I called Bank of America last night to lower my interest rates because I had paid down my debt from $13000 to $3000 dollars. Also, my credit rating had gone up.
I check my credit report religiously and Im analyst with an MBA. I had high interest rates because I didnt have a long standing history and was further ruined when there was a misrepresentation from a phone dealer who said they can disconnect my Verizon line for free but I ended up in collection.
Going back to the call I asked if I can lower my APR. I have a balance of 2160 that I am fully paying this month and I am looking to get better offers. I was transferred to an analyst, her name is Elizabeth Carter.
She asked me a few questions about my loans and she said you have the following outstanding loans. I said I dont and if you need proof I can send it to Bank of America. Also, she asked me if I had savings account. I said I dont have savings account in country but I have them offshore and I can also provide proof to that.
Suddenly she says I had a late payment with Kohls. I said Im not aware of that because those accounts are fully paid.
She continues to say instead of lowering your APR I am reducing you limit to half of what we were previously giving you. I said this all based on my credit history, she proceeds to say I dont even base it on your credit history.
They tell you its not based on your credit history then what are they basing it on. Congress should demand what they base their rationality on.
My income is probably higher than what she is paid.
I said can I speak to the supervisor.
I have no qualms about the lower limit but because Im trying to make my score higher I dont want my credit to look 80% because the truth is I had calculated everything before I made any expense specially last year.
It hurts that Bank of America allows people to lose their credibility due to their own practices and tightening of their belts when consumers are doing their best.
I called a second time to them, ask for an analyst they said analyst at this time WILL NOT take inbound calls.
HOw did they take my previous call?
Also, if I needed to talk to a supervisor I needed to wait for a call back in 48 hours (at their convenience - not mine)
Later on, I was told I could dispute it by mail.
If you can give me a judgement by phone / online why cant I dispute it by the same means.
Also, why was I not informed by the analyst the same time I was talking to her.instead she rudley hung up on me.
I am still awaiting the call 24 - 48 hours later.
I had contacted their online chat representative to ask the status. I was told they cannot access normal customer service logs?
I understand computers and if I were a big bank I'd synch up all notes on an account.
I am very happy with this judgement.
I even told the rep to keep the 5000 for this month until I pay off my balance and if they want lower it next month. Just so it doesnt affect my credit rating.
Money is not my problem, in this economy building an impeccable credit rating is.
Our governments, our banks, our companies keep us in check like a ruler with our credit reports. If we misstep we are punished but for their missteps they are rewarded by government bail outs.
Bank of America needs a better analyst. No it needs a better CEO and better leadership.
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