Why Did Bank of America Cut My Credit Limit?
Warning: You may get a Bank of America credit limit decrease for absolutely no valid reason. Today I received this letter in the mail from B of A, chopping my credit limit from over $16,000 to $8,500 on my Financial Rewards Visa Platinum card:
Dear [NAME REMOVED]
Thank you for being a valued customer. We appreciate the opportunity to serve you.
We periodically review out customers’ accounts to ensure we are offering each cardholder the most appropriate credit line. In some cases, we discover we have extended customers more credit than they are likely to use or need. Given the size of your credit line and the way you have historically used your account, we have adjusted the credit line on your card to $8,500.
It’s a good idea to review your credit reports periodically. Our decision was based in part on information provided by the following credit reporting agency. You may obtain a copy of your credit report by contacting TransUnion, Consumer Relations – East P.O. Box 1000, 2 Baldwin Place, Chester, PA 19022, or you may call them at 1.800.888.4213.
If you have any questions or need assistance with your account, please call 1.800.726.5628, Monday through Friday from 8 a.m. to 5 p.m. Eastern. You may also manage your account online at www.bankofamerica.com
Again, thank you for allowing us to serve you. We look forward to continuing to meet your credit needs.
Sincerely,
Card Services
This account has been used regularly, but never carries a balance. Apparently they will only allow you to keep your high credit limit if you carry a balance (and pay them boatloads of interest).
It looks like B of A’s billions in bailout money is really loosening up the credit markets! [yeah, right]
2012 Update: Is BofA still decreasing credit limits? I haven’t heard much about them doing it during the last couple quarters of 2011.
Originally written May 2009. Last updated January 1, 2012.
My available credit on a BofA card was just lowered from 12,800 to 6,800 apparently as the result of making a 3,000 payment.
Same story as many here: no late payments, customer for 5+ years.
I’ve been carrying a balance, paying above minimum and executing a plan to pay off the charges (result of a major purchase 6 mo ago) within 6 more months.
Looks like by the time I’m down to zero balance, I may also have zero credit available on my BofA acct, and a lowered credit score.
My God it seems they have this all planned! I just spoke to BofA today to request a temporary credit increase for a month since I am paying it off on the next statement. I had to purchase plane tickets and needed extra to cover what is left on my account. I had the funds in cash but the merchant prefers credit card transaction.
Otherwise, I was paying on time and had a schedule when my credit card will be paid off this year. After I was transferred and asked all the other stuff, same thing they said with the rest of the forum here. Have a high balance so could not approve the request, then also will decrease my spending limit from $5600 to $3000. My balance now is $2,700 and I was 50% paid on the balance of $5,600 and now I’m back to 100% owing them? I was outraged!
And what will happen now to my FICA score after he adjusted this? And it all started from a request! Should not have called them. I am so mad right now!!!!
Last week I had a BOA card come off the teaser rate {I think it was 1.99 for a year}. That was what prompted me to call Customer service as I wasn’t sure why my monthly payment was increased by $ 100.00.
So after being informed my payments now included the interest I was asked if I would like to be connected to another dept. to see if I could get my payment reduced a little so I agreed.
So they connect me to the Supervisor woman & she looked @ my account & told me my outstanding balances are too high in relationship to my total income & I had too many Credit cards.
I explained to her my FICO score was 850 { last I checked couple years ago } & I’ve never been late on any cards not ever a blemish on my Credit report for over 20 years perfect active credit. To this she responded “OHHH NOO your way south of that now !” She then told me she’s cutting my limit on my BOA cards . I explained to her I have other assests & this is cheap money as I’m the CEO of my own INC. & I use theses cards for inventory ect. but I will pay off my card in full next month.
So I recieved a letter stating the reasons why BOA cut my credit limits on both cards & the letter informed me my FICO score was 750.
I today sold an asset that gave me enough $ to Pay off my BOA cards in full. also I have a BOA Business account & a money market account with BOA with substainstial balances. { maybe not for long !
I plugged BOA into Google news & they were fined $ 1 Billion for the NINJA loans & that hundreds of jobs were being cut @ BOA to raise the money for fines.
