BofA closed my CC..

[kdm31091]

I'm sorry to hear it OP. This is more proof that everyone needs to be careful. I think bonus churning, MS and app sprees are all gonna need to tone down significantly.

[TheGardner]

I wonder if banks are seeing higher than usual defaults right now. These trends aren't random or limited to a single bank.

Looks like all banks are being a bit more conservative at the moment.

Will be interesting to see if we can observe the start of a downturn in the economy, early warning if you will, via a credit forum.

[Anonymous]

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@Guinness wrote:

My current Util is 12% available credit appox $140k.  \

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12% of $140K is alot of beans.

That (combined with new cards) probably triggered their review more than anything else.   

I've seen my sister in law keep a 90% balance for 5 years without adverse action; but she never really applied for any new cards. 

Keeping a 15K+ running balance over several months time and adding a bunch more credit "looks" like you're in financial trouble.

[Anonymous]

What does bonus churning and MS even have to do with this post?

[Anonymous]

ouch

[gdale6]

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@TheGardner wrote:
I wonder if banks are seeing higher than usual defaults right now. These trends aren't random or limited to a single bank.

Looks like all banks are being a bit more conservative at the moment.

Will be interesting to see if we can observe the start of a downturn in the economy, early warning if you will, via a credit forum.

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If one goes back in threads you would find that all the AA is coming from the "Too big to fail" banks, there is a lesson in this, diversify away from them is the writing on the wall. Sorry to hear this OP.

[Anonymous]

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@Guinness wrote:

So BofA closed my Visa yesterday CL was my lowest at $1,000 used only to pay a recuring charge of $20 a month.  When I called them yesterday they told me the account was closed due to aggressive credit seeking and high credit available (both true).  So now I am worried other creditor will see the the AA by BofA and do the same thing.  My current Util is 12% available credit appox $140k.  Credit score 698 EQ,  745 TU, 744 EX.   Income $160k.  Well its a wake up call.  Banking with BofA for 15+years with checking, savings and investments.  Going to go through some of my cards and decide which ones I want to keep 

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Sorry to hear that,  I do not sympathize with BOA

[Guinness]

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@Anonymous wrote:

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@Guinness wrote:

My current Util is 12% available credit appox $140k.  \

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12% of $140K is alot of beans.

That probably triggered their review more than anything else.   

I've seen my sister in law keep a 90% balance for 5 years without adverse action; but she never really applied for any new cards. 

Keeping a 15K+ running balance over several months time and adding a bunch more credit "looks" like you're in financial trouble.

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Actually $6400 of that is a motorcycle loan with a credit union and I do pay off most of my credit cards except 2 that has a BT 0% offer totalling about 8k under 20% of the CL used. I do run about 3k through my cards on living expenses and I do pay of my balance every month on my other cards but I am pretty bad about figuring out the statement cut date.  So some of my cards are reporting balances.  I lived off of cash only for 5yrs after a BK when my husband lost his job in 2006 and the housing crash so I have this fear of not having an emergency fund .

The credit analyst did tell me to give them a call back as soon as my cards are all showing $0 and they would reopen my card.  Not really worried about reopening the card just how this will look to other lenders.  This was a great wake up call for me to stop applying for credit.  I did go crazy and I admit it I got too excited about the sign up bonuses and playing the rewards game

[Anonymous]

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@Anonymous wrote:
What does bonus churning and MS even have to do with this post?

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@Anonymous,

I was going to say the same thing.  OP said he/she used the card for a $20 recurring bil... Like enough already with the constant assumption.

[kdm31091]

Apologies, as it probably came across that I was saying the OP churned or MS'd. They didn't. Sorry if it seems I was saying that. What I was saying was a general statement that lenders are getting more stringent, clearly, since Chase, Citi and now BOA are closing accounts. This particular post has nothing to do with MS/churning but I was saying a word to wise that maybe people should slow down with those activties, and be careful in general, because of posts like this where lenders are shutting people down for little to no apparent reason -- it stands to reason they will CERTAINLY shut down people who they DO have reason to shut down. The point is it appears they are watching more.

I wasn't assuming the OP did anything, just making a point. Maybe BOA just felt they weren't using the card enough. Since you can be denied CLI because of not using a card enough, I suppose they can decide to revoke your card completely for that reason too -- they probably figure "you don't need it". I'm not saying it's a good reason, though.