Someone please help!!

[Anonymous]

can anyyone give a rough guestimate at how much this might damage the score? My poor score is already on crutches... this just took it to a wheel chair.

[Anonymous]

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Uborrow-Upay wrote:   You'll be OK, Jgk2383.  It just takes a little time. 

Please don't let this bring you down.  With those paid off balances, and the other ones getting lower all the time, once those accounts are updated on your credit reports, I think you'll be pleasantly surprised and you'll forget about BofA.

In the meantime, grab a beer (or three), put your feet up, and forget about everything for the rest of the day!  It'll all look better tomorrow.

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+1.

BofA is going through it's version of terrible two's.  I do want to point out, though, that they may have been as concerned with the high utilization on your BofA card (along with your other cards) as anything else.  And other, better behaved, creditors will also be paying attention to your overall utilization.  FICO scores definitely are paying attention.

In the last post, you ask about how much this will damage your score.  In and of itself, it will not.  Your AAofA will not be affected.  If you are carrying balances on your other cards (and it appears that you are), your utilization will be affected - but you can control that by paying down.

Congrats on your good work paying down balances - you are definitely going in the right direction, and your FICO scores will reward you as your utilization continues to go down.

[Anonymous]

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@Anonymous wrote:

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Uborrow-Upay wrote:   You'll be OK, Jgk2383.  It just takes a little time. 

Please don't let this bring you down.  With those paid off balances, and the other ones getting lower all the time, once those accounts are updated on your credit reports, I think you'll be pleasantly surprised and you'll forget about BofA.

In the meantime, grab a beer (or three), put your feet up, and forget about everything for the rest of the day!  It'll all look better tomorrow.

---

+1.

BofA is going through it's version of terrible two's.  I do want to point out, though, that they may have been as concerned with the high utilization on your BofA card (along with your other cards) as anything else.  And other, better behaved, creditors will also be paying attention to your overall utilization.  FICO scores definitely are paying attention.

In the last post, you ask about how much this will damage your score.  In and of itself, it will not.  Your AAofA will not be affected.  If you are carrying balances on your other cards (and it appears that you are), your utilization will be affected - but you can control that by paying down.

Congrats on your good work paying down balances - you are definitely going in the right direction, and your FICO scores will reward you as your utilization continues to go down.

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And I bet it will get worse.

BoA has just announced they are giving up all overdraft fees which will cause them to lose a billion $ in revenue.  They're gonna have to make up for this reduction in income one way or another. 

[haulingthescoreup]

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Jgk2383 wrote:
can anyyone give a rough guestimate at how much this might damage the score? My poor score is already on crutches... this just took it to a wheel chair.

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Please read this, and apply it to your own situation. Do you have balances on other cards? If so, you might have a problem, depending on your total combined CL. The history will stay for 10 more years.

Closing Credit Cards

[zkder]

It's so weird with everyone posting all the AA bofa has taken against them. I got a visa card with them less than a year ago with a credit line of 2500 bucks. Last week they call me, ask a few questions...I thought something was up. Then the CSR says, "OK sir, I'm gonna go ahead and bump your limit up to 10k....

awesome

[Anonymous]

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@zkder wrote:

It's so weird with everyone posting all the AA bofa has taken against them. I got a visa card with them less than a year ago with a credit line of 2500 bucks. Last week they call me, ask a few questions...I thought something was up. Then the CSR says, "OK sir, I'm gonna go ahead and bump your limit up to 10k....

awesome

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Hope they gave you the $3500 they CLD'd DH a few weeks after he opened.  That would make me feel a little better about them!

[Anonymous]

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@zkder wrote:

It's so weird with everyone posting all the AA bofa has taken against them. I got a visa card with them less than a year ago with a credit line of 2500 bucks. Last week they call me, ask a few questions...I thought something was up. Then the CSR says, "OK sir, I'm gonna go ahead and bump your limit up to 10k....

awesome

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See, even BoA can't screw all the people all the time. 

[Lyythine]

hahaha.... congrats on the bump to 10k!  Im laughing cause I just called yesterday to ask for a credit limit increase on my now 9month old bankamericard, which I have never charged more than about 500 to the 5k line i have with them and of course, pif every month.  Scores over 800 almost across the board (havent checked in 2 months, so cant be sure) and about 150-200k in available credit and more than that in annual income.  

Response.  DENIED....  Thank you BofA.  Not that I needed it, it just kinda made me laugh, gave no reason as to why, just said we cannot grant you an increase at this time.  When I asked if there was any problem, she stated "no, in fact, your credit reports are great- unfortunately, thats the most we can offer you at this time."  Also keep in mind I have about 10x that amount in CD's with them alone, not to mention accounts I have with other banks.

So, like has been said and will continually be proved.  BofA is nuts.  Sometimes showing signs of bipolar disorder with a sprinkling of ADHD.

Congrats to you, however, and OP - sorry to hear about your AA 

[MattH]

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@Lyythine wrote:

hahaha.... congrats on the bump to 10k!  Im laughing cause I just called yesterday to ask for a credit limit increase on my now 9month old bankamericard, which I have never charged more than about 500 to the 5k line i have with them and of course, pif every month.  Scores over 800 almost across the board (havent checked in 2 months, so cant be sure) and about 150-200k in available credit and more than that in annual income.  

Response.  DENIED....  Thank you BofA.  Not that I needed it, it just kinda made me laugh, gave no reason as to why, just said we cannot grant you an increase at this time.  When I asked if there was any problem, she stated "no, in fact, your credit reports are great- unfortunately, thats the most we can offer you at this time."  Also keep in mind I have about 10x that amount in CD's with them alone, not to mention accounts I have with other banks.

So, like has been said and will continually be proved.  BofA is nuts.  Sometimes showing signs of bipolar disorder with a sprinkling of ADHD.

Congrats to you, however, and OP - sorry to hear about your AA 

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Perhaps the fact that you've never charged more than about 500 bucks and PIF is why they won't raise your limit: they don't get any interest from you, they don't get late fees from you, so they only money they make off your account would be transaction fees but you don't run much activity through the account.  From their perspective, you are indeed low risk but how would they benefit by increasing your credit line?  For credit increase decisions big banks use multiple scoring models, not only risk scores such as FICO scores but also in-house behavioral scores that predict whether raising your limit is likely to yield any new business for them.  You might try putting more transactions on that card for six months and then ask again for a credit increase.

My wife and I also PIF every month, and we never run the utilization high enough to alarm the banks, but since we rarely buy stuff with cash we run quite a bit of purchases through our cards.  I try to spread the activity around so that every card gets a substantial amount of activity every month.

[cdtotten]

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@Anonymous wrote:
LOL. I concur with UBorrow-UPay. If they shut your account down, just pick yourself up and say they did you a favor. I know the whole AAoA will hurt, but it will be short lived.

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Just to make sure everyone understands, closing an account has no effect on your AAoA. It factors in all trade lines, open/closed, installment/revolving/etc.

The only hit he could possibly take would be from utilization.