Bank Of America
After using convenience check, BoA cut credit limit in half, causing high % of used credit & higher fees

I had a $21K credit limit for several years. I was trying to improve my credit rating, so always paid on time.in recent months I had been paying off all or most charges within the billing cycle to avoid finance charges. BoA sent convenience checks, which I usually discarded, but had a need so wrote checks for about $9,500, which with my other monthly charges of about $800 brought my balance to $10,300, excluding BoA fees.

About a week after I used the checks (and before the final check cleared their records), I got a letter in the mail saying my credit limit was reduced to $10,500. Now, instead of my balance being about 1/2 of the limit (the most I've every charged), my balance is very near the maximum allowed. Not only does this reflect badly on my credit rating, it also puts me in a position of going over the limit, whereby they can charge over-limit fees and increase the advertised 0.99% convenience check interest rate and finance charges.

I called and talked with a Credit Analyst (Sarah Thompson), who said she couldn't do anything about the change and I should never have been given the amount of credit that I had been given.

When I first acquired the BoA credit card, my credit rating was about 650 and showed a discharged bankruptcy in 1999. Now my credit rating is about 750 and the BK should have been removed from my credit report in February, which should have brought my rating up even more.

I think this is a ripoff to enable them to charge more in fees. As a taxpayer (as are many others) who are supporting this bank in taxpayer bailout money, I think something should be done. We hear every day that "we" need to get the credit flowing in this country. When I try to do that, it comes back to slap me in the face!

Company: Bank Of America
Country: USA
State: Texas
City: Dallas
Address: PO Box 851001
Phone: 8005831820

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