Theres a bad vibe going on with BOA right now & they are over compensating by taking it out on their better customers like you & me.
Funny thing is I had AMEX raise my credit limit last week to 10 grand & Paypal MC about a month ago did the same thing.
Thats my story & I’m sticking to it ! & why not because it’s all true.
Alan
I just wanted to add to my post this follow up. I paid my balance in full when the next statement arrived to the tune of $ 15,750.00, now over 3 weeks later my Credit reports has yet to be notified by BOA that the payment was made. I called BOA to request they notify the credit agencies & they said it’s done automatically once a month & they cant just report it when customers request this. I asked when it’s done each month because I’m interested in purchasing an investment property & want my FICO score to reflect the payment & they couldn’t give me that info either. I then cancelled the account.
There’s people paying pennies on the dollar to this bank to settle their accounts but they like to treat honest customers like Garbage.
Got this letter on both my cards from BofA yesterday. Sounds in line with everyone else. Cut my 14,200 card to $200 credit limit. Reduced my 24,500 to 15,300 that I have a 15K balance on at a 0% for a year. Would have been nice to have seen this coming on some news outlet. Seems like the banks are positioning themselves for the coming global collapse.
an update to my previous post (I’m still stewing aobut this!) – after going back and checking my records, I realized that BOA gave me a corporate card in June, when I had a great credit score, had never been late on a payment, and had a $98,750 total revolving balance. At that time told me how I was such a great customer, blah, blah, blah, how they had never seen a new business get such a high credit limit, etc. Today, when they LOWERED my credit limit on my personal account, I STILL have a great credit score, have never been late with a payment AND have a revolving balance that is lower – by $52,000 (yes, that reads fifty-two thousand dollars)!!!!!
OMG the same thing just happened to me, and I amd COMPLETELY blown away. I have been a BOA customer for YEARS, with excellent credit history, never a late payment, etc. They cut my limit from $36,000 to $10,000 and told me the same thing – it didn’t matter that I was an excellent, long-term customer with whom they had never had a problem or that I have an excellent credit score – it was because I had a high revolving debt amount – oh, and I guess it didn’t matter that I also have (oops – HAD) a high “available credit” amount! I am paying off my BOA accounts immediately, and will let those cards sit unused forever – I will never give them another dime of my money!
I can add to this gravy train with my own experience today that mirrors that of many in this chain.
In starting a business my wife and I wanted to strengthen our credit standing before applying for business credit cards, loans, etc. As such we pumped much of our cash reserves into paying down revolving credit balances. As part of this we paid $8000 off our $9500 balance on our BOA CC. As I monitored my credit, I noticed my score drop instead of increase. In reviewing, BOA had lowered my credit line upon payment from $10,200 to $2100. Instead bringing down the debt ratio it increased, available credit decreased, and my score dropped.
In reviewing the ‘Sorry Charlie’ letter they also referenced a Transunion Credit score far below what mine actually is/was. I have been monitoring my score continually for improvement all during this period.
This is more than just unfair. In addition to all of the history that others have accurately sighted relative to the hypocrisy of taxpayer bailout, these companies are maliciously attacking their best customers, hurting them economically, inhibiting ability to manage their lives, and one could argue lowering one’s economic standing as measured by credit score(right or wrong).
What is so appalling to me is that these decisions that alter people’s lives for the worse are being made based on what? Whether someone has made a large payment, is responsible, and has been responsible for their debt? To people who have always paid on time?
Beyond the impact to responsible individuals and families, in an environment where the small business and entrepreneur has typically led economic recoveries, their ability to do so is under direct attack by lending institutions whose future depends on their customer’s success.
I hate to say it, but Dave Ramsey’s right. If you sleep with snakes, you’re going to get bit.
Did the same to me. Had high limit, reducuced for no reason. Always in good stance for 15 years.
I decided my response is to stop paying them!
Oh yes, BofA is still doing this. I have had my credit limit lowered three times in the last three months. In fact, after receiving a bonus, I made a large payment ($1000) and because it went well below the limit that they had taken it to the previous month, they added a temporary merchant authorization of $1000 back to my account so that I couldn’t use that “new” available balance.
