I asked BofA to lower my APR and instead they lowered my credit limit

[Joanie Baloney]

Yes, I know. It's MY fault. I shouldn't have called them when they are suffering so much from the hit the stock market took yesterday. They must be really having to tighten their belts and economize now. I totally understand, and I am sensitive to their corporate needs. It's not easy running a $115 $89 $77 billion company and Lord knows, they've been trying to make ends meet on the measly 17.9% APR they've charged me for the last 13 years for the use of their VISA card. I understand and empathize, truly.

I completely understood when they transferred me three times in an effort to convince me how financially strapped they are and to lower my APR would just be, well, frankly...a hardship for them! The economy after all ...haven't you heard??? So, no, Ms. Baloney...we cannot, must not..will not be able to lower your usury rate. I mean, interest rate. But, in order to make things equitable, and to help me curb that spending habit I seemed to have acquired (What...you haven't had a significant raise in 10 years? You're lucky to have a job!), the helpful BofA credit analyst noticed that the limit on my card was just...too...high. It must come down. We must make sacrifices.

I agreed and hung up vowing to think of ways I can make this rough spot in the road smoother for a good corporate citizen - Bank of America. I guess I will have to think some more.

Maybe you all can come up with some good ideas!!!

-JB

:mad:

[phantom power]

1. take your money (and credit) to a credit union?

[Joanie Baloney]

4. BofA would suffer...another lost customer!

But, yes...that is the plan, but all my advisors told me to try this first. It was eye-opening.

[slackmaster]

2. They still refuse to take my name and SSN off of my ex-wife's high-balance high-interest credit card

The debt on the card is all post-divorce, but I didn't know about the card until 10 years after the divorce was final. BofA's position is that it's community debt because they can't be bothered to run a detailed history of the account, which would clearly show the balance as zero for most of the intervenign years.

I'll probably have to get a court order, but that's about two full days of my time.

[Joanie Baloney]

6. I hear ya...not worth it

But, at least you have a valid reason to raise a ruckus. I'm just poor. :(

[MindPilot]

20. The best reason to stay unmarried....and if you live together don't co-mingle finances

After my last divorce, a credit reporting agency got my SSN attached to her name and visa versa. I had to get the lawyer who did the divorce involved to fix it, and it took years.

[slackmaster]

21. Fortunately my ex-wife is neither dishonest nor larcenous

I trust her, but she does make some bad decisions.

[EOTE]

3. If you're able to, dump them.

I know that's probably not possible now, but if it is, go for it. That seems to be the only thing they pay attention to. I used to have a CC with them, but that's gone. Now I've got just a checking account with them, I hope to be dumping that and moving to a credit union very soon.

[Joanie Baloney]

7. Yeah, but...

they've got me by the short hairs on this one.

[EOTE]

12. I hear you.

Unfortunately, you've got to deal with them until you can get rid of the CC. I remember how good it felt to pay off the last of the balance on my CC and loan, I had been waiting to tell off BoA for such a long time. Of course, I still have a fair amount of debt, just not with BoA.

[RKP5637]

10. I dumped everything with them some years ago. They are a very creepy outfit. They've

had a bad reputation for years.

[The Velveteen Ocelot]

5. Pay the card off as soon as possible

and stop using it altogether, if you can. But don't cancel it - just throw it in a drawer and stop using it.

[Joanie Baloney]

8. But that I could...eom

[The Velveteen Ocelot]

11. Can you get a better card and transfer your balance?

That would get this vampire off your neck and improve your situation a little.

[slackmaster]

15. My ex-wife's card that I referred to earlier is a typical example, JB's mileage may vary.

My ex owns two houses, but is underwater (has a negative equity position) on both of them.

In spite of her consistently good record of making payments on all of her obligations on time, the negative equity gives her low credit scores.

With low credit scores, she can't qualify to refinance the credit card debt to another credit card, even though doing so would actually increase her credit scores.

If I were a small-town banker and she (my ex) was my customer, I'd figure out a way to help her out (and at the same time help my business.) BofA doesn't operate that way.

[klook]

9. Heard on a consumer advice call-in radio show today

that BofA has been hemorrhaging cash lately and can be expected to gouge their customers even more than usual with extra fees and gotchas.

If you can get another card and transfer your balance, this would be a great time. Join a credit union if you're not already in one, and check their cc options. Look for good offers on bankrate.com, too.

Good luck - Hope you can rid this unfortunate megabank of the burden of your account soon!

[Fresh_Start]

13. close the account...if you can pay it off do it

overpay by $1...so they have to send you statements and eventually send you a check

[dkf]

14. That is pretty inventive.

Too funny.

[Joanie Baloney]

16. Ha!

Somehow they would charge me interest on it! :)

[Shagbark Hickory]

17. And in so doing they lowered your credit to debt ratio, impacting your credit score.

That bank is all kinds of evil. They're TERRIBLE. Take your business elsewhere.

[MindPilot]

18. O M F G!11!11 That is horrible! I mean WOW, just wow.

I have already alerted the mods. You attempt what amounts to bank robbery, victimizing yet another job creator, showing no respect whatsoever for the sacrifice that corporations like B of A have made while shepherding the American wealthy through the financial crisis caused by overpaid teachers and welfare recipients.

And then you come here on DU to brag about it. :puke: UNREC!

[slackmaster]

22. As you know, I've dealt with Bank of America both as a bank and as a customer of my employer

They suck completely no matter what relationship you have with them.

[lame54]

19. It was a very happy day this week,

when I paid off my BofA credit card and told them to cancel my account. They offered me a new rate of 11% (for six months bfd) if I would stay. Told them no thanks, didn't care to do business with criminals.
The woman I spoke with said I wasn't the first to voice concerns regarding BofA's questionable business practices (she did listen to my very long list) and stated she understood.

Hopefully you will be able to do the same as I did and cut ties with them soon.
Until then good luck.




edited to add: didn't log hubby off before posting. The above statement is mine Unapatricated not lame54
Sorry.

[RB TexLa]

23. Sorry, but they did what you asked them to do. They reviewed your credit to see what adjustments

could or should be made to your account.

[Drew Richards]

24. Joanie it is silly to be with BOA visa/mastercard follow me...

If you, your spouse, or even your parents were veterans you should join USAA for your credit card.

I left BOA and use a local bank and a Fed. Credit Union for bank accounts.

I use USAA for all my insurance policies and credit cards...

Car
home

Both real cheap with full coverage and they are very responsive to claims and support.

Mastercard/Visa with USAA is currently 7.5% with a $20,000 credit limit...

Leave the dark side as fast as you can.

Drew