Comments on: Bank of America Cut my Credit Line in Half http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/ A Personal Finance Blog with a Silly Name Wed, 23 May 2012 04:33:51 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Gil http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-86175 Gil Thu, 02 Jun 2011 22:06:15 +0000 http://pantsinacan.com/?p=1428#comment-86175 I have two credit cards with BOA one with a $5’000 limit and one with a $15’000 limit, that was until this morning. I would also like to mention that my credit rating according to all three credit bureaus is “Excellent”, never had a late payment (beyond 28 days) and no bankruptcy or anything bad. Here is my story: Two days ago, without my request, I got a letter from BOA congratulating to my excellent credit history with them and announcing that they just raised my line of credit on the main card to $19’500. However, since the interest rate they are charging me is still 15.99%, emboldened by this letter I figured I give them a call to see if I could negotiate that down by about 2 percentage points. Well talk about backfiring, the resolute credit manager by I was talking to not only refused to lower my percentage points but also went ahead and cut both my lines of credit in half. Since I owe $2’350 on the smaller card and $9’700 on the main one, this will now lower my overall credit rating since it will look like I am using up all the credit available to me. I will make me look like someone who does not have his finances under control. I have two credit cards with BOA one with a $5’000 limit and one with a $15’000 limit, that was until this morning. I would also like to mention that my credit rating according to all three credit bureaus is “Excellent”, never had a late payment (beyond 28 days) and no bankruptcy or anything bad.
Here is my story: Two days ago, without my request, I got a letter from BOA congratulating to my excellent credit history with them and announcing that they just raised my line of credit on the main card to $19’500. However, since the interest rate they are charging me is still 15.99%, emboldened by this letter I figured I give them a call to see if I could negotiate that down by about 2 percentage points.
Well talk about backfiring, the resolute credit manager by I was talking to not only refused to lower my percentage points but also went ahead and cut both my lines of credit in half. Since I owe $2’350 on the smaller card and $9’700 on the main one, this will now lower my overall credit rating since it will look like I am using up all the credit available to me. I will make me look like someone who does not have his finances under control.

]]> By: Dorothy http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-66108 Dorothy Fri, 12 Feb 2010 12:43:49 +0000 http://pantsinacan.com/?p=1428#comment-66108 Our BOA closed one of our cards that we owed nothing on and cut the limit on others more then half!now it looks like we have maxed out our cards and all my other cards are cutting the limits.we have never been late and always pay more then the minimum payment.they get the bail out on our tax dollars and we get the boot.I'm sure our credit score has dropped Our BOA closed one of our cards that we owed nothing on and cut the limit on others more then half!now it looks like we have maxed out our cards and all my other cards are cutting the limits.we have never been late and always pay more then the minimum payment.they get the bail out on our tax dollars and we get the boot.I’m sure our credit score has dropped

]]> By: adey http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-65847 adey Thu, 04 Feb 2010 18:31:43 +0000 http://pantsinacan.com/?p=1428#comment-65847 I'm astonished really. Firstly the original story. A card that barely has any money put on it for a few years - i'm imagining your bill is max a couple of hundred dollars a month... then you have your credit limit reduced to $14K - on a credit card! I work between NYC and London and never use that amount of credit a month. And if you are rolling over that amount of credit, I suggest a loan or simply saving up before you spend. You can't have it both ways; crying about irresponsible home loans and people losing their houses - then be surprised when insecure, high interest lending like credit cards is reigned in. 95% of credit cards should be cancelled all together. Saving before you spend and structured borrowing based on your income should be mandatory. I’m astonished really. Firstly the original story. A card that barely has any money put on it for a few years – i’m imagining your bill is max a couple of hundred dollars a month… then you have your credit limit reduced to $14K – on a credit card!

I work between NYC and London and never use that amount of credit a month. And if you are rolling over that amount of credit, I suggest a loan or simply saving up before you spend.