Each time, they take me down to just above my new balance, making the card practically worthless as I can’t use it at all. When this started, my balance was less than 40% of the available balance. Now it is at 95%. And no one will tell me just how far they are planning to go, of course.
I called to inquire about balance transfer offers on my Bank of America card. I had a $20k limit, had just paid $6300 down on a balance taken out last May leaving $6000 owed. She asked to review my information and reduced my limit $14000. Her supervisor stated that it had nothing to do with my excellent 12 year history with them, that it had nothing to do with my 790 credit score. Just the numbers. Bank of America was bailed out by the taxpayers of the United States and they are looking to screw us for the favor. I plan on paying off the remainder this week and closing my account with them.
I called Bank of America just to ask a question about access checks and they wanted to give me a credit review on the phone. I agreed. I have excellent credit,pay double minimum,always on time,am a Very good BoA customer (20 yrs). So I was not afraid to talk to customer service about my account. He comes back on and informs me the bank is reeling people in who have excessive credit limits. My new limit is now cut to 8K, (1/2 of limit had for 10 yrs). Jan 06,2012
Wonderful news…my credit union just did the same thing to me without notice. Couldn’t figure out why my son’s $40 co-pay at the Dr. office was declined when I know I had over over $2k credit available…for emergency purposes. Called the bank and they decided to cut my credit limit in half so now I am over my limit…after just having made py next months payment early. Been a member for 20 years and carry my auto loan and insurance with them… Going on vacation for thanksgiving and was counting on my card for misc. charges…like the airlines who charges us per bag… Sooooo incredibly disappointed and disgusted that this is how a Platinum Signature member is treated who has never missed a payment. Thank you Wescom.
Chase is one of the WORST. Just as with BOA, the credit limit is slashed as it’s paid down and the interest rate hiked at the same time. Each time they do this I lose 22 points off of my credit score.
It’s almost as if they want to lose the good, paying longtime customers in order to free up available credit for others not as able to pay. That’s what was meant by “freeing up credit to the consumer market” as Obama’s congress forced them all to do . . . Take from Peter to pay to Paul. The only way to prevent the slash to the credit score is to rush out before their actions are reflected on your score and open another account with another company to extend the percentage between used and available credit, but even that isn’t enough to make up for all the damage they’re causing all of us.
Age may also have something to do with it. As my credit limits are being slashed by half then repeatedly lowered with each $1000 I pay off, my 27 year old daughter’s mailbox is filled with 0 percent offers and credit limits that now put mine to shame, and she only just started working after years of school and student loans. They’ve got us all coming and going and the only thing we can do is go along with it or pay them all off and live within our means. Save for those special things and SCREW the credit companies . . . ESPECIALLY CHASE!!!
i just went to use my credit card and it wouldnt go through. I have a 300.00 balance. it was over 17k and i recently paid it off. I’ve been with bank of america since i was 15….I’m 34 now. I have stellar credit, never missed a payment, etc. i called and asked why the card was not working…they said my balance had recently been lowered to $500. i said WTF?? they told me i had to call back monday to speak to a credit analyst. why? LOL i have excellent credit. 6pm on a friday, of course i cant talk to anyone. its not like they work or anything. I’m going to cancel every account i have with them (5) and get rid of them all together. honestly, its not like they really care, but i’m not doing business with people like this anymore. I’m a hard working american…i bust my ass and i’m getting hosed? i agree….class action law suit needs to happen.
I would be glad to join you or anyone in a class action law suit against Bank of America regarding cutting line of credit for no reason at all for long term excellent paying customers. Hope we nail these bastards. Don’t forget to vote for Ron Paul in primaries and in general election.
It is becoming an unfair practice of Bank of America to reduce the credit limit for no reason. Bank of America reduced my credit from 65k to 59k (the balance), when I paid another 17k, the limit was reduced to 42k, the exact balance. This caused a fee for “over-the-credit-limit”, when adding the interest. Again, the credit limit was lowered to the exact amount of what was on the card more than once, all within one month. This unfair practice hurts the consumer in many ways. Firs their actions allows them to charge unfair fees, second, when the reduction in credit limit reduces the credit score, they use it as another reason to charge higher interest rate.
