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BofA Shut Me Down. Guess I’ve learned now...

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BofA Shut Me Down. Guess I’ve learned now...

I never thought I’d be on here posting about an AA, but I suppose there’s a first time for everything...

I went out to get bae a haircut, only my redcard and two BoA cards in hand. I went to pay, and the lady told me my Cash Rewards was declined. I went outside, called the number on the back of the card, and the automated system said my cards were closed.

I recently opened five new cards, so I guess this shouldn’t surprise me much. But I’d been doing app sprees for over a year and had nothing happen, so I am a bit at a loss for words.

Oh well, I guess my appaholic ways were bound to catch up with mr at some point. I have definitely learned my lesson about excessive credit card applications. Let this be yet another cautionary tale to those on here who are new to this and get carried away. Missing out on that $200 SUB definitely stings though, lol.
Message 1 of 51
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Moderator

Re: BofA Shut Me Down. Guess I’ve learned now...

What are your scores and utilization at?  Any big balances etc for DP's for this forum as MANY of us have more than 5 recent account openings with no adverse action, not saying it cant or wont happen, but would of been seen alot more if it was only 5 accounts, etc.

 

Sorry this happened to you.  Was that the reason given on the phone new cards?

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | 5/3rd | Synovus | Commerce | FNBO | Union Bank | Regions
Message 2 of 51
Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

My scores all around 745, my UTI is at 1%. My balance on the card was only $311 on an 11k CL. I have no derogs. The new accounts is the only possible thing I can think of that would spook them. I’m gonna call later and see what they say about it.
Message 3 of 51
Frequent Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

Thanks for the caution!  My condolences for your $200 SUB loss. 

 

It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers.   Yes, you can do both!  Smiley Happy  I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers.  App Sprees are definitely risky.

 

I avoid signing up for any cards simply for the sign-up bonus.  I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term.  After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.

 

Honestly, I can't blame the banks when they get alarmed.  They don't know what someone is planning to do with all that new credit, but they also are putting out these offers to try to build loyal long-term customers.  They get annoyed with people rapidly churning offers at half a dozen different banks.

 

Your AA experience is a good reminder that being selective and methodical about apps is a wise course of action. 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
Total Open Credit Lines Over $400K. Utilization Less Than 1%. Inquiries until May 2020 (TU:1 -- EQ:0 -- EX:5)
*Hover cursor over each card to see name, CL
Message 4 of 51
Mega Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...


@Aim_High wrote:

Thanks for the caution!  My condolences for your $200 SUB loss. 

 

It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers.   Yes, you can do both!  Smiley Happy  I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers.  App Sprees are definitley risky.

 

I avoid signing up for any cards simply for the sign-up bonus.  I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term.  After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.

 

 


Just different goals I guess!   I am not a believer in "keeper" cards, as to paraphrase you, today's "keeper card" will not be the" keeper card" of tomorrow.   Cards get nerfed, goals change, and better things come along. 

 

Plus, for some, the benefits of having a set of good cards isn't outweighed by having a good string of SUBs on throwaway cards.   Generally SUBS will more than make up any benefits on spend.

 

But, as OP's post reminds us, have to compromise!

Message 5 of 51
Community Leader
Mega Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

OP, I hate seeing this happen to you, but you were kinda warned in multiple threads that this was a very likely scenario if you continued applying and/or listening to people with much more older profiles than you. 

 

I do appreciate you sharing your story because not a day goes by without multiple "In which order should I apply for these 15 cards" threads. Without people like you, we'd only hear about success stories and continue with misguided belief that app spree is still a good idea, well liked by creditors. 

 

Hopefully, someone may read this and understand app sprees are a thing of a past, and no one is immune to AA. 

 

I hope you forgive me for linking to one of your previous threads, but my hope is that at least one person will stop and think before applying. 

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Should-I-App-For-WF-Propel-Again-or-Stay-i...

 

Again, I am really sorry but on a positive side, after you garden for a year or longer, you'll be able to continue with your credit journey, only at a slower pace this time around. 

 

Most lenders are just not willing to deal with this any longer.  App spree is a  practice that needs to die, a  quick painful death would be preferable. 

 

EX 754 EQ 774 TU 752


Message 6 of 51
Established Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

BOA isn't usually a prime suspect for AA on new accounts unless maybe it was also a new account in that same time frame.  Your stats are ideal for being a customer and certainly being able to grow that CL significantly.  

 

More details to paint a picture would really help in building a warning sketch of BOA dressed as a reaper that can posted on the walls around here.

500K+ TCL / 800+ FCOs
Message 7 of 51
Moderator

Re: BofA Shut Me Down. Guess I’ve learned now...

There's been previous posts here and I believe Reddit citing similar AA outcomes, aside from the usual suspects such as increasing indebtness, profile deterioration or recently introduced derogs. Plus, it's also possible that not everyone will report their AA so those DPs usually go quietly in the dark.

@JST2021, sorry to hear about the BoA account closures since it's never a pleasant experience when it happens. Needless to say, thanks for posting your experience.
Message 8 of 51
Established Member

Re: BofA Shut Me Down. Guess I’ve learned now...

Sorry, for your troubles friend. I’ve opened several, 10 in a calendar year to be exact. Not smart, or recommend. I’ve never had any issues with any of them. I do bank with BofA, and have investments with Merrill.
Message 9 of 51
Super Contributor

Re: BofA Shut Me Down. Guess I’ve learned now...

Sorry to hear OP, but serves as a good reminder to anyone regardless of profile to keep new account openings to a minimum. While I agree that searching for "long term" cards can be somewhat of an ongoing thing because needs change, rewards change, lifestyles change, etc, but it's important to space out applications. When you decide on a strategy for rewards you can't implement it overnight. It's a slow and steady process. When banks see someone obtain a lot of credit in a short period they wonder why you are so hungry for credit.

 

But oh well, all you can do is learn and move on. Just credit cards at the end of the day and life goes on.

Message 10 of 51
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