Bank of America just trashed my GF's credit score

[wiredspider]

Haha... So they cut her limit in half then she went to inquire about, so they cut it down by 80%?

 

[imported_Imp]

I've been a perfect CC holder, only have 2 cards (plus 1 department store), and they've never touched my limit. Glad too since I never approach it, and don't need that much.

 

[imported_Lothar]

Originally posted by: IcebergSlim
Bank of America's primary objective is to screw you as much as possible as frequently as possible for their financial gain.

Do not support Bank of America. close out the account.

Bank of america sucks.

And how is that different from any other bank?
Do you keep your money under your mattress?

 

[waggy]

Originally posted by: ivan2
hey torpid, ever bought a car with that credit card before? will the car dealers take them?

yes you can use a CC to buy a car.

 

[SagaLore]

Originally posted by: torpid
Advice?? Anything else she can do? Is this just a sign of the times?

Call, the cc department and ask to speak to a manager.

Then call back again, but ask to speak to their legal department.

Write them a letter, summarizing what her limit used to be, her typical balance, her rates, her score, etc. and what was said in her recent call, and what the outcome was.

Then report them to BBB.

 

[SagaLore]

Originally posted by: SunnyD
What does she NEED a $50k credit line for? Other than to ruin her life financially. Seriously, if you plan on going out and using that much credit, and can't afford to pay it off the next month, then you don't deserve a credit card. Sorry, I'm with the bank on this one.

It has nothing to do with her needing or not needing $50k available. The fact it got lowered for no reason, is what is hurting her score. He never said she maintained a 50k balance.

 

[spidey07]

Originally posted by: SagaLore

Originally posted by: SunnyD
What does she NEED a $50k credit line for? Other than to ruin her life financially. Seriously, if you plan on going out and using that much credit, and can't afford to pay it off the next month, then you don't deserve a credit card. Sorry, I'm with the bank on this one.

It has nothing to do with her needing or not needing $50k available. The fact it got lowered for no reason, is what is hurting her score. He never said she maintained a 50k balance.

"Terms of agreement are subject to change at any time for any reason"

If people bothered to read the fine print it is all right there. Bank did nothing wrong and completely within their power and RIGHT to do so.

 

[IceBergSLiM]

Originally posted by: Lothar

Originally posted by: IcebergSlim
Bank of America's primary objective is to screw you as much as possible as frequently as possible for their financial gain.

Do not support Bank of America. close out the account.

Bank of america sucks.

And how is that different from any other bank?
Do you keep your money under your mattress?

local banks/credit unions.

 

[Lepard]

Originally posted by: spidey07

Originally posted by: SagaLore

Originally posted by: SunnyD
What does she NEED a $50k credit line for? Other than to ruin her life financially. Seriously, if you plan on going out and using that much credit, and can't afford to pay it off the next month, then you don't deserve a credit card. Sorry, I'm with the bank on this one.

It has nothing to do with her needing or not needing $50k available. The fact it got lowered for no reason, is what is hurting her score. He never said she maintained a 50k balance.

"Terms of agreement are subject to change at any time for any reason"

If people bothered to read the fine print it is all right there. Bank did nothing wrong and completely within their power and RIGHT to do so.

Adding to that... her income, which she reported, went down as well.

 

[Pantoot]

Originally posted by: Lepard

Originally posted by: spidey07

Originally posted by: SagaLore

Originally posted by: SunnyD
What does she NEED a $50k credit line for? Other than to ruin her life financially. Seriously, if you plan on going out and using that much credit, and can't afford to pay it off the next month, then you don't deserve a credit card. Sorry, I'm with the bank on this one.

It has nothing to do with her needing or not needing $50k available. The fact it got lowered for no reason, is what is hurting her score. He never said she maintained a 50k balance.

"Terms of agreement are subject to change at any time for any reason"

If people bothered to read the fine print it is all right there. Bank did nothing wrong and completely within their power and RIGHT to do so.

