Bank of America Cancels My Credit Card, What Can I Do?Hi everyone, I have been using Bank of America for over 25 years. Recently a "charge off" that was put on my credit report on a business loan with a business I sold over 3 years ago, and the guy did not pay the bill the loan which affected my personal credit. When attempting to contact the company... |
There is nothing you can do about Bank of America closing your account. They are extending you credit and have the right to take that away at any time. Although it does seem silly on their part to close out an account where they actually owe you.
Even if you prevail on the other issue and have the negative information removed. There is nothing you can do to force Bank of America to re-open that account. Now, there is nothing that says you can't re-apply, and they will treat it based on your current credit history.
I guess the first question is, didn't you make sure that your business loan or line of credit was fully paid off and closed with the sale of the company? It sounds like you did not clear up your obligation for the loan with your lender when you sold the business. I hope you can sort this out.
I don't know; I would ask your lawyer too.
So many people would actually feel blessed if they could have closed credit card accounts.
OK - what's your lawyer say?
