This is a warning to anyone that has any type of credit account at Bank of America especially if it is revolving. Many of you know that I was once a vice president at Bank of America before leaving to start Alliance Short Sales, a third party short sale negotiation company.
Bank of America has changed in the last four years; massively. They have truly become like a vile animal cornered with no escape.
Actually for those of you who have read the Twilight series, I liken Bank of America to the Newborn Vampires.
Vicious, blood thirsty creatures looking for any opportunity to suck the very life out of anything and everything they come in contact with. No conscience, no remorse, simply thirsty all the time. (If you have not read the books you won't get the analogy as clearly but you get the gist)
This is how Bank of America is approaching its credit accounts, thirsty.
Look at how they approach their short sales. They are one of the only second mortgage lenders that consistently attempt to slap their borrowers with future rights of collection and deficiency notes after an approved short sale.
They continually require excessive demands on their short payoffs even to the point that sellers who are hardly able to pay their bills are required to come up with thousands of dollars at closing or be sentenced to foreclosure.
Their actions not only drain a borrower's finances now, but holding the right to continue drinking far into the future.
This article is not actually about short sales, though it applies their too, it is really about any revolving credit that you or someone you know may have with Bank of America.
Bank of America wants it back as quickly as they can get it. Even if you have always paid perfectly they want your credit back and if you give them an opportunity they will turn into a creature of the dark that will jump you and take everything that it can.
The creature attacked me this morning at about 6:30am:
Six days ago I made a $3000 payment to my corporate card because I was about to charge a large payment for our exhibitor booth at the November National Association of Realtors (NAR) conference.
Yesterday the NAR charged the card and got an authorization for their charge.
This morning, Bank of America slashed my credit limit by the same $3,000 payment which was designated for the NAR.
Vicious aren't they? It is like they are combing credit accounts for payments so that they can take credit away from you.
Thanks guys for helping out the little guy who may actually need credit from time to time.
Here is my warning:
IF you are going to pay off any Bank of America revolving credit, only do so if you don't ever want to see it back again. This would be any type of credit card or line of credit secured or not. I know people who have had their real estate secured lines of credit frozen and canceled as they pay them down.
The only redeeming part of this story is that I won. They were too late. They had given out the authorization number to the NAR and they could not take it back. So they had two choices, give my credit back or not. If they chose not to give it back it would cause me to be thousands of dollars over my "new" credit limit.
This over limit would have cost me fees every month and would have caused my interest rate to skyrocket into the mid twenties. They had to give my credit limit back because it looked like they set me up to have excessive fees and interest. Let a person authorize a card one day and before it can settle the next change the credit limit? That spells L-A-W-S-U-I-T.
So be forewarned. IF you need to have some revolving credit, even when you can pay it off you may not want to. Getting it back may be harder than you think.
Comments(2)