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Woah,
What makes you think he just volunteered the information? How do you know that it didn't come up as a result of a honest answer to question like "what is current annual salary"? Are you saying that he should just have been deceptive and made up a some number? Isn't that sort of behavior the thing that got us into this mess right now?



I have news for you Einstein. Credit scores don't just tank because someone becomes unemployed. As long as he pays his bill on time, he should be fine.

ansky, ING has steadily reduced our savings int rate over the past 3-4 years, and is currently giving us 1.5%.

So this afternoon, I transferred a bulk of our balance to BOA, which is offering 2%. Capital One on Newark has a HY Savings account for 2% as well. (I actually drove up to Wachovia by the mall, but they already closed their doors at 2:55pm so I figured they wouldn't be making money off of my money.


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Well I can see why you're unemployed. Telling the bank that you're unemployed under these circumstances is like telling the cop that just pulled you over for swerving that you only had a couple of beers. Stupid. I am sure Obama will take care of you though. He is the new patron saint of hard luck causes, the unemployable and the mentally handicapped. So you've got 3 chances to win.

Oh, and check out your credit score next month-since you've reported you're unemployed, it just tanked. Why don't you think next time rather than griping about it afterwards.

credit is one of the worst shams ever invented. i dont use it and i wont obtain a credit card from a company. all that i use is my debit card from my bank which i can use like a credit card anyway...but i wont be spending money that i dont have. when it came to buying a house/car it all goes through my annuity fund from work. them slashing your credit limit isnt permanent anyway so why make such a big deal about it?

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Exactly, that's why you would be their worst customer - they're not making anything off you. And if they want to slash my credit limit or cancel a card for non-use, go-ahead. My credit score may take a hit when they do that, but it's minor and temporary since I have zero balances on everything. I try to minimize the impact these bastards have on my life. What can I say? Cash is king, live within your means and have a cushion for that rainy day. Banks don't offer credit cards for altruistic reasons.

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The overwhelming majority of people don't read the terms and conditions before signing up for a credit card.

I didn't read mine, for example.

However, if we don't read them, or if we do read them but don't understand (the jargon in those things is often quite difficult, if not impossible, to comprehend) - - - - - then perhaps we shouldn't sign them.

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No, paying off the bill in 1 shot is what they don't like.

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Yeah Right, something like 99.9% of credit card holders don't bother to read the terms and conditions.

I hate them too. They have lost multiple checks when i have used the teller and were rude to me about it. i have a total of 8 accounts and they still charge me all these dumb fees. I really like keep the change tho.. that is the only thing keeping me with them

From reuters, full article here:
http://uk.reuters.com/article/gc06/idUKTRE53I2GJ20090419

Obama to take aim at credit card abuses

By Caren Bohan

WASHINGTON (Reuters) - President Barack Obama plans to crack down on deceptive credit-card industry practices that have saddled U.S. consumers with huge debts and soaring interest rates, U.S. officials said on Sunday.

Top White House economic adviser Lawrence Summers said Obama would be "very focused in the very near term on a whole set of issues having to do with credit card abuses."

"We need to do things to stop the marketing of credit in ways that addict people to it," Summers said in an interview on the NBC television talk show "Meet the Press."

Summers, director of the White House National Economic Council, said the administration is concerned about practices that result in consumers being "deceived into paying extraordinarily high rates that they wouldn't have paid if they knew they were getting themselves into.

First world problems.

I've been a BOA customer for over 10 years with no problems. I mainly just use them for my checking account. Their interest rates are terrible for savings accounts so I use ING for that. I never had a BOA credit card so I can't comment on that.

i had a problem with credit card from a store because I did not use it for 12 months. It then goes to your credit report. Canceled card. Just because I chose not to shop in your store it should not affect me credit. I think BOA was over the top. They are trading at $10 when the 52 week high was $40 . They are feeling the pinch but we suffer.

Did you call BofA or FIA card services? (I may have missed it in your post) The reason I ask is that my Credit Union uses FIA and I had nothing but problems with FIA when the credit union first switched to them. It was ridiculous! Bottom line is, I stopped calling FIA and called my CU directly and they took care of everything...haven't had a problem since.

Have you ever read the terms of your credit card agreement?

I'm already in the process of moving my accounts from BOA. I think most big banks are probably similar. Look for a small, financially sound local bank.