I like also to start a Class action.
Do you realize that the lowering of your credit also impacts you debt to ratio and lowers your overall score? Buyer beware!
all i did is call and clarify a mistake that was showing on my credit report. i was transferred to the dreadful Credit analyst. After i hung up i noticed they slashed my line from 41,000 to 17,800 . two hundred away from what i owe. i hate them. Never speak to credit analysts..
Been with BoA for years. Have our mortgage with them and everything. Small MC limit of $2000, on my account. Always paid more than the amount due by at least $200, trying to build up our credit….. Just paid $1000 when it got up to almost $1700 (usually keep it around $1000 balance +/-). Actually went on there to see if we could finally get an increase, they LOWERED it from $2000 to $700, now I have about $35.00 left on my limit. We’re having a baby soon and I wanted to purchase some needed things before she comes. I’m calling them on Monday, I’ll post what nonsense they try to hand me.
Been a customer for years, have mortgage with BOA, never late in payment and was lucky enough to get a nice cash bonus.. Paid of card and they reduced my balance form 2k to 200.. When I asked why they told me that it was part of a credit review.. OMG!! I thought my credit score was shot, no, when I checked i am 780.. so why the reduction? I have now closed my account and transferred my mortgage to another bank,, Al is now good..
In response to uhhhhhh
The problem it that it drastically lowers your credit score. For me that is a BIG problem.
Ummmm… How about you think about this?? If you never have a balance on your card, maybe a high limit isn’t required?? If you always may off the entire balance every month, what use is it to you if you had a high or low limit.. especially when they are already in the thousands…
If you have no balance, you obviously have the money set aside every month to pay off you card in full, which means the idea of more credit limit is redundant… Just deal with it.. doesn’t seem like much of a problem…
BAC tried to screw me to . . . . so I paid them off and cancelled the card. Those pricks will never get a penny from me again!
Bank of America lowered my limit yesterday over the phone. I have excellent history, never late, pay of a balance of 30k every time I ran it up, I’m a good customer, pay interest and fees every month, they have made a ton of money from me over the past 20 years, I really don’t mind that they lowered my limit so much, but the way it was done with a smug attitude from their rep and they tried to make it sound like I did something wrong and they were lowering my limit due to something negative that I had done, they should be honest and just say” We the Bank are scared shitless to loan money anymore and we are cutting across the board everyones limits in hopes they will go over their limit and we can collect more fees. Bank Of America really is not our friend. They are scum of the earth and we should all be members of a credit union and give BOA the finger…
I don’t BoA will be able to handle wikileaks…. what you guys say?
We need to start a class action lawsuit against BOA.
They have ruined my perfect credit. Someone needs to pay . BOA not me….
Bank of America gets bailed out by taxpayers with one of the provisions being that they loosen up credit. They’ve slashed my $24,500 limit down to $7500 just like that. Now I’m at my credit limit when I was at less than 25% of it before. We need to take this country BACK from the bankers.
Bank of America is ruining my credit! I’ve been lucky enough to keep my job through out this recession. I make six figures and have always been financially responsible. I’ve been unlucky enough that Bank of America has aquired two of my credit card accounts. I already had two lines of Credit with BOA. I’ve NEVER been late with a payment and actually pay more each month than what is due. They have continued to drop my credit so that it appears that I am right at my limits. For example: I had an MBNA credit card with an $18,000 limit. I made a $5,000 payment and they lowered my limit to 13,000. I just made a $2500 payment on my MBNA Credit card- I was going to pay a hospital bill with some of that money……and they lowered my limit the additional $2500! I just needed to buy a car and because it looks like I’m at my limit on all of my BOA accounts- I had to get a higher interest rate! I just paid off one of my BOA lines of credit ($9,950) and they closed the account. They are taking good people that are working very hard to make their obligations and screwing them. Why are they allowed to punish us for being good customers?? My credit has dropped from good to fair thanks to BOA! There has got to be someone we can talk to about this. Does anyone have any suggestions?
