Tom Capone
Level 2 Member
I just had all four of my BofA credit cards closed. Sounds like it was caused by a combination of AGC orders, payments with multiple debit cards and my recent AOR.
· Fidelity AmEx – I’ve had this card for years. Spent $78K YTD on AGC’s, $38K in May/June timeframe with a few other purchases sprinkled in. Have been paying with multiple TMobile cards, $950 at a time, 3-4x per week.
· BofA Cash Rewards – have had for a few years. Very little activity, spent $1.5K at grocery last quarter
· BofA Travel Rewards – opened last month. Spent $8K including funding some bank accounts.
· Alaska Airlines – opened last month, haven’t used yet.
I have BofA Platinum Preferred status. I Recently did an AOR with 12 applications including the 2 BofA cards above. Ten new accounts including BofA. Credit score typically above 800, but obviously took a big hit after that round of apps.
I called and spoke with a credit analyst. The analyst started inquiring about why I would purchase $38K in AGC’s. I told him I use them to pay for college and parent’s nursing home expenses (just made it up on the fly). He also mentioned that I had been making payments with multiple debit cards and asked if they were all mine. I said yes (they are in family members names – I don’t think they can tell whose name is on the card). He also mention that they periodically review credit reports and determined that I had “sufficient credit available” and therefore decided to close my accounts.
I spoke to a supervisor, who confirmed the above. I asked her if there was a problem with paying my account with multiple debit cards or purchasing AGCs. She said no, but they periodically review accounts for activity that is not consistent with a consumer credit card account.
She also told me that there is a process to reopen my accounts which would require a hard inquiry and proof of income. I plan to do this after I pay down some of my credit cards bills. She said there is no specific timeframe for doing this. She gladly agreed to refund my Alaska annual fee (will see if that happens) and gave me her direct line for when I decide to apply to reopen the accounts.
I suspect I will forfeit any rewards for the current period (my travel rewards closes today), but I believe I was able to get my Fidelity points (>$1,100) applied to my Fidelity account – the transfer looked to be successful online.
· Fidelity AmEx – I’ve had this card for years. Spent $78K YTD on AGC’s, $38K in May/June timeframe with a few other purchases sprinkled in. Have been paying with multiple TMobile cards, $950 at a time, 3-4x per week.
· BofA Cash Rewards – have had for a few years. Very little activity, spent $1.5K at grocery last quarter
· BofA Travel Rewards – opened last month. Spent $8K including funding some bank accounts.
· Alaska Airlines – opened last month, haven’t used yet.
I have BofA Platinum Preferred status. I Recently did an AOR with 12 applications including the 2 BofA cards above. Ten new accounts including BofA. Credit score typically above 800, but obviously took a big hit after that round of apps.
I called and spoke with a credit analyst. The analyst started inquiring about why I would purchase $38K in AGC’s. I told him I use them to pay for college and parent’s nursing home expenses (just made it up on the fly). He also mentioned that I had been making payments with multiple debit cards and asked if they were all mine. I said yes (they are in family members names – I don’t think they can tell whose name is on the card). He also mention that they periodically review credit reports and determined that I had “sufficient credit available” and therefore decided to close my accounts.
I spoke to a supervisor, who confirmed the above. I asked her if there was a problem with paying my account with multiple debit cards or purchasing AGCs. She said no, but they periodically review accounts for activity that is not consistent with a consumer credit card account.
She also told me that there is a process to reopen my accounts which would require a hard inquiry and proof of income. I plan to do this after I pay down some of my credit cards bills. She said there is no specific timeframe for doing this. She gladly agreed to refund my Alaska annual fee (will see if that happens) and gave me her direct line for when I decide to apply to reopen the accounts.
I suspect I will forfeit any rewards for the current period (my travel rewards closes today), but I believe I was able to get my Fidelity points (>$1,100) applied to my Fidelity account – the transfer looked to be successful online.