Bank of America
Awful bank

I had received my statement from Bank of America and everything looked fine. I went online like I do several times a week to double-check my BOA account. Lo and behold the credit card limit had been lowered from $22,000 to $15,000. Had not received a letter or anything. We are never late and have had a credit card with them for over 11 years. I called the credit department and they said that since we had not utilized our high credit limit they were lowering it since it appeared we didn't need it. Can you believe this? Anyway I looked on-line and found a site with hundreds of similar stories about BOA lowering credit limits or raising interest rates, etc. (http://www.consumeraffairs.com/finance/bofa_cc.html). Many of the people were not sent letters regarding the lowering of credit limits and in the process went unknowingly over their credit limit and were penalized. Also when credit card companies lower your credit limit this is reported to the credit bureaus and it lowers your credit score. Bank of America is not the only company guilty of this. We closed our account by the way. I would recommend everyone not to get too complacent in regards to their credit card companies. These companies can do what they want and we the consumer have no say at all.

Company: Bank of America
Country: USA
Site: bankofamerica.com

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