I would like to know the answer too. Anyone here know what is the answer to your question. I'll do some investigation and get back to you if I got an answer. You should email the people at Discover Card as they probably could give you help..

How is it BOA's fault if you have erroneous info on your credit report?.

There are only 4 big Discover card issuers left - if you want diversity it would behoove you to maintain good relationships with all of them since the margin for error is so low these days...

BofA was the only issuer that canceled my card based on a soft pull. The erroneous info was a ca putting through 1 collection 11x so it looked like I had 11 collections on my cr. My utilizations did not change, my DTI did not change,my payments never changed, my pattern of charging never changed. the only thing that changed was my fico score. Add to it my 5yrs of perfect payment history with them, I was sorely pissed..

I explained to Bofa the errors and they still would not re-instate the card and to boot they did not release my unused 30k rewards points. Comprende hombre?..

Nope, it is you who is not comprehending. With 11 collections your UTIL did change, which also means your DTI did change as well. Can you blame any bank for giving someone with 11 collections the boot?..

11 identical collections each exactly for $63.95..

Chill out will ya, your point is meaningless...

If 11 collections are meaningless to FICO I have to wonder what you consider as meaningful ? While the amount does matter, the very fact of having a collection can tank scores...

At least the high horse rider didn't say PAY YOUR BILLS DEADBEAT...

LOL, wrong board. Plus wrong attitude..

Most of the times you have a situation where the banks are being retarded and it sucks. But 11 collections can spook anyone. I don't see any problem with what BOA did, except of course of the fact that stole his reward points. Most banks do that these days, unfortunately..

This post has been edited by.

LBCS.

: 08 January 2010 - 01:20 PM..

Ignoring the drama here, this is a great card. My GF and I applied for it just last night..

The real downside is the 2 inq's (for both the brokerage acct and the CC), and that it's a Signature card. But it's the best rewards card I could find for us..

I'm a software developer and generally a numbers geek, and we keep meticulous budget records. I created some models comparing this card (2% across the board), Discover More, Amex Blue, the Chase card that gives 5% on the top 3 categories each month, and one of the citi cards (they're all a blur to me now)..

In the end, the Chase card came close, but for us, this 2% card is the best single card. We'll be able to net around $600 a year from it..

Overall, the best combination will be this card with Discover More, using the Discover for only the items that earn 5% for that quarter. That would get us to around $850 mark in cashback (using the 2009 category calendar)..

Our total CC-eligible spending is around $30k a year, the numbers do show that if we were to edge near the $50k/year mark Amex Blue would take the title. I don't see that happening for quite some time, we try to be quite frugal..

* The real crappy thing about Discover More is that it's commonly said to be a 5%/1% card. But in truth, the first $3k (IIRC) in spending that doesn't qualify for the 5% rate is only rewarded at 0.25%. Using the More card for such off-category purchases would actually be worse (from a rewards POV) than using my.

Debit card.

That's sad!.

This post has been edited by.

Encoder.

: 08 January 2010 - 01:25 PM..

You write code for a living? Would never have guessed it, especially since your nick is so obscure :-).

This post has been edited by.

LBCS.

: 08 January 2010 - 01:28 PM..

Have to agree with LBCS here...11 collections would spook any creditor, and I totally understand BOAs response. That being said, it was pretty crappy that they stripped your points and didn't give you a chance to rectify the situation (maybe suspend your card and give you 60 days to fix report otherwise account is closed)...

I just think of it as a Schwab Visa, ignore BOA..

Chase Freedom? And I misspoke, it's 3% apparently. The err is in my post, though, the numbers were def. accurate and this card (for our spending habits) would've been quite good, just not as good as the FIA 2% cards...

Unfortunately, the freedom no longer gives 3% on your top three spending categories unless you have a card that's managed to escape the rewards chopper..

However, the best combo might be Citi Driver's Edge + Schwab..

That's what I use...

There is no universal perfect formula to maximize rewards..

I commonly swap b/t my:.

Schwab.

Driver's Edge.

Discover More.

Forward.

Freedom (with old reward structure).

Penfed Cash Rewards.

Amazon.

Those 7 cards maximize MY rewards. And I use a handful of Amex cards to maximize my Fico Score, gotta luv backdating..

This post has been edited by.

Shaft.

: 08 January 2010 - 04:46 PM..

Absolutely correct. I was able to determine the probable maximum benefit for my family only because of immensely detailed budget data..

I think for the "average" person, the easiest way to produce "maximum" rewards would be to combine:.

1. a 2% FIA card (schwab, fidelity, etc).

2. Discover More (for purchases that hit the 5% criteria).

3. One of the many cards that give you 5% off gas all year long..

That's generally our long-term strategy but we're not going to take the Fico hit we'd get by opening 3 new accounts right away...

CONGRATULATIONS!!!!!!.

I think that the Schwab 2% card is outstanding. I use it for.

ALL.

Charges aside from gas, groceries,and drugstores which I place on an old 5% card...

SHAME ON YOU!.

(Is that what you wanted? Just kidding.

).

Congratulations! May you and BofA not run afoul of each other this time around!..

You sold yourself for 2% cash back.....

Anyways, it's a good card. But to miss out on good cash back simply because of a bad experience (years ago) is stupid...

Congrats on not letting your integrity trump the ethics of gaining a great card in this equation..

I have had it for a year and can't say enough good about it. 0% forex, 0 annual fee and 2% cash back on everything. (the 0% forex is especially rewarding when you travel internationally). and lastly, the customer service is peerless. all around, it's a great card...

My tongue-in-cheek really just was a jab at people who wouldn't even admit they come here, as LBCS clearly gathered, and s/he was not the target. Your points taken. The thing I have an issue with on-topic, other than the reward thefting, is that (if I understood correctly) BoA would not budge even after they reasonably knew that all but one of the collections were largely imaginary. Unless of course even the single one would result in their AA. I lack the experience with this, as all the AA's I have received were in response to other AA's or "changed business practices". In case it comes up, I continue to pay my bills...

My reasons are my reasons and if some of you don't understand why someone would be upset over losing their primary Discover card due to an obvious error, then I guess you never will..

To further enlighten, the 11 collections were actually 1 collection that lnnv?/lvnn? and various subsidiaries moving the collection amongst themselves reporting over a period of 3months; on my report it appeared like I had 11 collections for a total of $600 but the reality was it was one collection of $60. Also on my report some of them were reporting as late paying (with Discover card) accts and not collections. My FICO I believe got as low as 565. The collection in itself was an old medical bill that the insurance company should have paid for and eventually did but I was unaware that it was in collections. Back in those days I did not have credit pulling services and alerts. I didn't know about such things..

I told this to a BofA credit rep but their response to me was that the computer would not allow them to re-open my acct and as a result I would have to forfeit all of my worldpoints. I was fricking livid!.

Either way the end result was I educated myself about the credit process, cleaned up the reports within 1yr and now I have a FICO that fluctuates btwn 780-800 and more credit than I will ever use..

FYI- Experian was pulled and initial limit they gave me was 20k.

This post has been edited by.

JOLTY.

: 09 January 2010 - 02:24 PM..

I had a long conversation with myself and came to the same conclusion..

I understand why you were pissed...you lost your #1 card because of an error that wasn't your fault. I would be pissed too. That being said, I see BoAs point of view. They can only go by what they see. They see 11 collections (right or wrong)..it spooks them into closing. As I said before, they could have given you a little latitude and some time to produce a corrected report to keep your line..

All that aside - enjoy the card, and stick it to em by racking up tons of 2% Cash Back!..

+1.

Then I sockdrawered my other BOA cards since their rewards pale in comparison, so there!..