BofA or FIA card services Bought out suntrust, this made 3 cards now owed to them, When FIA was not appling overpayments to a hi interest on one card, I called them, while on the phone On Hold they closed one paid off acount, and reduced my credit lines to within $50 of balance, They told me no reversing it! Then they tried to acclumlate 2 other cards with no balance to close( AMEX and Wacovia). then they wanted me to buy there credit repair service and triple my payments. The told me I could not afford my bills.
i just payed off a new truck and they accused me of doing something illegal. They also told me not to pay my mortgage payment as I also could not afford it!
Within 3 months I will pay them off. my bills to income is only 21% with mortgage.
20 years of business doesent mean jack S… to them. Especially if you have never paid late, always paid extra or in full, When the bonds and investments mature next month they will lose $50000.00 ( SWEET REVENGE) also Business and personal accounts all over $30000.00 in credit line!
MOST of you pay off your balances every month….meaning they don’ t make any money off of you. One of you said that your spouse carries a balance and their account is fine…well duh!!! They are making money! Common sense. Why would a bank give you all that money for them to get no interest off of you? They don’t necessarily want people that never pay but they like to see you with a balance once in a while so they can make some cash. Looks like the people who called got their limit restored-awesome. You can’t expect to get loans for free forever, which is what happens when you pay off you balance every month.
Robert your score lowers because the balance cannot be higher than 35% or it’s too risky.
READ THIS!
This exact same thing just happened to me. I was on my online banking checking on a direct deposit to my checking account and then deciding how much I would pay on my credit card of which I owe approximately $1,100 out of a credit line available of $5,000, only to notice that my credit line had been reduced to $2,000! I immediately cally Bank of America, wasgiven the number for the Credit Department and contacted them directly. I was on the phone for all of 15 minutes and had my balance restored immediatey to the original amount of $5,000. They do ask a few questions as far as verifying the income reported and then he placed me on a 5 minute or so hold to review my accounts. Let me be clear here. I have had a checking and savings account since I was 16 (approximately 7 years) with bank of america, 1 credit card for 3 1/2 years, another for 1 1/2 years and was just approved for an additioal card two weeks ago for an additonal $5,000. When I called in t inquire about my decrease on one card while being offered $5,000 on a new card, I was told that the adjustment was automatic and that he, based on the information he could gather from my accounts I have open, would gladly restore my balance on the affected card back to $5,000. Oh, he did ask me if I had any intention to spend the extra $3,000 any time soon if he were to adjust it back, to which I stated no, but that I feel if I should feel the need to make a large purchase, it would not be any time in the next few months.
RESTORED.
I have a BOA Visa with a $5500 credit line. Last week I paid it down $1500 so to make reservations for an upcoming trip overseas. Yesterday I happened to be in my banking page and noticed the availible credit was under $200! The crooks took my $1500 and lowered my credit line to $4000! So now I’m out my trip money. I feel like I’ve been robbed! I called to complain and was told by a rep that a letter was sent a few days ago.
I don’t see how they get away with this. My lesson learned is do not put money you’re going to need for a trip of something else important of the card because it may not be there when you meed it. Buy a pre-paid MC or Visa and load it. It’s safer.
Why is it fair that your credit score goes down because your bank (BOA ) lowers your credit limit on your card even though you have not missed a payment? This issue needs to be looked at by our new representatives in the House!!
I have four credit cards with BOA and they reduced my credit within $100.00 of what I owe for each account.
They took away over $38,000.00 of credit from me which now my cards are all maxed out.
I have never been late with a payment and always paid more than the minimum payment. I have or should say had a perfect credit score but now because of BOA.
my score will drop .
Don’t trust BOA .as they are a bunch of crooks.
If they appreciate my business as a loyal good cutomer as they state in their letters, I hate to see what they do to their undesireable customers .
I called and asked about BOA’s checks that they sent me with a 0% APR for 6 months.
I have an emergency repair to do.Next thing a credit anylyst is on the phone asking questions and decreases my available credit -66% to zero available.
NEVER CALL BOA AND ASK ANYTHING.
