BOA closed my card

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
7 posts
HJM613
 
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Location: Boca Raton, FL

BOA closed my card

Postby HJM613 » Fri Jun 27, 2014 10:26 pm

I had a BOA Visa since 1982, yes 1982... I had a 12k limit, the last 5 years have been hard on me financially, but always paid card balance was around 9k. I maybe have been a little late here and there but nothing too bad... Finally business improved and I paid off the card.. Over a few months... One day i went to use it to fund out they canceled it... No letter or anything, I was in shock... Of course when I called they claim they mailed me a letter and I could not talk to anyone who cared or would do anything...... I love how they waited until I paid them in full to cancel my card...Moral of the story I would not be so fast to pay them off.. I love their loyalty...


flan
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Postby flan » Sun Jun 29, 2014 3:46 pm

HJM613 wrote:I had a BOA Visa since 1982, yes 1982... I had a 12k limit, the last 5 years have been hard on me financially, but always paid card balance was around 9k. I maybe have been a little late here and there but nothing too bad... Finally business improved and I paid off the card.. Over a few months... One day i went to use it to fund out they canceled it... No letter or anything, I was in shock... Of course when I called they claim they mailed me a letter and I could not talk to anyone who cared or would do anything...... I love how they waited until I paid them in full to cancel my card...Moral of the story I would not be so fast to pay them off.. I love their loyalty...


So you ran a card up to a high limit, left it there for years, were late paying it back more than once, and you're surprised they balance chased you? I'd be surprised if they did anything else.

AMEXPlatino86
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Postby AMEXPlatino86 » Mon Jun 30, 2014 12:59 pm

flan it's another myfico "complaint" to get someone to side with them and stroke their ego of righteousness lol.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

czannah
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Postby czannah » Mon Jun 30, 2014 9:42 pm

Actually I am surprised, with the interest they had to be making off of him. I supposed they thought the risk of default was too high.
CSP 12K
Credit Union card 10K
Marriott Rewards Platinum 5K
Bank Platinum Visa 15K
Credit Union card 5K
Capital One MC 3.5K
Discover IT 1.9K

flan
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Postby flan » Tue Jul 01, 2014 6:32 pm

czannah wrote:Actually I am surprised, with the interest they had to be making off of him. I supposed they thought the risk of default was too high.


Lenders rarely take adverse action while there's a high balance, if they think the person will make payments, because if they do the borrower is much more likely to default. Once you've paid the balance down, or while you're paying it down, will get them most of their money back, and keeps them from putting more money at risk. It's pretty common when this happens that everytime a payment is made, they cut the credit limit to the new balance, or just slightly more.

takeshi
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Postby takeshi » Wed Jul 02, 2014 9:34 am

Expecting loyalty from a corporation is setting one's self up for fail IMO. The closest thing they have loyalty to is their shareholders.

In any case, 9,000 / 12,000 is 75%. Doesn't seem surprising to me either.

pewpew
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Postby pewpew » Sat Jul 12, 2014 4:19 pm

that's pretty much how they work. BoA was my second card. they started me off at $300 but with a fixed 7.9% APR. that was about 9 years ago and i was a first year college student at the time. after 2.5 years of heavy use they raised me to 5K and i also had an Amex clear with a 2.5k line at that point. i paid my balance in full every month.

i too ran into some financial troubles and had a revolving balance of 3-4k on BoA and 2k on AmEx for almost 2 years. eventually i paid them both off. immediately afterwards both cards cut my CL to $500. but they didn't close the accounts because i didn't hold my balances THAT long.

in any case, the moral of the story is that if you hold large balances for a looong time you are deemed a possible liability. so they cut your line or cut your whole account. that's the nature of the beast.

years have past, my salary has grown substantially. i spend a lot but i pay it back every month in full. never carry over a dime. now both of those cards have lines of over 20k. (i should update my sig but too lazy). i didn't apply for a single CLI. they did it on their own.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.



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