virtualrealtyhomes Posted March 16, 2007 Report Share Posted March 16, 2007 I was hit by a drunk driver in 98 and suffered alot of medical bills and charge off accounts because of it. I have been fighting creditors for years now. I went out and got a couple of secured credit cards. One of them being Bank Of America for 500.00 I kept it in good standings and six months later they made it unsecured and raised my limit to 2000.00 relieved and feeling I was moving in the right direction of rebuilding my credit. I have had the account for over 3 years never being late. The last month I recieved a letter stating that they were not re issue my card. I called and got some jerk on the phone who just laughed at me annd said nope your not getting another card. I hung up and called back to get a different person on customer service. I got a nice man who explained that they weren't going to give me another card due to my credit. He pulled my credit and said I'm re opening your account because all your open accounts on your credit report haven't been late since you openend them. After a couple of weeks I recieved another letter saying they closed the account again! I called back with no luck with there customer service. They pulled my credit again and said your credit score again and said nope your credit score when down. Hello they closed my account for no reason and than use that my credit went down as a reason not to reopen it? When they caused it to go down. I went to there website and pulled off everything. There was no disclosure made to me that they would be rechecking my credit to re issue the cards. Oh and after they closed the card they charged my my annual fee???I'm going to write them a letter disclosing the fact that they did not disclose that information and that they are charging over what the Maryland usury laws are on credit cards. Anybody have and ideas on how to deal with this? Link to comment Share on other sites More sharing options...
divemedic Posted March 16, 2007 Report Share Posted March 16, 2007 Welcome to the world of "universal default" BofA is famous for it Link to comment Share on other sites More sharing options...
elyse449 Posted March 16, 2007 Report Share Posted March 16, 2007 So, they're saying your credit scores went down so they're closing your account with them? No offer to lower the CL, no higher interest rates? Wow. You know, sometimes when we go to do business with people we need to understand what KIND of people we're doing business with and sadly, sometimes this isn't something many of us realize until something like this happens. I'm so sorry. I do have a question though? Is there still a balance that you owe and are suppose to pay on even though they've closed this??Do you know your FICO score at this point and what your credit looks like? I think part of what bothers me is, you started this acct secured...so it isn't as though they didn't know you had some credit issues. Schmucks.Honestly, you've called their customer care and you've tried to settle things with them-I think at this point you're better off appealing your case to the BBB. (I don't see how the Attorney General or Federal Trade Commission could help, otherwise I'd say to tell them to!) I understand their Universal Default Clauses and their right to do it, but that doesn't make doing business that way a good way to do it. Besides, I always thought that this Universal Default Clause came into effect when one is late on ANOTHER CC. From what you're saying, there is something ELSE in your credit bugging them. Also, consider typing up your story on Planet Feedback so that others can be better informed about Bank of America. Gosh, I'm breathing a sigh of relief that I didn't do a secured card through them! Honestly, my credit goes up and down so much I know I would've been a victim of this to.Good luck with this.ElyseElyse Link to comment Share on other sites More sharing options...
divemedic Posted March 16, 2007 Report Share Posted March 16, 2007 If you look at my Verizon thread from several years ago, BofA closed my account and raised my rate to over 30% when Verizon reported a TL to my report. There was a balance on the card. I moved it to a 0% card. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted March 16, 2007 Report Share Posted March 16, 2007 I'd say good riddance. Link to comment Share on other sites More sharing options...
someonesomewhere Posted March 16, 2007 Report Share Posted March 16, 2007 I agree with elyse449. Definitely file a complaint with BBB for the annual fee.Since the account is now closed, probably not going to have a lotta luck with your state AG's office over the high interest rate charged. Link to comment Share on other sites More sharing options...
virtualrealtyhomes Posted March 16, 2007 Author Report Share Posted March 16, 2007 When I got the secured card they gave me the credit agreement saying they would make it unsecured if I made my payments on time and everything. There was no mention of the Universal Default Clause. So when they made it unsecured I was thrilled. They sent me a check for the 500.00 back with a letter saying congradulations they were giving me an increase to 2000.00. I never got a agreement with the card with no mention of this Universal Default Clause. I was doing some checking into last night. I found out that Maryland has a usury law on credit cards not to exceed 24% yet there charging me almost 33%. Funny how they closed my account and then charged me some crazy annual fee!My question is this since the account is closed can they charge me finaince fee and lates fee and all of that crap? Link to comment Share on other sites More sharing options...
divemedic Posted March 17, 2007 Report Share Posted March 17, 2007 yes. Link to comment Share on other sites More sharing options...
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