Credit Card switched from One bank to BoA [Archive] - Glock Talk

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HalfHazzard
10-13-2012, 14:23
So my credit card switched from whoever it was to Bank of America. Should I keep it or cancel it?

sierrafast
10-13-2012, 14:35
So my credit card switched from whoever it was to Bank of America. Should I keep it or cancel it?

Cancel it even if the terms are the same.

michael e
10-13-2012, 14:43
Cancel. BOA will try and screw you. I cancled them last year when the wanted to charge me annule fee because I didn't use the card.

pipedreams
10-13-2012, 14:45
Just my opinion but I would not have anything to do with BOA.

Gregg702
10-13-2012, 14:54
BofA closed all of my families business and personal accounts a few years ago, for no(given) reason. That included my Bass Pro Shop Visa rewards card. It shows as "Closed at the request of consumer" on my credit report, but that is a big lie.

NIB
10-13-2012, 14:56
Cancel. BOA will try and screw you. I cancled them last year when the wanted to charge me annule fee because I didn't use the card.

^^This!!^^

I already had a credit card from BOA but they sent me a second one for no reason. Never activated it and then one day I started getting statements for that card. Turns out they automatically activated it for me and charged me the annual fee for the card plus interests!!!

:steamed:

HalfHazzard
10-13-2012, 15:20
It shows as "Closed at the request of consumer" on my credit report, but that is a big lie.

Ok, tingly spider sense with regard to BoA was correct.

If I cancel the account, will it reflect poorly on my credit report report? I've got a relatively good score right now, and I've had that account for 7+ years. I'd probably replace the card with one from another bank I trust.

harlenm
10-13-2012, 15:24
BofA customer here for 10+ years. Never had any issues. Enough with the hate here, they are no worse than any of the other mega banks.

Gregg702
10-13-2012, 15:57
Ok, tingly spider sense with regard to BoA was correct.

If I cancel the account, will it reflect poorly on my credit report report? I've got a relatively good score right now, and I've had that account for 7+ years. I'd probably replace the card with one from another bank I trust.

It shouldn't hurt it too badly, as long as you have other accounts with over 12 months of credit history on them.

CitizenOfDreams
10-13-2012, 17:41
I'm probably the only person on GlockTalk who hasn't had any problems with BoA. I have been with BoA for 5 years; never had them do anything wrong to my checking account, savings account or credit card.

P.S. Looks like there are two of us - me and harlenm.

papercidal
10-13-2012, 19:27
I've made BoA buy my last three guns with cashback bonuses on new cards after which I never carry a balance and usually close them out. I would feel bad but it gives me satisfaction to Let them buy me guns considering their anti gun policies

davew83
10-13-2012, 19:30
i'm probably the only person on glocktalk who hasn't had any problems with boa. I have been with boa for 5 years; never had them do anything wrong to my checking account, savings account or credit card.

P.s. Looks like there are two of us - me and harlenm.

<---- 3

RenoF250
10-13-2012, 19:33
Ok, tingly spider sense with regard to BoA was correct.

If I cancel the account, will it reflect poorly on my credit report report? I've got a relatively good score right now, and I've had that account for 7+ years. I'd probably replace the card with one from another bank I trust.

As long as it is closed in good standing I don't think it has any negative affect at all.

I have some cards that have gone BOA and the only negative thing has been the constant junk mail. The send check about every week.

gjk5
10-13-2012, 19:38
as long as you have other accounts with a history of similar length and use you will be fine.


I work in the mortgage banking industry, HATE BofA. Ironically the loan from the purchase of my current home was bundled and sold to the bastards. I am not happy.

BofA, CITI and Wells are all sleazy bottom feeders.

Sgt. Schultz
10-13-2012, 20:49
I'm probably the only person on GlockTalk who hasn't had any problems with BoA. I have been with BoA for 5 years; never had them do anything wrong to my checking account, savings account or credit card.

P.S. Looks like there are two of us - me and harlenm.

<---- 3

Add me to the list ... checking, savings and credit cards (wife has one as well) with BofA for over 15 years ... no fees, no problems, no complaints.

rednoved
10-13-2012, 20:57
I've been with BOA for 11 years with no problems. They have been great for me. Checking, savings, and credit cards. I guess put me in the odd group?

amazon
10-13-2012, 21:36
I don't know about closing...just be prepared for a hit. I paid one off, closed it a month later, then took a 70 point hit. My score is slowly coming back up, but that was a big WTF.

686Owner
10-13-2012, 21:41
Your credit score will probably take a small hit, but there are many factors. If you have 2 credit cards and you close one, and have a balance on the other, then your debt to available credit ratio just doubled. That's bad.

If you already had 15 credit cards and too much available credit, then you just lowered it, which is good.

