Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Shades asked in Business & FinanceCredit · 1 decade ago

My FIA credit card closed two accounts - not just one --- is this legal?

I have two credit cards -- a FIA credit card and BofA card (I didn't know they were the same company). I called to dispute a rate change because one late payment (1st in a year - I have had the card ( formerly MBNA ) for 8 years) --- they ran my credit and decided to closed the account because my income does not meet their standards - now!, to which i agreed. However, I received two letters, one from FIA and one from B of A -- both indicated the same -- that the credit card account has been closed. The B of A card has not intro rate and I have had it for 3 years. While I agreed to the FIA closed account - I didn't for the B of A. Is it legal to closed the B of A account???

7 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Yes it is. If I were you they may have been doing you a favor. It may be years before you see just how realy fortune you are

  • OC1999
    Lv 7
    1 decade ago

    Yes it is legal. A creditor can close an account at any time for any reason. You didn't have to agree to "allow" them to close the FIA card, they were going to do it anyways. It actually does not matter if BofA owns FIA or not. If BofA reviewed your credit report they have this same right to determine if they want to continue to extend you credit.

    Unfortunately in your situation the answer was No, so it was closed. Now, what may happen is that if you have other credit cards and they review your report. Because these accounts have been closed, they may see this as a possible negative item and close those accounts also.

  • Reena
    Lv 7
    1 decade ago

    Of course it is legal and don't think that it isn't happening all around you.

    Just as you had to apply for a credit card and your income had to meet their standards back then you can expect that they periodically check your income situation and if they find you are no longer within their acceptable range they can close your credit card account.

    Give it about 6 months and then apply for a credit card with another company.

  • 1 decade ago

    Not only is it perfectly legal, most credit cards are reviewing existing accounts resulting in higher rates, lower limits, and closed accounts. Standards have become stricter. Credit is harder to get.

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    It is not fair but it is legal. I would contact the Dispute Resolution center at B of A. They don't want to lose good customers due to a computer error. A human being needs to review your account..

  • Anonymous
    1 decade ago

    It's called the credit crunch.

  • Anonymous
    1 decade ago

    Of course it is legal. You don't have a RIGHT to credit.

Still have questions? Get your answers by asking now.