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Bank of America... 5 replies

Signs Of A Recession: Bank Of America

  • #21
  • Jan 24, 2008 11:23am Jan 24, 2008 11:23am
Quoting SunTrader
The way to a higher credit score is not having credit cards from 4 or more different lending institutions.
...now they just changed the rules on how your credit is calculated, and suddenly now it will be very important that you USE your cards.....in other words, while before all they cared was that you had a card and always behaved good with it, now you gotta use it frequently if you want that "it counts" having it....

Guess what, just another trick to force people to use them even when they don't need it, otherwise their credit won't improve....we all know how it is going to end...what a joke...
"Lunch ? Lunch Is For Wimps !"
  • #22
  • Jan 24, 2008 11:30am Jan 24, 2008 11:30am
WOW
  • #23
  • Jan 24, 2008 11:30am Jan 24, 2008 11:30am
Quoting blueruby
I had cards with MBNA for maybe 20 years. BOA bought them out and this kind of stuff started. I'm not happy with BOA.

About 8 years for me. Transferred to Capital One. 0% for 12 months.
Maybe their greed will hurt them and maybe it won't, only time will tell. But I am going to make sure it does'nt hurt me!
  • #24
  • Jan 24, 2008 11:42am Jan 24, 2008 11:42am
I am also very happy with Capital One so far, but the best one for me is the one with Wamu, even though originally it was Providian, then Wamu bought them. Anyways, I love that every month, for free, it shows you an update on you credit score, and best of all, you can actually see if any new acct or card or loan was opened under your name or ss#, so you can prevent fraud. All of that is free, not charge at all....I hope that if it is true that Jp Morgan Chase is going to buy Wamu, they will keep that service....
"Lunch ? Lunch Is For Wimps !"
  • #25
  • Jan 24, 2008 11:42am Jan 24, 2008 11:42am
Quoting melpheos
Luckily i live in a normal country where bank can't do that. This would be a fraudulent activity in France and in whole Europe.

Did you had a look in your card contract to see if they can actually raise their rate as much as they want and any time they want ?

It's time for Congress to stop responding to every request the corporate lobbies make and start to actually work for the people of America.

This would certainly be the responsible and right thing to do. Unfortunately Congress does not care about being responsible or doing the right thing for the American people. As a matter of fact, in my opinion, Congress or any politician for that matter, does not give a damn about the people they are supposed to represent.
  • #26
  • Jan 24, 2008 11:44am Jan 24, 2008 11:44am
Quoting MrFuture
I am also very happy with Capital One so far, but the best one for me is the one with Wamu, even though originally it was Providian, then Wamu bought them. Anyways, I love that every month, for free, it shows you an update on you credit score, and best of all, you can actually see if any new acct or card or loan was opened under your name or ss#, so you can prevent fraud. All of that is free, not charge at all....I hope that if it is true that Jp Morgan Chase is going to buy Wamu, they will keep that service....

Thank you for that info....great to know
  • #27
  • Jan 24, 2008 12:00pm Jan 24, 2008 12:00pm
Quoting MrFuture
Guess what, just another trick to force people to use them even when they don't need it, otherwise their credit won't improve....we all know how it is going to end...what a joke...
Guess what cash money is still taken almost everywhere you go, no matter what the Visa commercial tries to say.
  • #28
  • Jan 24, 2008 1:20pm Jan 24, 2008 1:20pm
Quoting SunTrader
Guess what cash money is still taken almost everywhere you go, no matter what the Visa commercial tries to say.

I actually prefer debit cards, where the money comes straight from my acct...just like cash....but unfortunately that does not build your credit....that's where you are "forced" to use credit card, unless you do not care about credit scores....

To think about it, that's the only reason why I have credit cards....I never ever looked at it as a free ticket to buy what I cannot afford....but many do unfortunately...if it wasn't for need of building good credit, I would have never applied for a cc....what's the point....
"Lunch ? Lunch Is For Wimps !"
  • #29
  • Jan 24, 2008 1:53pm Jan 24, 2008 1:53pm
Quoting MrFuture
I just got a taste of how the situation is getting really bad for big banks and ultimately their customers.

