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Across the Fence:  Bank of America  |
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
 Posted - Mar 01 2009 : 4:26:23 PM
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Ok, we carry a CC with them, that used to belong to LL Bean but they sold out to BOA last year, so our credit lined was turned over to them. We have NEVER missed a payment. I was late by 4 days due to a glitch in THEIR system last summer. I double paid on the account to show I was in good standing. Today, I got a letter in the mail saying our credit limit has been lowered by $600 due to our "Trend" on our account ???? and we have a high balance on existing revolving credit. We have paid off 4 smaller balances in the past years, resulting in over payments over $9,000 that year, scrimping and saving to do so. I am so steamed. Instead of having $900 in good credit with them, we now only have $200. That really screws us because it looks like we don't pay much on our cc's. I am writing a letter because we always pay more than the minimum amount. Now that the banks are in trouble, they are coming after the good customers who have always done thing right. I am so steamed right now!!!! 
Heather
Yee-Haw, I am a cowgirl!!!
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K-Falls Farmgirl
Chapter Leader
2096 Posts
Cheryl
Klamath Falls
Oregon
USA
2096 Posts |
Posted - Mar 01 2009 : 4:32:43 PM
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I would definately Write them.. and I understand your frustration... They should be bebegging for your business,.. Usually when you go to the "TOP" banana you get best results! Don't settle for anyone less than the Accounts manager. Good luck..
Cheryl
Farmgirl #309
Almost daily posts at:
http://www.k-fallsfarmgirl.blogspot.com/
Come visit the barn at http://barndoorcreations.blogspot.com/
Every time I hear the dirty word 'exercise',
I wash my mouth out with chocolate.
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Edited by - K-Falls Farmgirl on Mar 01 2009 4:33:41 PM |
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willowtreecreek
True Blue Farmgirl
4813 Posts
Julie
Russell
AR
USA
4813 Posts |
Posted - Mar 01 2009 : 4:35:54 PM
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Most CC have written into their Terms of Service that if you make a SINGLE late paymentthat they reserve the right to decrease your credit limit and drastically raise your interest rates. Typically they require 6 months of ontime payments before they will consider readjusting you rate and credit limit. The best thing to do is call the company and discuss the incident with them. If you can get away from CC completely I would highly reccomend it. My hubby and I have 1 card with a 500$ limit that we only us if ABSOLUTLY necessary and pay it off every month! Ithas worked for us for 9 years!
Farmgirl Sister #17
Blog
www.willowtreecreek.wordpress.com
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
Posted - Mar 01 2009 : 4:39:32 PM
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We are trying to get out of debt quickly. We decided that once we pay it off, we will close the account. I know you are supposed to have good credit to get a loan but these days, what the heck does that mean? Plus, if we go to buy a house, we both qualify under the VA Housing loan, so we are not too worried. If house buying is not in our future, we will just keep low rent and save for a big downpayment. I have NEVER like BOA- had a CC with them before, paid if off and they closed the account, without notifying us. They are sneaky and I have been around the table with them on the supposed "late" payment. I am even of thinking negotiating a 1 time pay off amount just to get them off our backs. I don't like having to use a CC just to keep it open. It makes me so mad!!!
Heather
Yee-Haw, I am a cowgirl!!!
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willowtreecreek
True Blue Farmgirl
4813 Posts
Julie
Russell
AR
USA
4813 Posts |
Posted - Mar 01 2009 : 5:40:49 PM
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Our credit card is thrugh our local bank and the service is great. Perhaps you could contact your local bank andcdiscuss transferring the balance. If you have several with high IPRs they may put them together giving you a lower IPR allowing you to pay it down quicker. Chances are if you buy a house you will go through your local bank to finance. Build a credit history with them and they will be more likely to give you a reasonable mortgage in the future.
Farmgirl Sister #17
Blog
www.willowtreecreek.wordpress.com
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
Posted - Mar 01 2009 : 5:44:34 PM
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We have 6% of all of our cc's due to the Soldier and Sailors Relief Act. I am going to open an account locally though. Thanks.
Heather
Yee-Haw, I am a cowgirl!!!
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Sitnalta
True Blue Farmgirl
4208 Posts
Jessica
NJ
USA
4208 Posts |
Posted - Mar 01 2009 : 6:46:12 PM
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You might consider moving over to a Discover card or someone else with a good transfer rate. BOA is known for their shoddy business dealings. They have done some pretty low things to many people. I would encourage you to write them for sure!!
Sorry you have to deal with their nastiness. They are slowly pulling everyone under with them!
hugs
Jessie
Farmgirl Sister #235
"Certain thoughts are prayers.There are moments when, whatever be the attitude of the body, the soul is on its knees"--V.Hugo
Stop by my blog for a visit www.messiejessie2.blogspot.com |
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
Posted - Mar 01 2009 : 6:55:00 PM
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I have heard nightmare stories about BOA too and I was rather shocked when LLBEAN turned their accounts over. Seriously, what goes around comes around and when I pay off my CC and the economy recovers, because it will, and they try to entice me with new deals and cards, they will be told where they can put their offers. : )
Heather
Yee-Haw, I am a cowgirl!!!
