Confirmation on this: BoA to close credit cards for approximately 60% of customers.. - PeachParts Mercedes-Benz Forum

EricSilver · #1 09-29-2008, 08:51 PM

Smells like BS, but if its not, then I am going shopping tomorrow...

Quote:

http://www.ireport.com/docs/DOC-97300

I work in Credit Department at BoA (Senior Level Credit Analysist Boa Bldg 3rd fl, Char, NC)..We just received memo indicating that all BoA credit cards are being closed as of 10/1. Credit score and income do not nmatter,,all accounts are closed as of 10/1. I'm sure this will be on Drudge within 2 days

= = = = = = = = =

This is true, but not as bad as he/she says. We are closing accounts, but only ones with credit scores under 750. We will reopen cards within a year as long as crisis lessens.

J.mcmanus / VP Credit Dept BOA

Botnst · #2 09-29-2008, 08:52 PM

Sounds like a fine idea. There's been too damned much easy credit floating around for about 30 years. People live off the dang things. Tens of thousands of dollars in debt.

Cut'em off.

Teach them how to SAVE.

B

EricSilver · #3 09-29-2008, 08:57 PM

Quote:

Originally Posted by Botnst

Sounds like a fine idea. There's been too damned much easy credit floating around for about 30 years. People live off the dang things. Tens of thousands of dollars in debt.

Cut'em off.

Teach them how to SAVE.

B

True, especially when people live beyond theirmeans, but like it or not, we are credit dependent to an extent.

Amazingly, I shred at least 5 credit card offers each week, so I hope it will now stop.

aklim · #4 09-29-2008, 09:33 PM

Quote:

Originally Posted by Botnst

Sounds like a fine idea. There's been too damned much easy credit floating around for about 30 years. People live off the dang things. Tens of thousands of dollars in debt.

Cut'em off.

Teach them how to SAVE.

B

How does cutting off credit teach them how to save? Lots of people have no credit but still do the same thing of bouncing checks till the banks cut off their checking accounts. Why do you think they have check cashing shops around?

iwrock · #5 09-29-2008, 09:37 PM

Bank of America?

GermanStar · #6 09-29-2008, 09:39 PM

Erm, I received a solicitation from B of A in the mail hawking credit cards this very day...

PaulC · #7 09-29-2008, 09:43 PM

Congratulations on your high credit score!

iwrock · #8 09-29-2008, 09:52 PM

I wouldnt call that credible.

http://newsfeedresearcher.com/data/articles_b36/idb2008.09.03.16.01.33.html

So, now he works for Wachovia? I am confused.

Botnst · #9 09-29-2008, 11:11 PM

Quote:

Originally Posted by aklim

How does cutting off credit teach them how to save? Lots of people have no credit but still do the same thing of bouncing checks till the banks cut off their checking accounts. Why do you think they have check cashing shops around?

You want that plasma TV and have no credit?

Skippy · #10 09-30-2008, 01:43 AM

There might be some truth to it. B of A used to handle all Government Travel Charge Cards for the U.S. government. They decided they didn't want that particular business anymore, so all our cards are being switched to a different bank. I could tell you which one, but I don't feel like sorting through my small mountain of paperwork right now.

Botnst · #11 09-30-2008, 07:38 AM

Quote:

Originally Posted by Skippy

There might be some truth to it. B of A used to handle all Government Travel Charge Cards for the U.S. government. They decided they didn't want that particular business anymore, so all our cards are being switched to a different bank. I could tell you which one, but I don't feel like sorting through my small mountain of paperwork right now.

Wachovia?

Kuan · #12 09-30-2008, 07:44 AM

Quote:

Originally Posted by Skippy

There might be some truth to it. B of A used to handle all Government Travel Charge Cards for the U.S. government. They decided they didn't want that particular business anymore, so all our cards are being switched to a different bank. I could tell you which one, but I don't feel like sorting through my small mountain of paperwork right now.

You work for the US Government? Takes you how long to sort through tons of paperwork to figure out one detail?

Just giving ya ***** pal.

Dee8go · #13 09-30-2008, 08:53 AM

I just shredded five or six credit cards I had signed up for to get the free interest for 24-36 months and then never used again. I use mine for most things, but I pay the balance off every month. If I didn't have any cards, I would spend a lot less.

For me it's just a matter of conveniece.

pawoSD · #14 09-30-2008, 09:20 AM

I only use my credit card (I have a few (3) all with low limits, but only use one, I'll probably cancel the others at some point) to make money off of them. I use a fuel rewards card, and pay off the balance on it every month. I save/make hundreds a year on fuel costs with it. In fact if someone in my family is going to make a big purchase, I will have them write me a check for it, then I buy it on my card for them. No loss to them, big gain for me. If the purchase is big enough I can walk away with $15 or more in free fuel rewards, just because the transaction took place.

I'd never use a credit card and carry a balance. I'd shred them all before I'd ever do that.

Pete Geither · #15 09-30-2008, 09:46 AM

Quote:

Originally Posted by Dee8go

I just shredded five or six credit cards I had signed up for to get the free interest for 24-36 months and then never used again. I use mine for most things, but I pay the balance off every month. If I didn't have any cards, I would spend a lot less.

For me it's just a matter of conveniece.

Tom, You might want to call those companies and get rid of them completely. As far as they know, you still hold them, and it will reflect on your "credit rating".