After having Excellent credit, paying all of my creditors on time and receiving substantial credit line increases for being a GOOD CUSTOMER, Bank of America decides to destroy it first. Next out of the Blue they steadily began raising my interest rate with all kinds of excuses. They all change and add new terms and conditions.
Finally Bank of America continued to raise my interest rates to a whopping 32%. Next my other creditors (Chase, HSBC, Citibank) started to get in on the SCAM and do the same thing. All of my minimum payments were so very high that practically all of the payments went towards interest now. So I was getting nowhere. I struggled to keep up until my job downsided and I realized it was a hopeless situation.
Here is where I noticed Bank of America listed RETURNED CHECK on my statement as a new added CASH ADVANCE and it was also growing a interest rate of 32% (under their new TERMS & CONDITIONS) so be careful here - you might want to check with your Bank's customer service. Bank Amer. Also charged me $39 for the returned check, $39 late fee, $39 over the limit fee (which they caused) and my Chase checking account charged me $39 for insufficient funds. Note: Once the returned check is listed as a CASH ADVANCE it stays there until you pay off your entire balance - which will never happen if you continue to use your card. What a RIPOFF. And they probably all stick together to do this on you.
Naturally my excellent credit score was decreased and destroyed - so I stopped paying them altogether because I had nothing lose - the damage was already done.
I began to ignore all of the phone calls - until one day the banks came to their senses and realized getting something was better than nothing and THEY began to negotiate better terms with me. HSBC took off 40% and allowed me to make 6 easy payments to satisfy the account. Chase dropped my interest rate to 6% and deleted all past due amounts. Bank of America did the same. So I took advantage of this opportunity.
Bottom Line: They don't want any more chargeoffs on record. With all of the subprime mortgage debt, JOB LOSSES - everywhere, Wall Street Stock Market DOW declines, Retailers closing, Auto & Airline Industry losses, High gas & food prices, the Investment Banks are in a more debt crisis than any average consumer - they caused this problem and now they owe TRILLIONS of DOLLARS that they can't pay back themselves.
Not to mention this WAR, they haven't seen nothing yet. The U.S., Federal Reserve is CASH POOR and they have the nerve to come up with these ripoff scams of taking your money - yet they can't even give you any interest for keeping accounts with them or pay back their own debt, so they have to bail each other out.
FACT: In order for these Banks or Companies to show a tiny positive earning and keep from filing bankruptcy, they have to lay off THOUSANDS OF PEOPLE - so how do they expect to get paid on time or at all.
The credit FICO score is designed and planned by the banks and creditors to eventually detroy everybody. They don't want you to have a good score - its hype, because they don't want you to pay low interest rates. This is why they keep raising and changing the TERMS. Now your FICO score is based on too many obstacles - where you use it, how you use it, what you buy, what accounts you close, how much credit you have, debt-to ratio, how much credit you used, how many times you were 1 day late, etc.
You debit card comes with issues to. If you charge gas or do a rental - they put a $100 lien and hold it on your account for up to 3-4 days - causing you to have insufficient funds & overdrafts in order for them to collect more fees. A punishment for using your own money.
Once this dominoe takes effect - everybody will be in the same boat. So you will have Millions of people with low scores and high credit risks, which means less credit buying consumers in the economy as times get harder, and everybody will have the same excuse - job loss, unemployment, foreclosure. Afterwards they will realize they need us.
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