Adding to that... her income, which she reported, went down as well.

Quick, call the BBB for this injustice!

 

[SunnyD]

Originally posted by: SagaLore

Originally posted by: SunnyD
What does she NEED a $50k credit line for? Other than to ruin her life financially. Seriously, if you plan on going out and using that much credit, and can't afford to pay it off the next month, then you don't deserve a credit card. Sorry, I'm with the bank on this one.

It has nothing to do with her needing or not needing $50k available. The fact it got lowered for no reason, is what is hurting her score. He never said she maintained a 50k balance.

There obviously is a reason. Look at the reaction to her increase request:

After the questions, because of her reduced income, they lowered it to $5,000.

As was said, the bank simply looked at their customer, likely saw that the credit line wasn't utilized, looked at the risk of what could happen given the current circumstances for the customer, and determined there was far too much risk exposure. It really is that simple. A line of credit isn't a right, it's giving someone the benefit of the doubt based on certain criteria.

Now as far as credit scores go, what really pisses me off is when your credit score takes a hit because a company closes an account which is in good standing, which negatively affects a credit score. That's plain bullshit.

 

[CRXican]

The mere thought of reporting motherfking BofA to the BBB is quite possibly the funniest thing I've heard in a long, long time.

That'll take em down a notch!

BIGGEST IN AMERICA. LMFAO!!!!!

 

[KentState]

Originally posted by: halik

Originally posted by: Zombie
this might sound like a flame but both you and your gf are stupid for requesting the limit to be 50k when your income has gone down.

I don't understand why you need that much credit when you don't have the means to pay.

/facepalm

BECAUSE IT INCREASES YOUR CREDIT SCORE
Utilization goes down, credit score goes up. Seriously if you don't know what you're talking about, just don't.

If she doesn't have a balance on her BoA card, then utilization will remain the same. $0 out of $50k and $0 out of $10k is still 0% utilization. We need to know the amount of revolving debt in total to make a statement so either of you could be right.

 

[Mardeth]

Originally posted by: mugs

If you think he intentionally lied to trick your girlfriend into getting a lower limit, I have to ask why you think he'd do that. It's not his job to lower people's limits.

Exactly what I was thinking. The rep doesnt get anything ( I assume) from getting info required to lower credit. He wouldnt risk lying for nothing. Probably misunderstood or just didnt think it through. Besides they didnt take anything that was yours...

 

[IEC]

Originally posted by: Chryso

Originally posted by: JDub02
$50k limit on a CC? :Q Who needs that much credit on a month to month basis?

I think CC companies are absolutely right to limit credit to what they think a person can pay back.

:thumbsup:

:thumbsup::thumbsup:

 

[Gothgar]

close the account... that might be less bad than having the limit reduced so much

 

[NesuD]

Originally posted by: kranky
Short answer: there's nothing she can do. They can do whatever they want and her account agreement points that out. It's a shame the rep lied to her that nothing bad could happen, though.

In today's environment, you do not ask for a review or an increase unless your income supports it. What happened to her is happening to many, many people. So yes, it's a sign of the times.

How do you know exactly what the impact was on her score? It may not be the dire problem you think it is.

And 760 is all the credit score you need. 800 doesn't do a single thing that 760 doesn't do.

kranky has it right. Anything above 740 is considered Premier and that is as good as it gets. 741 and 800 mean essentially the same thing in the credit score world. even with a 5k limit she should be able to get it back in the 800 neighborhood in a few months as long as she pays off charges in full every month thus keepint her available capacity percentage at 100 percent. Wifey runs a credit union. She teaches classes on how to build and maintain a good credit score. The trick with credit cards is capacity.

 

[Born2bwire]

Originally posted by: halik

Originally posted by: Zombie
this might sound like a flame but both you and your gf are stupid for requesting the limit to be 50k when your income has gone down.

