BofA Rate Jacking Begins

Anonymous · ‎11-13-2008

Well until now I have not been effected by all this crisis stuff. I have not had any CLD or rate increases until today... I got a notice from BofA saying they are changing my fixed rate 9.99% to a variable rate to 15.49% margin above prime 5.00% as of Sept. 30, 2008. Not on my life will I pay 20.49% on that bal. My scores are in the low 700's across the board and I have no derog's and around 18% util. I have already called to balance transfer this in full to my CCCU card @ 3.90% for the life of the loan and NO transfer fees. Sorry BofA you will sit in the drawer till you get an attitude adjustment.

MrCredit · ‎11-13-2008

Call them and tell them you want to "OPT OUT" they cannot charge this on a existing bal and they will tell you if you use the card again you will agree to the terms and you will have that APR. You may be able to call and get it lowered. I will call them and explain your case.

Anonymous · ‎11-13-2008

Wow, sorry! I've noticed alot of lender's are upping the APR's. Times are tough and I guess they are trying to stay afloat the best way they can.

Atleast you have another card to BT to.

Now, let me go check mine to see if they've been up to no good.

MrCredit · ‎11-13-2008

Correction to the previous entry, I would call them and explain your case** How can you check it without calling them, can you check that APR online??

Anonymous · ‎11-13-2008

You can see your statements online right? If they have any inserts that normally would come in as disclosures, they are usually also listed for you to view. Atleast mine are.

No statement for November for me. I get mine sometime after the 18th.

The last amendment I received was in July for the privacy notice.

Message Edited by stef37 on 11-13-2008 05:46 PM

MrCredit · ‎11-13-2008

I won't get my next one till the 22nd. I will check for it though, sounds like they are up to no good and everybody is a target.

Anonymous · ‎11-13-2008

They sent me the notice in my statement...I already Bal. transfered...they don't want my business I have options.

MrCredit · ‎11-13-2008

I know, now I am worried lol. I have had no AA so far by anyone... Its good you have options...It may be worth calling them though, to see how bad they want your business, maybe with the bal transferred off and when you account becomes zero, they will see you mean business.

Anonymous · ‎11-13-2008

Yeah...maybe! But I'm not playing... They did me a favor.

Anonymous · ‎11-13-2008

Stick them in the SD. They will start sending offer's for low APR and BT promo's to try to get you to use it again.