BofA raising rates

[larryg]

thanks for the advice jktrading,
Just to be on the safe side I am sending them a letter today. I am notifying them that I reject their changes in my terms and want to close my account immediately. The new rate is set to go into effect on my Feb bill so we will see what they do.

[StartingOver08]

thanks for the advice jktrading,
Just to be on the safe side I am sending them a letter today. I am notifying them that I reject their changes in my terms and want to close my account immediately. The new rate is set to go into effect on my Feb bill so we will see what they do.

Make sure you send the letter to the correspondence address on the statement rather than the payment address - they are usually two different addresses. Also remember to send CMRRR so you have a record of their receipt of your closing the account. Good luck! Thanks for the info.

[liz417]

Hey Larryg,

Same here, I had two BofA cards with 9% interest rates (never late, always paid over min due) and I received "the letter" too last Dec 2007. When I spoke to them, they told me the same thing...debt to ratio...and were jacking my rates up to 29%. Yes, I pulled out the "paperwork" and saw they had that option because I was a "risk", fine, I accepted that and still paid monthly since both cards did not have high balances. A month or so after BofA jacked up my rates, two of my other cards "decided" to follow suit and informed me they were increasing my 9% interest rates to 28% and 32% (Chase and Amex)...that's when I decided to look into BK.

Good Luck!

[Intoodeep80]

Hey Larryg,

Same here, I had two BofA cards with 9% interest rates (never late, always paid over min due) and I received "the letter" too last Dec 2007. When I spoke to them, they told me the same thing...debt to ratio...and were jacking my rates up to 29%. Yes, I pulled out the "paperwork" and saw they had that option because I was a "risk", fine, I accepted that and still paid monthly since both cards did not have high balances. A month or so after BofA jacked up my rates, two of my other cards "decided" to follow suit and informed me they were increasing my 9% interest rates to 28% and 32% (Chase and Amex)...that's when I decided to look into BK.

Good Luck!

hahaha!! OMG, me too. BOA is the #1 reason I filed bk7. Pushed me over the edge. I had a line of credit and a credit card with them. Just raised my rates to astromical numbers (dont recall now) but it was like 29.99%, which sent me over my personal spending limits- then I had over limit fees and extended credit fees and..... ..... Then my other 2 cards followed suit. Promotional rates 2% went up to 29% for no "real" reason. Total BS.

Well they got the big middle finger from me I suppose. I filed bk7 12-22-08

Funny, Im so relieved to hear Im not the only one. Apparently in 2010 the govt is passing all kinds of new regulations to make sure this doesnt happen anymore. The CC companies sneaky greasy lying games are almost over......

[jribe]

too bad it's not till 2010! The cc companies will just jack up everyone's rates before those laws take affect. It will likely only help new credit card customers. And i'm sure we'll say goodbye to those special promo rates as well. They'll probably just start everyone off at a high rate, like 15% lol.

hahaha!! OMG, me too. BOA is the #1 reason I filed bk7. Pushed me over the edge. I had a line of credit and a credit card with them. Just raised my rates to astromical numbers (dont recall now) but it was like 29.99%, which sent me over my personal spending limits- then I had over limit fees and extended credit fees and..... ..... Then my other 2 cards followed suit. Promotional rates 2% went up to 29% for no "real" reason. Total BS.

Well they got the big middle finger from me I suppose. I filed bk7 12-22-08

Funny, Im so relieved to hear Im not the only one. Apparently in 2010 the govt is passing all kinds of new regulations to make sure this doesnt happen anymore. The CC companies sneaky greasy lying games are almost over......

[DaisysMom]

Me Too!

I have a BoA card and I was paying it faithfully, even paying over the minimums. The balance was down over 1.5K on a 5K card.
Then outta the blue came the letter jacking up my interest rate. I called and protested, but they told me that it was because their cost to borrow money to lend had went up. It was costing them money to lend me money.

Then I see in the paper that they were buying out other financial firms to help them out....while really screwing the consumer. Yeah right!!

They are the worst and come next month....they are not going to get another penny outta me. I file end of March/early April....and I can't wait.

D....

[JustOverBroke]

Me, I point my butt at BoA.....they did that to me November of last year but at that time the rates they both my card (business and personal) was 30.99% and 32.24% on a $15K and $35K balanced they pushed me right into not paying anyone. They are what broke the camels back. I called and asked for them to fix it, I was told that after six months they would review my accounts and see if I qualified for a 19.99% rate....pffttt, I was at 9.99% and 12% before.

What is so funny in the year that I have not made one single payment on either card, my rate has dropped each month by .5%

But look out with BoA they lied and said I agreed to a repayment deal and then tried to take money out of a closed checking account. One I had used to pay them online with. So they are liars and cheats.

LOL had the same thing happen to me just 2 weeks ago by Chase I didn't make the 3pm deadliine on the due date so they jacked me from 5.84% to 19.99% I thought how sweet.
I think this is going to knock me over the edge I know I'm fighting a losing battle just not sure when to quit paying I have a charge that myself and DW made in October,If i quit paying now and hold out for 6 months with no activity would they not assume it to be fraud I just worry alot about that we took a vacation on that charge.
Or do you think it's best that I try to hold on a little while longer and keep paying?
Just not sure when to pull the plug all this trying to rob peter to pay paul stuff I'm sick of it.

[liz417]

LOL had the same thing happen to me just 2 weeks ago by Chase I didn't make the 3pm deadliine on the due date so they jacked me from 5.84% to 19.99% I thought how sweet.
I think this is going to knock me over the edge I know I'm fighting a losing battle just not sure when to quit paying I have a charge that myself and DW made in October,If i quit paying now and hold out for 6 months with no activity would they not assume it to be fraud I just worry alot about that we took a vacation on that charge.
Or do you think it's best that I try to hold on a little while longer and keep paying?
Just not sure when to pull the plug all this trying to rob peter to pay paul stuff I'm sick of it.

I stopped paying all cc's in mid May and still haven't been sued or hounded by creditors. I retained an attorney and gave that info to the creditors when they called. It's been over 8 months since I've used the credit and like you, I robbed Peter to pay Paul then ran out of options. Will Chase challenge the charges/advances/(lots) of transfers? I'll cross that bridge when I come to it.
If you know that you are filing BK, stop wasting your $$ by paying the creditors. Good Luck~