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BOFA Credit Limit Increases


fixmycreditplease
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How long have you had this account? From what I have heard, BOA does not like recent derog info. They seem to be very strict in granting approvals, CLI's etc. Even if you apply for their secured card, they pull your credit and you need a certain score etc to qualify. I would try to get rid of those recent collections before trying again.

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I thought about suing over it, but was able to move the balance elsewhere.

If you read the agreement, it will say they can increase or change your limit at any time at their discretion. I would argue:

1. FCRA demands they give notice before doing so; and

2. The agreement says increase or change, say nothng of their ability to lower your CL. and

3. It is deceptive as it gives them the ability to gouge you for overlimit fees for an overdraft they themselves cause.

I don't know if it's a winner, but you can make out a case.

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I know they can invoke the universal default clause. They can reduce your limit but I'm not sure if that clause includes reducing your limit to below your current balance. One of the experts will have to confirm if they can do that.

They can do what they will. It's there terms. My bro in law had a card with Chase and he was late with his other cards so Chase decided to lower his limit from $1000.00 to $400.00 and he had his card maxed out. So yes he was stuck paying the over the limit fees.

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