With an economy in turmoil, Bank of America stands alone in refusing to work with consumers regarding tough credit issues.
I had 6 credit cards to use in my business. When times got tough, I turned to a Consolidation service that took over my American Express card, Discover card, 1 mastercard & 1 visa. The interest rates on all these cards were lowered to 10% or less as long as I met the simplified payment terms. Unfortunately, I had one credit card that I had obtained though Bank of America, and another credit card had been bought by them.
Both Bank of America and the Consolidation company stated that Bank of America carries the toughest standard when it comes to consolidation companies and working with the consumer. Unless every card I carried which included my gas card used for day to day company expenses were turned over to the Consolidation company and no further cards were issued, Bank of America would not permit the consolidation company to handle their accounts.
After buying out one card, Bank of America refused to allow the use of the card claiming problems in my credit history (which included use of the considolidation company). Although charges on the other card are often paid in full, Bank of America raised the interest rate to 28%!
Now, one year after cancelling use of the bought out card and raising the interest rate, they are claiming the same credit issues and again are raising the interest rate - also citing the lack of use - which was due to the fact they would not let me use it.
I am not in a position to obtain further credit to transfer my balances from Bank of America due to my agreement with the consolidation company. Bank of America knows they have me over a barrel & I am sure they are ready & willing to raise my interest rates as high as legally possible regardless of my payment history with them.
If anyone knows of a class action suit which can, or has been filed, I would like to know as I am sure I am not the only one in this situation.in the meantime, tell everyone you know to stay clear of Bank of America. Perhaps if we cannot start a class action suit about this, we can picket & boycott their places of business and put an end to their shameful business practices.
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