topic Re: Bank of Scamerica .........A bunch of chumps in Credit Cards

Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 03:58:43 GMT

Just was informed I'm getting a haircut.....off my Credit Limit was 10k now 1k. I can't stand those **bleep** chumps. They took the T.A.R.P. money now they say the hell with their customers.

Bank of Scamerica your days hopefully numbered.....

Re: Bank of Scamerica .........A bunch of chumps

Creditaddict — Wed, 15 Apr 2009 04:00:47 GMT

First American Express and now Bank of America.

The banks are going to come out standing the but the average borrower is going to loose 100 points in his/her credit file, does not seem fair.

I think I need to get a new signature line... I'm paying, I'm paying, as fast as I can, please leave me alone for a little longer!

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 13:19:24 GMT

Can you share your history with this card....useage, utilization....and your CR in general. Did anything change in your CR, spending habits, balances, payment patterns, etc.?

I am curious as I also have BoA.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 14:06:26 GMT

I've been a loyal customer with Bank of Scamerica and my card utilization, was well under 1% i rarely used the card but i kept it in good standing. As far as my credit report go's. i have had credit since i was a teen never late not even once. I have 5 items in total on my report.A bank loan for $2,500 and three paid off cards and my Bank of Scamerica card. My spending is simple, i don't spend. That's how people get into trouble....running up balances they can't afford. But i have called them this morning and told them to cancel the card. I don't like being treated this way. My salary is 75,000 a year and my scores are

Equifax 726, Trans Union 717, Experian 740

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 14:36:18 GMT

Have you looked into Alliant and PenFed CU's. I too have banking/cards with BoA. But recently I diversified out to Alliant (8.5% fixed) and PenFed.

Having closed the account prior to finding another card may be a litte premature. However, you will benefit from its history for the next 10 years.

Check into CU's, they tend to have good, stable rates. I made the jump (though I am keeping BoA).

Message Edited by txjohn on 04-15-2009 07:36 AM

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 15:09:45 GMT

Hi 74King!

I'm sorry to hear about the CLD... that sucks. On the other hand, you noted that you rarely use the card. BoA seems to be paying a lot of attention to usage, and adjusting credit lines based on that. And, in some cases, outright closing cards. The extension of unused credit lines has become a big liability for banks. Believe me, it's not just BoA. It took off with Amex, and all of the big banks have followed suit (Chase, Citi, WellsFargo, etc...). The new game is to actually use credit if you want to have/keep credit.

It's a good thing to use credit responsibly, not digging yourself into a huge debt pit that you can't possibly climb out of. However, there are ways to utilize credit to work in your favor without incurring debt. There are a lot of people (myself included!) who are keeping our credit lines oiled and limber by using cards for every day expenses and then paying in full. I currently have very little debt (small amount owed on a new car). I use my credit cards to pay for everything that can be paid for with a credit card: utility bills, groceries, gas, travel expenses, service fees, medical bills/fees, charitable donations, etc... These are my normal monthly expenses that would have to be paid no matter what. So, I use a credit card, and then pay without incurring any interest charges. It works well. It keeps the banks happy, which in turn keeps me happy when they pass me over for adverse action, LOL! I don't have to go out and rack up any debt that I can't pay, just for the sake of card usage. AND, I get to rack up rewards.

It's definitely the time to save, save, save. But, saving does not preclude you from being able to use credit to your advantage. And, there are no guarantees that usage will prevent future AA. To the contrary, I'm expecting some type of adverse action, in some form or another, before it's all said and done.

The good news is that if you have no balances, then the CLD won't hurt you at all FICOwise. The bad news is that closing the card will eventually (10 years) result in the loss of an old and helpful tradeline. Why don't you try calling one of the BoA Backdoor numbers and talking to a credit analyst. They might be willing to reopen your account and restore the tradeline. Credit card arbitrage is our friend!

Re: Bank of Scamerica .........A bunch of chumps

fishbjc — Wed, 15 Apr 2009 15:25:14 GMT

Bank of Scamerica....hilarious!

NFCU has treated us VERY well, we're going to stick with them. I'm sorry that happened to you OP, Dillard's just chopped us and it's sad.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 15:27:04 GMT

Do you bank NFCU or just credit there? There rates on accounts seem dismally low. I recently joined and await the welcome packet....

