Hi all, I had a CC with B of A and today I learned they just terminated the account! Didn't inform me or anything. I used the card and had been paying it down to zero many times and just recently put 1700 on it. The credit limit is $5800 so I'm not sure why they would do that. I also bank with them and they know I put a lot of money of money through there. When I called and asked why, they said that they pulled my credit and due to some of my other credit accounts they decided to terminate the account. The did it without even telling me there was a problem. Can they do that? I had a great history with them. Frustrating!!! It was a good card. Misterman
Technically, they can terminate your account at any time, but I would read your cardholder agreement (if you still have it) in full. Look for any requirements they may have to fulfill (i.e. send reason in writing if requested, disclosure of information used to make decision, etc.). You may have some rights under your agreement that you are unaware of. You do have the right to request which CRA was used to make the determination also. I would do all of this in writing, send Certified Return Receipt Requested to cover yourself.
You're better off without them crooks in the end. Pay the card in full, tell them to shove it, and get a checking account with a real bank. Can't stand BofA. I had a MBNA card that turned BofA a few months back. Got paid in full immediately, and the card has been cut up and will never be used again.
What's wrong with B of A? I've had a card with them for about 8 months with no problems. They apply payments as soon as I send them, send bills early, etc. So far, no major problems with them. They haven't jacked up my rate, which is what Chase did to my wife for no reason... Are they generally regarded as a bad company?
My experience with them was years ago, and was in regards to a regular checking account. Their practices over time left a bad enough taste in my mouth (b.s. fees and charges) that I will never do anything with them again. That's the reason I cut up my card...I'll not give them a chance to do it to me again. They can eat the maintenance costs on my bass pro shops card until they either kill the account or I die, as I won't charge another dime on it. If I thought I could rack up thousands of dollars of purchases on it, take the bass pro dollars rewards, then pay the bill off before the finance charges hit, I'd do that, but I haven't researched it enough yet to see if it works like that. I'm thinking they probably don't award the rewards points until the balance (and interest charges) hits on a statement.
Send them a letter requesting an Adverse Action Notice. They must provide this, and indicate what credit report they pulled to make their decision. Pull that report and see what, if anything is amiss. The CRA must provide you with a free report when you have been turned down for credit, and that notice proves you were turned down. You would also want this if it turns out there is erroneous negative information on your reports, as part of proving that your damages due to denial of credit are due to that information, should you need to sue the reporting party.
