Jump to content

BOA closed account - all for asking to reduce APR!


BigHair
 Share

Recommended Posts

Hopefully I have this in the right place.

My SIL lost her nursing job. The folks at unemployment advised her to contact all of her credit card companies and ask them to lower the APR on their cards. She and my brother use on ONE credit card - they pay cash for everything and have incredible credit. Yay them!

She called BOA, explained exactly what she was told to do, the guy on the phone asked for all of their financial information (they have a child in medical school, new car, mortgage, 2 more kids, etc.) told her he would lower her interest rate to 2.5% and then said "and now your account is closed". WHAT?!?!

SIL said "no, no, no!! I need this card for my daughters college expenses. Forget I ever called you. I'll continue to pay the rate I've been paying". Jerk BOA guy said "no, because you're asking for a lower rate which tells me you can't pay your bills so we have to close your account".

My brother called and talked to 3 more people, as high up as he could go and got nowhere.

They checked their credit report and their score is tanking. Is there anything they can do?

Thanks for your help!

Link to comment
Share on other sites

They could try using this service to increase their credit score. Supposedly it's 100% guaranteed. Someone doesn't do it for them. It's a self directed program of some kind I think so they'd need to be able to apply themselves. http://tinyurl.com/yourcreditscorematters They might also consider learning how to live the Dave Ramsey way. http://www.daveramsey.com Good luck!

Link to comment
Share on other sites

Does not surprise me. Lenders all over the country are looking at ways to trim there exposure. One way to do that is to either trim the credit line or close the account completely. Credit Card issuer has to have good reason to close the account and in your case it would be the sliding credit history. There is nothing you can do about it. You can challenge and they will tell you that during recent credit review you did not score up to par to warrant a credit line or credit card.

Also Bank of America is in financial trouble and they are cutting back the credit lines hard. I would just move on.

Link to comment
Share on other sites

Does not surprise me. Lenders all over the country are looking at ways to trim there exposure. One way to do that is to either trim the credit line or close the account completely. Credit Card issuer has to have good reason to close the account and in your case it would be the sliding credit history. There is nothing you can do about it. You can challenge and they will tell you that during recent credit review you did not score up to par to warrant a credit line or credit card.

Also Bank of America is in financial trouble and they are cutting back the credit lines hard. I would just move on.

Agreed. What a horrible situation?! Man, what some credit issuers are doing to their customer base?! - destroying it!

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.