Bank of America income verification/review to keep account?

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5 posts
monkeypantsmom
 
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Bank of America income verification/review to keep account?

Postby monkeypantsmom » Thu Apr 12, 2012 11:24 am

We are so frustrated right now. Working very hard to climb out of debt from medical bills and a period of time when my husband was unemployed. We have not EVER missed a BOA payment on our card, and have only made one purchase in two years due to trying to pay our debts off vs. rack up more.

This is our only active credit card other than Home Depot (which is almost paid off). As we have made payments, BOA has lowered our available credit, so that we only have about $700 available to use (started out at 12k limit with 8k balance, we are now at a balance of 5700 & credit limit of 6400). They have started charging us a $75 annual fee, but have not sent a replacement card in my name, only my husbands. And don't get me started on the interest over 20%.

Today I called to get a card to carry while traveling for a new job, for emergency use only. They would not issue the card without income information and a credit review, "to see if you still qualify to use the account". Seriously???? It makes me want to review THEM to see if THEY "still qualify" to accept my payments every month. :mad:

So what happens if I give them the information, and they see that our medical creditors have tanked our credit? Can they shut down the account and demand immediate payment even though we have paid faithfully every month? Or, will they just refuse to issue my replacement card.

Thank you for any information/advice you can provide. :)


DavidNY
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Postby DavidNY » Thu Apr 12, 2012 7:37 pm

I've been with BofA for years. I initially banked with Fleet which was bought by BofA. I've had no issues with the credit card or my other accounts with them that couldn't be quickly sorted out.

If you still want to deal with them, talk to your branch manager or send a letter to their credit card division (FIA) with the details you don't understand, and ask for an explanation. Banks are usually inclined to keep a business relationship going lest they lose a client to a competitor. If they are not agreeable to you I would recommend dissolving the banking relationship and find another bank or credit union which will appreciate your business.

JCarter
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Postby JCarter » Fri Apr 13, 2012 3:41 am

They already see the credit problems, they may not see that it is "ABC Physician Services LLP" but they know that it is a medical problem. This is why they are asking for you to provide proof of income so they can verify that you are infact able to pay.

If you refuse to provide such information, then you will not be obtaining a new card from BoA. In response to your question on demanding immediate payment, they may do so if they feel you are not a credit worthy customer at any point within your relationship. There is no law which requires them to give you credit when you're not credit worthy or they can not conduct a proper risk assessment.

JCarter
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Postby JCarter » Fri Apr 13, 2012 3:41 am

DavidNY wrote:I've been with BofA for years. I initially banked with Fleet which was bought by BofA. I've had no issues with the credit card or my other accounts with them that couldn't be quickly sorted out.

If you still want to deal with them, talk to your branch manager or send a letter to their credit card division (FIA) with the details you don't understand, and ask for an explanation. Banks are usually inclined to keep a business relationship going lest they lose a client to a competitor. If they are not agreeable to you I would recommend dissolving the banking relationship and find another bank or credit union which will appreciate your business.


FIA I know exists, but what happened to the old MBNA division?

Crashem
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Postby Crashem » Fri Apr 13, 2012 9:29 am

monkeypantsmom,

Sorry to hear about the medical problems. There are a ton of credit card issuers out there. I would be glad to offer some advice if you provide more details. Have you pulled your credit reports lately? Can you do so through annualcreditreport.com? Also sign up for creditkarma.com and creditsesame.com. These are all free resources. Come back and let us know your credit score and situation including any negatives. Also, give us some details on your current cards (interest rate/annual fee etc) and outstanding debts.

As for BofA, I would just withdraw your application until you can assess what other options are there. Also, I would get your income information together as they might ask that for your current cards.

Personally, I would be assessing my credit situation. Assuming it was good, I would be optimizing my card use so I would be paying little or no interest so I could get out of debt faster. I would be dumping any and all cards with annual fees when I was fully established. The problem I can see is that you are at a credit tipping point. If you do too many wrong actions, your credit situation will get worse and it will be that much harder to get out of debt. But if you manage it correctly, the opposite should happen.
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