Bank of America Complaint - Good Credit Gone Bad
I have been a long standing customer since 1990 with BOA. Having an excellent credit history and no late charges.
In 2008, I started a business and needed to charge some products. My credit limit was more than 25k. My total charges on the acct. were 15,500. (note, I still had over $10k room on my card)
A few months later, I made a large payment of $10,000 to the account to pay down balance and avoid any more interest.
When BOA received/processed my payment, they accepted the $10k and LOWERED my credit limit to
$5k and then assessed me with over the limit fees and balance of $500.00 !! When I called to question this...they wanted to know how and where I got $10K to pay down my balance! My answer was hard work.
They refused to up my credit limit or lower interest rates.
This in turn affected my credit rating.
In talking to several other folks, apparently, I am not the only one this has happened to with BOA.
Over BOA in TN
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