I have a Bank Of America credit card, I had it since January 2006, with an APR or 9%. It never ever changed.

I always pay my bills on time, my credit score is around 700, I do not have any negative things on my credit...I am basically very careful about how I manage my credit and its score.

I just got a letter from BOA saying that my APR will go from 9% to....ready ? 24% !!!!

I immediately called, and a very patient lady explained to me that everybody is getting the same letter, and that this is happening because "the company and its credit analyst are re-evaluating everybody's credit lines."

I wanted a more precise explanation, why from 9% to 24%, why such a huge change, especially when my credit is always improving with time and nothing has changed (no new loans, no defaults...nothing...only difference is my balance getting smaller every month I make payments).

She said that once again, it is not only with me, it is with everybody, and that some are going from 10% to 30%, just like that.

Of course I have the option to refuse such change by writing a letter, which I will, with the condition that I won't be able to use the card anymore, or they will automatically increase it to 24%. Trust me, it's not like I will miss it after seeing what kind of bank they are.

I have cards from Citi, Capital One and WaMu, and so far they did not send anything like that.

Clear sign that BOA is desperately trying to make some extra money, and the horrible thing is that the lady told me "we can increase it whenever we want, it is up to us."

I used to work with them and I know the company pretty well. If you are considering doing business with them, just do me a favour and be careful....

Mr. Future
Thank God. I thought B of A had it in for me. My situation is exactly the same except my accounts go back to 2001. I cancelled my accounts today. Any body else in this situation: Make sure you return the amendment promptly and to the address specified. Otherwise the change will take effect.
  • #30
  • Jan 24, 2008 2:20pm Jan 24, 2008 2:20pm
I "shop" for gasoline by price as I am sure most do. Obviously it doesn't pay to go out of your way to save pennies. But anyone who believes there is any real difference between one brand or another doesn't know about where the tankers go to get their load.

I have no loyalty to the oil companies (why should I) and that is how I feel about banks. If one charges above market interest rates I move on.
  • #31
  • Jan 24, 2008 7:05pm Jan 24, 2008 7:05pm
Quoting MrFuture
Of course I can cut it, and I will, but I DO have a choice, what about those who don't ? Those who have a huge balance and maybe cannot transfer it or whatever ? It is simply not fair to change the rules like that, just because they are in deep poo poo and need to make some emergency money.

As far as politicians, I mention them because I definitely cannot pass a bill or anything like that, they can...this does not mean they are fair or good. I am well aware that many of them are just a joke....
Good points, very good points.
  • #32
  • Jan 24, 2008 7:10pm Jan 24, 2008 7:10pm
Quoting MrFuture
I actually prefer debit cards, where the money comes straight from my acct...just like cash....
One word of caution, with a credit card or ATM card your loss is limited.

I don't know how they would do it, but if someone gets your debit card and "hacks" it or whatever, they can drain your entire account and you have no recourse, the money is gone.

So if you use a debit card, make sure you don't lose it!
  • #33
  • Jan 24, 2008 7:20pm Jan 24, 2008 7:20pm
And you think Citi is better? Forget raising rates..they cancelled all my cards (5) Didn't even have the decency to call me and let me know they were doing so..I was at a store trying to buy something and all my cards kept getting declined. It was a good thing I had my ATM card with me.

I get home, and call Citi.. and they gave me the same reason "Credit revaluation, risk, etc etc" I never had a late payment in the 3 years of card possession.. my score was 742.

It's just that these banks have shot themselves in the foot by lending money to people who didn't have the ability to pay that money back in the first place. So now they can't afford to hand out credit anymore.
  • #34
  • Jan 24, 2008 7:37pm Jan 24, 2008 7:37pm
Quoting VishalJ
And you think Citi is better? Forget raising rates..they cancelled all my cards (5) Didn't even have the decency to call me and let me know they were doing so..I was at a store trying to buy something and all my cards kept getting declined. It was a good thing I had my ATM card with me.

I get home, and call Citi.. and they gave me the same reason "Credit revaluation, risk, etc etc" I never had a late payment in the 3 years of card possession.. my score was 742.