You can’t have it both ways; crying about irresponsible home loans and people losing their houses – then be surprised when insecure, high interest lending like credit cards is reigned in.

95% of credit cards should be cancelled all together. Saving before you spend and structured borrowing based on your income should be mandatory.

]]> By: Jayne http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-65781 Jayne Wed, 03 Feb 2010 00:03:57 +0000 http://pantsinacan.com/?p=1428#comment-65781 Both my husband and I have received numerous letters over the past few days. They state that the credit limits were dropped either because of Serious Delinquency or Deliquency with other creditors. Show me who we ask. We have requested copies of our credit reports so we can go back to BOA and say prove it. What good will it do? Bet my credit limits not a thing. Really nice to know that us hard working people who pay their bills on time and are not getting a bail out are being screwed. Seriously thinking of looking for a new bank. BTW - When we called BOA they told us they sent the wrong letters. Both my husband and I have received numerous letters over the past few days. They state that the credit limits were dropped either because of Serious Delinquency or Deliquency with other creditors. Show me who we ask. We have requested copies of our credit reports so we can go back to BOA and say prove it. What good will it do? Bet my credit limits not a thing. Really nice to know that us hard working people who pay their bills on time and are not getting a bail out are being screwed. Seriously thinking of looking for a new bank. BTW – When we called BOA they told us they sent the wrong letters.

]]> By: Stephanie http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-65443 Stephanie Mon, 25 Jan 2010 03:44:41 +0000 http://pantsinacan.com/?p=1428#comment-65443 This just happened to me as well. I had a credit limit of $4000 and had checked it a few days ago to pay bills. I was going to use the card a couple days later and the card was declined. I started to worry because I was sure there was $1700 available on it. I called and found out there was only $12 in available credit. I like to see things in front of me to better understand them and went to a BOA location. Found out that my credit line was now $2300 and a letter is in the mail to explain why it dropped. So within a few days the credit line changed. It gets me that there wasn't a "in 30 days this will take affect" notice. But no...that would be too generous. This just happened to me as well. I had a credit limit of $4000 and had checked it a few days ago to pay bills. I was going to use the card a couple days later and the card was declined. I started to worry because I was sure there was $1700 available on it. I called and found out there was only $12 in available credit. I like to see things in front of me to better understand them and went to a BOA location. Found out that my credit line was now $2300 and a letter is in the mail to explain why it dropped. So within a few days the credit line changed. It gets me that there wasn’t a “in 30 days this will take affect” notice. But no…that would be too generous.

]]> By: Steve M. http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-61041 Steve M. Sun, 18 Oct 2009 13:06:22 +0000 http://pantsinacan.com/?p=1428#comment-61041 To Whoever started this Blog, THANK YOU!!! I am an attorney in Ca, and recently received notice that my accounts- 2 originally from MBNA- and 3 from BofA(at their initiation alone)were either cut by 90% AND one closed completely.Like all the folks above, my FICO score before this action was above 800 with NEVER an overlimit nor late pay ANYWHERE in my credit history. Bottom line: my total cumulative credit limit on these cards exceeded $100k went to $10K, and solely on this basis, my FICO went from 814 down to 620. As a member of the Ca Bar, I am a fiduciary. I explained this to a BoA Rep and her superior. No result: Obviously an MBNA(Who else would offer obviously erroneous legal principles to a lawyer?),basically told me that there was "Nothing I could do- take it or leave it". Within a matter of days- without any other solicitation, I began receiving emails from "Bankruptcy" counseling firms, solely based on the dropin the FICO score caused by BoA's actions. Can you believe it? Fifteen years average on each of 5 accounts,never a late payment nor overlimit, and largely faying in full each month- AND RECEIVING "BANKRUPTCY SOLICITATIONS" via EMAIL. PROPOSAL: It is clear to me that BoA has been spoiled by 20 yrs.+ of GOP-induced greed and by hiring mentally challenged MBAs to do what they do best- take "revenge" on their customers when the gov't gives them a long overdue "kick in the ass".It is also clear from their responses to our similar concerns(above), that traditional customer satisfaction will not do anything to dissuade them- ie, they deem themselves as "too big to fail" and our disatis- faction will do NOTHING to dissuade them. Thus, I am considering what seems to be the only remedy availed me- ie, to initiate a Class Action suit. If they are correct in being "too big to fail", then at very least we loyal customers should receive a judgment giving us a "% of their success". Since $ seems to be their only motivator, let's "hurt them" to the tune of our loss. If you agree or are as frustrated as I, let me know.I will soon be undertaking the Class suit, seeking both compensatory as well as punitive damages for their actions. At very least, we can "relieve" them enough of money and public reputation to the extent that they return to the established principle that customers are of some importance. To Whoever started this Blog,

