topic Re: B of A interest rate reduction in Credit Cards

B of A interest rate reduction

Anonymous — Thu, 27 Dec 2007 17:12:56 GMT

I called Bof A to get a lower interest rate....they wont budge..they say they will look at it again in 6 MONTHS!!! is there anyway to get it lowered?

I am paying it off only...not using it at all. I talked to customer retention, credit services, and supervisors/account managers..nothing!!!!

I have a 9k CL and a balance of 7k..thus the reason I"m trying to pay it off!

thanks..any info/help appreciated!!

Re: B of A interest rate reduction

Anonymous — Thu, 27 Dec 2007 18:03:55 GMT

2007credit wrote:
I called Bof A to get a lower interest rate....they wont budge..they say they will look at it again in 6 MONTHS!!! is there anyway to get it lowered?

I am paying it off only...not using it at all. I talked to customer retention, credit services, and supervisors/account managers..nothing!!!!

I have a 9k CL and a balance of 7k..thus the reason I"m trying to pay it off!

thanks..any info/help appreciated!!

I do believe that BOA will reduce your rate in 6 months. Right now your

utilization is around 77% and this scares creditors wondering if you're

having financial difficulties. Bring that balance down to atleast $4,500 within

six months and your chances will be better. Don't be surprised if you

receive a letter before six months stating your APR has been lowered. It

happened to me recently.

SandyK

P.S. I don't know if this is gospel, but BOA likes to see activity on their cards

even if just a little charge or two now and then. Just my take on the

situation.

Message Edited by sankofa on 12-27-2007 10:01 AM

Message Edited by sankofa on 12-27-2007 10:03 AM

Re: B of A interest rate reduction

Anonymous — Thu, 27 Dec 2007 18:24:09 GMT

I think your right on the charging activity...cause the account manager that i spoke to did say something about that.....wonder why they see that as a good thing?

Any ideas

Re: B of A interest rate reduction

Anonymous — Thu, 27 Dec 2007 18:27:15 GMT

2007credit wrote:
I think your right on the charging activity...cause the account manager that i spoke to did say something about that.....wonder why they see that as a good thing?

Any ideas

Virtually all CCCs like charging activity. They make money that way on interchange fees. It's not just about paying your bills on time and not going over the limit. CCCs like to see you actually use their cards, and tend to reward cardholders who show frequent use and reliable payment patterns.

Message Edited by cheddar on 12-27-2007 10:27 AM