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Alee
True Blue Farmgirl
22937 Posts
Alee
Worland
Wy
USA
22937 Posts |
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kpaints
True Blue Farmgirl
1564 Posts
karen
cheney
wa
1564 Posts |
Posted - Mar 02 2009 : 07:47:50 AM
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This seems to be the way of the current situation. There was a blurb on the news recently that stated that a lot of credit card companies were doing this to their long standing good customers. A lot of these customers had excellent credit and were never late. This is happening every where. I guess everyone should watch the limits on their cards. Sorry this happened to you but as other suggested it's a good idea to look to put your cc elsewhere. Good luck.
Find your joy and live it. http://cheneybaglady.blogspot.com/http://www.kpaints.etsy.com FG #377 |
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
Posted - Mar 02 2009 : 08:22:45 AM
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Yes, I just read that yesterday Karen. It is so sad. The good people are going down too.
Heather
Yee-Haw, I am a cowgirl!!!
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Suzan
True Blue Farmgirl
659 Posts
suzanne
duncannon
pa
USA
659 Posts |
Posted - Mar 02 2009 : 09:46:02 AM
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| Some cc companies are now looking where you use your card and if they see use at businesses where riskier cardholders frequent they will penalize you for it regardless that you have perfect credit. there has been an uproar over this in the last couple weeks. |
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harmonyfarm
True Blue Farmgirl
785 Posts
Debbie
Southeastern
Ohio
USA
785 Posts |
Posted - Mar 02 2009 : 2:01:16 PM
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It is time to sacrifice some of my wide mouth canning jars and start putting my money in holes in the backyard where it is REALLY safe!
Debbie
"If you can't find the time to do it right...how will you find the time to do it over" |
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JenniferJuniper
True Blue Farmgirl
359 Posts
Jennifer
New Hampshire
USA
359 Posts |
Posted - Mar 02 2009 : 2:28:02 PM
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Close your major bank credit cards and accounts in favor opening accounts with smaller banks and preferably credit unions. I did so recently b/c I am just so disgusted with how the megabanks have acted in the past few months. I'm on my soapbox trying to get friends and family to do so also.
Some CC companies are starting to penalize people who use their CC at thrift stores, tire retreading shops and the like because they are somehow considered high risk. Abominable.
Farmgirl Sister #204 |
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KJD
True Blue Farmgirl
402 Posts
402 Posts |
Posted - Mar 02 2009 : 6:52:54 PM
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| A couple of years ago (maybe 3), I read Dave Ramsay's Total Money Makeover. We decided to follow his advice and paid off all cc debt, cars, etc. As of 1 1/2 years ago, we are completely debt free and since the economy of late, it feels great to know we don't have that worry. We are grateful that my husband's job is going well so far and pray that it continues. I work 6 hours a week at our church and what little I make there goes into savings. We have 2 in college and one to start in 3 years, so that's the focus. I can't encourage people enough to be out of debt! According to Dave, do the "snowball" - pay off least amount first, then continue on - momentum grows with each paid off bill. |
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
Posted - Mar 02 2009 : 10:25:02 PM
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KJD- we have been snowballing for awhile now. Took some time to get on track but it does work. Did you keep any CC accounts open once they were paid off? We are just worried about being able to buy a house but the way things are right now, I don't know.
Heather
Yee-Haw, I am a cowgirl!!!
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KJD
True Blue Farmgirl
402 Posts
402 Posts |
Posted - Mar 03 2009 : 07:40:15 AM
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| Yes, kept AmEx open for travel expenses - but it gets paid off in full every time anyway. Otherwise, I write checks for the household bills we mail and get all the cash we need each payday and put them in the envelopes. We pay with real cash everywhere we go. This is actually the way my parents ran the house when we were growing up. I have those memories of getting the money out of the envelopes... |
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levisgrammy
True Blue Farmgirl
9323 Posts
Denise
Beavercreek
Ohio
USA
9323 Posts |
Posted - Mar 04 2009 : 07:13:52 AM
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I have heard many people who do the envelope thing and it works great for them. We did the snowball thing years ago and now we only have one cc we use for the house. Dh does have a cc for his business but that does not affect the house expenses. Do you who no longer use the cc's ever buy anything online? If so how do you pay for it?
Denise
www.torisgram.etsy.com |
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catscharm74
True Blue Farmgirl
4687 Posts
Heather
Texas
USA
4687 Posts |
Posted - Mar 04 2009 : 07:35:43 AM
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I have a debit card, which I use just the same as having cash. Budget is key with me and it works!! If I only have $50 for the week for things, that is what I have, nothing more.
Heather
Yee-Haw, I am a cowgirl!!!
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KJD
True Blue Farmgirl
402 Posts
402 Posts |
Posted - Mar 04 2009 : 3:48:12 PM
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| Yes - a debit card for online purchases - |
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Across the Fence: Bank of America |
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Bank of America