THANK YOU!!!

I am an attorney in Ca, and recently received
notice that my accounts- 2 originally from MBNA-
and 3 from BofA(at their initiation alone)were
either cut by 90% AND one closed completely.Like
all the folks above, my FICO score before this action
was above 800 with NEVER an overlimit nor late pay
ANYWHERE in my credit history. Bottom line: my total
cumulative credit limit on these cards exceeded $100k
went to $10K, and solely on this basis, my FICO went
from 814 down to 620.
As a member of the Ca Bar, I am a fiduciary. I explained this to a BoA Rep and her superior. No result: Obviously an MBNA(Who else would offer obviously erroneous legal principles to a lawyer?),basically told me that there was “Nothing I could do- take it or leave it”. Within a matter of days- without any other solicitation, I began receiving emails from “Bankruptcy” counseling firms, solely based on the dropin the FICO score caused by BoA’s actions. Can you believe it? Fifteen years average on each of 5 accounts,never a late payment nor overlimit, and largely faying in full each month- AND RECEIVING “BANKRUPTCY SOLICITATIONS” via EMAIL.

PROPOSAL:
It is clear to me that BoA has been spoiled by 20 yrs.+
of GOP-induced greed and by hiring mentally challenged
MBAs to do what they do best- take “revenge” on their
customers when the gov’t gives them a long overdue
“kick in the ass”.It is also clear from their responses
to our similar concerns(above), that traditional customer
satisfaction will not do anything to dissuade them- ie, they deem themselves as “too big to fail” and our disatis-
faction will do NOTHING to dissuade them.
Thus, I am considering what seems to be the only remedy
availed me- ie, to initiate a Class Action suit. If they
are correct in being “too big to fail”, then at very least
we loyal customers should receive a judgment giving us a “%
of their success”. Since $ seems to be their only motivator,
let’s “hurt them” to the tune of our loss.

If you agree or are as frustrated as I, let me know.I will soon be undertaking the Class suit, seeking both
compensatory as well as punitive damages for their actions.
At very least, we can “relieve” them enough of money and
public reputation to the extent that they return to the established principle that customers are of some importance.

]]> By: tony http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-60857 tony Fri, 09 Oct 2009 13:23:10 +0000 http://pantsinacan.com/?p=1428#comment-60857 same like bank of amercia having money problem time to move all my money to differnt bank same like bank of amercia having money problem time to move all my money to differnt bank

