fwgonehobo said:I thought most card do not have max cap now. I think Glitch is B.S.izing or trying to get you double tax. Banks are cautious as ever despite billions of dollars in grant.I don’t know what you are smoking but remember it is PUFF PUFF PASS. I think you forgot the PASS part!!!

Glitch99 said:Check that. After calling today to find out where my new card was (its been over 2 weeks since being approved), I find out I've been 'un-approved' after a secondary review.

Need to fax in statements supporting my cash assets to be reconsidered, which I just did - fyi, statements from 8 rewards checking accounts is alot of faxing. Hopefully that will be sufficient.

But in the process I did get a direct direct number, that avoids automated menus and goes straight to the credit department (a person will answer). 866-530-9825.And after re-faxing the statements on Monday, today I get a response from the online application status stating that I've been re-approved for $5k.

And the Adverse Action bug has hit.

Three weeks after approving my new Schwab 2% account, BofA has closed everything - citing outstanding balances and "agressively" opening new accounts (19 accounts havings been opened in the past 24 months).

They didnt care that I'd just sent in banks statements showing balances 3x my outstanding debt balances specifically to support my Schwab application, or that 12 of those 19 "new" accounts are over 18 months old. They want to see my balances reduced, period, before reconsidering.

This is no surprise, except for the fact they approved my new Schwab card only three weeks ago after going through (what I though was) the secondary review process. Since I got the card I assumed everything was kosher. Plus, the fact I have about $100 in pending CashBack kind of sucks too.

I did focus my complaints on the fact that they reversed course only 3 weeks after approving the account, and that this occured on 3/23 but no one bothered to notify me (they say a letter is in the mail ). However, I was clear that I understood that closing accounts was their prerogative, and she seemed to appreciate my arguments (although it didnt do a bit of good ).

I have already submitted payments to pay down 50% of my balances (and reduce the number of accounts with balances from 4 to 2) which should update on my report at the end of the month, at which point I will ask them to reconsider. At this point, the 2% Schwab card is more valuable to me than the $30k 0% money. And 3 of my BofA cards had ex-MBNA billpay, so I'd like to keep atleast one of them active as well.

peteypablo said:I appreciate the update. I'm wondering if the same thing will happen with my father's Appodadorama. His BOA BT is the core of his AOR.I had been holdign steady since drawing the BT money last September. I'm pretty sure my additional Schwab application is what attracted too much unwanted attention.

Rorer714 said:That AA sucks. If you don’t mind sharing how much utilization we talking overall and accounts with balances? Was there a big increase in utilization lately?

BofA $20,900/$24,400 limit
Citi Prof $7,290/$10,000 limit
Assoc Bank (Citi) $13,295/$15,000
US Bank $15,695/$18,000
21 accounts with $0 balance and limits totaling $113,100

The balances have been constant since last Sept, with the exception of Assoc Bank which I pulled out mid-January. But I believe it was the new application that started the ball rolling; I have a FIA soft inquiry on my EXP for the date the closed the accounts, which is the first and only inquiry from FIA on my report (I have numerous softs from "Bank of America", but none from FIA).

I also have a $89k HELOC with a reporting balance of $79,000. But they didnt seem to care about that (and its with BofA too). And I have Personal LOC with BofA for $10,500, wich remains untouched.

The A/A was based entirely on actual dollar balances, not utilization or other factors typically followed here on FW. With an income of $80k, $57k outstanding balances were too much, even after providing banks statements with over $200,000 total balances.

They also hacked my business lines, but left them open. They were reduced from $24k, $20k, and $17k down to $1,000 each. These are corporate accounts with me a guarantor, not sole prop business accounts.

Nevermind. I just realized all my questions were answered above.

Thanks, Glitch.

Sounds quite harsh from BofA.. The game has definitely changed. All the usual generous issuers are cracking down hard. Maybe it's time to utilize 2nd & 3rd tier banks & CUs more heavily now.

Fantastic. Attempting to heal my credit report, I paid off my $14k US Bank balance, which also happened to coincide with paying off the $13k 6-month promo balance on my M&T Biz card. With two large payments posting on two accounts the same day, they tried to verify the source of the payments, failed to do so, then CLOSED ALL MY ACCOUNTS!

As the CSR I spoke with said, "some overzealous newbie" attempted to verify the available funds with the source bank - and when there wasnt an adequate funds available, they failed to consider that it was because the money had already been withdrawn for the payment. He quickly (relatively, it took about 20 minutes total) verified the payments with the source banks, and restored my accounts as they were.

Venturion said:Glitch, perhaps this is obvious, but who is the "they" that you allude to in the last post that closed all of your accounts? Thanks.US Bank/Elan (who also issue the M&T cards).

(double post)