It's just that these banks have shot themselves in the foot by lending money to people who didn't have the ability to pay that money back in the first place. So now they can't afford to hand out credit anymore.
Wow, now that's bad....worst thing is that in the end all the people on the top of these companies, even when they screw up and get fired, leave with millions and millions of dollars, just like Merrill Lynch's CEO....it is just pathetic if you ask me, 'cause here we are trying to make an honest living and now they even cancel credit cards on us after bothering us for years to join them with all their junk mail.....
"Lunch ? Lunch Is For Wimps !"
  • #35
  • Jan 25, 2008 2:17am Jan 25, 2008 2:17am
Maybe the credit card system was not a good idea after all ^^ but with this system money is not money anymore, it is debt...

I pay only cash or with a debit card and i dont even have one credit card. I can pay cash, i pay cash. I cannot pay cash, i dont buy...

The only credit i have is for my loft (4.25% with insurance) and my last credit was a one year credit for my new car (0% rate ^^ and paid now)

Why give money to the bank and when you see they threat you so well :-/
  • #36
  • Jan 25, 2008 3:05am Jan 25, 2008 3:05am
Quoting MrFuture
'cause here we are trying to make an honest living and now they even cancel credit cards on us after bothering us for years to join them with all their junk mail.....
You know what the best bit is? A few weeks after they cancelled all my cards, they sent me the usual stuff in the mail letting me know that I am pre-approved for their cards.
  • #37
  • Jan 25, 2008 3:44am Jan 25, 2008 3:44am
Quoting blueruby
One word of caution, with a credit card or ATM card your loss is limited.

I don't know how they would do it, but if someone gets your debit card and "hacks" it or whatever, they can drain your entire account and you have no recourse, the money is gone.

So if you use a debit card, make sure you don't lose it!
You can set a daily maximum withdrawal amount. This is user determined and cannot be "hacked" from card. Unless you can get into the terminal and renegotiate with the server. I'd like to see that

And secondly - takes one phone call to the 24 hour hotline to lock the card within 2 minutes once you notice it's gone to insure all losses from that point and guarantee you don't lose cash.

That's how it is here(Germany).
Trust price. Know yourself.
  • #38
  • Jan 25, 2008 4:45am Jan 25, 2008 4:45am
Quoting SeekingLight
You can set a daily maximum withdrawal amount. This is user determined and cannot be "hacked" from card. Unless you can get into the terminal and renegotiate with the server. I'd like to see that

And secondly - takes one phone call to the 24 hour hotline to lock the card within 2 minutes once you notice it's gone to insure all losses from that point and guarantee you don't lose cash.

That's how it is here(Germany).

You can set a maximum daily withdrawal from ATMs but you make purchases on more than that amount. There was just a story on the news tonight here in Dallas and one of the banks had all of their customers check card info stolen and the people that did it made new cards with the info and drained the customers accounts. All of the charges on the cards were in Europe.
  • #39
  • Jan 25, 2008 6:46am Jan 25, 2008 6:46am
Quoting RBing
You can set a maximum daily withdrawal from ATMs but you make purchases on more than that amount. There was just a story on the news tonight here in Dallas and one of the banks had all of their customers check card info stolen and the people that did it made new cards with the info and drained the customers accounts. All of the charges on the cards were in Europe.
Solution:
1. have cell phone with bank hotline quickdial(store seperately from wallet! hehehe)
2. pat for your wallet every hour(I check every time I enter/leave either my house or the place I just shopped at)

Paranoia ftw
Trust price. Know yourself.
  • #40
  • Jan 25, 2008 6:56am Jan 25, 2008 6:56am
Card companies want to sell me fraud protection, and I tell them I think they should provide that service for free. Since they will be the ones covering the losses. If I am victim of cc fraud, it will be a cold day in hell before I pay for them.

I am surprise you guys are getting shut down or having rates increased. I haven't gotten anything of the sort...yet. I have Amex, MC, Visa and Discover. If you ask me, these changes look more like efforts to raise cash and lower exposer to consumer credit markets - the next big US collapse.
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