Bank of America Gold Option LOC
Fixed to Variable interest rate

I exposed my BofA Platinum Choice Credit Line in February 08 to combine older outlines of credit to some lower fixed-rate to pay for them down faster. I had been assured the credit line might stay in a fixed-interest charge to get a set-term of weeks which was it. Which was the only real cause I popped the consideration.

In Nov 08, I called BofA and attempted to discuss a diminished rate of interest about the LOC, but was rejected. A couple of days later I get a notice within the email stating that "as a result of regular overview of my consideration, it's been shut." Our credit rating is within the 740s, and that I had never overlooked a cost on some of my obligations! I will just suppose it had been since I named to discuss to get a greater price. I quickly shut my leftover balances and shifted my checking and savings to a credit union.

Today it's March 09, and that I have obtained a notice for BofA stating that my fixed-interest rate may now be adjustable, associated with the prime-rate. That's not the contract I closed on for. I named to opt-out of the crazy change of conditions, but was informed that it had been completed on ALL GoldOption outlines of credit and nothing might be completed about this. This appears to me to be always a situation of baitandswitch. Easily remember properly, the brand new credit regulation starting effect quickly influences fixed-rate interest, but exempts variable-rate interest. It seems BofA is altering their conditions to bypass regulation, plus one must be achieved about this!

Company: Bank of America Gold Option LOC
Country: USA

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