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Bank of America sent me a letter advising me that they were lowering my credit line from $48, 000 to $25, 000. No reason or explanation was provided though they referred me to my credit report. I thought that was strange because I have awesome credit in the high 700's and I always pay on time and have no credit card balance. I ordered my credit report, and sure enough my credit is squeaky clean, no late payments were reported EVER. In fact, my credit report showed that Bank of American hadn't even bothered to review my report, so their decision appears to be capricious and unjustified. True, I don't presently need $48, 000 in credit, but what if I was involved in accident in a foriegn country and needed large sums of money to pay for an unplanned hospital bill?
The complaint has been investigated and resolved to the customer’s satisfaction.
I spoke with Bank of America (received letter claiming my credit was to blame, nope that's great actually) today after they decided to lower my credit line again, while having a score in the 700's, having paid over the limit due since opening the card, yet maintaining just enough to make this bank money via interest. The "gentleman" I spoke to stated that the reason they were lowering the score was because they wanted to see the balance go down which it has been considering the card has not been used since 2009. Apparently, they want to blackmail me into paying more than the monthly due to "bring down the balance" even more. I thanked him & told him that the government did that for me & what incentive do I have to pay them more than I need to without any hospitality in return. I also informed him that I'd be cashing out the points & applying it towards my Chase card tomorrow.
Today i spoke to BOA representative in order to increase my credit limit to insure have one credit card that i can always keep with confidence that i have good amount of money in it. They checked everything and told me my credit is perfect and in the end the credit anaylist said that your overall house income is not much. For my shock he said we are lowering your credit limit from $20, 000 to $8000. I just told the guy what is this he said because you don't have too much income your credit limit cause and with upset feeling i had to cut the phone and i called again to spoke with the other representative to find out about this the lady said this how it is and i told her to close my account she immediately said surely and in 30 seconds she closed the account without asking why or please wait little while nothing just plainly closed with no remorse what so ever. Whatever happened customer is the boss and don't loss the customer quotes. This is just sad that a big bank like BOA is acting such cheap. Now i will tell anyone who i meet not to ever get BOA credit card. I hope this bank goes bankrupt LOL.
I am completely disgusted by Bank of America.
Today Bank of America cut my credit limit by $10, 000 by dupping me into thinking they were just getting my income information to see if they could reinstate a credit line they'd taken from me months ago. Instead of restoring my former higher credit limit on one credit card, they denied that, and then DECREASED my credit line on a second credit card. It all started because I called to activate a new card that expires in 2013 (to get rid of the one that expires in January). I called to activate a card, and end up having them reduce my credit limit on the spot because I voluntarily answered their request for information to reinstate a higher credit line on another credit card! I am a PERFECT customer of BofA for 32 years. Pay off in full each month, never late, never over my limit, have a credit score of over 750. I carry a zero balance on my cards. Yet, they decided in 5 minutes to cut my credit. Done deal. Case closed. I'm changing banks."
I could not believe they did this to me today. I'm not tolerating it. I want the CEO's and people like Jeff Crawford to know how they just alienated a GREAT, LIFELONG customer with a PERFECT record! They should take out their new "conservative" policies on the people who have been delinquent, not on those who have shown nothing but total responsibility and credit worthiness.
Since I owe a zero balance, I can't very well refuse to pay! I talked with 3 people today at their "credit analysis" department all of who said "too bad, it's done, can't reverse it"... all because this young wipersnapper of a guy decided in 2 minutes literally to take my credit away. No discussion, no consideration, no allowance for my track record... I was shocked and insulted.
What can we do about BofA treating customers like crap?
I had the same thing happen where they locked the home equity line without telling me. They have done that to millions of people along with lowering the credit card balance. When I called in to ask about the credit card balance being dropped--the answer was they noticed that I hadn't been using that much--my comment was how did they know that I wasn't in the process of doing a remodel where I had planned on using it.
The other item regarding the home equity line that I have been trying to get them to change is that when they locked the limit--they didn't change the credit limit showing on the account or in the credit bureau. I explained that they need to change this as it is not correct and I don't have use of the line of credit. Also, they need to change these in our county records as they are showing incorrectly there. I will keep after them as this is part of their responsibility if the make changes to the original terms & conditions
I too was affected by this from Boa although they were a little more creative about the issue with me. I've been a customer since 97 and have had an interest rate in the 5 percent range for quite some time. Additionally I opened up a revoloving credit account with them to pay off some loans from a few years ago. The loans are down to just a couple of thousand from around $30, 000 when I borrowed it and not a single late payment was made. They doubled my interest rate without warning and I didnt notice until just yesterday. I gave them a hard time and they finally reviewed my account. After reviewing the account they dropped my credit line by 1/4 of what it was. Then they told me that I can keep my 5.xx interest rate IF I no longer use the cards and they have fixed my credit to equal my open balances! I also have a business account with them equal to 4x my open debt to them yet they claim they have no ability to check my business balances. Needless to say I'll be closing all of my accounts with bank of america, business and personal. This is how they treat their customer of 12 years? Screw them!
BOA is doing this to everyone. Our whole family are "Deadbeats, " which is to say we pay off our cards every month in full and have top credit scores. The letter's comment that the lowering is the result of a change of credit score is complete ###. My guess is that it's BOA's credit score (stress testing) that is behind this.
I wonder if the class action lawsuit has teed up yet?