Sorry to hear that, that sucks. Recently I've been reading some bad things about them where as this time last year people couldn't stop singing their praises. I never cared for them myself. A few years ago I was thinking of switching to Bank of America and went in to talk to one of their officers. In the course of explaining the way their checking accounts work it came out that BofA runs all debits through before a deposit. I just find that very underhanded, and refuse to do any business with them whatsoever, including credit cards.
I'm employed and making $40k+ they decide to take the rug out from under me. What, I'm not a liability anymore so they reward me with less credit AND a closed account?
. I don't think there is anything I can do. I do my banking through BoA and I want to yank all my money out and put it elsewhere. It's so sad that they're one of the only banks left. Boo.
Don't take it personally. When you were in grad school, the banks had unlimited money to lend. They didn't rally care if you paid it back or not. The interest and fees generated by the others who did not default made up for write offs.
Things are different now. Changing banks will probably not do much good. Actually I believe that you will probably get the best treatment from banks that see how much you really have in assets. Furthermore banks that process your paychecks know for sure how much you are earning and if you really still have a job. Other lenders must rely on your stated income from the credit application. Those banks also have to guess whether you still have a job or not.
Have you tried contacting BoA and ask to have the card reinstated and your credit limits restored? Does Bank of America have your current income on file or an outdated lower income earned while in grad school?
l don't understand what the problem BoA has with your exposure limits. You mention yanking all of your money out of BoA. Just how much money is that? Is it more than $7,000 ? If it is I don't understand the CLDs. If you only have less than $1000 that would be a different story.
I suggest that you try a back door phone number for BoA and ask to speak to a credit specialist. Simply explain things as you have to us and see if you can get your former status reinstated.
Washington Mutual closed out a CC that had no balance, never later, never close to limit. Now my HSBC CC reduced my credit limit from $5000 to $1600 just barely above my current balance. I'v never been later paying this bill and have always paid more than the min. Are they going to just keep reducing my credit limit every time I reduce my balance. Banks are punishing the good people because they were stupid enought to give CC to people who could keep up with their payments and bad mortgages.
A few years ago I was thinking of switching to Bank of America and went in to talk to one of their officers. In the course of explaining the way their checking accounts work it came out that BofA runs all debits through before a deposit. I just find that very underhanded, and refuse to do any business with them whatsoever, including credit cards.
Message Edited by barbaralee on 03-03-2009 02:00 PM
YES!!!!!!.....I've tried to convince others that they do this. Years ago when I was young and struggling to raise a family they pulled this with me and made a total mess of my account. It cost me more money than I could afford to fix. I closed my account and swore NEVER to do business with such underhanded cheats again.