First of all, I have been a business customer with Bank of America for over 5 years and never missed a payment on the corporate card I established with their bank. This corporate card was setup with my partner at the time (the partnership was dissolved over 3 years ago). My partner and I were issued two separate credit cards. Just recently BofA doubled my interest rate bringing it from 10.75% to 19.99%. I have never missed a payment with them and have an excellent credit score (760 with Transunion and 740 with Equifax). I contacted BofA inquiring why my interest rate was raised. They explained it was due to a negative credit report from my ex-business partner at another institution. I was outraged that they would raise MY interest rate due to a negative report on my ex-partner from another institution completely unrelated to B of A! Its seems incredible to me that this can even be done legally.
My original credit limit was $50,000 and I had $29,000 on the card. After this happened, I made a $10,000 payment to help bring down the balance. Then they lowered my credit limit to the amount that I had paid the card down too ($19 G something), causing the next statement to reflect an overlimit fee. At the same time they closed out my account. Again, I had been a perfect paying customer for 5 years.
After they closed my account, I told them I would let the account go to collections and fight this through the collections process. They then pulled money out of one of my other Bank of America accounts (a separate account) to make the payments.
Of course I am now in the process of closing all of my accounts with B of A and will never do business with this monster again. I will not attempt to get out of the amount that I owe on the card, but will fight to get the interest rate back to the original amount get reimbursed for the abusive charges due to the rate hikes.
0 comments