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Old 10-15-2009, 11:52 PM
 
6 posts, read 16,655 times
Reputation: 10

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sorry guess i tried to ask a question by quoting on message.....
does anyone have the solicitation letters for the gold card fixed
rate loans from good ole BOA,,i usually hang on to all but moved and a
lot of stuff got tossed,,if so would you email me a copy....
gunner44mag@hotmail.com.........i set my loan up on the phone and it was
supposed to be fixed for term of loan!!!!!!! thanx
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Old 10-17-2009, 11:02 PM
 
6 posts, read 19,366 times
Reputation: 14
I opened up my BofA Gold Option Line of Credit back in Feb 08 to consolidate older lines of credit to a lower fixed rate to pay them off sooner. I was guaranteed that the line of credit would remain at a fixed interest rate for a set term of months and that was it. That was the only reason I opened the account.

In Nov 08, I called BofA and tried to negotiate a lower interest rate on the LOC, but was turned down. A few days later I receive a letter in the mail saying that "due to a periodic review of my account, it has been closed." My credit score is in the 740s, and I had never missed a payment on any of my debts! I can only assume it was because I called to negotiate for a better rate. I promptly closed my remaining accounts and moved my checking and savings over to a credit union.

Now it is Oct 09, and I have received a letter for BofA saying that my fixed interest rate will now be variable, tied to the prime rate. That is not the agreement I signed on for. I called to opt out of this outrageous change of terms, but was told that it was being done on ALL GoldOption lines of credit and nothing could be done about it. This seems to me to be a case of bait and switch. If I recall correctly, the new credit legislation going into effect soon affects fixed rate interest, but exempts variable rate interest. It appears BofA is changing their terms to circumvent legislation, and something needs to be done about it! The letter I received said the new variable rate takes effect on the first day following the statement closing date in December 2009! I'm trying to find my original paperwork (got it filed SOMEWHERE), and the BofA rep said she would mail me the original paperwork today so I can compare the two.
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Old 10-18-2009, 07:37 PM
 
6 posts, read 16,655 times
Reputation: 10
check out ann minch on you tube,,there is a gal with big ones.....your story sounds much like mine and i guess thousands of others....got past customer service 2 day ago ,,don't know how but the big whig lady said they could do what they wanted...found what they sent me for paperwork and it
says they can make changes as they please but that was not what the solicitation letters said nor the banker who set it up on the phone... i am 65 and never defaulted on any debt and have had plenty big ones and maybe be my stepping stone to making any change i please,,,they are biting the hands that feed them and care not as long as they can continue their high dollar life style
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Old 10-18-2009, 07:42 PM
 
Location: N of citrus, S of decent corn
30,568 posts, read 38,134,997 times
Reputation: 49015
The motto of Bank of America should be "We don't give a s**t about you". I've just extricated myself from a nightmare of a credit card experience with BOA which has caused me to know that if they were the last company on earth I would NEVER ever deal with them again.
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Old 10-25-2009, 06:00 AM
 
2 posts, read 5,757 times
Reputation: 11
I too am looking for the original account solicitations that were so deceptive, just like BOA's customer service representatives. I have the account disclosures that they mailed ou after telling me the account was a fixed rate, but of course in the fine print it says the rate is subject to change. I think that someone needs to start a class action lawsuit because of their misleading and deceptive business practices. Honestly I have seriously considered defaulting on this account. They know they have these customers by the ba**s because they only gave these loans to people with excellent credit and they're counting on us paying no matter what the rate is. I might just show them; it would be a shame to ruin my perfect credit record but it just might be worth it.
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Old 10-25-2009, 06:50 PM
 
Location: New Haven Michigan
426 posts, read 1,082,908 times
Reputation: 332
Default fixed to variable

I got a letter from Chase changing my account from fixed to variable and I have no balance, pay on time every month. My interset rate went up a few months ago also. I did'nt notice it until recently.
In the past I had recieved paperwork from my credit cards, but if it was'nt a bill, I never really read it. There is so much fine print and mumbo jumbo, I don't know what they are talking about.
I don't even really know what fixed to variable means. I suppose it means that I will be paying more.
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Old 11-01-2009, 08:01 PM
 
1 posts, read 2,123 times
Reputation: 10
Default Me Too!

The same thing happened to me. I have been a Gold Option customer of BOFA for over two years. In September of 07 I added more to my credit line all over the phone and while they said that the conversation was being recorded and I asked more than twice that the APR was fixed I received the same letter two weeks ago saying that the loan was now variable. I do not remember whether I received any new terms of an agreement in the mail ever since. I am very disappointed and do not feel any moral obigation now to uphold my end of the bargain although I have not fully made up my mind to do so.
Quote:
Originally Posted by retentionguy View Post
I opened up my BofA Gold Option Line of Credit back in Feb 08 to consolidate older lines of credit to a lower fixed rate to pay them off sooner. I was guaranteed that the line of credit would remain at a fixed interest rate for a set term of months and that was it. That was the only reason I opened the account.

In Nov 08, I called BofA and tried to negotiate a lower interest rate on the LOC, but was turned down. A few days later I receive a letter in the mail saying that "due to a periodic review of my account, it has been closed." My credit score is in the 740s, and I had never missed a payment on any of my debts! I can only assume it was because I called to negotiate for a better rate. I promptly closed my remaining accounts and moved my checking and savings over to a credit union.

Now it is Oct 09, and I have received a letter for BofA saying that my fixed interest rate will now be variable, tied to the prime rate. That is not the agreement I signed on for. I called to opt out of this outrageous change of terms, but was told that it was being done on ALL GoldOption lines of credit and nothing could be done about it. This seems to me to be a case of bait and switch. If I recall correctly, the new credit legislation going into effect soon affects fixed rate interest, but exempts variable rate interest. It appears BofA is changing their terms to circumvent legislation, and something needs to be done about it! The letter I received said the new variable rate takes effect on the first day following the statement closing date in December 2009! I'm trying to find my original paperwork (got it filed SOMEWHERE), and the BofA rep said she would mail me the original paperwork today so I can compare the two.
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