Bank of America Situation...

[kenchimato]

I just had an interesting Bank of America experience, and was curious what everyone may think of this:

I have had an open line of credit with BOA for several years, and the original line was for 26K. Last January I called to see if this line could be increased, and at that time the representative stated that there was a public record (a lein) on my account and that I was denied. This representative then explained that BOA was lowering this line of credit to 13K, which was around the balance at that time.

The public record showing on my CR was a mistake, and I have since had it removed. In fact this situation was what originally prompted me to start working on my credit reports in the first place. In the year since this even took place, I have repaired my reports and have consistent FAKOs of around 730 - 750.

Anyway, I called BOA today at 800-892-8349 asked if I could lower my interest rate, and the rep denied me. I then asked to increase the credit line back to the original amount. (Since last January, I have paid almost the entire balance down, and only owe about $700.00 on the now $13K line of credit).

The rep I spoke with denied the increase, and then denied another request to lower my interest rate. The reason given was that there were too many delinqencies on my CR. BUT THERE ARE NONE--I have all 3 in front of me, complete with all payment histories. I told the rep this and he just kept repeating that the reports they had in front of them showed many delinquencies.

I asked to speak with a supervisor and was transferred to a Sr. Accounts Manager. This Mgr told me the same reason for denial, and then further told me that they were closing the line of credit and that if I had a problem to take it up with the credit bureaus. I asked her to send me the typical letter explaining why I was denied, and she told me that she wasn't sending me anything. I asked why and she stated that it was because they were a "third party" and didn't have to do so. I asked to speak to her supervisor to find out where the misunderstanding was and she told me that she couldn't talk to me anymore and hung up.

My scores are high.

My debt to income ratio is excellent.

I have no delinquencies on my reports.

All 3 reports are excellent!

What is going on here, and has anyone else experienced this?

[CleverCynic]

Bizarre. Pull new reports and look at the soft pulls and see if they've pulled it recently or are looking at old versions.

Also in some cases they can pull reports with longer than 7 years, or see things that were there and have been removed.

Also there are other smaller report sources such as Lexus-nexus.

They may also be referring to your track record specifically with them, like 15 day lates and such that wouldn't have made it to the reports.

That's it, I'm out of ideas.

[kenchimato]

The weird thing is, I check the payment history with their company and it's flawless. Not one payment even one day late. And I don't remember any delinqencies ever listed even going back 7. There were several errors on the report but nothing like that.

I just looked at the November 2007 hard copies that I have of the 3 reports, and the only one showing BOA inquiries at all is TransUnion, where I have my highest score. They have been soft-pulling inquiries every month for all of 2007, including November. I had my reports cleaned up by then.

[isislc]

Interesting, I had problems too that they actually closed my account but after they saw the evidence my account was reinstated. I'm surprised that they didn't do anything. But then again, I saw a recent vote on "Worst Customer Service" and BoA was up there on the list. Sorry that happened to ya.

[CleverCynic]

Can't you go to your branch and have a sit-down with the loan officer manager, reports in hand?

[kenchimato]

I guess I could drop by one of their locations, there is one near me, but if they are going to be like this I am not so sure I want to.

For an experiment, I just called another company that I have a credit line with, and a third company that I have a credit card with, and both lowered my interest rates and upped my limits within seconds.

This just doesn't make any sense.

[kenchimato]

I wonder what in the world this Mgr could have meant when she said that BOA was a "third party" in all of this?

It was almost like they were trying to say anything they could to get me off the phone.

[kenchimato]

I think I see what is going on here.

I have now called 4 creditors where I have either credit lines or cards--all 4 have increased my limit and decreased my rates within seconds.

Bank of America must just be trying to drop me. Period. They want to get rid of the credit line and are saying whatever to get me off the phone.

But why would the jerks want to do that?

[CleverCynic]

I think they got their reports crossed or something. They are still granting credit lines as usual.

[kenchimato]

Okay, so more BOA madness today.

I updated my reports through TrueCredit and Bank of America reported to Experian yesterday that this account "has been closed due to inactivity".

Quite a different reason than the ones they gave me. Does anyone know if reporting an account this way will hurt me at all?

Go figure.

[CleverCynic]

I am just bewildered.

Go choke the loan officer.

[brokeinok]

I say go to the local branch and lay this all out for them, find the names of the corporate honchos at BOA and send them a letter, file a complaint with the BBB, and make sure they know they lost a good customer.... you could further rub it in that the other companies have all readily agreed to your requests.