Krave, here's what I posted the day after BoA closed my accounts. I'm not trying to discourage you from doing business with them but hopefully my experiences with them will help you learn how to deal with them..

Hell has frozen over, I never thought this day would come. I feel so embarrassed after praising about BoA for about two years now.

I called BoA on Friday to transfer $4k of my limit from my BoA Visa to my new BoA AMEX to take advantage of a 12 month no-interest on BT's promo. The CSR told me that they have I to contact the Credit Department on Monday and talk to them because they're the ones that can initiate my request.

I called today and told the credit analyst that I wanted to transfer $4k from Visa to my AMEX to take advantage of the BT offer. He looked at my accounts and told me that he can't do the transfer because my BoA Visa was originally a student card. He put me on hold and told me if there was anything else he can do to help me out. Credit analyst came back on the phone and told me that he had to reduce my credit limit on the Visa because he felt that they (the bank) overextended my spending power. I told him that I have worked hard for that limit for the past 2 years and that they should've thought about it before giving me the increase and he apologized but he said he had to do whatever he needed. He puts me on hold again, comes back and tells me that he has to close the Visa and I told him that it was my second oldest credit card and closing it would ruin my credit that I've worked my rear off for the past 2 years. He agreed to not close the Visa and leave it with a $500 limit and not touch the AMEX with a $2,500 CL since I already have submitted a $2k BT.

I checked my accounts an hour later and noticed that the available credit section had disappeared on both accounts. I called CS and the automated system informed me that both of my accounts had been closed. When I heard this, I felt my heart drop. I didn't have a balance on either account Two years of hard work has gone down the drain and this all feels like a nightmare. I don't know where to go from here.

ETA

At least BOA doesn't go around closing accounts or decreasing credit lines for inactivity or not paying off your balance fast enough.

This would be the stupidest thing BOA would do.....They may cld accounts, but closing them would be like handing them over to another bank. Those scores would approve anyone for any card on the planet....

I have a friend who works for BOA here in Myrtle Beach and they have tightened up their credit policy, but hasn't heard of anything happening like that.

I am sure things will be back to normal in time. In the meantime, keep balances low and pay on time, and in full if possible. I have always thought its best to have small balances on a few cards instead of a huge balance on just one card. Citi hasn't decreased any of my accounts and i am grateful for that

There's just something about BOA that hocks me off for some reason, i just don't like that bank!

OMG, this posting is hilarious. Thanks a bunch, because I had developed a migraine from doing my college algebra homework. I want to be just like Auntie when I grow up, lol.

Ohhhh no you don't! Credit reasons, YES. In real time, NO!

Actually, don't credit card lenders ask for a police report when there are fraudulent charges on your account?

Yup! Those are just the routes that she take. I guess you can say, sometimes old is still new. She still does not give me credit when bofa told her that the denial was just for security measures. All she did was looked at me and kept cooking. I keep telling her to subscribe to a credit monitoring service, you would think that since your bank took "SECURITY MEASURES FOR YOU" it would give her a hint to do it for her own protection.

this is now the way of the information age these days because you really have to separate fact from fiction especially now in the internet age. someone can write something misleading or false and by the time the truth comes out, it has created a life of it's own in a big way.I've read sometimes where someone starts a rumor about an actor or singer's death and people start writing tributes but come to find out that their is no truth to the rumor and i mean the coverage of news is really fast theses days.

---

This is true. It's very frustrating but Google is probably my best friend in the world. Snopes.com is good and this museumofhoax.com will be on my list of fact checkers.
If anyone else has a site they like to use to check fact vs rumor please post it.
I'd love to add it to my list

this is now the way of the information age these days because you really have to separate fact from fiction especially now in the internet age. someone can write something misleading or false and by the time the truth comes out, it has created a life of it's own in a big way.I've read sometimes where someone starts a rumor about an actor or singer's death and people start writing tributes but come to find out that their is no truth to the rumor and i mean the coverage of news is really fast theses days.

Actually, don't credit card lenders ask for a police report when there are fraudulent charges on your account?

Hey hjm, that is the most important issue. When we see something, bring the link with you so that others can see it. Then it would be easier for us to contradict the story.

Hey Cheronh, you are soooo correct about Americans with the Katoomba score range. Actually those are individuals with credit like my Ole' auntie, she has been dealing with Amex and discover every since I was a baby. They have to send her new cards because they know hers is old and they know it is wore out. She never missed a payment and don't even check her credit scores nor report for nothing. People like her don't believe in the fraud system, they just call the company or call the police

OMG, this posting is hilarious. Thanks a bunch, because I had developed a migraine from doing my college algebra homework. I want to be just like Auntie when I grow up, lol.

Well there are a few logical thinking points to ponder.

Bank of America is one of the largest in the US, Right? So that would mean they do control a lot of the credit card market. However, considering that roughly ONLY 28% of Americans have FICO scores over 750, that would mean that BOFAmerica are cutting out almost 70% of their card holders.

Therefore before the 1st Quarter of 2009, profits would plumit to rock bottom, by 2nd Quarter 2009, revenues will have deminished to roughly 56% or even less.

I can imagine that any bank would begin to take precautions and secure their products and financial backings, I don't think they are this desperate to shoot themselves in the foot and just cut off card holders.

Just my take.... Rockin35

I have not done any Googleing on the matter, but I am taking it with a grain of salt. Could it be true? Yes, but that would pretty much bankrupt BofA. I have only one card with them.

After reading their site, everything looked like a hoax..lmao

LOL Happy Halloween!!! Turns out the trick was really a treat!!!!!

I am just glad the research has been done. Thanks, MsKiwi.

Thanks miskiwi. After reading their site, everything looked like a hoax..lmao

I mst be the other 40% bc my account is still open and my score is only 700

NO hurry, and don't even trip off of the above postings. It's just a recommendation that's all. I have plenty of postings here without links myself. This is something that hjm and I talked about as of last week.

---

I'm just anal about not giving out misinformation. Let's see if this link works. I'm very tech challenged[/quote]www.museumofhoaxes.com/hoax/weblog/comments/5475[/URL]

Whew! it worked. I'm suprised I can't find anything on snopes about it.
edited to see if I'm as techno challenged as I think. LOL