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

[Ann]

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

Orson Wells is on the local college radio station reporting on an alien invasion along the east coast!!!!

RUN FORREST, RUN!!!!

Fed Funds spread signals crash!!!

RUN FORREST, RUN!!!!

Glad I did. iTulip never talks about crashes, so when they do...

[David_Brent]

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

Orson Wells is on the local college radio station reporting on an alien invasion along the east coast!!!!

RUN FORREST, RUN!!!!

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

...yeah false as in they are only closing it for 58%!!!

[metalman]

evidence it's a false rumor

Google does not return any results except the ireport link posted above and now, itulip link. But, if the news is correct, probably they learnt their lesson and are closing CC accounts in preparation for the next tsunami to hit the streets ? :rolleyes:

Here's a twist (4-Sept 2008):

http://consumerist.com/5045620/boa-r...d-10-years-ago

Yes, it looks like it is FALSE, I just read this excerpt on the internet about it:

"BOA just told me this rumor is false. It was extremely weird, though. He had to get off the phone, put me on hold, and ask someone. Then, he told me he could not specify anything else - but the rumor was most definitely false."

http://ficoforums.myfico.com/fico/bo...read.id=118385

[photoncounter]

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

Google does not return any results except the ireport link posted above and now, itulip link. But, if the news is correct, probably they learnt their lesson and are closing CC accounts in preparation for the next tsunami to hit the streets ? :rolleyes:

Here's a twist (4-Sept 2008):

http://consumerist.com/5045620/boa-r...d-10-years-ago

At Bank of America, your accounts are Buddhist. As in, undergoing "eternal return," where accounts that have been closed and passed on will reemerge, rejuvenated, reopened, even if you closed them long, long, ago.

[Rajiv]

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

I think you may well be right! Lots of financial blackmail going on right now!

We're being blackmailed into accepting the responsibility and debt for the worst managed financial institutions in the history of this country. The starting price, our debt, is $700 billion dollars.

What's really about to happen is that the failed financial institutions will be rewarded for their bad behavior. As a result, they and others will be encouraged to do it again. It's just a matter of time.

We're under the gun and told that we have just days to make a decision to bailout these mismanaged entities. The last thing they want is an open hearing on the problem. Deliberation is deadly for them.

We're told that our world will collapse; there will be a systemic breakdown if the president's bailout legislation is not passed. Without it, we'll all be eating stale beans and rice for the rest of our lives.

How do you argue with a premise like that - vote yes and you get a chance to live. Vote no and you'll be soon living in a cold house or damp shelter, if you're lucky enough to be off the street.
.
.
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Also Michael Moore - The Rich Are Staging a Coup This Morning

Friends,

Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.

No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday's New York Times and you can see what the real deal is:

"Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.

"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.

"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.

[ggirod]

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

Consider the impact of, oh, let's say 50% of the consumers suddenly one month more behind in debt. Shutting off credit cards is a really quick way to crash the economy. Imagine the retail Christmas season with half the consumers using cash. Believe me, it will be bad enough with credit cards. Imagine just about everything including the extra mortgage defaults as a result of people on the edge falling over from the additional month of debt. I suspect they are not serious.

Could it be a ploy to block this bill that made it through the house 9/23?

HR 5244, "The Credit Cardholder's Bill of Rights Act," passed the House 312-112, with 228 Democrats and 84 Republicans voting to support it. 111 Republicans and one Democrat voted against the bill, which now goes to the Senate.

In this government controlled by shadowy lobbyists, it is refreshing for once to see a little outright extortion or blackmail for a change. It is the spice that livens up those dull, dry, economic bail-outs. It's just business, after all.

Or, when Oct. 1 comes without Senate passage, that nasty rumor is just denied ... how could we EVER cut off credit like that!!!

[GRG55]

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

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)

This sounds like Bank of Countrywide trying to help Paulson muscle through the bailout package...:rolleyes:

[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)