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Established Member
ts0083
Posts: 27
Registered: ‎10-01-2008

Bank Of America SUCKS!!!

Hey guys!......I just wanted to give my 2 cents on what I think about BofA and my recent situation with them.

 

I opened a fully secured credit card with them about 10 months ago after reading other people's post on here in the past regarding how great their experience was with them.  From what I understand, it takes anywhere from 9 to 12 months to unsecure, well as I said before its been 10 months going on 11 and I'm starting to feel cheated.

 

For starters they increased my interest rate from 14.99% to 19.99% for no reason at all. I never been late, always paid in full until recently (this past month) where I paid 5x the minimum, always kept utility under 30% every since I opened the account! They also sent me a letter in the mail stating that the benefits associated with the card, renter car insurance, etc. has been reduced!

 

Something is just telling me because of the current credit crunch and terrible economy, when I hit my 12 month mark they'll have an excuse to why I'm not elgible to get the card unsecured! I feel like I could have used my money for something better like keeping a roof over my head and paying my bills because, I'm no longer working due to lay offs at my job, rather than paying high interest on my own money to rich, greedy bankers!

 

 

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Bank Of America SUCKS!!!

[ Edited ]

Hey TS -

 

Sorry to hear of the APR increase and benefits reduction.  Do you rent cars much?

 

First, I would suggest not carrying any balance, just use it like a debit card and PIF each month, then there is no interest paid to them.  This way you aren't paying interest to borrow your own money, like you said.

 

Second, your money is in a savings account, so you still have that principle plus the accrued interest they have paid you.  Having savings is always a good thing :smileyhappy:

 

Third, I would wait and see what happens.  So far I haven't heard any complaints about not graduating.

 

Hopefully you will graduate within the next couple months and you won't have that worry.  But I would still encourage you to not carry a balance, or at least not more than just $20-30 dollars to show credit use on your report.

 

Also, you may want to ask them about converting the card (after you graduate) to a Reward card so that you get a little extra benefit from the use of it.

 

Good luck and hope it all works out. :smileyhappy:

Message Edited by txjohn on 05-05-2009 10:45 AM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: Bank Of America SUCKS!!!


txjohn wrote:

 

Hopefully you will graduate within the next couple months and you won't have that worry.  But I would still encourage you to not carry a balance, or at least not more than just $20-30 dollars to show credit use on your report.


I agree, except for this part.  Don't carry a balance at all.  First, you don't need a balance to show up on your CR for BoA to know that you used their card. This would only affect other lendors looking at your reports.  Second, for a balance to show up on your report, you still don't have to carry it over, it just has to be on there on your statement date, then you pay in full before accruing any interest.

 

Did I spell accruing right?

 


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
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Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008

Re: Bank Of America SUCKS!!!

If it makes you feel any better, mine took the full 12 months to graduate and it was a partially secured $99/500 card. As for the interest, just don't pay it!

Frequent Contributor
creditreformer
Posts: 395
Registered: ‎04-25-2008

Re: Bank Of America SUCKS!!!

I hear you.  I have the 99/500 and am going into my 12th month.  Whenever I call to feel them out about unsecuring it, I get told that if I have ANY baddies on my reports in the past 12 months, I will be denied.  I have ONE baddie (from 2003) that “looks new” b/c it is being reported WRONGLY.  BA has pretty much said as long as that ONE baddie is on there, the cc will NEVER unsecure.  I hope that’s not the case as they have my $99 deposit.  Plus, I think it’s kind of wrong to ding me for a baddie that was there WHEN they approved me for the cc.  I’m not ready to say BA sucks, but I AM feeling a little discouraged after reading how seemingly everyone and their baby daddy BUT ME unsecures @ mo. 9 or 10 :smileysad:

Contributor
reots
Posts: 107
Registered: ‎12-05-2008

Re: Bank Of America SUCKS!!!

I don't think keeping utility low on a rebuilder card helps you as much as using it as much as possible. You only need to have low utility in the month or two before you apply for new credit,as they aren't expecting your score to be too great anyways. Better to maximize your profitability score with them, which if you don't want to carry a balance means pushing as much money through their card as possible.

 

Mar 09 Fico EQ 773 Fico TU 712 FROZEN Fako EX 699
Feb 09 Fico EQ 749 Fako TU 667 FROZEN Fako EX 676
Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008

Re: Bank Of America SUCKS!!!


creditreformer wrote:

I hear you.  I have the 99/500 and am going into my 12th month.  Whenever I call to feel them out about unsecuring it, I get told that if I have ANY baddies on my reports in the past 12 months, I will be denied.  I have ONE baddie (from 2003) that “looks new” b/c it is being reported WRONGLY.  BA has pretty much said as long as that ONE baddie is on there, the cc will NEVER unsecure.  I hope that’s not the case as they have my $99 deposit.  Plus, I think it’s kind of wrong to ding me for a baddie that was there WHEN they approved me for the cc.  I’m not ready to say BA sucks, but I AM feeling a little discouraged after reading how seemingly everyone and their baby daddy BUT ME unsecures @ mo. 9 or 10 :smileysad:


 

I think the only thing that saved me when i called to unsecure it the other day was that BOFA pulled my TU report which is my best report no baddies at all. When i was origannly approved for the secured card they pulled EX which at the time had some accounts that was still listed as bk an i had 1 paid collection. I guess i just really lucked out i do hope things work out for u LOL @ the baby daddy comment lol.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
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Established Member
GLMRGIRL717
Posts: 22
Registered: ‎06-21-2007

Re: Bank Of America SUCKS!!!

If it's of any consolation, it took a good 14 months for mine to become unsecured.  And for no particular reason other than they weren't ready to do it until 14 months......

Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008

Re: Bank Of America SUCKS!!!

I noticed BOFA started softing me a few months before my card unsecured. I also got my card unsecured before the 9th month well it was 2 days shy from it being 9 months. I think i was just lucky an got a nice rep on the phone allot of times it depends on who u talk to.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Valued Member
cabana7
Posts: 42
Registered: ‎11-08-2008

Re: Bank Of America SUCKS!!!

Things can change but my experience with Bank of America is if you take care of them they will take care of you and probably in the last 6  months they frown on keeping a balance...

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