Please Help, could use some advice and some light on this question

[Anonymous]

Hello to you all, 

Allow me to begin by saying that any information and comments will be greatly appreciated. I had a Bank of America Visa Signiture card as of two days ago. I have had this card since late 2011.  If you aren't familiar with this type of card, it does not report the credit limit to the thre major Credit Reporting Agencies. It will only report the highest balance. Well, needless to say, they closed my account. I didn't ask them to and I wasn't notified either. I actually found out while I was trying to purchase something and the cashier told me that her screen said the following message, "Pick up card". Anyways, what I am trying to figure out is how will it impact my score. What I am thinking is that I will lose out on my Credit History portion of my score but will it go up since it didn't report my 7000 limit which doesn't affect my utilization overall. I have read that Bank of America has that reputation to do things like this and that any credit card issuer has the right to decrease one's credit line and/or close the account at any given time. I am pretty angry that they did but in a weird way glad since it wasn't reporting my limit anyways. 

Please, let me know. I have searched for an answer and haven't found one yet. Thanks in advance!

[pizzadude]

Welcome to the forums !

Do you know why they closed your card ?  Was it due to inactivity, or other reasons ?    Any chance that you can get them to re~open?

As a signature card you don't have to worry about any impact to your utilization;  as you described the limit doesn't report.    The card will continue to report for ~10 years from date closed and will continue to be factored into your AAoA.

Also take a look at the link below regarding closing credit cards:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

[Anonymous]

I appreciate your input and the link. It was very helpful. Well, I contacted them today and found out some more news. To my astonishment, they not only closed my credit card account but closed 2 checking and 1 savings account that I have. I was told that I have until 8/3/2013 to take the cash out and go somewhere else. If I don't, they will freeze my accounts and send me a check. Ofcourse, when asked why, they told me that it was a "business decision" made by Bank of America and that they will not tell me the exact reason why they chose to do so. I really liked BOA and now I am very disgusted with them. I have worked on rebuilding my credit and have done a great job of doing so and have never been late on my account. If anything, they need more people like me but oh well..... Well, thanks again and I guess I won't be feel so bad about taking my business elsewhere due to the fact that I have done nothing wrong. 

[pizzadude]

Wow, that's pretty harsh of them to completely shut you down like that.    Did something ugly pop up on your reports to scare them?   Any idea why they would have done this?

[SpideySense]

By any chance do you have your mortgage with BOA?   If so, BOA has sold its mortgages (not sure if its all of them) to Nationstar -- and is stopping the free savings/checkings to those customers that had both with BOA (http://consumerist.com/2013/05/14/bank-of-america-gives-existing-customers-yet-another-reason-to-fle...)

Before you walk away, I'd try to escalate your questions (boa backdoor number: http://ficoforums.myfico.com/t5/Business-Credit/BOA-Backdoor-Number/td-p/1934233)

But know this, you could be on the bow wave of yet another BOA 'questionable strategy' -- 1. dropping credit lines without warning (circa 2009 -- and it looks like its starting again (http://creditcardforum.com/blog/why-did-bank-of-america-cut-my-credit-limit/)   and 2. trying to charge debit card fees (circa 2011)  -- leading to a grassroots movement backlash (http://www.csmonitor.com/USA/Latest-News-Wires/2011/1104/Bank-Transfer-Day-has-customers-leaving-cor...)  and 3. taking abusive advantage of tax loop holes (2009 and 2010)  (http://southend.patch.com/groups/editors-picks/p/protesters-gather-at-bank-of-america-in-the-south-e...) (http://www.thestreet.com/story/11059978/1/bank-of-america-pays-no-taxes-gets-1b-refund-report.html)

good luck

ss