Can Bank of America Do This? (New Credit Card Issue)

[ZphisticatedLady]

I got a call from BOA about 2 weeks ago asking if I was interested in their Worldpoints Visa card. They told me that I had already been approved for a 4k limit and they just wanted to know if I was interested. I currently have 2 secured cards from college that I am trying to close and get rid of (cause the monthly fees are stupid to keep the card), but I told them that I was interested in getting info about the card.

I asked her if my credit would be ran and she said no, not unless you activate the card. So I said okay, send me the card. She said okay, let's verify your contact information and I I verified it with her over the phone. I asked her again if this card would show upon my credit and she said no, not unless you activate the card. So I said okay fine and then we hung up.

I get an e-mail from TrueCredit a week later because a BRAND NEW account has appeared on all 3 of my credit reports. Sure enough...BOA/MBNA is now appearing on all 3 CRA's with a 4k limit/0 balance. So I call up BOA asking what the heck is going on?? They transfer me a few times and I finally talk to a credit card person and tell them that I did not authorize BOA to run my credit and post a card that I have yet to receive on my credit report. After a few apologies, they told me I could close the account if I wanted.

So I ask will they wipe the account from my credit report and they said no, it will just appear as closed by consumer request. WTH?? I got upset and told them that I did not give permission to run my credit nor did I fill out any credit application with BOA to initiate even receiving this card. I only got a phone call saying I was a valued BOA account holder and that they wanted to send me the card and that I could activate if I wanted it, if not then just call and let them know.

So now what do I? Do I keep the card? Do I fight to get the card off my CR?

It's a BOA Worldpoints VISA card with 0% for 6 months then it jumps to 17.99%. I don't want this! That rate is crazy. My TrueCredit Scores are 690 (TU), 689(EQ) and 641(EX).

Any ideas on what I can do to remedy this situation?

I want to close the 2 secured cards with BankFirst (they are the only credit cards I have, with limits only of $500). I had planned on getting a new credit card with a good rate when I was ready, but now I don't know whether to keep this BOA card or fight to get rid of it and find a better card. Should I go ahead and close the other 2 cards anyways? I've had them since 2000.

[LNY]

A card can appear on your reports as soon as you're approved. Is there an inquiry on your report?

Just keep the card. The $4k will help your utilization and the interest rate is irrelevant if you only use the card for small purchases and pay in full. Also, many of us would kill to have a prime bank like Bank of America "force" a $4k card on us!!

And why on EARTH would you want to close YOUR ONLY CARDS, cards with 6 years of history?! If you have spent even five minutes reading this forum, you know better than this.

[Recovering Attorney]

I'd pay off the two small cards with your new one to use the 0% for 6 months, then put them all in your sock drawer. Do not be quick to close them, even if you don't plan on usung them, as history and low utilization will help your scores stay high

[suki]

I'd pay off the two small cards with your new one to use the 0% for 6 months, then put them all in your sock drawer. Do not be quick to close them, even if you don't plan on usung them, as history and low utilization will help your scores stay high

Hi Recoverying Attorney,

If you pay the old 2 credits cards with a new credit card, is this a purchase or cash transition? And what is the policy for 0%, 6 months on purchase and cash transitions...?

Suki

[credit_junkie87]

Have you tried getting those secured cards converted to unsecured?

[LNY]

I was assuming they both had zero balances. OP, is this not the case?

And yes, do see about going unsecured first, if that bank offers graduation. After 6 years, there should be no reason they wouldn't. But even if they don't, I'd just leave the cards be for a while longer (unless you desperately need the money you have on deposit with them). They appear to be your only credit history.