]]> By: STEVE T. http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-58020 STEVE T. Mon, 13 Jul 2009 16:38:12 +0000 http://pantsinacan.com/?p=1428#comment-58020 Seeing this website is the only good thing about this whole situation. I figured it wasn't just MY limit they cut in half (through no fault of mine)....$19,000 to $10,000, but I feel a little better knowing there are other's out there on the same boat. I have worked very dilligently over the years to retain a stellar credit report and keep my score over 800. To receive a letter like this from B of A was like a slap in the face...and, yes, I DID take it personally. The only reason I've kept this card active is that it is tied to a "Hawaiian Airlines" bonus point system and I have a free trip waiting for me. I got that trip by charging up over $35,000 while fixing up my home in 2005. I paid off that balance and have had a 0 balance for a while. This is how they rewarded me!!!??? Needless to say, I have closed my checking account with them and will not open any other accounts with B of A. P.S. Capital One is now raising my interest rate from 7% to 13% "just because".....thought I'd let you all know.. That account also has a 0 balance. Seeing this website is the only good thing about this whole situation. I figured it wasn’t just MY limit they cut in half (through no fault of mine)….$19,000 to $10,000, but I feel a little better knowing there are other’s out there on the same boat. I have worked very dilligently over the years to retain a stellar credit report and keep my score over 800. To receive a letter like this from B of A was like a slap in the face…and, yes, I DID take it personally. The only reason I’ve kept this card active is that it is tied to a “Hawaiian Airlines” bonus point system and I have a free trip waiting for me. I got that trip by charging up over $35,000 while fixing up my home in 2005. I paid off that balance and have had a 0 balance for a while. This is how they rewarded me!!!??? Needless to say, I have closed my checking account with them and will not open any other accounts with B of A. P.S. Capital One is now raising my interest rate from 7% to 13% “just because”…..thought I’d let you all know.. That account also has a 0 balance.

]]> By: MONY http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-57568 MONY Sat, 27 Jun 2009 04:13:46 +0000 http://pantsinacan.com/?p=1428#comment-57568 Hi All,,,, Yur numbers are quite high... I had a Credit line of $4000.00 only ....started the card as a Secured Card the First from BofA and yesterday I saw my account ....credit limit is reduced to $500.00 This is just Bullshit......not even a letter informing..I cant believe.... I dont use the card a lot but just sometimes to keep it active... Hell with it... I am not going to use it.... What's the worse ....they will reduce it to $50.00 LOL Just another reason they want Uncle Sam's and our Tax Dollars while wont even let anyone have an opportunity to use the money... They are forgetting...they make money from the people who use the CC and keep balances & not the people who pay it off.... This whole Credit card thing is going out of hand with VISA & MC increasing the INTERCHANGE FEES to the Business and in turn the Business increase the Prices.... Who gets to loose..US. Time to roll back to the Golden days of Green Dollars.... Maybee Merchants should advertise CASH ONLY DISCOUNTS.... Like in Las Vegas @ Lee Discount Liquor and ARCO Gas Stations... MONY Hi All,,,,
Yur numbers are quite high… I had a Credit line of $4000.00 only ….started the card as a Secured Card the First from BofA and yesterday I saw my account ….credit limit is reduced to $500.00

This is just Bullshit……not even a letter informing..I cant believe….
I dont use the card a lot but just sometimes to keep it active…
Hell with it…
I am not going to use it….

What’s the worse ….they will reduce it to $50.00 LOL

Just another reason they want Uncle Sam’s and our Tax Dollars while wont even let anyone have an opportunity to use the money…

They are forgetting…they make money from the people who use the CC and keep balances & not the people who pay it off….

This whole Credit card thing is going out of hand with VISA & MC increasing the INTERCHANGE FEES to the Business and in turn the Business increase the Prices….
Who gets to loose..US.

Time to roll back to the Golden days of Green Dollars….

Maybee Merchants should advertise CASH ONLY DISCOUNTS….
Like in Las Vegas @ Lee Discount Liquor and ARCO Gas Stations…

MONY

]]> By: I need to blog about something brilliant « MoneyMate Kate http://pantsinacan.com/2009/05/10/bank-of-america-cut-my-credit-line-cut-in-half/#comment-57351 I need to blog about something brilliant « MoneyMate Kate Fri, 19 Jun 2009 23:59:48 +0000 http://pantsinacan.com/?p=1428#comment-57351 [...] magazine regarding a comment I left a month ago on Pants In a Can. Brainy Smurf had blogged about Bank of America slashing his credit limit in half, and I chimed in [...] [...] magazine regarding a comment I left a month ago on Pants In a Can. Brainy Smurf had blogged about Bank of America slashing his credit limit in half, and I chimed in [...]

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