BA just cut my credit limits --- a lot.
The card I was carrying, thinking I had 5,000 or so available credit. They cut it to shaving distance from my balance. One day I tried to buy gas, but was declined.
Anyone else having a bit of grief from BA?
Christopher A. Young Learn more about Jesus
No, but then I haven't dealt with BA for about 10 years now. I thought they were crooked LONG before the melt down proved it.
They were. Always have been dirtbags.
I quit the sonsabitches about 15 yrs ago when they told me I needed permission to withdraw money from my own savings acct. I had about $5-6K in it and wanted to withdraw about $2500 to buy a used car. I was told I needed the bank mgr's signature. Say what!? Fsck the bank manager! It's my $$$!! I closed all accts and withdrew every cent. Walked out with about $8-9K in my pocket. All banks suck the big one.
Oh! ...as for that credit card nonsense, it's not BofA. It's the card companies. They've been doing this back-stabbing crap for about the last 10 yrs. They have all of Congress in their pocket and they do what they pretty much damn well please with zero oversight or regulation. Hey, this is what all you Reagan lovers wanted! ....no regulation. Now you have it. How do you like it? ;)
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I used to be a BoA customer but came to the conclusion that they absolutely despise their customers.
Find a local credit union that will appreciate your business.
I've had credit accounts reduced when I never carried a balance. For example I had a $25 000 line of credit that was there for emergency. I rarely used it and when i did i always paid it off fully, sometimes within a week, usually before the end of month.
They cut it down to $5000 because I was never using it therefore they were never charging me interest. When I politely asked the bank to re instate the line they refused, so they lost my homeowners insurance policy business ( about $900 a year), my chequing account business (About $4 a month) and my RRSP (like an American 401k) contributions for the next 30 years (about .5% management fees per year and I invest 10% of my pay). I was 33 years old at the time.
Fast forward 3 years. Nowadays I have a 6 month old baby with her own bank account and educational investments, I have a second car loan, and I have life insurance on myself and my baby. The bank lost all this potential business. Greedy. Greedy Greedy. All they had to do was re-instate my line of credit to a measly $25 000 and they would have been making easy money, thousands per year, for the next 30 years. This big picture thinking was lost on the branch management.
Now I deal with 4 separate banks for all these things, and it costs me a little less, a bit more of a nuisance, but still saving me some fees.
If I were you Stormin, make sure your credit rating is good (just in case that's the reason they lowered your credit limit) then vote with your feet. Just go elsewhere to get what you want. They are NOT loyal to you so why be loyal to them.
Motion seconded and passed.
Be prepared for other card issuers to follow. It's like dominoes. Each event is a ding on your credit score.
Did you go into the bank and complain to the branch manager? If he's an assh---, you can raise you voice several dB and start talking about how you were a loyal customer and now they're screwing you and do it so a lot of folks hear you! May not help, but it will sure make you feel good.
I think your anger is misplaced. We don't want regulation. What we have gotten from B.O. is nothing but over regulation. Check out the Dodd-Frank bill passed in July 2010. You will find that burdensome over-regulation created by the esteemed 111th congress and our idiot-in-chief is costing financial institutions 100's of thousands of dollars annually in legal fees. Who do you think is going to pay for that? Certainly not Barry and Michelle.
I suppose those same "financial institutions" didn't actually receive millions of dollars in bailouts for their inept handling of their own business which they are supposedly so adept at.
....and certainly not the financial institutions.
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Check history a little further back and you'll find where the financial institutions were forced (regulated) to provide sub prime mortgages. They were not inept - congress was for forcing them.
There are two separate issues here.
First, the credit line. Most bank started cutting back credit a couple of years ago. They want to reduce exposure. Cuts of 50% to
75% were common.Second issue is BofA. They bought out my old bank years ago. They really did not want my account nor do they want any account with less than six figures. Fees were the highest around, checks took a long time to clear, etc.
Find another bank, another credit card, etc. Get away from them and find a nice small local bank and hope they stay that way.
About 4 or 5 years ago I had one or two bank accts with BA and when I decided to close them, all of a sudden they came up with bogus fees to close them. I don't remember what I said but I complained and they agreed to take them off. I remember the branch mgr saying to me, she expected I'd come back but so far I haven't and don't see it happening in the near future neither. So far I'm pleased with my current banks but you have to watch all of them as they will try to nickle and dime you to death if you let them. Sometimes if you've been banking with them for years or carry a big balance, they bend a bit but not always.
Big balance = a lot of money in your acct.
I've heard that closing credit cards is a ding -- regardless of why, the other companies think some thing is wrong.
Christopher A. Young Learn more about Jesus
I can vouch for that! We had a company discontinue one of our cards FOR LACK OF USE! We did as any fiscally responsible person does, that is use one card and keep it paid off monthly. But one never knows what will happen so we kept that one [one of several] just kept for 'emergency' use.
The negative factor of EXPOSURE to maxing out the card was far less of a ding on our score than having the company cancel, even though they clearly stated the reason, and I was told by the rating companies that the ding would have been the same even *IF* we had originated the cancelling!
One other item. During the economic downturn when banks were supposedly trying to liquidate their real estate holdings. We found the opposite true. It was impossible to wrestle real estate out of a bank's hands! Although the banks decried holding all this 'useless' real estate and touted how they have to sell it at greatly distressed prices; in reality they were dragging their feet at every turn!! Experience based upon attempting to buy 6 houses. Specific example, the offer to buy house with cash 30 days escrow took over six months! That bank did NOT want to part with that property! And worst of all you can NEVER find the responsible party at any bank! Everybody is pointing to another! Once, when I got close, being in the right group of people, I was confronted with "How did you get my name, this number?" Not, a response of "How tenacious of you, of course we want to sell you this property." Their response was get out of my face, don't bother me/us again.
The phrase "talking out of both sides of their mouth" comes to mind, along with an images of weasels.
Gordon Shumway wrote in news: snipped-for-privacy@4ax.com:
Apparently in some states regulation was good enough so that the housing collapse wasn't too bad there. Texas is an example. Where was it really bad? Las Vegas and FL, etc, where speculation/flipping etc were really rampant. There really, really is enough guilt/complicity/criminal mischief to give almost everyone and almost every institution a good helping.
That would be nice if it was remotely true. Most of the new stuff of lowering limits, etc., is the direct result of bills passed after the meltdown to "protect" thee and me from predatory practices. Whatever that means.
I once had a nice small bank but they kept getting bought out by bigger banks each time to the tune of maybe 3 or 4 times so far. Where I live, I doubt the small guy can survive any more among the other giants around but it would be interesting to see.
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