This bank issued me a 6.9% "fixed-rate" credit card some years ago. I paid it off faithfully, on time, every month, had fantastic credit at the time.
I used the card to help pay for a remodel, so it carried a balance, but never had a hint of an issue until they sent a letter one day.
It arrived in an envelope that screamed "Junk mail!" but I opened it on a fluke. The gist:
We appreciate your business and would like to extend a new offer. We would like to raise your rate to 21.99%. If you agree to the new offer, simply use your card again...
Obviously a 15% increase on a fixed rate card with a balance, without some cause, seemed absurd, so I asked of course, and here's the quick and dirty:
They pointed to a change in credit worthiness.
I asked for clarification.
They pointed out I had been late on a student loan payment.
I pointed out that the late payment in question occurred long before they had issued me the card. Nothing had changed since they issued the card.
They didn't budge.
I cancelled the card and never used it again.
This was before the financial meltdown, before all the bailouts, and the situation has helped shape my opinion of the banking sector ever since.
If Bank of America pulled this crap on me, someone with perfect credit at the time, how many other people did they screw? I cross my fingers for the day they fold.
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http://ift.tt/eA8V8J Bank of America CEO gets a potential pay increase of 23% via top scoring links : news http://ift.tt/1O7pAs6
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