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

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Super Contributor

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


@M_Smart007 wrote:

@Saeren wrote:


Sprees are a bad idea in general but the most AA seems to happen to younger files. 

I would agree with your assessment, I am just glad I am both old & ThickSmiley Wink

My Average of All used to be well over 10 years, probably 12-13. now its 2.7 to 3.2 depending on what Bureau.


My AoOA was 10 years and went to 9 and a few months now (it’s different on each bureau because they all removed my SSFCU loan at different times but the highest is 9y5m) and I lost 10-15 points for it. I’m lucky that student loans don’t get discharged in a BK because while I had to pay them, if I didn’t have them on there my AoOA would be 5y4m (my QS) and I guarantee you my wallet would be a lot different. 


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 41 of 51
Super Contributor

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


@Dinosaur wrote:

@M_Smart007 wrote:

@Saeren wrote:


Sprees are a bad idea in general but the most AA seems to happen to younger files. 

I would agree with your assessment, I am just glad I am both old & ThickSmiley Wink

My Average of All used to be well over 10 years, probably 12-13. now its 2.7 to 3.2 depending on what Bureau.


Boy did you set yourself up on this one: "I am both old & Thick" sure could take off on this but, ... will let it go (opportunity lost Smiley Sad )


I thought about it for a few seconds but decided not to make more work for the mods. smiley-laughing021.gif


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 42 of 51
Valued Contributor

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


@M_Smart007 wrote:

@Saeren wrote:


Sprees are a bad idea in general but the most AA seems to happen to younger files. 

I would agree with your assessment, I am just glad I am both old & ThickSmiley Wink  ME TOO!!!!!

My Average of All used to be well over 10 years, probably 12-13. now its 2.7 to 3.2 depending on what Bureau. This has me nervous, my age is like yours......hoping for the best.  So now I have regrets, now I have learned a lesson cuz OP's AA has me scared and I was feeling good about my credit but not so much anymore. Shame on me!


 


"My Take Home Pay Don't Take Me Home"
Synovus75k/CapOne11k/Disco9k/GoodSamsVS5k/Synch45.6k/HomeDepot10k/Amex10k
Inquiries: 9EXP, 4TU, 5EQ (most fall off by Nov 2021)
Scores: EXP714, TU737, EQ735
Message 43 of 51
Senior Contributor

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


@Dinosaur wrote:

@M_Smart007 wrote:

@Saeren wrote:


Sprees are a bad idea in general but the most AA seems to happen to younger files. 

I would agree with your assessment, I am just glad I am both old & ThickSmiley Wink

My Average of All used to be well over 10 years, probably 12-13. now its 2.7 to 3.2 depending on what Bureau.


Boy did you set yourself up on this one: "I am both old & Thick" sure could take off on this but, ... will let it go (opportunity lost Smiley Sad )


I would go right ahead, everyone likes a good laughSmiley LOL

it does the Heart Good! Especially for The stresses of everyday Life.

as I get Older and Fat'er, I have learned to Chuckle a Little more.

but just be careful, with a name like @Dinosaur it could backfireSmiley Very Happy

Message 44 of 51
Senior Contributor

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


@Saeren wrote:

@M_Smart007 wrote:

@Saeren wrote:


Sprees are a bad idea in general but the most AA seems to happen to younger files. 

I would agree with your assessment, I am just glad I am both old & ThickSmiley Wink

My Average of All used to be well over 10 years, probably 12-13. now its 2.7 to 3.2 depending on what Bureau.


My AoOA was 10 years and went to 9 and a few months now (it’s different on each bureau because they all removed my SSFCU loan at different times but the highest is 9y5m) and I lost 10-15 points for it. I’m lucky that student loans don’t get discharged in a BK because while I had to pay them, if I didn’t have them on there my AoOA would be 5y4m (my QS) and I guarantee you my wallet would be a lot different. 


My Oldest Account is pushing 35 years. on 1 Bureau.(Citibank)

My EX got whacked by 10 years, it is now at 13.1yrs I lost My Old Harley Davidson Loan.Smiley Sad

Message 45 of 51
Super Contributor

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


@M_Smart007 wrote:

@Saeren wrote:

@M_Smart007 wrote:

@Saeren wrote:


Sprees are a bad idea in general but the most AA seems to happen to younger files. 

I would agree with your assessment, I am just glad I am both old & ThickSmiley Wink

My Average of All used to be well over 10 years, probably 12-13. now its 2.7 to 3.2 depending on what Bureau.


My AoOA was 10 years and went to 9 and a few months now (it’s different on each bureau because they all removed my SSFCU loan at different times but the highest is 9y5m) and I lost 10-15 points for it. I’m lucky that student loans don’t get discharged in a BK because while I had to pay them, if I didn’t have them on there my AoOA would be 5y4m (my QS) and I guarantee you my wallet would be a lot different. 


