BoA to close credit cards for approximately 60% of customers?

[FRED]

BoA to close credit cards for approximately 60% of customers?

"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 matter, all accounts are closed as of 10/1." Executive VP Bank of America

"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

iReport Sept. 28, 2008

AntiSpin: We do not have independent confirmation but if true the event is significant – the number of credit card holders with scores under 750 is 60% percent of the population.

FICO Range (percent of the population)
300-499 (2%)
500-549 (5%)
550-599 (8%)
600-649 (12%)
650-699 (15%)
700-749 (18%)
----------------- 60/40
750-799 (27%)
800-850 (13%)

(Thanks Sapiens and Metalman)