Bank of America Complaint - Drop In Credit Limit
I paid off the balance of a Bank of America Mastercard in August, 2009. The credit limit on this card was $7,000 and had been for over 2 1/2 years. I went to make a purchase this week with the Mastercard and it was rejected. I called Bank of America today and was told that my credit limit had been reduced from $7,000 to $500. The reason I was given was I had one payment to a BP credit card that was overdue 60 days that occurred over 3 years ago and two small bills that had been turned over to collection agencies over five years ago. I have no knowledge of any of my bills that were turned over to collection agencies. It is very strange that these problems just now showed up because Bank of America raised the credit limit from $5000 to $7000 about 2 1/2 years ago. It is my belief that paying off my balance of over $5000 last month triggered this action by the bank. It appears that B of A is now trying to cut their credit liability by reducing credit limits. Whatever the reason, you can bet I will tell everyone who will listen to me how I was treated by Bank of America. By the way I have had this Mastercard for over 25 years (it's now cancled). This is how a company that took billions of mine and your tax dollars in the bail out to save itself from stupid descisions made by top management treated me a longtime customer.
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