Called BOA to transfer a store credit card to my BOA visa….they started asking questions and than they dropped my credit card limit down by $5000 so I could not do the balance transfer. The crazy thing is they were advertising 4.5% balance transfer!!!! I have been a customer for over 15 years and have serveral accounts including a mortgage with them…and nothing has every been late. I already told my spouse when we sell or refinace we are going with another bank and tranfering all our money including the CD’s and IRA’s.
Help! Doe anyone know how many times per year the credit card companies are allowed to decreased the credit line? Asume there hould be a limit on the amount of times, is it?
Thanks for your help!
Maria
Like John, I am also a small buisness. I have been with BofA since they took over Security Pacific back in 1990. I held four accounts with BofA for all these years and they have reduced my operating capital to nothing and my credit score almost 100 points. Their CSR’s are totally rude and condescending, not to mention of no help at all. I have moved three of my accounts to a small buisness friendly bank who has paid back all of their “tarp” funds and I am very happy so far.
I was told by a CSR that I could regain my credit limit by paying more every month on my corporate account. I have done so and GUESS WHAT? I paid my balance down 800 bucks in 5 months and they LOWERED MY CREDIT LIMIT accordingly. They are following my payments and lowering my credit limit as I go.
BofA is horrible and is punnishing the responsible people, as is the government and all other major financial institutions.
Close your accounts and go to a credit union now!
I’m a small business owner that has shown positive net growth in the double digits every year for the last 6 years. I bank with BofA both personal and business. I also have 2 credit lines with them that I used to run my business. Last year they sent me a letter telling me one of my credit lines interest rate was going from 9% to 18% for no reason (never late, always over pay) they told me they would keep it at 9% but I would have to close the account which I did. From a business standpoint I deposited over $750,000.00 every year with them, when they made me close the account I told them they were going to lose that business, the CSR I talked to responded with that is not my department, basically they did not care. This last Jan I moved my business to a competitor bank, I have not told BofA and left my account open because when they find out I’m sure they will shut down my other account. That would potentially put me out of business for good.
Way to go BofA, your TV commercials about how much your helping small businesses is total BS, I hope the next time your in trouble we let you fail just like you are willing to let me
Do not call BOA for any credit line increases or to request a balance transfer, as this will trigger a transfer to a credit analyst who will update info on your account(s). They will then in turn cut your credit line on that account under inquiry. This happened to me most recently. My credit line was reduced from 25,000 t0 15,000 on my BOA Platinum card. Also, I took a hit on my credit score due to this action. I will not be doing business with them for much longer and plan to close my other checking and savings accounts as soon as I find another bank.
Same BS here. I was working so hard to not get effect by the economic crisis. Never been late on payment , more importantly always pay 5 X more of required min payment. Result! $14.000 shrink to $9.000. No notice, no mail. My fear is there is no explanation on anywhere about interest rate..
What if they changed that without notice too?
Oh new law was going to protect the consumers, bank instutions no more can play with us:) aha , I see that .. Please forgive my french , all I could say is..
F U OBAMA,
F U BOA.
Same thing just happened to me. Perfect payment record for over 10 years and my limit was split in half. Now I have a balance higher than my limit, so my credit card has been rendered useless. The “customer service” agent said that there is no longer an over-limit fee. Can anyone confirm this?
Yep – same thing happened to me today except I never received a letter. I found out when my divorce lawyers retainer fee could not be processed on my card!!! B of A are crooks. Cut my limit from 16k to 9k with no notice at all.
Damn them! Same thing to happened to me, same insulting letter after about 23 years with them. There’s only one real way to complain… I immediately called and cancelled the card. I then closed my business account with them as well. Not really fair to the branch bank but, it’s the only way they’ll notice. There’s plenty of other banks to work with.
BTW…I am NOT deliquant nor bave I ever paid the min bal…if they ask for 50.00 I pay 500.00, I have been carrying a 2500.00 bal for about 3 mo on the MC and 0 balance on the VISA. Hotel was the 1st charge in a long time.
CHECK THIS ONE OUT PEOPLE
My one BOA MC limit went from $45,000.00 to $4,500.00 on Feb 20, 2010 AFTER I hired contractors on Feb 10, 2010 to complete sum of 22,000.00 in upgrades by Feb 30, 2010.