I would just keep it unless you have a reason not to.

hockeyrcks9901
10-14-2012, 08:00
I would have my finger on the eject button but I would not be pressing it until they do something to deserve it.

One of my wife's cards got switched to BoA and it hasn't been a problem yet, but we keep a close eye on it.




On a side note, I just want to remind everyone to closely check their statements for every card that they use...I routinely find double charges in my statements, an average of twice per year. My bank is very quick to fix it but it's something you have to keep an eye out for! I think I've saved around $50 in the 6 years I've had a credit card just on double charges.

2-8 Marine
10-14-2012, 08:09
I'm probably the only person on GlockTalk who hasn't had any problems with BoA. I have been with BoA for 5 years; never had them do anything wrong to my checking account, savings account or credit card.

P.S. Looks like there are two of us - me and harlenm.

Our old bank credit card went BOA a few years ago and although we don't particularly like BOA, we've had no difficulties with them. Of course, we use the card on a regular monthly basis but pay off any debt at the end of that monthly period. We've NEVER paid them a penny in fees or intrest and don't ever intend to.

podwich
10-14-2012, 11:27
Ok, tingly spider sense with regard to BoA was correct.

If I cancel the account, will it reflect poorly on my credit report report? I've got a relatively good score right now, and I've had that account for 7+ years. I'd probably replace the card with one from another bank I trust.

It reduces your unutilized unsecured credit, making your percent used go up, giving your credit rating a hit.

Opening a new card would also give your credit rating a hit, though probably short-lived.

Those two things would be something to consider if you're planning on opening a new credit account in the near future (car, house, whatever). Otherwise, it probably won't matter much.

Z71bill
10-14-2012, 11:48
Been a BOA customer since 1980 - only one small issue - I used an ATM - it did not give me cash but charged my account for $400 as if they had --

Took 2 phone calls to straighten it out -

Many large banks do not want small balance - checking only customers. They lose money on them.

So they treat them like crap - charge them out the butt - and will either make money from high fees or get them to leave.

nursetim
10-14-2012, 12:36
Funny, I just got a fat check from boa for doing my regular stuff. They lose money with me. They charge me 69$ a year, bfd, I get 1200$ back from them, so as far as I can see, we get the better part of the deal.

RWBlue
10-14-2012, 12:51
BofA customer here for 10+ years. Never had any issues. Enough with the hate here, they are no worse than any of the other mega banks.

Been with them for a couple years for my normal banking. My mortgage was moved to them also.

Additionally, I use to work for JPMC which many people here on GT hate.

Here are the rule.
1. Pay off your card at the end of the month.
2. Have two credit cards with two separate organizations (not the same as your bank).
3. Don't use your debit card.
4. Don't put all your money in one place.

c6601a
10-14-2012, 13:46
BofA customer since 1995. About 10 years ago they acquired a second card that used to belong to another bank. Both are open and have a 6 figure limit between them. Never a problem, never a reduction in credit line.

Keep the card open and keep a close eye on things, something you should be doing anyway with all cards and all banks.

c6601a
10-14-2012, 13:52
It shows as "Closed at the request of consumer" on my credit report, but that is a big lie. What a bunch of liars. It should have truthfully said "Account closed because we think this consumer is a bad risk" Would that have made you happier? :rofl:

Hint: They did you a favor by putting the reason that is most favorable to you.

Gregg702
10-14-2012, 15:40
What a bunch of liars. It should have truthfully said "Account closed because we think this consumer is a bad risk" Would that have made you happier? :rofl:

Hint: They did you a favor by putting the reason that is most favorable to you.

I am not a bad risk. They closed it for no reason. I have never been late with a payment on any of my cards, or any other payments I need to make.

c6601a
10-14-2012, 16:07
I am not a bad risk. They closed it for no reason.Banks are in the business of making money. They are not going to go closing accounts for no reason. Someone at the bank saw something in your profile that gave them a good reason to dump you before you cost them money. The "facts" they used to make that decision may not have been accurate, or they may have interpreted them incorrectly, bit whatever the case, they had a good business reason for their decision.

Keep in mind you "profile" not only includes your credit report but what type of work you do, where you shop, what type of things you buy and any changes in those. If a customer who normally shops at Macy's and eats out at an expensive place once a week all of a sudden stops eating out and starts frequenting Wallmart, the credit card company whose card all that activity is on is going to take notice. They will see it as the customer knows something that they do not know and because of it they will cut credit lines.

Similarly, if you charge $200 in gas a week for a year and then it drops down to $50 a month, they will wonder if you are no longer commuting to work. If that is accompanied by other signs of cutting back, you will see a major reduction in your credit limit. All of this falls under the heading of "Data Mining"

Sadly, your attitude of "There is noting wrong with me, The Man is just trying to keep me down" puts you in the infamous 47%