BofA Doubling interest on Closed account??

[justsomeguy]

What is the name of your state (only U.S. law)? Texas

I have a Bank Of American Business Credit card. about a year ago they closed my account because I was over my limit.

I was using it for merchandise. BofA changed the way the card worked and stopped declining charges at my limit.

My suppliers all have my CC# and BofA used to decline the charges if I reached my limit, now they let me go over by several thousand dollars. I was trying to get it paid off and give a different card to my suppliers but many of them kept using the same old card and BofA didn't stop them.

They were all valid charges, I just wanted them to use a different card.

They show that my payments were made on time in the thousands, but that I was still over my limit. They cancelled the card and I quickly got it below my limit and have since made more than the minimum payment on it for the last year or so every month.

Today I got a letter saying they are doubling my interest rate from 10.24 to 20.99.

The reason they are citing is "Serious Delinquency" They said they used my TransUnion Report, I pulled it and every single account I show in my report shows never late.

Do I have any recourse to stop them from doing this to my account?

[Antigone*of*Greece]

Originally Posted by justsomeguy

What is the name of your state (only U.S. law)? Texas

I have a Bank Of American Business Credit card. about a year ago they closed my account because I was over my limit.

I was using it for merchandise. BofA changed the way the card worked and stopped declining charges at my limit.

My suppliers all have my CC# and BofA used to decline the charges if I reached my limit, now they let me go over by several thousand dollars. I was trying to get it paid off and give a different card to my suppliers but many of them kept using the same old card and BofA didn't stop them.

They were all valid charges, I just wanted them to use a different card.

They show that my payments were made on time in the thousands, but that I was still over my limit. They cancelled the card and I quickly got it below my limit and have since made more than the minimum payment on it for the last year or so every month.

Today I got a letter saying they are doubling my interest rate from 10.24 to 20.99.

The reason they are citing is "Serious Delinquency" They said they used my TransUnion Report, I pulled it and every single account I show in my report shows never late.

Do I have any recourse to stop them from doing this to my account?

You certainly do have recourse. You can choose who you wish to do business with by paying this card off in full and closing the account. I am sue that Bank of American (sic) wouldn't take issue with that.

Did you ever bother to read the terms you agreed to when the card was issued?

[debtor2008]

see if you can open another credit card with a o% balance transfer. if so, do that, and then you will save some interest charges and help you pay it off.

yes, credit card companies now a days are doubling interest rates to any and all people, even ones with perfect credit! and also they are lowering the amount of credit nationwide.

it's today's economy that is causing them do this more often than before.