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Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009
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Re: B of A raising my fixed rate to variable

You don't need to panic as long as you aren't a carrying a balance on it. Make sure that you PIF when you use the card and you won't charged for interest.
Established Member
tiffj
Posts: 47
Registered: ‎03-15-2009
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Re: B of A raising my fixed rate to variable

My account is closed with a balance and I opt out (because I will) will it hurt my FICO even more?
The Little Engine That Can Rebuild...
Fico Eq 492 Tu 572 1/15
Fico Eq 571 Tu 575 4/14
Fako Eq 543, Tu 523, Ex 515 2/26
Fako Eq 610, Tu 601, Ex 609 4/13
Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009
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Re: B of A raising my fixed rate to variable

Well, it's not good to have a closed account with a balance but as long as you are paying it down and the lender is reporting, you will be alright. I'm assuming that you're not applying for new credit anytime soon.
Senior Contributor
score_building
Posts: 3,524
Registered: ‎01-10-2008
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Re: B of A raising my fixed rate to variable


laz98 wrote:
we received notice after our CLD that we were now facing a variable 16.9% instead of our fixed 7.9%.  we could opt out, but that would tank my gf's scores, so we are just going to suck it up & slowly pay it down.

laz98, why is it that you're saying your gf's scores will tank just because she opts out?

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Member
tiffj
Posts: 47
Registered: ‎03-15-2009
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Re: B of A raising my fixed rate to variable

[ Edited ]

YoungEntrepeneur wrote:
Well, it's not good to have a closed account with a balance but as long as you are paying it down and the lender is reporting, you will be alright. I'm assuming that you're not applying for new credit anytime soon.

 

No.. I've got enough problems...

 

The BoA was closed after yrs of on time payments and never over the limt due to "Reevaluation of my CR and terms" I will bury my money in the yard before sticking it in BoA.

Message Edited by tiffj on 04-08-2009 11:21 AM
The Little Engine That Can Rebuild...
Fico Eq 492 Tu 572 1/15
Fico Eq 571 Tu 575 4/14
Fako Eq 543, Tu 523, Ex 515 2/26
Fako Eq 610, Tu 601, Ex 609 4/13
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Senior Contributor
laz98
Posts: 4,292
Registered: ‎09-06-2008
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Re: B of A raising my fixed rate to variable

my gf is carring a balance of 7k on the card.  when they CLD'd her, they left her at 7215 out of 7300.  not their fault, of course, we accept responsibility for our debt.  but if we opt out, she will no longer have that available credit, so she will be WAAAAAAAAAAAAYYY over on her UTIL for that card, which will tank her scores.
Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Established Member
tiffj
Posts: 47
Registered: ‎03-15-2009
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Re: B of A raising my fixed rate to variable


tiffj wrote:

YoungEntrepeneur wrote:
Well, it's not good to have a closed account with a balance but as long as you are paying it down and the lender is reporting, you will be alright. I'm assuming that you're not applying for new credit anytime soon.

 

No.. I've got enough problems...

 

The BoA was closed after yrs of on time payments and never over the limt due to "Reevaluation of my CR and terms" I will bury my money in the yard before sticking it in BoA.

Message Edited by tiffj on 04-08-2009 11:21 AM

Since the card is closed I opt'd out... keeping my 13.2% which is still a mouthful, but better than 27%. It will be PIF by July anyways.
The Little Engine That Can Rebuild...
Fico Eq 492 Tu 572 1/15
Fico Eq 571 Tu 575 4/14
Fako Eq 543, Tu 523, Ex 515 2/26
Fako Eq 610, Tu 601, Ex 609 4/13
Regular Contributor
Locksley123
Posts: 128
Registered: ‎02-13-2009
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Re: B of A raising my fixed rate to variable

BofA just raised rate on my card to 23.99%... a week after they reduced it to 9.15%.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: B of A raising my fixed rate to variable


maks1806 wrote:
BofA just raised rate on my card to 23.99%... a week after they reduced it to 9.15%.

lol, I just choked on my adult beverage.

I'm sorry, because I absolutely know that's not fun, and I'm certainly not laughing at you --that is just such a great example of how confuzzled lenders are these days.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Member
rmjse
Posts: 5
Registered: ‎03-15-2009
0

Re: B of A raising my fixed rate to variable

Just got the letter too for my BoA CC. I have had it for 7 years now. Never went over my credit limit, never ever was late on a single payment. Balance right now is zero, and they decided to raise it from a fixed 8.99% to a variable 16.49%. I called them and complained. The representative was honest with me and told me that BoA is hurting real bad because of the economy and they have to make money somehow. He then offered me a fixed rate of 12.99%, which I had to accept since you can never trust a variable APR. I advised him that I am not happy about this and will not use the card anymore and will start looking for a new CC company. He said they will call me if they can get the rate lowered anymore. I guess you can't do anything about it these days :smileysad:

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