This report is concerning both myself and several clients I have worked with.
I personally, had 2 Bank of America credit cards. Never had a late payment. One month, trying to pay down debt, I sent them 20% of my balance, and they thanked me by cutting my credit line to the amount I paid down to.
That must have alerted someone to my "high" credit line, because then, all of a sudden, my interest rate on both cards became 29%! This more than doubled my monthly payment, which On a normal montly basis, I could not afford. I called them for help, and they refused to work with me on rate or payment and told me to get into debt counselling. At this point I had a 720 credit score, and had never been late. Thinking maybe the guy I spoke with was having a bad day, I tried again the next day, and was told the same thing.
Then one of my clients talked to me about Bank of America taking his interest rate from 12% to 29% without a late payment. It was because he was maxed on his credit line. He spoke to them for help, and was told the same thing I was.
Does anyone know of a "class-action" against this company? If so, I want in. I now have a 550 credit score, as I refuse to pay them this amount!
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