Back in 2005 there was an issue that arose whereas I had a revolving account that billed my Bank of America card approximately $20 monthly. I had called and cancelled this revolving account but did not realize that it had already been billed to the BOA CC account for that month. The reason for this is that they billed at the same time that BOA billing schedule took place.
Because of this it did not show up until the following BOA statement and due to this it drove my account over the limit. Due to this over limit amount BOA raised my interest rate from 6.9% to 29.9% on $13,200. With this, they were requesting a large payment.
I had not been behind at all on my payments up until that time, but after they raised the interest rate I could not make the payment they were requesting as they wanted a payment over $600. After missing a payment the balance soared to over $14,500.
In the beginning of Oct. 2005 I entered into a payment plan at the request of BOA whereas I would make a $259 payment for a number of months, and in agreeing to this and making the payments, I would not be charged any additional over the limit or late payment fees.
"They also stated that no additional reports would be made to the credit bureaus showing late payments. I had two different reps from BOA make this statement to me."
Two weeks ago I attempted to take out a Home Equity Loan in which I would have used the money to pay the BOA account off with, unfortunately I found that BOA had been reporting that I was 60 days late in making payments for 4 mos. During this time period of Sept, Oct, and Dec of and Jan they reported me as being 60 days late with my payments even though I was making the payments as agreed upon. Three of those payments were made by automatic withdrawal by them from my bank account.
All of this took place while I was dealing with being in the middle of where Hurricane Wilma struck on Oct. 24 my home, vehicle and other property were damaged, and we had to live without power for a month. I also lost significant time at work and subsequent pay due to the hurricane as my place of business was without power for 2 weeks.
All past credit accounts have been paid in full (no late payments) I even paid off close to $8,000 to BOA in 2003. I do not understand why they have chosen to break their agreement and ruin my credit after I have had an account with them for over 10 yrs, but I guess they really don't care about their customers.
I now will have no choice but to declare bankruptcy, the only good thing about this is that they won't get their money after all! They are beyond ripoffs.
When I called to discuss the reporting of these payments being late, all the supervisor would say was, "Well, they shouldn't have told you that it wouldn't be reported."
Lets just disregard the fact that the agreed upon payments were made when they were supposed to be and at or more than the agreed upon amount!
If they had told me the truth when I entered into the payment plan I would have taken action sooner. But instead, they LIED in order to sign me up so their collection people would get paid.
Do not "ever" get a boa credit card, unless you want to end up filing bankruptcy!
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