Has anyone had to deal with something like this???
I have a Bank of America CC that I got as a student 6 years ago. I missed one payment years ago and my APR went to 25%. I called explained how I was divorcing, moving, going to school, and changing jobs and simply misplaced my bill. Oh well, they don't care. So I make on time payments for a few months, call back and ask that my rate be decreased. I tell them I have anouther card at 11% and will xfer my balance if they can't match it (was untrue). Well, they decreased my APR to 17.99% So I accepted since I really didn't have ample credit available on another card to xfer the balance to. This was a year ago. I owe about $6k with a CL of $7200. I pay as much as a can, however with the interest rate the way it is I am not making much of a dent. After 6 months of being maxed out, I have made $1200 worth of progress ( not much in my opinion). So since it has been a year and no lates on any cards I called again asking for another rate drop. They said NO, they can only drop my rate if my balance is less taht 50% of my CL. Hello!!!! That will never happen with this rate!!!
On top of that, I got a letter last week that the APR is going up to 26%...more than most store cards!!!!
Unless I send a letter declining the rate increase and don't use the card anymore. The very first time I use the card the APR will adjust. UGH!!!! I am so fed up with them. Anything to get more money. Not just that but they put payments on hold for a day or two. Aren't they making enough off of interest!?!?!
What can I say or do to get this APR to a reasonable rate????
Or does anyone know of a loan or card that I can xfer the balance to?
FICO: 608/619/643 what's keeping it so low is a collection I am currently disputing and the fact that my CC balances are so high.
