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  1. #1

    Default BOFA closing 60% Credit Cards with scores under 750?

    Can FG confirm this and find out if it is true? I found this out on MyFico.com, here is the actual posting:

    "BoA to close credit cards for approximately 60% of customers?

    "I work in Credit Department at BoA (Senior Level Credit Analysist Boa Bldg 3rd fl, Char, NC). We just received memo indicating that all BoA credit cards are being closed as of 10/1. Credit score and income do not matter, all accounts are closed as of 10/1." Executive VP Bank of America

    "This is true, but not as bad as he/she says. We are closing accounts, but only ones with credit scores under 750. We will reopen cards within a year as long as crisis lessens." - J.mcmanus / VP Credit Dept BOA"

  2. #2

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Some of the members over at MyFico has/is checking into and they are saying that it is nonsense (rumor). Stay tuned!

  3. #3

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    This would be interesting because I only have two Credit Cards (both BOA) And have credit balances on both of them. My score is over 700 but not quite 750. Never at any moment have I had utilization above 4% of my limits. Guess have to wait and see.............

  4. #4

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    I did some digging and it seems possibly an angry customer or disgruntled employee maybe the source of putting these allegations out there. I don't know.

    You know with everything that has been going on with CLDs and such and reading on reliable sites of customer's accounts being closed for one reason or another and the customer claims they pay on time and have good scores, so you sort of don't know but it is always good to be on the lookout just in case that disgruntled employee leaked something they did not intend to get out.

  5. #5

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Seems like Honeyb that people that are experiencing CLD's is happening because of other cards they have where there is heavy utilization or they are maxed out. Instead of carrying "x" number of cards I just carry the two.

  6. #6

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Yeah, it will be interesting to see the impact a year from now how all of this will affect the customer's attitude in regards to staying put with a creditor like Amex who are CLD customers based on where they buy a sandwhich because other Amex customers who bought from the same place did not pay their bills on time. Talk about profiling. Craaazzzzy stuff!!

  7. #7

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Hmmm! I did a few researching myself and could not find anything on it. I only had a little time, since i have to get to work, but I sent bofa a message myself and waiting for a feedback. I know that they do not reply as fast (if at all) on allegations like this, but what the heck, why not try. I don't think they would alert through consumers anyway. I believe they would just go forward and then let others figure it out. We all know how it is, it might just be an employee or someone who has had their cards closed or decreased and want to scare everyone else up.

    I don't think I would worry at this time, and if they did cut it, they would not be the only ones. Bofa is a little too big for that, I don't think they want the same rumor to hit them like "AMEX!" They would just deny you from the top when you apply. What do you think? Anyone!

  8. #8

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    That is the funniest thing I've heard. BOA would rather cut their hands off before closing the credit card accounts of their loyal customers.

  9. #9

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Quote Originally Posted by Meya View Post
    Hmmm! I did a few researching myself and could not find anything on it. I only had a little time, since i have to get to work, but I sent bofa a message myself and waiting for a feedback. I know that they do not reply as fast (if at all) on allegations like this, but what the heck, why not try. I don't think they would alert through consumers anyway. I believe they would just go forward and then let others figure it out. We all know how it is, it might just be an employee or someone who has had their cards closed or decreased and want to scare everyone else up.

    I don't think I would worry at this time, and if they did cut it, they would not be the only ones. Bofa is a little too big for that, I don't think they want the same rumor to hit them like "AMEX!" They would just deny you from the top when you apply. What do you think? Anyone!
    ---------------------------------
    I agree Meya. This is urban legend, I'm almost 100% sure. Think about it, if BOA closed the cc's on people under 750 fico, they would go out of business, They and all cc's for that matter, depend on people carrying a balance.
    There is not enough $$ for them to make of the 2-4% they get from merchants proccessing their cards.
    I will try to dig up on snopes.com what I can but I could be there for hours! LOL

  10. #10

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Quote Originally Posted by honeyb View Post
    Can FG confirm this and find out if it is true? I found this out on MyFico.com, here is the actual posting:

    "BoA to close credit cards for approximately 60% of customers?

    "I work in Credit Department at BoA (Senior Level Credit Analysist Boa Bldg 3rd fl, Char, NC). We just received memo indicating that all BoA credit cards are being closed as of 10/1. Credit score and income do not matter, all accounts are closed as of 10/1." Executive VP Bank of America

    "This is true, but not as bad as he/she says. We are closing accounts, but only ones with credit scores under 750. We will reopen cards within a year as long as crisis lessens." - J.mcmanus / VP Credit Dept BOA"
    ---------------------------

    I did some quick searches on the web and this is false. Just something to muster up peoples fears in this whacky world of credit and the overall economy. considering about 50% of the population has a score below 750, it would be suicide for BOA to do this.

  11. #11

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Right on Miskwi! Hey Honeyb, they don't know what type of family you are dealing with over here in FG. We are going to dig until we can't dig no more. I am so glad that you bought this up, now we can work even harder to keep all bofa cardholders from biting there fingers off....lmao! Way to go everyone! Don't worry honeyb, you and others searched it, we have yet to find facts about it, so the rumor if not valid at this point.

  12. #12

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    I tend to believe that this is a rumor, because doesn't only 25/15% of the entire American population have scores within that range (750 or better)? That would mean that they would have to close out over 75% of their credit card accounts. I do not believe this, however anyone that has accurate information to the contrary please share, because I really would be surprised and would value the information.

  13. #13

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    I will agree when there's a link to back this up.

  14. #14

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    Quote Originally Posted by hjm331 View Post
    I will agree when there's a link to back this up.
    DITTO !

  15. #15

    Default Re: BOFA closing 60% Credit Cards with scores under 750?

    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

    Just last month we were in a beauty supply warehouse and she was purchasing some clippers with her bofa card. They denied it, she irritated me because she then wanted to go into the bank and get her money out. I was like, "Aunt A, give them your debit card instead!" That was denied! Come to find out, she never activated the debit card, that is why it was denied. And have not charged on her bofa cc in over 2 years, and that was when she had her kitchen remodeled. That's also what caused her cc to be denied. They denied it for security reasons. Ooooooooooollllllllllddddddddddd fashion! God, she is embarrassing and difficult when it comes to public.

    Did not mean to go off subject here, but I was just trying to say, bofa is not going to close any of her cards especially from a customer who purchased and paid for 4 homes through them. They know where the money is.

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