Bank of America is the worst bank out there. Poor customer skills, lack of care to its customers, and have no regard for the economy or its needs.
After having 2 credit cards with this company for 6 years without any late payments or overlimits, having had high balances that are paid down Bank of America decided to cancel the cards.
I called customer service, The first person that I spoke with could not give me a good reason why they were canceled so he transfered me to a credit analyst.
I asked her why the bank canceled the cards after such a long time. She said that I was not a credit risk, she was careful to say that multiple times, but said because I had obtained a consolidation loan on my own 2 years ago, that it caused a change in my financial makeup.
I am now paying less out and have less debt than I did in the past 4 years while still having the cards. She said that was all well and good, but she said that even though I was not a credit risk, the bank was afarid that I would not pay the bills if I was to buy something with the cards.
Seems that they had forgotten that over 6 years I had never been late and had always paid more than the minimum due.
Both Card balances were $0 at the time I called. They have been at $0 for over 6 months.
After 10 minutes of tyring to sort this out She became very rude on the phone and said she would not help me, that my time with her was through. She said it was costing them $200 per year to keep my account open and it had not been used for 6 months.
I asked her if I could transfer a small balance over from one of the other cards that I have, they are low balances as well, to keep the BAC cards open. She again got rude and said that I must not understand the cards are closed and she would not help me.
Unfortunatly they bought Countrywide and hold my mortgage as well. Again no late payments, no helocs etc... I am sure soon there will be more problems from them about them.
Here is the real problem. Since they have closed the account it will show as a negative mark on the credit report. This will lower my FICA score and make it even harder to get credit. They do not care
Doing research I see this is not a new issue with them. Researching the Bank of America employee underground, they are trying to cancel any credit card that they feel is not profitable enough for them, no matter the length of time with them or record.
I am considering a class action suite against Bank of America for damages resulting from the way they are canceling credit and reporting to the agencies.
We will see how this goes. Please respond with your experiences with them.
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