So far I've written a few diaries on Bank of America (BofA) and how they have changed my borrowing relationship with them. So I have new news today. I got a letter from them telling me that an account where I have a large line is being reduced by almost 50% of "my history" with the account.
More beneath the fold.
I used to carry balances on this account but wiped them out in a financial reorganization that I undertook last year. Since then I've only used the card once every two months for a small purchase to keep it active. There have been no charges and my credit score is well above the 700s.
What angers me here is that my credit score might suffer because of their actions. I know that credit scores are measured in terms of how much you owe versus what you have available. I owe about $7K on two cards, one of which is with BofA. (On the other card they wanted to hike the rate but I refused the change and will not be using the cards).
Other threads have indicated that this is what they want. Even though I have good credit their models have determined that I'm not worth the risk. And they want me to get the balance off their books as soon as possible. Yet this is the same account that they wanted me to do a balance transfer on.
What pisses me off is how BofA and other banks seem to be hurting and punishing their best customers. Maybe they have decided to go into super-low risk mode. But I just don't get why the credit card companies are going after people with good credit. I'd understand it more if I was late and never paid on time.