Another BOA CLD

[creditwherecreditisdue]

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@Anonymous wrote:

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@creditwherecreditisdue wrote:
The best rate for a new account currently posted on the website is 10.99%V. My account was opened about a year ago at 11.99%V and is now at 9.99%V. I wonder how they determine who gets what.

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No idea. I've been a Discover cardmember for 14 yrs. In that time they've agreed to lower my rate but not always. Originally it was fixed but after several yrs they changed it to variable. This increase according to the letter was "based on the higher cost of doing busness due to the challenging economic environment". I've PIF for over 10 yrs other than when i had a promo rate a few yrs ago and carried a balance for just a few mos.

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BofA just changed my 9.99F to 9.99V. These banks may be greedy, but they are not stupid. They know that all the bailouts that are not backed up by revenue are going to be inflated away. When that occurs it means two things for banks: 1) they will be repaid with inflated dollars and 2) there will be a big run up in interest rates before they get repaid. They have to get these rates realigned before Uncle Sam makes that harder or impossible for them to do so. If I had any significant money out on revolving lines at this time I would be looking to either pay it back or move it to an installment loan ASAP.

[Smarter]

Drumroll please.....IT WORKED!  I got my measly 500 bucks back!  This guy was so nice, I could not believe it.  He pulled up my report, asked me some questions about income etc.  He says that this is all done randomly by computer.  I just happen to have small balances reporting on more cards than I usually do because of getting my daughter moved to Chicago.  And, my util is a little higher than it normally is.  He thinks this triggered the decrease.  I told him what I had paid on some of the cards that has not reported yet and the ones that were actually paid off.  He said he would reinstate my 1000.00.  He also gave me some usual FICO forum advice about only having 1 or 2 cards report a balance each month. 

I decided that I was not going to ask for any more and I don't plan on pushing that love button any time soon....

Thanks for the suggestion of calling.  I probably would not have done it otherwise!

[creditwherecreditisdue]

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@Smarter wrote:

Drumroll please.....IT WORKED!  I got my measly 500 bucks back!  This guy was so nice, I could not believe it.  He pulled up my report, asked me some questions about income etc.  He says that this is all done randomly by computer.  I just happen to have small balances reporting on more cards than I usually do because of getting my daughter moved to Chicago.  And, my util is a little higher than it normally is.  He thinks this triggered the decrease.  I told him what I had paid on some of the cards that has not reported yet and the ones that were actually paid off.  He said he would reinstate my 1000.00.  He also gave me some usual FICO forum advice about only having 1 or 2 cards report a balance each month. 

I decided that I was not going to ask for any more and I don't plan on pushing that love button any time soon....

Thanks for the suggestion of calling.  I probably would not have done it otherwise!

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Good Job!

BTW - BofA CSR's are famous for giving out incorrect FICO score management advice. This forum is a far better source of same.

[Anonymous]

Congrats Smarter!

[haulingthescoreup]

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Smarter wrote:

...He also gave me some usual FICO forum advice about only having 1 or 2 cards report a balance each month. 

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* picks jaw up off of floor *

Seriously? A CSR understands this? Wow, this is something new.

[Smarter]

Seriously.  He also mentioned keeping the balances below 10%  Maybe he is a FICO forum member!  Haha

I was really nervous about calling because I have seen some posts about BOA CSR's being not-so-nice, but this guy could not have been nicer.  Amazing how excited I can get over 500 bucks....!

[creditwherecreditisdue]

My experiences have been very mixed. The last was so bad I won't call them for anything any more unless it is totally unavoidable. If you get a nice helpful CSR try and get everything you possibly can right then because the next three will be problems. At this point the nicest thing I find about BofA is the spiffy new ATM's that do not use envelopes and print a scan of your deposited items on the receipt. Beyond that I give then the raspberry.

[Anonymous]

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@creditwherecreditisdue wrote:
My experiences have been very mixed. The last was so bad I won't call them for anything any more unless it is totally unavoidable. If you get a nice helpful CSR try and get everything you possibly can right then because the next three will be problems. At this point the nicest thing I find about BofA is the spiffy new ATM's that do not use envelopes and print a scan of your deposited items on the receipt. Beyond that I give then the raspberry.

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My branch added a new spiffy drive up machine too! But while I'm pleased Smarter came upon a friendly one, I have to agree with everything said in the above post. From my experience though CS varies in many banks more or less. Maybe it has to do with the weather or the stage of the moon or something.

[Smarter]

Well, I am just going to be happy it worked and lay low and hope I am left alone!  2 years to go and all of the negative items should be off my reports--then maybe I will get brave and app for some better cards and ask for CLI's again.  Until then--gardening and sitting on my hands.........