So, get this. Today I got a letter from the Bank of America. I have been a customer for almost 9 years. I have 3 credit cards with them (I know, I know). I have an account with a few grand on it that I have been paying down each month. I have never, ever, ever missed a payment or been late. My credit score is good and has not gone down in the last few months. Yet for some reason my credit rate is going from 9.9% to 18.99%. No reason is given. I guess this Bank is doing this to millions of us to make up for bad decisions they have made. Bank of America got $45 billion of taxpayer money to stay afloat and now is doing this to me. Wow. I wish I could say I will pay it off right away and be done but I can't. So now I have to come up with another $100 plus a month just to pay interest on a card that I have been paying down. What the f&^? This is going to get ugly for me. I guess it is time to sell some stuff. And when I can, I will get rid of my Bank of America credit cards. Bastards.

Comments

josh said…
um, dude - just write them and tell them you don't agree to the change in terms. Citi tried to do this to me: my initial interest was 12%, they tried to take it up to 19%, I called them and it is now 9%. Take this chance to call and get a lower rate - I assure you it will be worth your time on the phone. If you call and get somebody who won't, or can't, help you, then hang up and call back. Don't take a 'no' from someone who can't give you a 'yes,' and be explicit about that. Now go forth and resist
Anonymous said…
Maybe Bank of Amerika reads your blog and feels that you are over extended based on your posts. B of Ahole knows when you go elsewhere for a boat loan, car loan, or any type of credit. Tell them NO..........and see if they will listen. Next stop for consumers is a "Tea Bagging" type protest. They get the money from the taxpayers and will they give a return on the loan? Say 10%? I doubt it.
Anonymous said…
I'd look at other banks if I were you. Some of them are offering a great deal on balance transfers. So you could transfer the balances on all 3 of those credit cards and have one lump sum to pay off instead of, say, 3 debts. Don't take BOA's crap lying down! Capital One is offering balance transfers at 0% interest for 12 months, although you'd either need to pay off the debt within 12 months or transfer it out to another low or zero interest balance transfer before the 12 motnhs are up.
OK, I called and they backed down. I was waiting until today to call but I expected them to say F off, based on what I read online. So one crisis averted but everyone out there needs a heads up. The letter looked like junk mail and if I had missed it.....well being overextended is the American way.
Anonymous said…
You know I really always wanted to get the boats, planes, new ATV and the like.....and you lambasted me for not doing so. (on credit) However, I am very grateful to be completely debt free. Ken

(But I learned the lesson from prior accumulation of toys that brought more misery than fun. I once counted up the tires and engines on all the vehicles I owned - and realized I had the small equivalent of an air force, navy and mobile infantry. I don't miss the economic slavery one bit.)
I know Ken. I know, but what is the point of like especially in AK without some toys?

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