Home > What would YOU have said???

What would YOU have said???

May 5th, 2008 at 05:03 am

I got a doozy of a phone call this weekend..from a friend of a friend.

She recently remarried after several years as a single mom. While she was a single mom, she had managed to rent a small home for her and her daughter- who recently graduated from high school.. and mom had earned her MASTERS degree in social services.

When she called me, she was quite upset and wanted some answers.

Her new husband (bless his frugal heart) did not want to start their new marriage out full of debt...which she had accumulated plenty of during her graduate years as a single the tune of $30k in just credit card debt.

So, he took his savings and paid that credit card debt in full...

soon as he did, SHE received a notice from her CC company (BofA) to call right away. Seems BofA wanted to know HOW IN THE WORLD she was able to pay off her debt so quickly....

So she explained her recent MBA graduation and subsequent job...and her new marriage...and how they had come to the decision to pay off the debt...

BofA's response...after putting her on hold to talk to "the supervisor" the rep came back with "well, we have no choice but to CLOSE your credit account with us"..

Poor girl was all upset at this...wanted me to explain WHY they would do this...she had been a LOYAL customer all during her single years when she didnt have squat...and now that she was married and had a good income they do this to her.....and WHAT SHE COULD DO ABOUT IT.

So I told her my thoughts...but before I share them here, I thought I would see what everyone else would have said...

What would you have said to her???

I will post my response to her tomorrow night...

23 Responses to “What would YOU have said???”

  1. baselle Says:

    Before I mention what I would say - she has an MBA and she needs an explanation from you why BofA would do this? If she has the MBA, wouldn't she know? ... Wait - did she tell BofA that her degree was an MBA but its really a Masters in Social Work?

    I would have said, "thank G&d BofA showed themselves as the slime buckets they are now, rather than later."

    What could she do about it? She doesn't have to do anything about it. If she needs a credit card, all she has to do is wait a couple of weeks for the next offer to come in through the mail.

    FWIW - her husband's a keeper!

  2. aevans1206 Says:

    A few years ago, Lou Dobbs denounced Bank of America for it's involvement in giving undocumented immigrants credit cards. I would play up the positive of not having credit with BofA given their reputation to raise interest rates on a whim and the possibility of her having to pay the fallout for undocumented workers defaulting on their credit cards. That's just me, though...I'm kinda nuts Smile

  3. Carolina Bound Says:

    I would have said they've shown you that they are not a company you want to deal with -- good riddance!

  4. Ima saver Says:

    I would have said, you should be happy to have no more credit card debt. Just deal in cash from now on. You don't need that credit card.

  5. luxlivingfrugalis Says:

    I'm with Ima, I would've said, "Who needs them?".

  6. sagegirl Says:

    Umm, because she won't be paying them interest and she won't be letting them drain her like a blood-sucking vampire anymore??? Tell her good riddance and move on to cash and investments. Another person free of the credit card shackles--tell her to count herself fortunate!! Smile

  7. monkeymama Says:

    Good Riddance!, and Who Needs Them? sound about right on.

  8. daybyday Says:

    That is really bizarre and a lousy way to treat a long-time customer. I have my own reasons for never wanting to do business with them; this just adds another reason for me. As others have said, good riddance.

  9. princessperky Says:

    Good riddance if she only had the one card, might bit irritating, but still. she has no intentions of going back into that huge debt I am sure. and I am willing to bet the new hubby has a card in case of emergency.

    We just got a letter from one of our cards saying they are closing our account due to inactivity..fine by us. Though it did raise a point that we aught to use the one long term card we planned to keep (for emergency use) just to make sure it is not closed.

  10. Thrifty Ray Says:
    1210006932 bad...she has a Masters in Social Work...not MBA. (oops)...that is why she called in social work, not so much in finance...

    Love the responses..keep em coming!!

  11. A Nonni Mouse Says:

    She should have said: "You can't "fire" me (as a customer) . . . . . I QUIT !!! ;-)

  12. Broken Arrow Says:

    Why would BoA do that? Why do they have "no choice"? I don't understand that at all. So what if it's paid off? This won't help your friend's credit score at all. I'd be upset... but not as upset as having the debt to begin with. So... that's the bright side eh? Rejoice that there isn't 30k worth of credit card debt hanging over their heads.