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 15:33:40 GMT

LilMirth Thanks for the info, but once my mind is made up it's done, i could care less if it's an old tradeline, i don't use credit that often so my scores won't be hurt in the least. It's just, you want those lines to be there if something should happen. And obviosly they don't respect me as a valued customer, because i have never abused their line of credit on my Platinum so they had no right to decrease my line to basically nothing. My nephew has higher lines of credit then 1k and he's 19. I'm 35 with a history that go's back sometime. But it's ok, I'll live" the bast#rds won't get away with this it always catches up. I can't stand these greedy bankers, they are the reason the country is in a shambles now......cooking up schemes

But that's another talk session. Thanks all for your input and allowing me to vent alittle.

Re: Bank of Scamerica .........A bunch of chumps

score_building — Thu, 16 Apr 2009 00:04:32 GMT

i hear ya, but LilMirth offers a high level run down imo. i imagine that one reason she is able to consistently do so with such fluidity is because she fails to personalize banking/ business decisions whether or not she likes them.

it is your choice if you are unable or unwilling to budge once you've made a decision but closing accounts can have notable consequences and unless there are extraneous fees on the card it almost never helps. clearly it is your choice but just sayin' it is not like you are in a small group that is being treated this way. they've made some across the board climatic revisions.

Message Edited by score_building on 04-15-2009 05:04 PM

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 16:21:43 GMT

I have noticed a lot of people getting big whacks on their credit limits, and when pressed for more info many of them say they rarely used the card, or the highest balance they ever carried was X amount and coincidentally that is what the bank chopped their limit too. Perhaps that is one of the main reasons people are getting the CLD's?

Honestly I am not on the banks side here, but if they have all this credit out on loan to you and you have never used it why shouldn't they take it back. It is after all their money. It makes their books look better.

Everyone I know who is in deep doo-doo financially with their CC's has not seen a decrease. In fact some have seen an increase.

There used to be a saying "Use it or lose it." I think, unfortunately, it fits the new trend in credit card limits.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 16:42:52 GMT

Come'on man....you state your not on the Banks side...please.. So tell me what would propose people done if they have a credit line of 10k ...run up the whole ten. And pay the minimum payment "PLEASE" you **bleep** well know that the Banks are dead wrong for chopping credit lines. Banks when they issue credit lines the funds aren't really their. That's why authorization is needed. That is just the bank stating that we will extend you X amount of dollars if you need it based on X. You could have a credit line right now for 1,000,000 dollars and try and buy a bag of chips at a costco's and if the banks says no on that authorization GUESS WHAT. Then you don't get that bag of chips even if it says you have 1,000,000 available. It's all about banks being GREEDY not wanting to be exposed and sewing up their balance sheets to purchase other banks. They need to leave people how don't do have credit problems alone. And I'm sure you heard this saying Pappy214 " IF IT AINT BROKE" DON'T FIX IT" People who have had no problems in the past should be left alone. PERIOD

WAKE UP Pappy214

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 17:16:10 GMT

@Anonymous wrote:

Pappy214 " IF IT AINT BROKE" DON'T FIX IT" People who have had no problems in the past should be left alone. PERIOD

WAKE UP Pappy214

Does what happened to you suck? Yes. Is it fair? No. Is life fair? No.

"If it ain't broke don't fix i:t, thats a good saying, except the economy is broke. It needs fixing.

You yourself admitted you never used the money they extended to you. So why is it their fault they decided to take it back? Bank of Scamerica, ha! Catchy, but you know what, except for some CU's (and my guess is they will be next in all this mess to start doing funny things) every bank has shafted its customers. Citi, AMEX, HSBC, Crap 1, and even everyone's good old favorite Bank of ScAmerica has started doing this.

Banks are greedy, They have always been greedy. That will never change.

Why not start a rant on how the Mets are playing in Citibank Stadium when those greedy bastiges took billions in bailout funds and won't even give out CC's anymore to those of us with decent FICO scores.

The system sounds broke to me, on more levels than one.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 17:21:40 GMT

I think we can all agree that irrespective to whether we agree with the decisions banks are making, that the financial sector as a whole is going though a signficnant period of transition and policy change.

Unfortunately, this means that what used to be great may now only be good, what was good may only now be fair and if you were fair.....well, you get my gist. What once works now does not or not as well.

So, I think that as the banks redefine themselves, this may mean that we have to redefine our relationships, which ultimately may mean changing banking relationships to those more inline with our outlook and circumstances.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 17:34:43 GMT

@Anonymous wrote:
@Anonymous wrote:

Pappy214 " IF IT AINT BROKE" DON'T FIX IT" People who have had no problems in the past should be left alone. PERIOD

WAKE UP Pappy214
Does what happened to you suck? Yes. Is it fair? No. Is life fair? No.

"If it ain't broke don't fix i:t, thats a good saying, except the economy is broke. It needs fixing.

