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@Anonymous wrote:
I did 24 account in 12 months and had no issues with BOA. I think it is increasing utilization with the all the new accounts is why you got the account closures. If you have the savings and are paying interest I would pay the cards down. Hard to go bankrupt when you don't have debt.

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DITTO!!!

[longtimelurker]

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@chhull00 wrote:

Dont know about everybody else but i look at credit cards this way,  if you want my business fine and if you dont there are lots who will, so i wouldnt worry over ones that dont fit your needs or dont trust you, so i say to them bye, your payment history should weigh alot about your worthyness imop, I get all worked up when i see banks acting stupid in this way (This is just my opinion, now will get off my soapbox}

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Yes, but let's go to 2007 and make a similar statement about CDOs.    It turns out then that it would have been just a little better if banks had been more aware of risk and a little less willing to participate.      Here Bank of America has decided, rightly or wrongly, that OP is becoming too risky so they reduce their exposure.   We really don't want the banks to have huge amounts of over-risky accounts.    The fact that another bank is willing to extend credit doesn't make BofA wrong here, just different risk tolerance and theirs could be more accurate in the long-term.  Or not.

[Anonymous]

I will just wait and see if it is just a BofA thing or if it happens again. If it does happen or there is one single CLD I will dip into savings and just pay it all down. Like I said, I make good money with little debt. My overall DTI with mortgage is 36%. Credit cards are 23% as of right now without recent lump sum payments cycling. I typically hover around 13-17% CC debt. Savings is around $33K, 401K-@ 75K Income 87K....That's just me without my wife.

[Anonymous]

36 percent dti is high and might explain why you are getting balanced chased. If what you say is true it doesn't make any sense. Pay off your credit cards is your best plan if action. Then build back up your savings.

[AverageJoesCredit]

If i had money like some , enough to pay off my credit cards and or debt, id do it in a heartbeat. Debt sucks. Live the PIF lifestyle and then credit would really be your slave lol. Just think, next time you apply for something, that debt wont hold you down. Good luck op and sorry for the closures. Csn happen to any of us.

[Anonymous]

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@AverageJoesCredit wrote:
If i had money like some , enough to pay off my credit cards and or debt, id do it in a heartbeat. Debt sucks. Live the PIF lifestyle and then credit would really be your slave lol. Just think, next time you apply for something, that debt wont hold you down. Good luck op and sorry for the closures. Can happen to any of us.

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Thanks a lot. I appreciate this comment most of all. I know I filed for bankruptcy 6 years ago (MEDICAL MOSTLY); however, the bankruptcy itself has/is what has held me back obtaining anything such as CITI premier cards, Chase, etc. I acquired the BofA accounts solely because the BK fell off of my EQ report to obtain those cards and the AR was from my TU report showing the BK still from 2012. I think that played a major factor. I am semi nervous to pay anything else off fearing that the account will be closed soon after. Anything that has a real balance is less than 25% on an individual card. Only 4 cards have balances out of 20. I will strategically pay them down to 10% from now through December from savings just to see if that will safeguard any free fall. I still have 6 years excellent payment history and my DTI is low despite what someone else has implied earlier. 36% DTI on my credit not factoring joint accounts with my wife is good considering how it drops dramatically based on what we've decided to do for that quarter. I carry debt when I want to. I paid off an auto loan 1.5 yrs early back in April. All of my CC accounts are 0% balance transfers once the promotional period is over that's when I pay off a card completely or pay half of it depending on the interest. Anyway, thanks for your comment. It was very reassuring and welcomed.

[Anonymous]

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@Anonymous wrote:

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@AverageJoesCredit wrote:
If i had money like some , enough to pay off my credit cards and or debt, id do it in a heartbeat. Debt sucks. Live the PIF lifestyle and then credit would really be your slave lol. Just think, next time you apply for something, that debt wont hold you down. Good luck op and sorry for the closures. Can happen to any of us.

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Thanks a lot. I appreciate this comment most of all. I know I filed for bankruptcy 6 years ago (MEDICAL MOSTLY); however, the bankruptcy itself has/is what has held me back obtaining anything such as CITI premier cards, Chase, etc. I acquired the BofA accounts solely because the BK fell off of my EQ report to obtain those cards and the AR was from my TU report showing the BK still from 2012. I think that played a major factor. I am semi nervous to pay anything else off fearing that the account will be closed soon after. Anything that has a real balance is less than 25% on an individual card. Only 4 cards have balances out of 20. I will strategically pay them down to 10% from now through December from savings just to see if that will safeguard any free fall. I still have 6 years excellent payment history and my DTI is low despite what someone else has implied earlier. 36% DTI on my credit not factoring joint accounts with my wife is good considering how it drops dramatically based on what we've decided to do for that quarter. I carry debt when I want to. I paid off an auto loan 1.5 yrs early back in April. All of my CC accounts are 0% balance transfers once the promotional period is over that's when I pay off a card completely or pay half of it depending on the interest. Anyway, thanks for your comment. It was very reassuring and welcomed.

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First off you may not consider 36% DTI high but banks do.  Also you should be putting your household income on your income when applying for credit cards.   You can update your income for your current accounts.   I think most people on here have had debt issues in the past for whatever reason.