It's not all that surprising that BofA or any other major bank would do that. Guess what? After mortgages, the next big toxic asset on the books of banks are unsecured credit card loans. A lot of analysts predict that's going to be the next clusterf*ck for a lot of banks. After all, many households were refinancing mortgages and using home equity to pay off credit card debt. That game has pretty much dried up. It doesn't matter what your credit score is, they're all cutting credit limits and canceling cards if you haven't used them for awhile. They're also raising interest rates on the credit lines you do have left. Given rising unemployment and people generally having less income, I can see from a risk-management perspective why banks are cutting their exposure.

To the OP: I'm just curious why you would need $45K worth of credit on a card that's probably charging you well into the double-digits in interest. It's not like you would buy a car on a credit card, and if your credit score is that good, it just seems there are better and cheaper ways to get credit if you're buying a car or need it for a small business. And why would you pay a fee for any credit card? There are plenty of no-fee cards out there.

I don't think BofA is any better or worse than any of the other major credit card issuers out there. They're all pretty much the same. The best thing you can do is become their worst customer: use the card minimally and pay it off each month.

I've already boycotted them.

A while back, a bank dissolved and I wound up with a BoA card. I got a deal where I could transfer a balance for 6 months at 0%. I went for it. When the 6 months were over, they raised my APR to 37.11% (and, no, that is not my default rate).

I paid off the card. I'll never use it again.

It kills me that banks are still allowed to prey on consumers. Socialism is looking better everyday.

I recently got about $30,000 in new credit from a variety of companies, HSBC, Citi, Discover, AMEX. Tryin to pay for a wedding and was worried about getting the credit but they gave me accounts I think mostly because I have never had accounts with them. I have a 4 year + job and 720 credit score. So it's not all bad but with no job I can see how they might freak out, albeit unjustly but in this economy everything is F'ed

I agree with you that their actions are outrageous. My only comment is that from what I hear, BOA is not alone in cutting their exposure to credit cards.

I personally had a credit card cancelled by HSBC for no other reason than the fact that I hadn't used it for ~ 12 months.

There have also been stories on the 6 o'clock news about people with similar stories as you: credit card credit limits being slashed by 50%, 90% for no apparent reason whatsoever.

Again, I'm not defending their actions, but it seems like if you're gonna boycott BOA, you're also gonna have to boycott a bunch of other banks too...

no job and a $45k or $22k credit line could be dangerous from a risk mgmt perspective... dropping it to $1k however seems excessive...

P.S. There is a great blog / user group on why Bank of America sux.

Go here

http://www.bankofamericasucks.com/

Hi Jersey City...

I have to let you know what happened to me today and hope you ALL will move ALL your business away from Bank of America.

In reviewing my financials, as I do every Saturday morning on a weekly basis, I noticed that out of NOWHERE, and for NO REASON WHATSOEVER, Bank of America / FIA Card services reduced by half my credit line from $45,000 to $22,500 on my supposedly premium Fidelity Visa Signature Card product that I pay a fee for.

This was done despite the fact that as of 2/27/09, my Experian credit score is 765 and my FICO score is around the 740 or higher mark. Which are EXCELLENT credit scores. Also, I have never been late paying my bills, EVER, and have never defaulted on anything since I first established credit twenty years ago in 1989.

Then, while on my inquiry call, the credit representative who was ?helping me out? subsequently reviews my credit again. Not a problem. I did mention that I was recently laid-off, and well what happens next? SHE CUTS MY CREDIT LINE AGAIN TO?.. $1,000, pushing my debt to credit ration upwards of 50%, which would negatively affect my credit score. I AM NO SCHMO.

This is completely outrageous. The fact of the matter is that this account originally started off as an MBNA account and was opened in April of 2000 and transferred to the Fidelity card product in March of 2008. I have been an MBNA/Bank of America customer since November 1991 and have never had any problems.

This action is really over the top by Bank of America / FIA Card services, especially considering that Bank of America has received TARP funding from the taxpayer ? which includes you and ME.

And, I have a Bachelor?s Degree AND a Master?s degree, and am 38 years old. As such, Bank of America just lost a valuable long-term customer, and I am writing you to ask that you stop business with Bank of America.

I am telling a friend, and another, and another, and I have written letters to President Obama, my Congressmen and Senators and to members of the Banking Committees and the press about this outlandish action.

Really for Bank of America, this was bad. They should drop your tag line of ?Bank of Opportunity?. Because taking away $44,000 in credit from a long-term customer is not providing opportunity. Also, it?s not Higher Standards either. Shame on them.

I STRONGLY encourage everyone to move their business away from Bank of America. ASAP.

Sincerely Upset and Pissed Off,

FGJCNJ1970