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Regular Contributor
scottie_mommy
Posts: 233
Registered: ‎08-31-2008

Bank of Amer rate increase...again

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.
Regular Contributor
scottie_mommy
Posts: 233
Registered: ‎08-31-2008

Re: Bank of Amer rate increase...again

 A friend told me I should call and only speak to a manager.  And to tell them I am preparing to file for bankrupcy.  Tell them, I really am trying to avoid it, but I can't handle my bills; and they will either reduce my APR or freeze it for a certain length on time.  Has anyone done this/ tried this???

Mega Contributor
Creditaddict
Posts: 16,863
Registered: ‎10-23-2007

Re: Bank of Amer rate increase...again

i would call the backdoor number and speak to credit analyst and explain long time customer, not using account, trying to dig out, need help! freezing your account might be best option.
Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Senior Contributor
fishbjc
Posts: 3,155
Registered: ‎11-30-2007

Re: Bank of Amer rate increase...again

I tried that and their response was to send me to ClearPoint Financial (CCCS).  Best thing I ever did for myself....interest dropped to 4%.
 
 
Mega Contributor
Creditaddict
Posts: 16,863
Registered: ‎10-23-2007

Re: Bank of Amer rate increase...again

doesn't clearpoint close ALL your credit cards out and settle with them?
what did that do to your credit vs. paying regular without closing accounts.
isn't almost as bad as bk when you work with credit counselor.
Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Regular Contributor
scottie_mommy
Posts: 233
Registered: ‎08-31-2008

Re: Bank of Amer rate increase...again

I don't really plan to file for BK nor do I want to use credit counseling.  I'm just trying to get my APR lowered. 
I thought the same as Creditaddict, wouldn't that hurt my credit score more than just paying the CCs myself and dealing with the APR?
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Bank of Amer rate increase...again


Creditaddict wrote:

doesn't clearpoint close ALL your credit cards out and settle with them?
what did that do to your credit vs. paying regular without closing accounts.
isn't almost as bad as bk when you work with credit counselor.

The presence of a DMP, by and of itself, isn't supposed to hurt your score. But it depends on whether they pay promptly, close cards, etc. And of course, lenders might consider it negative.
What's Not in Your FICO® Score
FICO scores consider a wide range of information on your credit report. However, they do not consider:

....

  • Whether or not you are participating in a credit counseling of any kind.

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