House is torn apart and I have NO way to pay contractors now. MC credit limit was 45,000,00 the day I signed contract.
Today is the Feb 23rd and I still have not received the snail mail notice of MC decrease from 45,000.00 to 4,500.00. BTW…card is at 4,800.00 as of today’s date so I am over the limit already by 300.00 without even knowing until I was told by hotel my credit card is not accepting my charges.
I am staying at a hotel until repairs are done and house is habitable.
My BOA VISA (not the MC referenced above) went from $4,500 to $500.00 and I have already incurred $1320.00 for each of the 3 weeks I have been at the hotel commencing Feb 10, 2010. Notice of decrease has not arrived on that one either.
Soon homeless and my own 3000 sq ft home not be close to being habitable if I return No Heat/No AC (I have MS and COPD requiring a controlled atmosphere) ….contractors will not install until I have a credit card to secure the payment for work.
THIS SUCKS!
I never never never would have had ANY improvements done to be able to sell my home if I knew the card limits were going to change so drastically before the work was complete. I live in an area that has more than held it’s value…now I can’t live in or sell a home that is all torn apart.
BOA S U C K S BIG TIME ! ! !
Well, I didn’t even get the letter. They just cut my limit from $10,000 to less than half that. It was really nice getting my card denied while trying to make a purchase. As soon as I can, I am closing my accounts at BOA and moving my money to small local bank that might not have all the bells and whistles, but is good to loyal customers. Our tax money went right into the BOA exec’s pockets and it’s not coming out, as far as I can tell.
B OF A just did me in as well. 14K credit limit, asked for a $600 balance transfer. They declined and dropped me back to 11,900. As in other stories, I’ve been on time and I wanted to use this for a one time catch up on some things after the holidays but now I am in the weeds because of this. It’s criminal. There has to be some way to either report this or get the established credit re instated.
B of A recently cancelled my credit card over a mixup on a late fee I was charged in Dec. 09 for being late with payment paid on line thru my own bank’s bill pay. Finally tracked down an internal tel no thru site gethuman.com. They are playing games to cancel customers. Woman actually said part of the reason I was cancelled was I was only paying min. payment on $500 bal though I have (had) a $10,000 limit. I told them they market the card that customers can carry a balance. Then I accussed them of milking customers with late fees do to weekend/other lags from on line payment. It seems at times that U.S. mail arrives faster than on line payments. I told them on line payment is part of their industry and they have a duty to act where problems exist, and not to leave it to the customer to fall prey. Though the problem was corrected today, it was only after I found this internal contact and spent 2 hours of my time. I think the dings will stay on my credit score, and for this, I may serve B of A with a CLRA section 1770 notice. If you have legal and corporate experience, you can overcome many of these abusive practices by big corporate. It is not pretty out there. The American consumer and small business is being screwed by the banks, after our tax dollars bailed them out. You might want to contact your area consumer or citizen’s action group.
I called Bank of America to request a balance transfer and Barbara ask me for the income and how much for the houses. So based on that She said that the transfer will not be available and my $32,600 credit limit will go to $11,600. I told her I made 5 time more money that I make now than years ago. I am a BOA customer for over 20 years and never, never, never late and pay more of the requested monthly bill. I told her that I was going to pay my total credit by the end of the year and that didn’t help. Now all my creditors will think that I put everything on my credit cards, because that will max out my credit card and my credit score will go down do to the fact my limit went down. That will effect my credit score and I know that it is over 750. It taks days to F*ck your credit, but years to repair it.
They can file for bankcruptcy and get billions from the goverment, but they can’t help me out. The economy sucks now and I know that it is going to take years.
I closed my checking account a few years ago and it is looking like they will loose me completley as a customer.
If someone knows how to fix these situation, how to file for some kind of fraud from BOA let me know. I feel that we have to do something in order to stop what the bank is doing to us.
That is why My Account will stay with a credit union. I can’t wait for them to go out of business.
Arleen
PS
Don’t ask for a money transfer from any crdit card or they will lower your credit limit.
Hi!
Last week I called to check fees on balance transfer, BOA reduced CL from 30k to 25k and the rep was lecturing on how to manage my funds. I keep $5k for monthly expenses and every month I pay promptly. BOA sucks, I don’t understand how economy will recover if there is no credit available to pay bills using CC.
