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FIA Card Services / Bank of America Complaint - Applied for Charles Schwab Credit Card & they instead closed our Bank of America credit cards!

Review by Darr on 2009-08-15
WILMINGTON, DELAWARE -- Wait till you hear this one! I applied for a Charles Schwab credit card (we have over $200K on deposit with them) and ended up having three of our BANK OF AMERICA credit cards reduced/cancelled instead! That’s because the company who makes the credit decisions for Schwab also handles BofA accounts (FIA Card Services, 1100 N. King St., Wilmington, DE 19884). The woman who evaluated our Schwab credit card request had no access to see our Schwab balances and said that not only are they declining our credit card request, but since they also handle Bank of America’s cards, they decided to reduce our credit limits on two BofA cards to the current balances and close an unused card that had a $39K credit limit. That is sure to make our credit score plummet! The moral is (besides a big ditto to all of the above comments about BofA), is watch out who you apply with as they may be able to close your other credit cards!
Comments:1 Replies - Latest reply on 2009-08-15
Posted by Anonymous on 2009-08-15:
What is more likely is that the 'hard' inquiry on your credit triggered a review by BoA, and they made the justifiable decision that you were over-exposed. It's not the end of the world.

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