BoA closes my account -- I think I'm gonna cry

**Preston** · 09-22-2009, 03:17 AM

Got a letter from Bank of America today. I still have one more CC with them at 0% until Nov. This will be paid off before the CC goes to interest.

I got a letter stating "Card Services take a proactive approach to reviewing our customers' accounts. After a careful review, we have closed your account." Then they go on to list a few reasons I could really care less about. I am slightly worried they will jack my interest rate up, but if that comes forth I will be all over them.

I guess telling them that I hope they all get herpes got the point across.

**Greebo** · 09-22-2009, 05:19 AM

If they close the account, I don't think they *can* jack up the interest rate, except in November when it was supposed to become some gawdawful apr I'm sure. You should check to be sure.

But this is the one where you owe less than $2k right? In case you need reminding:

Chase "Freedom": PAID ($2000) CLOSED
Chase Visa: PAID ($5000) CLOSED
Discover: PAID ($10000) (Xfer Shell MC) CLOSED
BoA 1: PAID ($6000) CLOSED
AmEX Blue: PAID ($3000) Xfer Fifth Third
AmEx Clear: PAID ($2000) Xfer Fifth Third
Shell Mcard: PAID ($10000)
US Bank Visa: PAID ($4500) CLOSED
Citi : PAID ($1500) Xfer Fifth Third CLOSED
Citi Black: PAID ($2000) CLOSED
Fifth Third: PAID ($6500)
Reserve Line: $0
BoA 2: $1899/$3950
US Bank Visa: $4395/$4950

Just take a long, hard look at that list, Preston. That's how far you've come on getting out of your consumer debt.

Now - really - how long til you pay off the BoA card? A couple months at your pace? Even if they jack the rate up to 30% on you, you know that's only about $50 more a month.

Don't let it frustrate you - just keep flattening that debt.

**Preston** · 09-22-2009, 05:58 AM

If they jack up the interest rate I just yank the EF and get rid of it. The thing that is delaying me right now is my wife having oral surgery (which, in the end will cost around $5000 before insurance (which will cover roughly 40% of this.) That is why the Shell MC is still open, I don't have the cash on hand for this so I am getting this one first during the grace period.

The $8000 tax credit from buying our house this year will knock everything out, but until it shows up I am pulling this REALLY tight.

**Greebo** · 09-22-2009, 09:03 AM

Only a few months then to ride it out - tax time is less than 6 months away.

**NikoSan999** · 09-22-2009, 09:11 AM

Originally Posted by Greebo

If they close the account, I don't think they *can* jack up the interest rate, except in November when it was supposed to become some gawdawful apr I'm sure. You should check to be sure.

But this is the one where you owe less than $2k right? In case you need reminding:

Just take a long, hard look at that list, Preston. That's how far you've come on getting out of your consumer debt.

Now - really - how long til you pay off the BoA card? A couple months at your pace? Even if they jack the rate up to 30% on you, you know that's only about $50 more a month.

Don't let it frustrate you - just keep flattening that debt.

Greebo, as much as I'm on the news checkin the new crap of what is going on with the credit cards I haven't heard this one. What is supposed to happen in November with the interest rates? Any info??? Any links??? Oh man, this is all we need.

**nodmicks** · 09-22-2009, 09:16 AM

Originally Posted by NikoSan999

Greebo, as much as I'm on the news checkin the new crap of what is going on with the credit cards I haven't heard this one. What is supposed to happen in November with the interest rates? Any info??? Any links??? Oh man, this is all we need.

I'm curious also. We don't have cc debt but put big purchases on and promptly pay for the rewards points. I heard a financial guy on the radio saying one of the things one the table was doing away with " the float" and charging interest for every day you had a balance. Now if this is true plus the interest thing Greebo mentions I will burn the cards.

**Greebo** · 09-22-2009, 09:22 AM

Easy folks: Nothing is happening in November except what Preston himself said in the OP:
"I still have one more CC with them at 0% until Nov."

**NikoSan999** · 09-22-2009, 09:30 AM

Originally Posted by Greebo

Easy folks: Nothing is happening in November except what Preston himself said in the OP:
"I still have one more CC with them at 0% until Nov."

Thank you for getting back on here so quick. It's appreciated. When you are already sinking for the second time you don't need a push for the third dunk.

I'm almost afraid to say this for fear of it happening...but Chase still hasn't raised my 2 cards from the 2% to the 5% of minimum. That would be the final push/going down for the 3rd time. Just can't take anymore.

Thank you

**Nishu** · 09-22-2009, 09:42 AM

Niko, you know about the laws taking affect in Feb, right? Sorry if this is old news to you.

https://www.usaa.com/inet/ent_blogs/...the_new_credit

**nodmicks** · 09-22-2009, 09:59 AM

Originally Posted by Nishu

Niko, you know about the laws taking affect in Feb, right? Sorry if this is old news to you.

https://www.usaa.com/inet/ent_blogs/...the_new_credit

It this it then? The final version? I don't think that looks terrible personally.

**Nishu** · 09-22-2009, 10:36 AM

Originally Posted by nodmicks

It this it then? The final version? I don't think that looks terrible personally.

That's it, whatever it is. I don't know anything about floating... It's designed for consumer protection. I'm pretty excited about it, myself.

**Greebo** · 09-22-2009, 10:40 AM

Float in this context is, I think, the amount of time between when you make a charge and when they start applying interest.

**Greebo** · 09-22-2009, 10:44 AM

Hmm. Or maybe its the amount of time between when they mail statements and when the payment is due...

*sigh* I dunno for sure.

**nodmicks** · 09-22-2009, 10:45 AM

Originally Posted by Greebo

Float in this context is, I think, the amount of time between when you make a charge and when they start applying interest.

Yep~ so Sunday I put a $600 freezer on my Discover card. It showed up on my account online today so I paid it off.

If what I heard on the radio is true they were trying to pass it so I would be charged interest for the two days the $600 was actually on the credit card instead of the usual grace period.

PRESTON~ I just took a closer look at your signature! Way to go and big kuddos to you!!!!! You are giving your family a great

**itlw8** · 09-22-2009, 10:48 AM

The reason they closed your account is because as you closed all those credit cards your fico score dropped. Most likely because now your debt to credit ratio is not good.

You owe more than 30% of your available credit.

Too late now but if you would have left open a few of tthose cards that had no annual fees and just not used them your ratio would have been better and they would have left you alone

having credit is not bad USING it is where we get into trouble.

BUT let me say many of us can not have credit and not use it so canceling the account is wise.

I cut up the card but left the account open.