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

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Frequent Contributor

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


@longtimelurker wrote:  "Just different goals I guess!   I am not a believer in "keeper" cards ..."

@Aim_High  ...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.

Yes, different goals.  I want to pick good cards that I can keep and use over time, while also getting a SUB when I can. 

 

Too many new accounts too quickly will trash my AAoA.  My AAoA is currently about 9.5 years, even after opening multiple new cards in the past year and I've had it over 11 years at one point.  I think that is part of the reason I've been able to get my scores into the 800+ category in recent years and keep it there, even while submitting new apps, although at a slow and steady progress. 

 

I have cards with major banks that I have had 20 to 25 years.  I've done product changes on all of them over the years as their offerings changed but kept the original accounts open with their original age to help my credit report.  To me, it is wise to keep these older cards open, even if there might be something out there that will save me a few more dollars a year for the short term.  I also hang onto them because I have lost credit accounts unplanned over the years for different circumstances and know that if I lose the beneficial age of these accounts, I can't easily replace them.  They 'anchor' my credit report age and make me appear to be a more stable borrower. 




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 11 of 51
Frequent Contributor

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

@kdm31091 wrote: 

"When you decide on a strategy for rewards you can't implement it overnight. It's a slow and steady process"

^ ^ ^ ^ ^ ^ ^  THIS, worth repeating. +1

 

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@kdm31091 wrote: "Just credit cards at the end of the day and life goes on."

 

But what do you mean ... JUST credit cards?!?  Lol   Smiley Very Happy




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 12 of 51
Community Leader
Mega Contributor

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

To me, this is not about getting one card and using it for 999 years 

 

It's about not applying for 10 cards in less than a year, especially with young profiles and thinking everything is going to be fine, because it worked out for someone else, who might have 20+ years worth of credit history plus some decent established relationships with multiple lenders.  

 

As Finstar pointed out, most people will NOT post about AA. So, again, thank you OP.

 

The sky is not falling, not everyone will experience AA,  but why risk it when spacing apps even at short intervals like 6 months would probably be sufficient to stop it from happening 

 

And yes, I've done it myself. It went without AA and  most of those cards were  closed as they turned out to be beyond useless. 

They still  prevented  me from getting cards I wanted even from their graves. 

EX 754 EQ 774 TU 752


Message 13 of 51
New Contributor

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

Unfortunately They probably thought your in over your head with new credit. I’ve opened 5 news cards this year but I’ve been a boa cc holder for sometime and I’m a preferred rewards gold banking customer and have merril accounts.
Message 14 of 51
Super Contributor

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

Nobody with less than 5 years AoOA should be spreeing.

Is the Propel reporting? With a 1y3mo AAOA, I would be concerned that you are going under 1 year or close to it. I try to keep mine above 2 years at all times.

Thanks for sharing. Sorry for the AA but you seem to be taking it well at least.

Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 15 of 51
Contributor

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

At the end of the day, I think it’s important to share the good and the bad. I have heard all the warmings on here. I have read all the stories of AAs. Sometimes you just don’t believe those sorts of things will happen to you, until they do.

That being said, I spoke with an analyst on the phone. They told me it was closed by a different departmennt. They said there was a chance they could reopen the account, and to call that department tomorrow, as its office had already closed. I’m not going to get my hopes up, but hopefully I can convince them to reconsider their decision.

And @Saeren Yes. All my new accounts just repoerted a couple weeks ago. After they reported my AAoA was knocked down to 1 year. It’s probably what prompted them to do this.
Message 16 of 51
Community Leader
Super Contributor

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

 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 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. 

Some good points, good personal opinions but at the end of the day its ok for the bank to get rich off us yet we cant enjoy having multiple cards or subs? Lol, Banks want their cake and to eat it too, while we are supposed to get the scraps. 'Scuse me, i hear Pendread calling me....Smiley Wink
#ChaseCreditCardHobby Enthusiast
Message 17 of 51
Super Contributor

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


@AverageJoesCredit wrote:
 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 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. 

Some good points, good personal opinions but at the end of the day its ok for the bank to get rich off us yet we cant enjoy having multiple cards or subs? Lol, Banks want their cake and to eat it too, while we are supposed to get the scraps. 'Scuse me, i hear Pendread calling me....Smiley Wink

I don't think it's that we "can't" have multiple cards or SUBs at all. It's just that they should be acquired slowly and steadily, and not 5 cards in 3 months or anything like that. Banks don't like that behavior because it shows desperation for credit (and/or just churning for bonuses) and these days it seems there and more and more algorithims in place against this type of thing. Most consumers likely don't apply for 5 cards in 5 years let alone 5 cards in 3 months. Anything that is that far beyond the average behavior is likely to attract the bank's attention and not in a good way.

Message 18 of 51
Moderator

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


@JST2021 wrote:
At the end of the day, I think it’s important to share the good and the bad. I have heard all the warmings on here. I have read all the stories of AAs. Sometimes you just don’t believe those sorts of things will happen to you, until they do.

That being said, I spoke with an analyst on the phone. They told me it was closed by a different departmennt. They said there was a chance they could reopen the account, and to call that department tomorrow, as its office had already closed. I’m not going to get my hopes up, but hopefully I can convince them to reconsider their decision.

And @Saeren Yes. All my new accounts just repoerted a couple weeks ago. After they reported my AAoA was knocked down to 1 year. It’s probably what prompted them to do this.

You can give that a shot, but just temper your expectations as that department typically sticks to their AA decisions.   Best of luck and report back with any outcome on that. 

Message 19 of 51
Community Leader
Mega Contributor

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

Does BOA have any rules on how many cards can be approved during any period of time? 

EX 754 EQ 774 TU 752


Message 20 of 51
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