@#$% B of A - need advice

iVillage Member
Registered: 08-04-2008
@#$% B of A - need advice
14
Mon, 07-06-2009 - 11:28pm

Ok, I had a business about 4 years ago, and had a Bank of America credit card.




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iVillage Member
Registered: 06-28-2008
Tue, 07-07-2009 - 10:35am
All of the credit card companies are raising rates regardless of good or bad history with them. I wouldn't not pay them because they can and will put the interest even higher for missed payments. I would maybe look for a card that will allow you to transfer the balance for a lower interest rate.
iVillage Member
Registered: 08-04-2008
Tue, 07-07-2009 - 12:41pm

No, the issue is that they will not negotiate to a lower rate UNLESS I am late.




iVillage Member
Registered: 06-25-2006
Tue, 07-07-2009 - 12:54pm

Whoa that is a ridiculous increase! I would keep paying them (be the responsible good credit customer) or wait until the week the payment is due (but not past due and call them again - ask to speak to the highest level superviors posible.


I would also write a letter to the President of Bank of America AND the head of

iVillage Member
Registered: 06-28-2008
Tue, 07-07-2009 - 1:00pm
believe me, i know your frustration...either way they have ya...unfortunately. Because if you are late they will raise the rate again...and then they will negotiate the lower rate because you were late....but they will probably lower back to what it is now (the new high rate)...I haven't had any luck with any of my c/c companies but i call every month, but I see the fine print of the late fees and higher interest rate that they can charge and wow I have seen as high as 39.9%
iVillage Member
Registered: 01-22-2004
Tue, 07-07-2009 - 1:09pm

Marie,

I know I don't know the details but if there is any way to convert the debt into some kind of loan as opposed to cc I'd say go that route.

B of A is notorious for being a lousy cc company. I wish I had know it before I got a card with them. There isn't a branch within 2 hours of here and their customer service is hard to deal with. Plus unless you pay by snail mail or online, the fee for payments gets added to your principal as a purchase. I could go on about why I wanted to get away from them but I'll just give this one as a WARNING...

Also among their tricks is that they send current customers offers for low or zero percent interest cards under another company name. The logo, paperwork etc was all completely different (I guess they are subsidiaries of B of A). So, early in 2008 in an effort to move some high interest debt to zero I got another card - only when the first bill came did I see that it was still B of A- same envelope, statement format, contact info etc. Now, when I log in to their webpage I have two accounts with them and just like with you, they jacked the interest rates up on both cards even the one that had a perfect history. Plus, the newer card doesn't have an auto pay option and has a changing end of statement date, so I have to be really strict about remembering to log in and make a one time payment every month by the changing due date. (Maybe I was just spoiled but my other cards all have set statement closing dates and due dates.)

BTW B of A has come through all the banking stuff with even more assets and power. They didn't negotiate well with customers before so I'm guessing they won't now either. So I don't know if I'd go through with the not paying option - before you know it your interest could jump to the maximum just because they can. (Is the max still 29.9% or has it gone up?)

Hugs and good luck!

Lissa (who is happy to say she already destroyed the cards and finally has only one BofA debt left to pay - bal less than $720.00. Then I'll tackle every other cc debt!)

iVillage Member
Registered: 10-01-2008
Tue, 07-07-2009 - 2:04pm

These are my suggestions:

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 03-26-2003
Tue, 07-07-2009 - 2:29pm

Wow, a two month protest?

 

iVillage Member
Registered: 03-20-2007
Tue, 07-07-2009 - 7:32pm

I totally agree with you. I have been with B of A since 1989. I recently got two letters in the mail saying that they were lowering my credit limits. These letters said that "after numerous attempts to contact you". Excuse me? I have lived at the same address and had the same phone number for 18 years. Not once did I get a call or any other letters before these two. What a bunch of liars! I have never been late on any payments. My cousin got so angry with them that he ended up calling them "domestic terrorists"! Once I get this paid off I will NEVER deal with them again. Good luck!

KRG

iVillage Member
Registered: 08-04-2008
Wed, 07-08-2009 - 9:10am

So far I have called B of A three times and talked to as high a person as they would allow - no dice, it is a business card, no matter how perfect my payment history it is going up.


Remember, this is NOT on my credit report so I do not want to move it to a lower card where it would show up on my personal account.




iVillage Member
Registered: 08-04-2008
Wed, 07-08-2009 - 10:25am

Norma -


Again, I have called 3 times, now I am going the personal route.


It is also a business loan on a business that no longer exists - I can't get a new loan on it!




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