apr increase

ComplaintsBanksBank of America Credit Card

Complaint

0
nshan
Country: United States
I have a bank of america credit card with $4000  no late payments,clean credit history,they increased the APR from 14.99 to 24.99.when called them they say I was notified before,that if I use my credit card they will increase the APR which is  real funny,"you have the card but you can not use it",what bank of america is doing now is against all efforts that  our leaders from  congress to president are doing  to help people in tis  bad economic days .

Comments

  • 0
    tj
    Ask them for a written Adverse Action Notice.  They are required to provide you the reason for any change in terms such as higher interest rates, lower credit limits, or turning you down for credit.  In particular, if they pulled and used your credit report information in making that decision, they must disclose to you which credit report they based their decision on.

    You can then request a FREE copy of that credit report to determine if there is any erroneous negative information on it, and use that report to dispute it through the credit reporting agency.

    Keep in mind they may be reducing their risk exposure in this credit situation based on balances you have with other creditors.  That is one reason why the bottom is not in yet in this cycle, as all the lenders reduce their lending and risk exposure.

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