I don't understand why you need that much credit when you don't have the means to pay.

/facepalm

BECAUSE IT INCREASES YOUR CREDIT SCORE
Utilization goes down, credit score goes up. Seriously if you don't know what you're talking about, just don't.

Well then fuck you! The bank doesn't need to nor should they be handing out credit like that. Hell, when I applied for a credit card here, I had to show a copy of my employment contract and a copy of my monthly pay stub to establish my income and employment. In the end, I got a limit just shy of my monthly income (and I have graduate degree and pretty much bulletproof employment at University where the bank was located). In the US, I remember getting a Citi Bank card by doing nothing more than filing in a form I got off of their website. I would much prefer bank to try and be more reasonable in the issuance of credit these days.

 

[Viper GTS]

Not much you can do here. You should have taken the $25K and kept your mouth shut, now is NOT the time to draw attention to yourself & your high limits. Particularly if you've gone back to school & have no real income.

While it's hard to remember when you're pissed off the CC vendors don't owe you anything. They can increase, reduce, cancel, etc. your account any time they want for any reason they want. In this economy it's a wonder they only cut her to $25K initially.

Viper GTS

 

[IHateMyJob2004]

YOu think 800+ is required to buy a house with good credit. Your an idiot. Jsut pay your damned bills on time. GOD, people on these forums have no clue how the home buying process works.

As for your reduced limit, what the fuck do you need a $50K limit for when you are a full time student and have no income.

People love it when companies lend irresponsibly. Bitch when things go to hell because of that irresponsibility. And then when they fix things, more bitching. GROW UP.

 

[IHateMyJob2004]

Originally posted by: halik

Originally posted by: Zombie
this might sound like a flame but both you and your gf are stupid for requesting the limit to be 50k when your income has gone down.

I don't understand why you need that much credit when you don't have the means to pay.

/facepalm

BECAUSE IT INCREASES YOUR CREDIT SCORE
Utilization goes down, credit score goes up. Seriously if you don't know what you're talking about, just don't.

Why do people care if they have a 750 or 800 credit score? It does not matter. It's the same damned number to a lender.

 

[JMapleton]

Originally posted by: SunnyD
What does she NEED a $50k credit line for? Other than to ruin her life financially. Seriously, if you plan on going out and using that much credit, and can't afford to pay it off the next month, then you don't deserve a credit card. Sorry, I'm with the bank on this one.

Part of your credit score is determined by how much credit you have relative to how much you owe. If you owe $1,000 and have available credit of $50k it's better than owing $1,000 with available credit of $25k.

 

[Capt Caveman]

Originally posted by: IHateMyJob2004

Originally posted by: halik

Originally posted by: Zombie
this might sound like a flame but both you and your gf are stupid for requesting the limit to be 50k when your income has gone down.

I don't understand why you need that much credit when you don't have the means to pay.

/facepalm

BECAUSE IT INCREASES YOUR CREDIT SCORE
Utilization goes down, credit score goes up. Seriously if you don't know what you're talking about, just don't.

Why do people care if they have a 750 or 800 credit score? It does not matter. It's the same damned number to a lender.

It actually depends on the bank. Some will require 720, 740, 750 or even 775 to qualify for their best rates.

 

[Itchrelief]

Originally posted by: IHateMyJob2004

Why do people care if they have a 750 or 800 credit score? It does not matter. It's the same damned number to a lender.

Because your epeen grows in size commensurate with your credit score.

There seems to be a preoccupation with credit score, perhaps beyond the score's true significance.

 

[AlienCraft]

Originally posted by: oldsmoboat
Pics of girlfriend?

:roll:
Seriously, folks, we need to have a word here.... There's no good reason to have to scroll half way down the first page before the requiste :camera:'s is called for. GEZ LOU EEZ?! It's a fricken unwritten rule for the love of peter paul and mary. /old coach
















:laugh:


to the OP: you're hosed. Suck it up with the rest of us.