You yourself admitted you never used the money they extended to you. So why is it their fault they decided to take it back? Bank of Scamerica, ha! Catchy, but you know what, except for some CU's (and my guess is they will be next in all this mess to start doing funny things) every bank has shafted its customers. Citi, AMEX, HSBC, Crap 1, and even everyone's good old favorite Bank of ScAmerica has started doing this.

Banks are greedy, They have always been greedy. That will never change.

Why not start a rant on how the Mets are playing in Citibank Stadium when those greedy bastiges took billions in bailout funds and won't even give out CC's anymore to those of us with decent FICO scores.

The system sounds broke to me, on more levels than one.

YOUR RIGHT ABOUT ONE THING.....Pappy214 It is broken....but not from people like pal. I pay my bills just like allot of other good people. The people aren't the problem pal.....it's the banking practices....and for the record. ALL BANKS aren't greedy and out for profits at all cost. The BIG banks are like that.......And you are part of the problem also...because you think that the people are the problem. The banks were the ones that caused the economic meltdown.But then again you know that because you probably work for Bank of Scamerica.

I'll end it on that note......

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 18:41:50 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:

Pappy214 " IF IT AINT BROKE" DON'T FIX IT" People who have had no problems in the past should be left alone. PERIOD

WAKE UP Pappy214
Does what happened to you suck? Yes. Is it fair? No. Is life fair? No.

"If it ain't broke don't fix i:t, thats a good saying, except the economy is broke. It needs fixing.

You yourself admitted you never used the money they extended to you. So why is it their fault they decided to take it back? Bank of Scamerica, ha! Catchy, but you know what, except for some CU's (and my guess is they will be next in all this mess to start doing funny things) every bank has shafted its customers. Citi, AMEX, HSBC, Crap 1, and even everyone's good old favorite Bank of ScAmerica has started doing this.

Banks are greedy, They have always been greedy. That will never change.

Why not start a rant on how the Mets are playing in Citibank Stadium when those greedy bastiges took billions in bailout funds and won't even give out CC's anymore to those of us with decent FICO scores.

The system sounds broke to me, on more levels than one.
YOUR RIGHT ABOUT ONE THING.....Pappy214 It is broken....but not from people like pal. I pay my bills just like allot of other good people. The people aren't the problem pal.....it's the banking practices....and for the record. ALL BANKS aren't greedy and out for profits at all cost. The BIG banks are like that.......And you are part of the problem also...because you think that the people are the problem. The banks were the ones that caused the economic meltdown.But then again you know that because you probably work for Bank of Scamerica.

I'll end it on that note......

Very interesting discussion.

74king, I dont think Pappy ever mentioned that the people are at fault!

TBH, I agree with most posters on this one. Its not fair that the banks are taking away a line of credit they once extended you when you have been doing everything right, but it is also true that them extending a line of credit to anybody is at their discretion! They CAN take it away if you dont utilize it to make their books better.

These are unusual times and unusual circumstances. The whole world is reconsidering their options! People are saving more to cover themselves if they loose their jobs... and Banks are going lean because they need to survive too!!

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 18:51:24 GMT

I read between the lines......it's not hard to see. But in any case that's my opinion.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 18:56:07 GMT

These are unusual times and unusual circumstances. The whole world is reconsidering their options! People are saving more to cover themselves if they loose their jobs... and Banks are going lean because they need to survive too!!

GOING LEAN.....PLEASE........... TO SURVIVE.Come'on they took T.A.R.P. Money and their balance sheets are very healthy. Bank of Scamerica, Goldman Sachs, Citi, they are all posted profits last quarter.........too survive. STOP IT.

Re: Bank of Scamerica .........A bunch of chumps

Anonymous — Wed, 15 Apr 2009 19:53:10 GMT

i have to agree with 74king.

besides, it isn't the bank's money they are taking back, it's OUR money. TARP money was taken from the very pockets of the people who are getting ripped off.

now BOA is sending billions overseas. i say burn it and sew the earth with salt. TARP was a mistake and i would have closed my BOA account if i had one

Re: Bank of Scamerica .........A bunch of chumps

score_building — Wed, 15 Apr 2009 20:23:30 GMT

pgsparx wrote:
i have to agree with 74king.

besides, it isn't the bank's money they are taking back, it's OUR money. TARP money was taken from the very pockets of the people who are getting ripped off.

now BOA is sending billions overseas. i say burn it and sew the earth with salt. TARP was a mistake and i would have closed my BOA account if i had one

in the world of banking "(almost) everybody does it" sign of the times. i'm afraid boa is in good 'big boy' company in that respect.

not saying it is right but you'll have a lot of cards to close, not just boa, if that is the criteria.