Complaint Review: Bank of America- Visa - Charlotte North Carolina

Be careful of being too unconcerned about your lines of credit being closed or lowered due to inactivity, especially if you currently have outstanding balances on secured lines of credit or carry unsecured debt balances. As your available credit (what you can borrow) narrows and approaches what you owe (outstanding balance), your credit score will take a beating, even if you pay your bills on time. All of the credit card companies are reducing the amounts available in order to make their own financials more attractive and to lower potential risk. But as the gap of availability closes, the borrower becomes a more riskier prospect as what you owe edges closer to the maximum available to you. For example: You owe $2300 on an account with a limit of $6000. = Good, low risk consumer. You owe $2300 on an accont with a new limit of $2350. = Bad, high risk consumer. As your FICO score decreases you will have a more difficult time obtaining credit and you will pay higher interest rates on the loans you are able to secure. So if you have a line of credit suddenly decreased for no apparent reason, call the bank and find out why they lowered it. Unfortunately, if your FICO score is lowered there is not much you'll be able to do except increase the availability gap by paying down more of your debts.

Be careful of being too unconcerned about your lines of credit being closed or lowered due to inactivity, especially if you currently have outstanding balances on secured lines of credit or carry unsecured debt balances. As your available credit (what you can borrow) narrows and approaches what you owe (outstanding balance), your credit score will take a beating, even if you pay your bills on time. All of the credit card companies are reducing the amounts available in order to make their own financials more attractive and to lower potential risk. But as the gap of availability closes, the borrower becomes a more riskier prospect as what you owe edges closer to the maximum available to you. For example: You owe $2300 on an account with a limit of $6000. = Good, low risk consumer. You owe $2300 on an accont with a new limit of $2350. = Bad, high risk consumer. As your FICO score decreases you will have a more difficult time obtaining credit and you will pay higher interest rates on the loans you are able to secure. So if you have a line of credit suddenly decreased for no apparent reason, call the bank and find out why they lowered it. Unfortunately, if your FICO score is lowered there is not much you'll be able to do except increase the availability gap by paying down more of your debts.

Be careful of being too unconcerned about your lines of credit being closed or lowered due to inactivity, especially if you currently have outstanding balances on secured lines of credit or carry unsecured debt balances. As your available credit (what you can borrow) narrows and approaches what you owe (outstanding balance), your credit score will take a beating, even if you pay your bills on time. All of the credit card companies are reducing the amounts available in order to make their own financials more attractive and to lower potential risk. But as the gap of availability closes, the borrower becomes a more riskier prospect as what you owe edges closer to the maximum available to you. For example: You owe $2300 on an account with a limit of $6000. = Good, low risk consumer. You owe $2300 on an accont with a new limit of $2350. = Bad, high risk consumer. As your FICO score decreases you will have a more difficult time obtaining credit and you will pay higher interest rates on the loans you are able to secure. So if you have a line of credit suddenly decreased for no apparent reason, call the bank and find out why they lowered it. Unfortunately, if your FICO score is lowered there is not much you'll be able to do except increase the availability gap by paying down more of your debts.

Be careful of being too unconcerned about your lines of credit being closed or lowered due to inactivity, especially if you currently have outstanding balances on secured lines of credit or carry unsecured debt balances. As your available credit (what you can borrow) narrows and approaches what you owe (outstanding balance), your credit score will take a beating, even if you pay your bills on time. All of the credit card companies are reducing the amounts available in order to make their own financials more attractive and to lower potential risk. But as the gap of availability closes, the borrower becomes a more riskier prospect as what you owe edges closer to the maximum available to you. For example: You owe $2300 on an account with a limit of $6000. = Good, low risk consumer. You owe $2300 on an accont with a new limit of $2350. = Bad, high risk consumer. As your FICO score decreases you will have a more difficult time obtaining credit and you will pay higher interest rates on the loans you are able to secure. So if you have a line of credit suddenly decreased for no apparent reason, call the bank and find out why they lowered it. Unfortunately, if your FICO score is lowered there is not much you'll be able to do except increase the availability gap by paying down more of your debts.

I had about 4 credit cards closed for non-use in the last few months between my hubby and I. Despite what everyone here is saying about "you must have received notification" I can pretty much promise that she's telling the truth. I didn't receive notification on any of the 4 cards and I open EVERY piece of mail I get because I shred all mail that has any personal info. and anything that doesn't gets opened and recycled. However, after about 2 months of one of the cards being closed we finally got notice from WAMU that my hubby's card had been closed, but I already knew about it because I use Quicken and it updates my stuff automatically and all-of-a-sudden I couldn't sign on to his account anymore. I asked the credit card companies why I wasn't told it was closed and they said they didn't have to tell me. No big deal really, they were cards I didn't use anymore...but like the OP I woulda liked to have been notified just in case I went to use them for some reason (although I wasn't using them because they were the cards that liked to screw around with my interest rate for no reason and I have a credit score of 818 so it made no sense).

But this isn't anything new. Banks have been doing this for decades. Remember that a bank isn't obligated to keep a credit card account open if it isn't generating any income. Is it possible that you received a notification and tossed it away thinking it might be junk mail?

YES IT IS THE ECONOMIC CRISIS and this has been reported as happening across the board. NOT JUST BofA. You have not used the card so they closed it - GET OVER IT!

A lot of credit card companies are closing accounts or lowering available balances to protect them from people who will not pay their bills as promised. You had not used your account in a year (acccording to you) so they had every right to close your account. And you WERE notified... you need to read your mail.