Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain!

Poll: Do you find this thread helpful in your situation?

Yes
30 71.4%
No
3 7.1%
Does not apply to me, but interesting
7 16.7%
Applies to me, but in a different way. (If checked, please post your story)
2 4.8%
Total number of voters: 4 ( FrankN, mocapino, Egghead, Finance Globe )
Only registered users can participate to this poll
  • Posts: 1257

Replied by ColoNative on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I hear you Rockin35. BofA was notorious for handing out obscene credit lines and now they are trying to wrangle them back in-at the cost of their once good name.

Glad you are taking it well. This too shall pass....
12 years 1 month ago #106
  • Posts: 142

Replied by Rockin35 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Yep Colonative,

Thats right... I kinda had a suspicion because of the 13.99 APR that I've enjoyed for a few years now, changed back in May 09 to 24.99 due to "Economic Conditions" per BOA. I think I even posted something about this on one of the boards.

I chose to pull some of my 401K and pay most of it off, and pay every 2 weeks until the balance was paid completely in June.

Too many stories are floating around on the internet about the huge CL customers getting either closed out or extreme reductions, just as I experienced. All their looking at are numbers and crunching them as soon as possible...who knows..
12 years 1 month ago #107
  • Posts: 648

Replied by smcc on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

while you feel that your comment is amusing tmlockes, everyone here takes their credit situation/history here very seriously. Had you not made the comment that your post was to be taken with humor someone might have taken your comment for gospel and maybe made a decision that should not be made.

Humor has its place tmlockes but not in a forum where people seek advice and share information that can help all.
12 years 1 month ago #108
  • Posts: 6

Replied by tmlockes on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I'm new here, but read the board regularly. BOA closed me after I paid 15100 on a 16000 balance. No lates anywhere, no baddies anywhere. Says the fed told them to. LMAO, not really!
12 years 1 month ago #109
  • Posts: 1257

Replied by ColoNative on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

BOA upgraded me via letter offer last year from regular a MasterCard to the World Points MC then gave me an additional increase to $17500 last year, it was $15000.

[U

Closed account after 8 years with Bank of America[/U],$0 bal, no lates except twice in 2004, or over the limit, credit line zoomed up to $17,500 over the years without even asking for them, paid off the balance 2 months ago.
Got a letter on Saturday the limit is now reduced to $500.00.
Contacted BOA and closed the account immediately. Dont really care about the credit score hit for closing this long standing account with a high credit line anymore since I have other credit lines although this was my highest, my other highest credit line is $14,500. More about principles I guess.
BOA Reason provided]

WHAT? They are acting really strange. I don't dare call them for fear that they might do that to me. After what they pulled on me in January I have sworn them off for any new business as well. Credit unions all the way baby!
12 years 1 month ago #110
  • Posts: 661

Replied by KMoney on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

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


Sorry for my late reply brother I am so sorry about this
12 years 1 month ago #111
  • Posts: 142

Replied by Rockin35 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

BOA upgraded me via letter offer last year from regular a MasterCard to the World Points MC then gave me an additional increase to $17500 last year, it was $15000.

Closed account after 8 years with Bank of America,$0 bal, no lates except twice in 2004, or over the limit, credit line zoomed up to $17,500 over the years without even asking for them, paid off the balance 2 months ago.

Got a letter on Saturday the limit is now reduced to $500.00.

Contacted BOA and closed the account immediately. Dont really care about the credit score hit for closing this long standing account with a high credit line anymore since I have other credit lines although this was my highest, my other highest credit line is $14,500. More about principles I guess.

BOA Reason provided]Approved[/COLOR]" through Primary Lending with ...none other than.....(drum roll)...Bank of America!!!2 weeks ago for a Nissan Pathfinder. Good thing I had a change of heart for this vehicle.

No more business for Bank of America for me.
12 years 1 month ago #112
  • Posts: 3479

Replied by hjm331 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Sorry to hear about that Brian! I would pay it off and not carry a balance on that card for a while. Just make sure to keep it open for the history because history is more valuable to your credit reports and scores than the CL.
12 years 1 month ago #113
  • Posts: 1257

Replied by ColoNative on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I don't know about that. I sure cannot tell, at least, not here in Georgia. I know that's what the politicians are saying though


I know, what is with all the failed Georgia banks? The recession is still here but it is starting to lift from what I understand.
12 years 1 month ago #114
  • Posts: 333

Replied by charonh on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

good lord, we are almost out of the recession and now they decide to do this?


I don't know about that. I sure cannot tell, at least, not here in Georgia. I know that's what the politicians are saying though.:scared:
12 years 1 month ago #115
  • Posts: 333

Replied by charonh on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Bad news everyone! Pulled my CR on Monday and noticed that Macy's reduced my credit line from 500 to 300 (and I owed 260 to the card). Called in to find out what's going on and I was told that the bank has been doing CLDs on a lot of cards due to "changing economic times." I asked her why I wasn't notified of the decrease and she stated that in the CC holder agreement they don't have to notify any1 if they've done a decrease on the account. She told me that to wait 6 months and call in to see if they could increase the limit back to it's original amount. I said aren't we entitled to 3 month CLI based on the cardholders agreement and she said yes, but that every cardholder was going to be receiving a revised one in the mail soon that extends the CLI to only every 6 months....stay tuned everyone and check to see that you aren't in the same boat as me....


Sorry Brian23, they did the same thing to me so I closed the account. The decrease did not bother me, but not informing me did. I've been a loyal Macy's customer for many years and I didn't appreciate what they did not one bit. I haven't shopped there since, but you hang in there.
12 years 1 month ago #116
  • Posts: 296

Replied by Brian23 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Wow, I am sooooo sorry to hear that! Someone else here was sliced by Macy's for no apparent reason also. Should we start the shakes again? I was cooling off for a minute there, but I become nervous again when I hear it happening to member who share the same card as I.


I don't want to freak you out Meya, but I think you should make the call and see what's going on with your CL. Otherwise, you might have a little surprise when you pull your CR next. Just a thought....
12 years 1 month ago #117
  • Meya
  • Meya's Avatar Topic Author
  • Offline
  • Finance Commander
  • Finance Commander
  • Posts: 4522

Replied by Meya on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Wow, I am sooooo sorry to hear that! Someone else here was sliced by Macy's for no apparent reason also. Should we start the shakes again? I was cooling off for a minute there, but I become nervous again when I hear it happening to member who share the same card as I. :scared: :scared: :scared:
12 years 1 month ago #118
  • Posts: 296

Replied by Brian23 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

good lord, we are almost out of the recession and now they decide to do this?


I thought the same, but apparently it's hitting them last...Craziness...
12 years 1 month ago #119
  • Posts: 1257

Replied by ColoNative on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Bad news everyone! Pulled my CR on Monday and noticed that Macy's reduced my credit line from 500 to 300 (and I owed 260 to the card). Called in to find out what's going on and I was told that the bank has been doing CLDs on a lot of cards due to "changing economic times." I asked her why I wasn't notified of the decrease and she stated that in the CC holder agreement they don't have to notify any1 if they've done a decrease on the account. She told me that to wait 6 months and call in to see if they could increase the limit back to it's original amount. I said aren't we entitled to 3 month CLI based on the cardholders agreement and she said yes, but that every cardholder was going to be receiving a revised one in the mail soon that extends the CLI to only every 6 months....stay tuned everyone and check to see that you aren't in the same boat as me....


good lord, we are almost out of the recession and now they decide to do this?
12 years 2 months ago #120