Complaint / Review
Bank Of America - BOA
BOA lowered my Home Equity Line from $150K to $79,500 (my current balance)

I open a home equity line on 9/1 for $100K, later I had it increased to $150K on 2/2. This line was open for future use. I now owe $79,500. I owe no credit card or first mortgage, this is my only bill. My home is worth close to $300K. I have never made a late payment, and this loan requires $1,195.33 a month or less. I pay as much as $3,000 at times. All my extra money goes to pay this loan down. The draw date expires 9/6.

With this in mind, I have excellent credit, over 800, I am 45 years, with steady income, most direct deposit to the same bank, and this bank was United Jersey Bank, then Summit Bank, then Fleet Bank, and now BOA. I have been banking with these people since 1981. No changes on my end, I have like 5 more accounts with BOA, some as old as more then 15 years.

They lower my credit line to $79,500 with no extra room for me. The online system still says I have a credit line of $150K but the available balance is $0.

While banks are being bail out by government or our tax money and with most people in financial trouble, but not me, why would my limit be reduced?

Did they reduce it because my interest rate is variable but now at 2.74%, why not reduce my other lines with 40K at 7.75%, 10K at 18%, $43,556.88 at 4.49% (this was my mortgage, now $0 balance), or Credit card around 7.99% with 60K limit.

This is just not fair or right. I have legal documents that I signed for my $150K credit line. I have never been late; I have no other bills, good credit, what is the reason?

Is this a way to treat a perfect customer? I think because the rate is 2.74% and you don't make the same as if I used the 18% rate one; you now make less money on me.

I called to lock in at 2.74% and they want to lock in at about 5 times more then my current 2.74%. HIGHWAY ROBBERY, the government should not bail the banks out. They should fall flat on there face & close the door for being greedy. When they made money, they didn't save like we do. Why do we have to bail them out, we have to swim or drown, they should be in the same waters as us!