    BoA can go suck a lemon. Big Grin

  13. simple987 Says:

    One time my dad bought a car on the spur of the moment, and didn't have the cash ready at that time. He took out a loan from BofA, until he could get his money ready to pay off the balance. Well he went into the bank with his money, and they couldn't 'find' his loan!! He was not very happy, and they made him come back a week later while they 'located' the loan.

    I will never do business with BofA after hearing this story.

  14. pretty cheap jewelry Says:

    WoW! What a switch!
    I would've said, "No big deal, if you need a card, there are tons out there. Get one that gives you money back!"

  15. terri77 Says:

    I would have told her "good riddance"! I don't have an account with BOA and I'm so thankful. I've never heard anything good about them.

  16. boomeyers Says:

    I think all credit card companies are the devil and I could care less if they did'nt want my business anymore!

  17. Thrifty Ray Says:

    It was sure interesting reading everyone's responses. I have to say, I was in agreement with many of you. Here is what I said to her...please feel free to critique my advice!

    My first question to her was why this was so important to her?? Did she have an emotional connection specifically to BofA. Her answer was YES, that had been her credit card for almost 13 yeaers and she was highly offended that they cancelled her account. She took it personally ESPECIALLY since the first time in her credit life, she felt like she was valuable.

    I told her several reasons that BofA might have made the decision, most of which, had NOTHING to do with her personally. BofA is looking out for thier profits...NOT for her loyalty.

    I suggested that she look into a LOCAL bank or credit union to do her business with..either would be very happy for her loyalty and would take care of her patronage long term..

    Finally, I told her to be grateful for learning just how important her business was with this company...given her life circumstances, it is more valuable to her to know NOW where her business is appreciated so that she will hopefully NEVER have to go through something like this again...GOOD RIDDANCE to the bank that didnt want her unless she carried a balance and was "profitable'

    So, today she went to a local bank and opened an account. They were SO HAPPY to have her business that they gave her a special rate...and a new credit card account that she will use ONLY for emergencies.

    She said she had never looked at her accounts like this...and was very happy to do business with a community bank/credit union that was thrilled to have her business and would value her patronage.

  18. SicilyYoder Says:

    I would have said, "Who needs them?" too!

  19. princessperky Says:

    I like your response...and it does surprise a lot of people that CC companies would prefer you to be late on payments, and rack up fees and carry a big balance. that is how they make money really.

  20. snoopycool Says:

    Clark Howard haaaaaaaaaaates BoA. You should e-mail him this so he can rant some more about them on-air.

    I would have said things that I should not say. And the advice you gave her is what I would have said - I love, love, love my local CU.

  21. Nika Says:

    Wow, this is amazing!

    First of all, how is that any of their business by what means she was able to pay off her card that quickly? That is between her and the IRS. Nobody else is entitled to that answer, certainly not a credit card company.

    As for closing her account due to anticipating less profit, I don't know... I pay my balances in full every month, collect cashback, and nobody "canceled" me yet.

    And, people who carry debt and than clear it up with a "windfall" are those who are most likely to run it up again. Credit card companies should know that. (I am not saying your friend would do that, just saying that from a CC company's prospective, the odds would be in their favor).

  22. Maismom Says:

    I liked your advice, Thrifty Ray.

    I kind of understand the "personal" connection. I kept my AMEX for few years even though I had to pay membership. That was the only CC I could transfer from Japan to the U.S. and that gave me a credit history here. I remember my DH and I got denied by Southwest credit card. Hey, they were giving out T-shirt at LAX to people who applied. Since we didn't need the card anyway, and didn't care, I didn't even think about it. But if I were in need of CC, then, it would have been a different feeling.

    At the end, I cancelled the AMEX. There are too many membership free CC out there. I'm sure your friend is now happy with better service.

  23. klbb90 Says:

    I have a BoA cc. I always pay the balance off each month. Guess I should expect them to cancel me. LOL. However, if they cancelled her, she should request a written reason and make darn sure that they do nothing to damage her credit report. Otherwise, who cares there are plenty of cc out there who will want her.

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