At this rate it may take years for economy to recover.
BOB
BoA is one of the few banks that hasn’t repaid TARP funds, and at the height of the RE market happily handed out subprime mortgages like candy to illegals and to folks with “state income” (no opportunity for fraud there!). Now they’re stuck with a high number of bad loans, and are making it up on the backs of its CC holders. I got rid of that card and got one from Juniper (affiliated with Emigrant Direct online savings) and have never been happier with a card. No interest rate increase, my credit line has been increased in the last six months, and they’ve been quick to note instances of fraud when my card was compromised.
I called BofA to request a small balance transfer and they wanted to ask me a few qustions, at the end of that they cut my limit from $52 to $30k. We have excellent credit, had the card for over 20 years and have never been late. Now the card is maxed out due to this change in limit which will effect my credit score.
How did all that money going to the banks from the government help the consumer?? remind me?
The same thing happened to me. No valid reason. BofA does not care if you are affluent, have good credit or have a long history as a valued customer. I wonder if there are hidden financial problems at this bank. If not, then BofA is very arrogant and I should go to another bank that has treated me better like Chase.
Always hated B of A for other sleazy practices, but Chase (formally Wamu and now JPM) just did the same thing to me — from 16,500 to 8500.
We should have let these pricks slide into Bankruptcy.
Maybe you guys are on to something. I got my limit halved by B of A for no reason I could determine from my credit report. My credit has always been good. I also do not carry a balance. My wife still has her limit in tact, and she does carry a balance.
Then they changed my account to a “Visa Signature” card, supposedly with no limit (yeah, whatever!), but they reserve the right to reject any charge.
I called to activate it, and stupidly mentioned I was getting ready to leave for a vacation while trying to escape the hard sell for some B.S. insurance. They asked me where I was going, threatening to reject charges unless I told them. I had to hang up on the CSR because she would not accept no for an answer. That was just downright scary!
I’m just concerned about how all this looks to a potential creditor.
Bastards…
Any call you make to Bank of America regarding credit card rate will not be to your advantage. They will begin by telling you “we are going to ask a few questions and this might sound like an application, but it is not”. Moments later expect to be taken down a road of prying eyes upon your spending habits regardless of your faithful, always on time credit card payment. They might even try to befriend you and guide you to a Debt management co, all the while behind the scenes they are lowering your credit limit and steadfastedly refusing to lower your interest rate. Your call will be like a day in court with Bank of America henchmen as both judge and jury….oh, goody we caught a struggling, on time customer to add to our quota for the day. Expect to be treated with more respect if you are behind in your payments, this is when they start to fret…oh, dear, we must be nice to this one….if we’re to get a penny.
refuse granting me a credit card..what could have been the problem.i’m new in this country and when i opened my account,i had know ssn by then.however,when my number came,i went to the bank for it to be activated on my account and the accountant applied for a credit card for me.after a week,i received a letter sayx i should contact credit bureau.lol.can someone help me??i needed a student credit card.thanks
got the same letter mine went from 20000 to 10000, again never a late payment
Ditto!
They are lowering my limit with every payment.
Re: Bank of America. Try calling the. I got the same letter – cut from $19,600 to $10,000. I called them, and, after a few questions, they restored my limit to $19,600 immediately.
I stopped using B of A last fall because of all this. They treat their customers like crap!
Amex is doing this too!
I just got that identical letter in the mail today, cutting my credit limit in half (I don’t carry a balance, either).
Same thing happend to me… I had a CL of 12,500 and they cut it to 6500. I ALWAYS pay in full every month and have excellent credit history. I hate BOA: I would close the account if it didn’t bring down my score. Instead, I will keep it open and stop charging anything to it. I used to have a checking and savings account with them, but they started hitting me for lame monthly fees. I hope BOA goes under like they deserve!
I received the exact same letter today, cutting my credit line from $32,500 to $16,500 for no apparent reason. Also carry no balanace and cardholder for 25 years.
not a big fan of Bank of America here either…..
I hate B of A they are so unfair with their credit practices.