My Oldest Account is pushing 35 years. on 1 Bureau.(Citibank)

My EX got whacked by 10 years, it is now at 13.1yrs I lost My Old Harley Davidson Loan.Smiley Sad


Your oldest account is older than I am! 😂 

 

Yeah my AAoA dropped to 2y4m today when Capital One reported. Guess I’m forced to stay in the garden for awhile!


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 46 of 51
Moderator

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


@Saeren wrote:

@AverageJoesCredit wrote:
Lol, trying to hit 5 years AAOA, AoOA, or anything while on myFico is akin to discovering how Brutal went from $500 offers to $5000 with DiscoSmiley Happy

5 years of AoOA is easy since even closed accounts matter. 

My point is that banks already know that younger files are risky, sprees kick that risk up even more. 

Sprees are a bad idea in general but the most AA seems to happen to younger files. 


5 years aaoa isnt that easy as my oldest account is 27+ years old, but my aaoa is around 3.7-4 years old.. I go through alot of cards and obtain alot of cards and cancel ones I don't need.. Granted I have a very thick profile with oldest account being 27+ years old.  AA can happen to anyone although people with newer profiles or other factors such as baddies, etc are more likely to get it.  Aged profiles probably not as likely.  I know the risks and I am sure I will get stung one day, but BofA is still throwing pre-quals in front of me and offering bonuses along with other banks, until those go away I will continue to fleece the lenders that took our bail-out money.  With my scores all right about 800 and 450k in credit if one or two lenders cut me off it is a drop in the bucket and bonuses are worth more to me personally.. Risk/reward Smiley Happy.  I would venture to guess the big hitters on the forums say 500k-2mill in credit aaoa is less than 5 years, just a guess though.  I could easily be above 500k, but cancel several cards a year that add no value to my anymore whether it is sign-up bonus, sub-par rewards or higher interest rates or lower CL's

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | 5/3rd | Synovus | Commerce | FNBO | Union Bank | Regions
Message 47 of 51
Super Contributor

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


@CreditCuriosity wrote:

@Saeren wrote:

@AverageJoesCredit wrote:
Lol, trying to hit 5 years AAOA, AoOA, or anything while on myFico is akin to discovering how Brutal went from $500 offers to $5000 with DiscoSmiley Happy

5 years of AoOA is easy since even closed accounts matter. 

My point is that banks already know that younger files are risky, sprees kick that risk up even more. 

Sprees are a bad idea in general but the most AA seems to happen to younger files. 


5 years aaoa isnt that easy as my oldest account is 27+ years old, but my aaoa is around 3.7-4 years old.. I go through alot of cards and obtain alot of cards and cancel ones I don't need.. Granted I have a very thick profile with oldest account being 27+ years old.  AA can happen to anyone although people with newer profiles or other factors such as baddies, etc are more likely to get it.  Aged profiles probably not as likely.  I know the risks and I am sure I will get stung one day, but BofA is still throwing pre-quals in front of me and offering bonuses along with other banks, until those go away I will continue to fleece the lenders that took our bail-out money.  With my scores all right about 800 and 450k in credit if one or two lenders cut me off it is a drop in the bucket and bonuses are worth more to me personally.. Risk/reward Smiley Happy.  I would venture to guess the big hitters on the forums say 500k-2mill in credit aaoa is less than 5 years, just a guess though.  I could easily be above 500k, but cancel several cards a year that add no value to my anymore whether it is sign-up bonus, sub-par rewards or higher interest rates or lower CL's


I’m talking about Age or Oldest Account though, not Average Age of Accounts. I agree that 5 years AAoA is ridiculous as a marker. Most lenders don’t seem to mind past 1 year. But 5 years of credit history before going on app sprees seems more reasonable to avoid AA since you will have demonstrated your ability to handle credit in that 5 years. 


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 48 of 51
Member

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

I have had my Bank of America Cash Rewards cards about 14 months now;  went on a mini app spree a few months after getting my BofA card and got 5 new card in 4 months.   About 3-4 months later after my mini app spree, got an email from BofA to verify my income and see if I was eligible for a CLI with no hard pull.    Was approved for a CLI from 6K to 9.5K even with those 5 recent new cards.

FICO 730   15% utilization

  

Message 49 of 51
Contributor

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

Update: I called whatever department handles AA decisions. My hunch was correct, they cited “irregular account and/or credit file activity” as the reason for the account closures. They remained obstinate with their AA decision, the reason being “an account was previously revoked.” I kind of expected this, as I get the vibe that they just enter the information you give them into a computer and recite whatever comes up.

Oh well. My DW already has the card they closed on me. It was just for the SUB, anyways.
Message 50 of 51
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