B of A reduced my credit limit

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fishfish
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B of A reduced my credit limit

Postby fishfish » Wed Nov 12, 2008 8:30 pm

Hey I have a card with B of A and they recently slashed my limit. That means before my balance was about 40% of my credit limit but now it's 80%. Won't this hurt my score? Can I appeal this decision? I haven't made any late payments with them so I don't get why they didn't do this. If the government is bailing out the banks I thought they do this to us? I thought they were supposed to be giving us credit with the bailout money and not taking it away from us? None of my other cards have done this but B of A I'm really skeptical of now.


goober
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Postby goober » Thu Nov 13, 2008 12:33 am

bank of america has become famous for doing things like this lately. if you are not happy with it don't use them. that's what i would recommend.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Nov 13, 2008 1:33 am

Goober is right. B of A has been in the media quite a bit lately for doing some questionable things with their credit cards. They are the biggest issuer of credit cards and I think the might abuse their power with it, or at the very least, make some unfair decisions for their customers lately.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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magyar1045
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Postby magyar1045 » Thu Nov 13, 2008 3:22 pm

Credit card limits are being slashed left and right as the economy worsens. People care more about food and shelter than paying on credit cards. With Obama possibly reversing most of the creditor friendly provisions of the Bushleague 2005 bankruptcy laws filings will soar.

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fffresh
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Postby fffresh » Thu Nov 13, 2008 3:40 pm

The new administration should reverse Bush's 2005 bankruptcy laws which virtually took away bankruptcy as we know it. Eliminating the rights of bankruptcy and forcing Americans to become indentured servants to debt is wrong.

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Postby Floppster » Thu Nov 13, 2008 9:07 pm

BoA doesn't seem to be the only one doing that. Heard several American Express Clients complaining about the same thing. Oh well I don't think that anyone of us should be really surprised
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indianamom
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Postby indianamom » Thu Nov 13, 2008 11:28 pm

I was on here griping about the same thing recently too! Bank of America shot up my APR out of the blue for no apparent reason. :(

You're not alone they are doing this to many right now. I was able to switch over to another card since then and now I will protest back by letting my Bank of America credit card collect dust in my desk drawer.

JEFF COGA
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Postby JEFF COGA » Wed Dec 03, 2008 6:21 pm

Try to open another BAC account. Sometimes you can... it's the strangest thing... also keep in mind, they do not verfiy income.
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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Dec 04, 2008 7:34 pm

Jeff you are the only one I've seen refer to Bank of America as "BAC" and not "BOA" or "B of A." I take it you follow their stock or the market pretty closely?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

arealmaverick
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Postby arealmaverick » Fri Dec 05, 2008 8:21 pm

Citi has been pulling a few fast ones too.

I'm finally discovering the biggest credit card companies are not the best.

I'm switching my banking to a credit union and my credit cards to probably smaller outfits like Amex or tiny banks that don't have the whole bureaucratic nonsense going on.



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