skywave11 wrote:I just received a call today from BOA - lowering my credit limit based on 'Universal Default' - I do everything right (pay on time, more than minimum, credit score increasing...) yet they are lowering my credit limit based on what happened 5 years ago... Is this still legal under the new 'Credit card Act'?
Thanks for your informed input.
Alex in Hawaii
Are you sure the call was from bank one it could be a scammer? It could be a mistake. Check you account online and by BOA automated phone to see what your credit limit is.
No, it is not legal to use in the U.S. to use Universal Default as an excuses to change terms. If you get a letter with-in the next 7 to 14 days that say that. I would write back telling them the can no longer Universal Default
to change terms on your account, tell them it is in the new credit card law.