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Bank Of America Credit Cardscancellation without provication

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I had two credit cards with Bank of America and over time, they increased my credit line, without prompting from me. Obviously, they thought I was a good "risk".
Although I have never been late or gone over my limit, an attempt to use one of the cards recently resulted in a denial. Upon inspection of the account online, I discovered that my credit limit, which was $10, 000 was now reduced to $3, 000 (with no notification to me). About 5 days later, I received a letter stating that my credit limit had been reduced to $3, 000 "based on a review of your account as well as information provided by the consumer report agency named below" (TransUnion).

The same day, I received notification that my other card with B of A, with a credit limit of $29, 000 (recently raised) was now CANCELLED! We were not late on payments and had no balance, but used the card frequently and paid off the balance monthly.

How is this fair? Will this affect our credit rating? We are incensed because there is absolutely no reason for this action!

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Comments

  • Ja
      Aug 23, 2008
    Bank Of America Credit Cards - deceptive practices
    Bank of America
    Oklahoma City
    Oklahoma
    United States

    After 4 or more years with Bank of America, I was never late, never missed a payment but suddenly get a letter raising my interest rate to 30%. Once I realized this I called them to see if it was a mistake, but it turned out a mistake to call them, they closed my account and forced me into a repayment program, which was a lower rate but also damaged my otherwise great credit standing by closing the account. I was told if I did not close the account they would anyway and then charge me high interest!.
    They have caused my points on my credit profile to drop for no reason other than they were angry because I complained about the 30% interest.

    0 Votes
  • Bi
      Feb 21, 2009
    Bank Of America Credit Cards - BOA partnership with GrantResearch.com criminal Scams
    Bank of America Visa
    Alaska
    United States

    Bank of America works hand in hand with a large online and phone scam company which uses grant info and fact finding sites to bill everyone's credit card without approval. One of many names this online credit card scammer uses is Grantresearchguide.com, grantfundnow, grantfunding etc..etc. Also they use "fraud protection" and "identity security" as names to illegally bill you with the blessings of Bank of America. When one tries to get BOA to shut them down after many complaints they hang up on you. BOA is well aware of who these credit card account thieves are and refuse to put them on the list to not do business with. I have seen dozens of other victims of these numerous frauds on "ripoff.com" and other related sites. Contactin BOA does nothing, they will tell you it's your own fault. I suggest contacting:BBB, the SEC, your congressman and your state's AG. The more complaints the better, and then a class action lawsuit can get started.

    0 Votes
  • Al
      May 03, 2009

    Dont just complain to BOA, but just make them block that credit card number so that the fraud company will not charge u again. BOA WILL do that for you because it's their job to work i with ur account and help u change card numbers etc. Complaining might not work, true, but there are other ways that ur bank must help u. And it is ur fault when u give out information to a comapany u dont know or trust fully, but it does sound like BOA is being an ### for possibly cooperating...

    0 Votes
  • Be
      Jul 02, 2009

    Bank of America did the same thing to me and all I did was call to to inquire about one of my cards that I never use. "Upon further review Sir we have decided to close your account since you have a zero balance." I asked her if she thought that was fair and she informed that "Sir we have the right to close accounts anytime we want to"

    0 Votes
  • Bo
      Jul 15, 2009

    Yes, after receiving $43 Billion of "We the Peoples Money" Bank of America did the same to me.
    I had been a customer for 18 years with FICA score of 793.
    I had 9 cards with BOA, same thing they kept raising limits.
    All my cards had credit balances and I never used them much.
    History:
    Monday - receive in mail balance transfer checks.
    Tuesday - receive change in card holder agreement.
    Thursday left for work 370 miles from home with a $139.00 credit on my BOA - Alaska Sky Miles card at 9.9% $21, 000.00 limit.
    Friday - Attempt to buy Americano at Starbucks. "Card declined"
    Called BOA - 3 hours later informed all accounts had been cancelled and I had been notified.
    BOA mailed notification on Thursday - this was Friday morning.
    I was stranded in Spokane with no ability to purchase diesel, food, or even check out of the hotel.
    The hotel had pre-approval from Thursday evening from BOA when I checked in.
    Representative - stated "Sorry - you have been a great loyal customer" - "But, we no longer value your business".
    She suggested I call work or family members and ask them to wire money to me.

    And that is what ya do with $43 billion of our money, 18 years of credit association - three houses, 5 cars, 2 boats, etc later. I have since received the $489.00 in credit I had on all the accounts via check.

    I will never bank with them again - and I suggest everyone in the USA - do so as well.
    Bank of Ameria is not an American company for Americans any longer.
    BOA was writing $500, 000+ home mortgages in the southern Calilfornia region without proof of cictzenship or the ability to pay the money back.
    Then we the paying customers get the shaft.
    They cancelled $78, 000.00 of my well earned credit.
    The highest interest rate I had on any of the cards was 9.9% (obviously bad).

    Newest BOA (Boa Constrictor) hater
    I have reported them to the BBB and I have written my congressman and the White House about this.
    Everyone should do the same.

    Jayson

    0 Votes
  • Be
      Aug 03, 2009

    Boycott Bank of America!!! The only way to hurt is to hit them in the pockets!

    0 Votes
  • Bi
      Aug 23, 2009

    Ya! me too.
    Was with them eight years, never a late with them, though I has a 30 day, late on an unrelated card 6 yrs. prior.
    Any way, I applied for a pre approved business card (on their invitation) This was Four months ago, Got the call that they were lowering my credit from 20, 00 to 10, 000. due to a high credit to debit. 50% After that there was a cascade where all my other credit cards did the same for the same reason poor credit to debt ration. My credit went from 720 to 650. I wish I never applied for the additional credit.
    Thanks for listening
    al

    0 Votes

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