Consumer complaint received 2024-12-19 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Difficulty submitting a dispute or getting information about a dispute over the phone
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD

Complaint narrative:
To Whom It May Concern, I am writing to file a formal complaint against Bank of America regarding the drastic reduction of credit limits on XXXX of my credit cards. I recently received XXXX separate letters, XXXX on XX/XX/year>, and the other around XXXX XXXX XXXX, informing me of these reductions. Between the XXXX cards, my total available credit has been reduced from {$16000.00} to $ XXXX reduction of nearly 70 %. 

The reductions are as follows : XXXX card 's credit limit was reduced from {$10000.00} to {$3600.00}. 
The second card 's credit limit was reduced from {$6900.00} to {$1500.00}. 

The reasons cited for these reductions include : Current or past due delinquency on XXXX or more of my accounts with Bank of America or its affiliates. 
High balances relative to credit limits on my revolving accounts. 
The number of revolving accounts with balances. 
However, these reasons do not accurately reflect my credit history or current situation : Unjustified Decision : I have been a loyal Bank of America credit card holder for over 11 years and a debit and savings account holder for over XXXX with no prior issues or delinquencies. My credit history with them has been exemplary until a single missed payment due to extenuating circumstances. 
XXXX XXXX : Over the past XXXX months, I was hospitalized XXXX times, which caused me to miss a payment by less than 30 days. Despite this, I promptly rectified the situation, and no payment should have been reported or even mentioned as being a cause for credit reduction that was reported as late to the credit bureaus. 
Inconsistent and Unhelpful Customer Service : I contacted Bank of America customer service XXXX times to address the issue. XXXX XXXX and XXXX informed me that the decision was made by an " offline department '' of credit analysts who are not accessible to customers, leaving me without recourse or a path to appeal. 
The decision has significant repercussions for me : XXXX of the cards had been paid off in fulla milestone I worked hard to achieveonly to see its credit limit reduced from {$6900.00} to {$1500.00}. 
The other card, with a {$10000.00} limit, was reduced to {$3600.00}, leaving my balance dangerously close to the new limit. This has artificially inflated my credit utilization rate, negatively affecting my credit score.

These reductions are not only punitive but also unjustified given my long-standing positive payment history. The claim that balances are too high relative to credit limits is particularly egregious, as Bank of Americas own actions created this imbalance. 

Furthermore, during a time when I am relying on my savings to manage payments while filing for temporary XXXX, Bank of Americas decision places me in financial jeopardy. Their corporate greed is evident in their lack of empathy for customers experiencing temporary hardships. 

I am requesting that Bank of America : Reinstates my previous credit limits of {$10000.00} and {$6900.00} for the respective cards. 
Acknowledges their error in this matter and ensures that no further unwarranted actions are taken against my accounts. 
I believe this decision violates principles of fairness and responsible lending, and I urge the CFPB to investigate this matter thoroughly. 

Should you require documentation of my ambulatory visit I would be happy to provide that information when the time becomes appropriate. 

Thank you for your attention to this issue.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation