I had a Fleet credit card, which was taken over by Bank of America. My interest rate was 8.56% with Fleet and as soon as Bank of America took it over, I was informed that my interest rate would increase to over 16%. Although I have perfect credit with no late payments to any creditor, despite several letters to Bank of America, they claim that the new interest better reflects the credit risk that I represent to them. I had to cancel the credit card in order to keep the old rate, which is what I did, and closing the account actually lowered my credit score because it took me to a higher debt to credit line ratio.
Therefore, thanks to the credit card company, and not my own actions, my credit score went down. Given that it is cheaper for the credit card companies to keep good customers than it is to pursue new customers who may or may not turn out to be good ones, this is stupid business on their part and infuriating to me. One day, when I get some preapproved offer of theirs, they will realize how stupid they were to let customers like me go when they took over Fleet and other companies.
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